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Business, Economics, and Taxes: Capitalism. Yay? >=(

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Kepler said:
Drew narratives:

Republican incumbent: "OMG, look how much my property value went up!"
Democratic incumbent: "OMG, look how much my property tax went up!"
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This sums up so many people. It is 100% drew.

a reporter recently was talking to people and was shocked at how many people were “never dems” but couldn’t articulate a single reason why, nor could they explain what republicans actually do that is good for them. Nothing. Just decades of marketing
 
Deutsche Gopher Fan said:
Is there a place in america where taxes aren’t going up? Everyone’s home value increased. My taxable value increased 26% this year
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Mine went up 80% after this year's reassessment, but that's to be expected the year after you buy. IIRC, the previous SEV was ~$60-70k lower because the former owner had it for 30 years.
 
dxmnkd316 said:
I thought taxes only go up if your house goes up in value more than your neighbors. Like, the costs of a city are generally fixed. If your house goes up in value 20% with everyone else's, but the city's expenses stay flat, the taxes should stay flat

if your house goes up because you finished your basement, you should be assessed for the updated value and relative to the rest of the city.
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You are correct, but I also think this can vary state by state. I know Wisconsin has a law that essentially follows that concept.
 
dxmnkd316 said:
I legit don't remember that happening when I bought mine.
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Depends on the age of the pervious homeowner, and how their taxes were locked in.

I didn't have that jump when I bought my house, but a coworker did where her taxes went from $800 to $5800 the first year.
 
aparch said:
Depends on the age of the pervious homeowner, and how their taxes were locked in.

I didn't have that jump when I bought my house, but a coworker did where her taxes went from $800 to $5800 the first year.
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When I bought my first house down in Farmington, that more or less happened to me. It wasn’t a $5,000 jump, it was more like $2,500.

My Ghetto+ house that I have now was only a few hundred dollar jump.
 
I’ve done no major improvement. However, my neighbor to one side did an addition and my other neighbor razed the house and built a 1,6m McMansion.

if mine go up a ton , then dx theory is out
 
aparch said:
Depends on the age of the pervious homeowner, and how their taxes were locked in.

I didn't have that jump when I bought my house, but a coworker did where her taxes went from $800 to $5800 the first year.
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This. If you bought in 1991 for $99,900 and sold in 2021 for $264,900, the new owner's taxes (mine) are definitely going up a lot. He made no major improvements to the property beyond the bare minimum necessary maintenance, which is why his SEV was so low. Now I've got a garage roof that I'm lucky is still functioning, because he was cheap and never had it done when they did the roof on the house in 2000.
 
aparch said:
Depends on the age of the pervious homeowner, and how their taxes were locked in.

I didn't have that jump when I bought my house, but a coworker did where her taxes went from $800 to $5800 the first year.
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Out here they've limited you to a 2% increase in property tax each year, with the assumption that the market value is always going to increase well beyond that. So buying one last year and getting locked into that base-plus-2%-each-year value is key.
 
French Rage said:
Out here they've limited you to a 2% increase in property tax each year, with the assumption that the market value is always going to increase well beyond that. So buying one last year and getting locked into that base-plus-2%-each-year value is key.
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Reason my coworker got dinged was that the seller was in their '80s and had their property taxes frozen/reduced for decades. Once the sale happened, the freeze was lifted and the property taxes went to where they should have been.


Mine went up $400 last year. That seemed to be our county average. (Of note, co-worker is in a different county.)
 
aparch said:
Reason my coworker got dinged was that the seller was in their '80s and had their property taxes frozen/reduced for decades. Once the sale happened, the freeze was lifted and the property taxes went to where they should have been.
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Yup, on a sale the assessed value resets to the new sale price (apart from some exceptions due to seniors and trusts and so forth). My father-in-law's place is worth well over two times what ours is but he pays about a third of us in property taxes because he bought back in the late 70s. Lucky sumbitch.
 
I'm wondering if it has to do with disclosures via real estate listings or inspections. Usually I tell the inspectors to pound sand, they're not coming in my house, so they have to use reasonable assumptions. If they check listings and update when it sells, yeah, that's the jump.

The city's records may have it as a 2BR1Ba since the previous owner doesn't want the city in his or her house like me. If that owner then sells 30 years later after finishing the basement, adding on a bunch of shit, etc., then yeah, that might make sense. The city might update based on publicly available records.
 
I let the inspector in my house. They already knew that previous owners had added a bathroom from sale listing. After seeing my house, he lowered my taxable value for this year. Cool, right? Til I got the 26% market jump a few months ago.

what was funny was that Edina was all over matching sale prices asap for homes- but Minneapolis didn’t.
 
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