What are your property taxes?

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Blueraidermike
Posts: 14
Joined: Fri Jun 08, 2018 11:31 am

Re: What are your property taxes?

Post by Blueraidermike » Tue Jul 10, 2018 5:52 pm

Murfreesboro, TN (Nashville)
Assessed Value of home $425K ($520K real value)
Annual prop Tax bill - $3980

Just got a notice its going up...homes have increase about 10% a year the last few years.

michaeljc70
Posts: 3307
Joined: Thu Oct 15, 2015 3:53 pm

Re: What are your property taxes?

Post by michaeljc70 » Tue Jul 10, 2018 6:27 pm

Blueraidermike wrote:
Tue Jul 10, 2018 5:52 pm
Murfreesboro, TN (Nashville)
Assessed Value of home $425K ($520K real value)
Annual prop Tax bill - $3980

Just got a notice its going up...homes have increase about 10% a year the last few years.
But if homes go up 10% or whatever in a year(s) why does government spending need to go up by the same amount? I often hear that here (IL) as an excuse, but when home prices crashed, the taxes still went up!

Charon
Posts: 70
Joined: Thu May 03, 2018 12:08 pm

Re: What are your property taxes?

Post by Charon » Wed Jul 11, 2018 2:14 pm

michaeljc70 wrote:
Tue Jul 10, 2018 6:27 pm
But if homes go up 10% or whatever in a year(s) why does government spending need to go up by the same amount?
This is a criticism of all taxes I can think of (income, capital gains, sales, property). Do you have a better system? I suspect the basic justification is that the more money you make (income, capital gains), spend (sales), or have (property), the more you can afford to contribute to the public good. Property taxes are perhaps the only wealth tax we have in the US, and there's a lot of justification for wealth taxes.

Also, I've never seen a jurisdiction that has too much money. Fixed every road, has a complete network of bike paths, fully funded every classroom, fully staffed every shift of police and fire, has snow removal times that people say are too fast (and plows every road), has perfectly maintained parks, has a transit system that goes everywhere on time, has every item library patrons want, and has a bed for every homeless person? Maybe some cities in the Bay Area could do this if they could actually collect property taxes on current home values, but they can't. And that's just the local stuff. The state-level list could go on forever.

If people think the services are good enough and taxes are too high, well, in my jurisdiction at least we vote on many of things we're taxed on, and we elect the people who decide the rest. So...

delamer
Posts: 5780
Joined: Tue Feb 08, 2011 6:13 pm

Re: What are your property taxes?

Post by delamer » Wed Jul 11, 2018 2:47 pm

michaeljc70 wrote:
Tue Jul 10, 2018 6:27 pm
Blueraidermike wrote:
Tue Jul 10, 2018 5:52 pm
Murfreesboro, TN (Nashville)
Assessed Value of home $425K ($520K real value)
Annual prop Tax bill - $3980

Just got a notice its going up...homes have increase about 10% a year the last few years.
But if homes go up 10% or whatever in a year(s) why does government spending need to go up by the same amount? I often hear that here (IL) as an excuse, but when home prices crashed, the taxes still went up!
When our property values crashed during the Grear Recession, our property values were adjusted accordingly and our taxes fell.

So like a lot of things with real estate, this is a local issue.

goodlifer
Posts: 392
Joined: Sun Aug 16, 2015 9:50 pm

Re: What are your property taxes?

Post by goodlifer » Wed Jul 11, 2018 3:06 pm

Cruise wrote:
Mon Jul 09, 2018 12:35 pm
goodlifer wrote:
Mon Jul 09, 2018 10:31 am
Our home in IL is valued at $470,000 (which is $50,000 more than the realtor valued it) and we pay $12,000 including a $6,000 exemption. We have been here a little less than 10 years and the taxes have increased over $4,0000 and the value dropped by $50,000. Our IN house is about $2,300 for a $250,000 home with no exemptions.
Any big differences in govermental services between IL and IN that could account for the discrepancy of taxes?
Yes. The schools assigned to our IN house are garbage and none of the streets are plowed or paved because we are in the sticks. We don't have garbage pick up and have our own well. There is no public transportation at all, even in town. Not that I'm complaining. It is just a vacation home on a lake and we have a good neighbor. It is also just an overbuilt cottage and the IL house is in a fancy smancy subdivision.

pshonore
Posts: 6420
Joined: Sun Jun 28, 2009 2:21 pm

Re: What are your property taxes?

Post by pshonore » Wed Jul 11, 2018 3:31 pm

delamer wrote:
Wed Jul 11, 2018 2:47 pm
michaeljc70 wrote:
Tue Jul 10, 2018 6:27 pm
Blueraidermike wrote:
Tue Jul 10, 2018 5:52 pm
Murfreesboro, TN (Nashville)
Assessed Value of home $425K ($520K real value)
Annual prop Tax bill - $3980

Just got a notice its going up...homes have increase about 10% a year the last few years.
But if homes go up 10% or whatever in a year(s) why does government spending need to go up by the same amount? I often hear that here (IL) as an excuse, but when home prices crashed, the taxes still went up!
When our property values crashed during the Grear Recession, our property values were adjusted accordingly and our taxes fell.

So like a lot of things with real estate, this is a local issue.
That can only happen when your local govt spends less money which is quite unusual. Did they layoff teachers, police, fire, etc?

michaeljc70
Posts: 3307
Joined: Thu Oct 15, 2015 3:53 pm

Re: What are your property taxes?

Post by michaeljc70 » Wed Jul 11, 2018 3:33 pm

delamer wrote:
Wed Jul 11, 2018 2:47 pm
michaeljc70 wrote:
Tue Jul 10, 2018 6:27 pm
Blueraidermike wrote:
Tue Jul 10, 2018 5:52 pm
Murfreesboro, TN (Nashville)
Assessed Value of home $425K ($520K real value)
Annual prop Tax bill - $3980

Just got a notice its going up...homes have increase about 10% a year the last few years.
But if homes go up 10% or whatever in a year(s) why does government spending need to go up by the same amount? I often hear that here (IL) as an excuse, but when home prices crashed, the taxes still went up!
When our property values crashed during the Grear Recession, our property values were adjusted accordingly and our taxes fell.

So like a lot of things with real estate, this is a local issue.
They cut our assessed and market values too. And then raised the rate applied to them.

How did they get buy with x% less revenue? Borrow? Cut spending?

delamer
Posts: 5780
Joined: Tue Feb 08, 2011 6:13 pm

Re: What are your property taxes?

Post by delamer » Wed Jul 11, 2018 3:37 pm

michaeljc70 wrote:
Wed Jul 11, 2018 3:33 pm
delamer wrote:
Wed Jul 11, 2018 2:47 pm
michaeljc70 wrote:
Tue Jul 10, 2018 6:27 pm
Blueraidermike wrote:
Tue Jul 10, 2018 5:52 pm
Murfreesboro, TN (Nashville)
Assessed Value of home $425K ($520K real value)
Annual prop Tax bill - $3980

Just got a notice its going up...homes have increase about 10% a year the last few years.
But if homes go up 10% or whatever in a year(s) why does government spending need to go up by the same amount? I often hear that here (IL) as an excuse, but when home prices crashed, the taxes still went up!
When our property values crashed during the Grear Recession, our property values were adjusted accordingly and our taxes fell.

So like a lot of things with real estate, this is a local issue.
They cut our assessed and market values too. And then raised the rate applied to them.

How did they get buy with x% less revenue? Borrow? Cut spending?
I believe cuts in spending and deferring capital improvements. There was a moratorium on new school building, for example.

SchruteB&B
Posts: 16
Joined: Mon Jul 02, 2018 7:48 am

Re: What are your property taxes?

Post by SchruteB&B » Wed Jul 11, 2018 4:01 pm

delamer wrote:
Wed Jul 11, 2018 2:47 pm
michaeljc70 wrote:
Tue Jul 10, 2018 6:27 pm
Blueraidermike wrote:
Tue Jul 10, 2018 5:52 pm
Murfreesboro, TN (Nashville)
Assessed Value of home $425K ($520K real value)
Annual prop Tax bill - $3980

Just got a notice its going up...homes have increase about 10% a year the last few years.
But if homes go up 10% or whatever in a year(s) why does government spending need to go up by the same amount? I often hear that here (IL) as an excuse, but when home prices crashed, the taxes still went up!
When our property values crashed during the Grear Recession, our property values were adjusted accordingly and our taxes fell.

So like a lot of things with real estate, this is a local issue.
Our property values were adjusted too, but since everybody’s house was worth less, that did not affect our actual taxes. The schools, police, roads would have had to cut their budgets in order for the taxes to decline.

westie
Posts: 441
Joined: Thu Jan 19, 2012 8:00 am

Re: What are your property taxes?

Post by westie » Wed Jul 11, 2018 8:52 pm

Delaware beach town

Property taxes on 600K home - $1800

No sales tax.

EddyB
Posts: 531
Joined: Fri May 24, 2013 3:43 pm

Re: What are your property taxes?

Post by EddyB » Wed Jul 11, 2018 9:50 pm

Charon wrote:
Wed Jul 11, 2018 2:14 pm
michaeljc70 wrote:
Tue Jul 10, 2018 6:27 pm
But if homes go up 10% or whatever in a year(s) why does government spending need to go up by the same amount?
This is a criticism of all taxes I can think of (income, capital gains, sales, property). Do you have a better system? I suspect the basic justification is that the more money you make (income, capital gains), spend (sales), or have (property), the more you can afford to contribute to the public good. Property taxes are perhaps the only wealth tax we have in the US, and there's a lot of justification for wealth taxes.

Also, I've never seen a jurisdiction that has too much money. Fixed every road, has a complete network of bike paths, fully funded every classroom, fully staffed every shift of police and fire, has snow removal times that people say are too fast (and plows every road), has perfectly maintained parks, has a transit system that goes everywhere on time, has every item library patrons want, and has a bed for every homeless person? Maybe some cities in the Bay Area could do this if they could actually collect property taxes on current home values, but they can't. And that's just the local stuff. The state-level list could go on forever.

If people think the services are good enough and taxes are too high, well, in my jurisdiction at least we vote on many of things we're taxed on, and we elect the people who decide the rest. So...
Better system? Step 1, set the budget. Step 2, allocate the budget by dividing it across total property value. No real reason general increases or decreases in property value have to have anything to do with the budget.

michaeljc70
Posts: 3307
Joined: Thu Oct 15, 2015 3:53 pm

Re: What are your property taxes?

Post by michaeljc70 » Thu Jul 12, 2018 10:30 am

Charon wrote:
Wed Jul 11, 2018 2:14 pm
michaeljc70 wrote:
Tue Jul 10, 2018 6:27 pm
But if homes go up 10% or whatever in a year(s) why does government spending need to go up by the same amount?
This is a criticism of all taxes I can think of (income, capital gains, sales, property). Do you have a better system? I suspect the basic justification is that the more money you make (income, capital gains), spend (sales), or have (property), the more you can afford to contribute to the public good. Property taxes are perhaps the only wealth tax we have in the US, and there's a lot of justification for wealth taxes.

Also, I've never seen a jurisdiction that has too much money. Fixed every road, has a complete network of bike paths, fully funded every classroom, fully staffed every shift of police and fire, has snow removal times that people say are too fast (and plows every road), has perfectly maintained parks, has a transit system that goes everywhere on time, has every item library patrons want, and has a bed for every homeless person? Maybe some cities in the Bay Area could do this if they could actually collect property taxes on current home values, but they can't. And that's just the local stuff. The state-level list could go on forever.

If people think the services are good enough and taxes are too high, well, in my jurisdiction at least we vote on many of things we're taxed on, and we elect the people who decide the rest. So...
I live in Chicago. It is a one party city. Of course, you can move if your job, friends or family aren't a factor.

carolc
Posts: 214
Joined: Thu Mar 22, 2007 11:45 am
Location: New Hampshire seacoast

Re: What are your property taxes?

Post by carolc » Thu Jul 12, 2018 12:33 pm

NH

$12,400

(NH doesn’t have a sales or income tax but they have to get the money somewhere. House is valued at $533,000 according to the town.)

carolc

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