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Digging back to my grammar and style education, I think we learned:
couple - 2
few -3
some - 4
Not sure, though. I don't have my copy of Strunk and White any more, and no one seems to care about such archaic stuff as spelling and grammar these days (not a dig at the thread at all, just people in general).
Where's the uncertainty? Nothing more certain than taxes
Quote:
Originally Posted by Seniorman
We are potential buyers in Santa Fe..... This will also make it less desirable for potential buyers to come to the area when they see this turmoil. Buyers like myself like to see stability and certainty. This is a mistake on the locals to not comply.
Maybe I'm missing something here, but to me the position of new buyers is clear. You buy a house, you know the approximate tax you will pay based on what you pay for the house. You're probably paying more tax than your neighbor. But you'll pay less tax than the neighbor who comes after them.
You may not pay the amount you figure immediately, but sometime in the next couple of years you will. So plan accordingly. No uncertainty there.
We have low property taxes, compared to most of the places people are coming from. Taxes happen. We need them, and in New Mexico we certainly need them. Existing homeowners can complain, and be upset about inequity, but that happens everywhere - look at Calif. after Prop. 13.
Maybe I'm missing something here, but to me the position of new buyers is clear. You buy a house, you know the approximate tax you will pay based on what you pay for the house. You're probably paying more tax than your neighbor. But you'll pay less tax than the neighbor who comes after them.
You may not pay the amount you figure immediately, but sometime in the next couple of years you will. So plan accordingly. No uncertainty there.
We have low property taxes, compared to most of the places people are coming from. Taxes happen. We need them, and in New Mexico we certainly need them. Existing homeowners can complain, and be upset about inequity, but that happens everywhere - look at Calif. after Prop. 13.
You say that inequity happens everywhere, but give only one example. In fact, most states treat their citizens fairly and administer an equitable property tax system.
If you buy here, you discover a nasty and continuing aspect of Tax Lightning -- the maximum annual increase is based on a percentage. Thus if you pay three times what your neighbors pay for comparable homes, then in good times your increase is three times their increase.
Are our taxes low compared to most places people come from? I don't think so. I earlier quoted a study (from a highly reputable source) of tax burden in the largest city in each state. Go back and look at that post. Go to the source. Read it and weep. Tax burden in ABQ is higher than NYC.
As far as I can tell, our cost of living is about average for the U.S. However, if we say that most people come here from states like California, New York, New Jersey then for most people the cost of living will be less here. But if you come from Texas, then cost of living is probably higher here.
This would be a plus for many retirees. However, if you are still working, then you need to take into account that salaries tend to be lower here. An exception would be relatively unskilled workers in Santa Fe who would benefit from our minimum wage law. There are probably other exceptions.
You buy a house, you know the approximate tax you will pay based on what you pay for the house.
Right. For a buyer who can afford it and doesn't care, they aren't going to be prevented from making a purchase.
Some buyers may elect to pass given the fluctuating conditions, some may elect to ignore it.
I agree with you that someone paying 3x on an expense that is only 1-2% of the cost of the house can afford that.
I disagree with you in thinking that they should just put up with it and shut up.
Quote:
Originally Posted by santafescribe
You're probably paying more tax than your neighbor. But you'll pay less tax than the neighbor who comes after them.
Is that so? If I buy for $350k ( at the peak ) and my newest neighbor gets their house for $290k, I would assume that they won't pay as much.
Quote:
Originally Posted by santafescribe
Existing homeowners can complain, and be upset about inequity, but that happens everywhere -
That's not an argument for keeping an inquitable system.
Quote:
Originally Posted by santafescribe
... look at Calif. after Prop. 13. ...
Look at Calif. which has the most screwed up finances of any state in the union - including Michigan. They make spending plans based on taxing newcomers and outsiders and then are surprised when their revenues fall short when those people ( who don't count for anything ) decide they don't want to play that game.
When I lived there briefly in 1999, there were nearby houses that could sit side-by-side - one with an annual tax bill of $700 and the other with one that was $7,000. When times are flush, people will ignore that sort of thing. If you expect the person paying 10x to just put up with it, you are being quite naive.
Sooner or later, that's the situation that will exist in NM if nothing is done.
You buy a house with a twenty year mortgage. An identical house next door pays $1,000 in property tax per year but you with Tax Lightning will pay $3,000.
Further assume prosperity and escalating property values so that both of you get the maximum three per cent increase every year and you both hold on to the property .
In year one, you pay $2000 more than your neighbor -- or to put it differently $2000 more than you would have if you were also protected by the 3% cap.
But by year 20, your neighbor will still be paying only $1806 while you will be be paying $5418 or a difference of $3612.
Over the life of your twenty year mortgage your total tax payment will be $57,000 MORE than it would have been.
Of course, with different assumptions, the numbers vary. If property values are flat, then the difference is less. But on a fixed income, you have to look at the worst case.
And if we assume a thirty year mortgage and look at the tax payment with escalating property values, then the numbers get very large. You will pay over the thirty year period $100,000 more than your neighbor or to put it differently $100,000 more than you would have paid if you had been protected by the 3% cap. Your neighbor will stay be paying $2427 per year -- less than you did 30 years ago -- while you will be paying $7281 per year.
I also don't discount the future and some would argue that I should. So what do you do?
Sad but true story.
I just sold my house last month and am now renting. My share of the rent for an entire year, is less than the yearly property taxes paid on my ex-house!
Granted my house was much larger and nicer than my apartment, but I could care less!! They kept raising taxes and I am fed up with it!! Next to go...My business, as it is obvious they no longer want small businesses in this town, or in this country!!!
If government (Federal, State or Local) can't figure out a fair and equitable way of taxing the middle class, then I will play their game!!
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Where's the uncertainty? Nothing more certain than taxes
