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The other side of the coin I will point out and of course the media neglects to point out is the 1000s of properties where values went DOWN. Amazing none of those people are being interviewed in The O!
WAIT! I was!!!! Either that or that was one hell of a nightmare.
Some people don't want to sell their homes. It's sad when the tax bill forces them to do so under no fault of their own.
There was an article in one of the weekly papers this weekend, where someone claimed the entire Mecklenburg county reval was one huge botch job.
Maybe I'm missing something but higher taxes spread out evenly over 12 months should not force someone out of their already paid for homes. With the exception of a handful of neighborhoods, the taxes didn't go up that much to drive someone out of their home.
Even in the most extreme example if a person had a tax value of 250k and was revaluated to 400k (this would never happen) it translates to an extra $162 per month....not enough to "force" someone out of their home.
There was a comment about someone who bought their house for 60k 20 years ago.....well I bought a car 20 years ago for $12,000 now the same car is $35,000.
Over time you just have to expect increases, and property tax is no exception.
Maybe I'm missing something but higher taxes spread out evenly over 12 months should not force someone out of their already paid for homes. With the exception of a handful of neighborhoods, the taxes didn't go up that much to drive someone out of their home.
Even in the most extreme example if a person had a tax value of 250k and was revaluated to 400k (this would never happen) it translates to an extra $162 per month....not enough to "force" someone out of their home.
There was a comment about someone who bought their house for 60k 20 years ago.....well I bought a car 20 years ago for $12,000 now the same car is $35,000.
Over time you just have to expect increases, and property tax is no exception.
I have ran some test numbers based upon if the rate is reduced to meet revenue neutral (which the city most certainly will do and the county will probably come close to it). For the article the gentleman's property looks something like this:
Current County Tax Current City Tax Solid Waste Fee Current Total Tax $1,304 $713 $60 $2,077
If the rate was held steady which would also cause tar and feathering of the board of county commissioners it would look like this:
Non Adj County Tax Non Adj City Tax 2011 Non Adj Total $1,940 $1,061 $3,061
Now, I have a conservative formula which allows the city to stay neutral and the county to fudge a bit and it looks like this:
Rev Adj County Tax Rev Adj City Tax Rev Adj Total $1,843 $1,008 $2,900
That is a total $823 per year difference or $68 per month on a $231300 parcel.
Now he owns two on that road which can either make you feel doubly sorry for him or perhaps think him fortunate.
So I guess that's about $30 per month increase per $100K of new value. Of course you get 1/4th of that back in federal taxes since you don't pay taxes on taxes.
Even in the most extreme example if a person had a tax value of 250k and was revaluated to 400k (this would never happen) it translates to an extra $162 per month....not enough to "force" someone out of their home......
Dear Heart I am glad you are so well off that $162/month is meaningless to you. I would say that a person who was on a fixed income, or someone who recently lost their job, $162/month would be quite a hit.
In regards of homes being revalued by the amount you cite, it has happened all over Mecklenburg. It's not extreme. You can read back the forum from people where these kinds of increases have hit them. Some older neighborhoods rose quite a lot over the last 8 years. These are the very places where you might find someone who has lived in the house for decades, has it paid off, but is being forced out by tax increases.
ChromeKitty, Interesting article. Thanks for sharing it.
Sign of what forced many people to move out of the towns they grew up in. Tough times!
Sorry if my heart does not bleed for these people.
Tough times are people that have lost their jobs and have nothing. Nothing to pay the rent, feed their kids, and put clothes on their backs.
Tough times are having to walk down a road covered in land mines never knowing if the kid you are offering a Hershey bar to is strapped with a bomb that could kill you and your whole company.
Tough times are living under an oppressive dictatorship where you can't afford a bowl of rice while yr govmt stakes gold by the hundreds daily in their personal bank accts.
Tough times ARE NOT a guy owning a house free and clear and whining about having to pay more taxes when he freely admits "recent sales in his neighborhood are in line with his increase."
Sorry if my heart does not bleed for these people.
Tough times are people that have lost their jobs and have nothing. Nothing to pay the rent, feed their kids, and put clothes on their backs.
Tough times are having to walk down a road covered in land mines never knowing if the kid you are offering a Hershey bar to is strapped with a bomb that could kill you and your whole company.
Tough times are living under an oppressive dictatorship where you can't afford a bowl of rice while yr govmt stakes gold by the hundreds daily in their personal bank accts.
Tough times ARE NOT a guy owning a house free and clear and whining about having to pay more taxes when he freely admits "recent sales in his neighborhood are in line with his increase."
So now, people bash the guy who has worked hard and paid his home off!
WOW!!! Perhaps he is unemployed, perhaps he is handicapped,perhaps he is underemployed.........NO ONE knows this guys or anyones situation.
Some of the things you mention are happening in this country and between politicians and greedy corporate america, middle/lower class citizens are SOL!!!!
Quote:
Originally Posted by palmetto75
Sorry if my heart does not bleed for these people.
Tough times are people that have lost their jobs and have nothing. Nothing to pay the rent, feed their kids, and put clothes on their backs.
Tough times are having to walk down a road covered in land mines never knowing if the kid you are offering a Hershey bar to is strapped with a bomb that could kill you and your whole company.
Tough times are living under an oppressive dictatorship where you can't afford a bowl of rice while yr govmt stakes gold by the hundreds daily in their personal bank accts.
Tough times ARE NOT a guy owning a house free and clear and whining about having to pay more taxes when he freely admits "recent sales in his neighborhood are in line with his increase."
Many of the tax revals are spot-on - pretty close to market value as of 1-01-2011.
Some are way too high - The most desirable areas (Myers Park, Eastover, Dilworth, Elizabeth, Southpark) got hit the hardest in this revaluation. Some of the homes in these areas are worth close to the tax revaluation but many are not (especially those homes that have not been updated).
My guess is that it will be very difficult to sell your home for more than the 2011 tax value as our economy continues to tank.......
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