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Old 06-24-2018, 02:04 PM
 
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Quote:
Originally Posted by BC1960 View Post
In 2012, as a result of the 2011 revaluation, the revenue neutral tax rate was 43.7 cents, which is the tax rate the city adopted. That was a reduction of 2.16 cents. Thats really all they can do. Everyone has to pay the same tax rate. If your property's revaluation increased the same percentage as all properties, then then the amount of taxes you pay would stay the same. If it increased less, your taxes would go down. And if it increased more, your taxes would go up. Thats just how it works. Its impossible to guarantee that everyone's taxes will remain the same. And frankly, if your property's value is rising faster than the city as a whole, thats not such a bad thing.
Some areas have appreciated more than others, but nearly the entire county has appreciated significantly since 2011. I think it would be hard to find a house thatís not worth at least 20% more now than 2011.
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Old 06-24-2018, 02:26 PM
 
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Originally Posted by GoPhils View Post
Some areas have appreciated more than others, but nearly the entire county has appreciated significantly since 2011. I think it would be hard to find a house thatís not worth at least 20% more now than 2011.
Umm, ok.
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Old 06-24-2018, 03:03 PM
 
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Originally Posted by BC1960 View Post
Umm, ok.
I’m sure there might be a few exceptions but please feel free to share some examples of a SFH that hasn’t been trashed by its owners that hasn’t appreciated 20%+ since 2011. In fact I’d bet the majority of the county has appreciated 30%+, which is what was quoted in the OP.

I know the light rail is probably helping demand, but isn’t Hidden Valley still one of the highest crime neighborhoods in the city? Yet 6 of the 7 houses for sale in the neighborhood are under contract. The only one that isn’t (450 Wellingford St) just got listed today. Listed for $115K. Last sale: $53K in 2013. And it’s not like it’s been renovated...in fact it’s listed as an as is sale and needing TLC, “would make a great flip.”

20% isn’t even that much over 7-8 years. That’s only about 2.5% per year.
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Old 06-24-2018, 03:11 PM
 
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Originally Posted by GoPhils View Post
Iím sure there might be a few exceptions but please feel free to share some examples of a SFH that hasnít been trashed by its owners that hasnít appreciated 20%+ since 2011. In fact Iíd bet the majority of the county has appreciated 30%+.

I know the light rail is probably helping demand, but isnít Hidden Valley still one of the highest crime neighborhoods in the city? Yet 6 of the 7 houses for sale in the neighborhood are under contract. The only one that isnít (450 Wellingford St) just got listed today. Listed for $115K. Last sale: $53K in 2013. And itís not like itís been renovated...in fact itís listed as an as is sale and needing TLC, ďwould make a great flip.Ē

20% isnít even that much over 7-8 years. Thatís only about 2.5% per year.
I'm not sure why you're directing your posts at me. I've made no claims regarding rates of appreciation. I'm sure most houses in Meck county are seeing good rates of appreciation.
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Old 06-24-2018, 03:58 PM
 
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Quote:
Originally Posted by BC1960 View Post
I'm not sure why you're directing your posts at me. I've made no claims regarding rates of appreciation. I'm sure most houses in Meck county are seeing good rates of appreciation.
Earlier you said this:

Quote:
Originally Posted by BC1960 View Post
If your property's revaluation increased the same percentage as all properties, then then the amount of taxes you pay would stay the same.
So if the average rate of appreciation is 30% (or even 20%), do you really think the tax rate is going to decrease by 30% (or even 20%) as well?
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Old 06-24-2018, 04:27 PM
 
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Originally Posted by GoPhils View Post
So if the average rate of appreciation is 30% (or even 20%), do you really think the tax rate is going to decrease by 30% (or even 20%) as well?
The city and county are required to calculate the "revenue neutral" tax rate, and publicize it. Whether they adopt or not is up to the elected boards. The county did so in 2011, as I pointed out earlier.
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Old 06-25-2018, 01:22 PM
 
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Most single family homes have tax assessments that are substantially made of the land value with the improvements (buildings) being a smaller proportion. Thus the increase (or decrease) of value is due to the change in the value of the larger neighborhood more so than the home itself. You, your neighbors, and all landowners in the area will be affected nearly the same, to the extent of your property size, relationship to thoroughfares, zoning and other issues that are real estate specific and not buildings thereon.
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