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Old 10-02-2018, 09:31 PM
 
25,974 posts, read 50,049,668 times
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Quote:
Originally Posted by Grlzrl View Post
Yep, I like the way it's done in California. I actually used to work for the Assessor's office so I am familiar with it. Here in Illinois, the politicians just decide how much money they want and sock it to you. And then you have a huge industry of people paying attorneys to get their assessments down.
My Washington State experience shook me to my core...

I paid assessed value when I bought... 18 months later Washington's version of Prop 13 called I-747 was tossed out and my property assessment increased 80%.... which meant property tax went from $560 a month to $1,007 per month...
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Old 10-03-2018, 02:13 PM
 
1,691 posts, read 394,750 times
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Originally Posted by Ultrarunner View Post
My Washington State experience shook me to my core...

I paid assessed value when I bought... 18 months later Washington's version of Prop 13 called I-747 was tossed out and my property assessment increased 80%.... which meant property tax went from $560 a month to $1,007 per month...
Wow, yikes!
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Old 10-04-2018, 09:50 AM
 
Location: Whereever we have our RV parked
8,141 posts, read 7,145,015 times
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Part of the slow down in housing market could be caused by demographics. Fewer people getting married, fewer planning on kids, plus I don't think the younger generation is as interested in taking on all the exterior maintenance of a house. I think they will opt more for apartments.
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Old 10-04-2018, 11:43 AM
 
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Part is probably due to the allure of quick equity/profit which has had an amazing run...

In conjunction... those waiting to max out may feel the market is maxed out price wise and hurrying to list...

I know several that have done this in the last 45 days... they are seniors and really no hurry to sell as long as the property was rapidly appreciating.
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Old 10-04-2018, 01:11 PM
 
1,691 posts, read 394,750 times
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Originally Posted by augiedogie View Post
Part of the slow down in housing market could be caused by demographics. Fewer people getting married, fewer planning on kids, plus I don't think the younger generation is as interested in taking on all the exterior maintenance of a house. I think they will opt more for apartments.
It's a theory but I see this downturn as having come upon FAST. That, to me, is when people started realizing how the new tax laws would impact them in high tax states.
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Old 10-04-2018, 01:18 PM
 
25,974 posts, read 50,049,668 times
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Quote:
Originally Posted by Grlzrl View Post
It's a theory but I see this downturn as having come upon FAST. That, to me, is when people started realizing how the new tax laws would impact them in high tax states.
Yes... definitely will be more and more a factor as people realize... especially when the first tax year kicks in at filing...
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Old 10-05-2018, 02:01 PM
 
1,691 posts, read 394,750 times
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Originally Posted by Ultrarunner View Post
Yes... definitely will be more and more a factor as people realize... especially when the first tax year kicks in at filing...
That's what I have been saying all along.
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Old 10-07-2018, 07:29 PM
 
27,714 posts, read 45,255,200 times
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Quote:
Originally Posted by Grlzrl View Post
It's a theory but I see this downturn as having come upon FAST. That, to me, is when people started realizing how the new tax laws would impact them in high tax states.
Article in NYTimes couple of weeks ago now probably about number of higher priced homes in area around NYC that are now going to lease option because they are slow to sell
That buyers are hoping (I guess) that market price will fall and they can but in year or so at lower prices than now--

Many more homes available for lease than in prior years--
And people who move out of city for more space are still on average paying less for lease but getting bigger home/yard...

We saw this happen in DFW TX area where our main home in at least two in past 30 yrs
Because RE market slowed and people transferred in, wanting homes in solid school districts that fit a corporate level employee--
They couldn't sell the homes out of state--like in CA or NY/NJ--and had to rent
And likewise===when market here were slow in 08/09 people here who had to relocate couldn't sell and had to lease their homes until market got stronger...

The new tax bill that was passed by the House recently was going to make those mortgage deductions permanent--
Some analysis says that the Senate is not likely to be able to pay because will require more than simple majority win...so compromise with Dems will be necessary...
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Old Today, 08:48 PM
 
Location: New Jersey
15,051 posts, read 13,193,070 times
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Originally Posted by Gantz View Post
NW NJ is still bad? A house on my block in Brooklyn just sold for $1.4mil last week, easily 200k over what I expected. These houses were 900k-1mil during the previous peak, but NYC real estate didn't really decrease a lot during the '08 recession outside of ultra-luxury sector.
NYC is a completely different ballgame. The effects certainly do spillover into the NYC suburbs of Northern NJ and the Hudson Valley, but NW NJ (Sussex County) is bit removed from all that. Too far off the beaten path.
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