"Four years of gains in home prices wiped out"

[riveree]

Originally Posted by kwilli

Property Tax revenue has gone up 1600+ percent in the five or six years. Read the tax rolls houses that sold for 120,000 two years ago have been selling for 300,000 plus. The tax does not stay the same for the new owner!

Thankfully Florida does have a 3% increase cap for "homesteaded property" you can only have one! Goodbye vacation home?

Don't be fooled!

City and county governments must tighten their belts not budget for the tax increases we have had.

The new $50,000.00 homestead exemption will help but you cant buy much for that amount!

Jacksonville is a great place I must agree!

Kwilli, you have to read my post in context to the thread I quoted. This is what I was stating is not happening in Jax:

Originally Posted by kinkytoes

I completely agree with you. My property tax has tripled this year. In my area that's because of the huge run-up in prices. Those prices were artificially inflated in my opinion. I wonder how many people had completely paid for their houses and are having trouble now because the property taxes are so high? I know I got sticker shock with our increase. I am in the Northeast by the way.

My lender keeps twice the actual cost of insurance and taxes in an escrow account and they increase amount I have to pay each month based on property "values" in the area. So, I was paying a HUGE and increasing amount of money on my mortgage. And based on what other ppl were paying for houses, the amount I had to pay each month increased yearly for the past 3 years.

Imagine an ARM, but this was not interest, it was property "value" increasing my payment by hundreds of dollars.

So I guess somone who started with a mortgage of 1000, and is now paying 1500 a month because of taxes and insurance might have trouble. I think this is why there is the 2X annual income rule. Owning a house has a lot of unexpected expenses. That's still not an excuse for the cities.

The whole insurance/tax thing was new to me, though. I got my 2nd house during the boom. I got it right before prices went CRAZY, so the purchase price was okay, but BOY did I get burned by the tax increase. And the worst thing is that I had to pay because 2-3 *******s overpaid for their houses!

I just went to see the first foreclosure on my street. I wonder if it will be the first of many. . .

While we did have a run-up in property taxes in the recent past, that is not what is happening now. Home values have gone down in Jacksonville, while in the quoted member's area, home values are still going up...that's because the quoted member does not live in Jacksonville....or even Florida.

We also have the recent Florida legislation to consider. It did not create any miracles that I'm aware of, but for the most part, property taxes have gone in a downward direction.

What I was trying to clarify - for the benefit of readers who come to the forum seeking Jax/Jax area relevent information - was the difference between what is happening in Jacksonville and what is happening where this member lives - the NorthEast. It's not all the same everywhere.