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Old 04-30-2007, 05:24 PM
 
Location: Between a nook-a-ler reactor and a dump, North Cackalacky
283 posts, read 790,236 times
Reputation: 129
Default Will 2008 bring some nasty surprises?

Real estate reassessment is scheduled for next year.

Considering home values have little or nothing to do with tax values around here, are we in for a nasty surprise or two next year?

Property Taxes will likely be going up (and perhaps significantly) across the board.

Will home prices be affected by a current tax valuation?

Peer into your crystal ball and share some insight, opinions, etc.
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Old 04-30-2007, 05:51 PM
 
Location: Wake Forest
3,124 posts, read 8,564,662 times
Reputation: 691
Quote:
Originally Posted by tee-tee View Post
Real estate reassessment is scheduled for next year.

Considering home values have little or nothing to do with tax values around here, are we in for a nasty surprise or two next year?

Property Taxes will likely be going up (and perhaps significantly) across the board.

Will home prices be affected by a current tax valuation?

Peer into your crystal ball and share some insight, opinions, etc.
Oh we will be seeing our taxes go up...no doubt there....not even sure that takes a crystal ball.

Home prices....since we've not had the huge jumps in the past that certain bubble markets have, I don't think it will effect those in a huge way....but I think it may prevent a bubble from forming in the future. (This is a good thing in my opinion.) Nothing like taxes to bring folks back to reality.
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Old 04-30-2007, 07:20 PM
 
4,609 posts, read 5,013,271 times
Reputation: 5111
They ran a story in the News & Observer on this topic.

enjoy,

http://www.newsobserver.com/167/story/444798.html (broken link)

Last edited by autumngal; 04-30-2007 at 08:18 PM..
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Old 04-30-2007, 07:50 PM
Status: "Support your Local Moderator!" (set 9 days ago)
 
Location: Cary, NC
18,940 posts, read 28,399,761 times
Reputation: 15651
There will not be a huge across the board tax increase.

Thre will be a small tax increase, on average. Some folks will feel it a little more than others, but overall assessments will not be brought to market value.

"That's because county commissioners usually lower the tax rate at the same time to offset the higher property values. If they don't, they still have to publicize what the lower rate would be."
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Old 04-30-2007, 08:14 PM
 
Location: Portland, Oregon
4,644 posts, read 4,437,414 times
Reputation: 2561
Default Real Estate Taxes

Autumngal - thanks for posting. Our taxes were getting too high and they're now capped at 3%.yr. If I read the article correctly, the increase would be 5% per year.
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Old 04-30-2007, 08:17 PM
 
4,609 posts, read 5,013,271 times
Reputation: 5111
Default can't find it...

Can't find the latest story from the news & observer maybe it was another local media, hmmmmmm.
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Old 05-01-2007, 07:00 AM
 
85 posts, read 204,512 times
Reputation: 38
Wow; I'm suprised NC reasseses only 8 years or so.

Up here it's done every year ... it's always a pleasure to see those guys from the town lurking around the property trying to get a look inside so they can decide to raise the assessed value of the house some absurd amount for no reason! They always ask to come in and look at the house and I never let them.
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Old 05-01-2007, 07:22 AM
 
Location: Asheville, NC
648 posts, read 1,961,363 times
Reputation: 279
Quote:
Originally Posted by bunnyrider View Post
Wow; I'm suprised NC reasseses only 8 years or so.
I'm pretty sure that's a county thing...
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Old 05-01-2007, 07:36 AM
 
Location: North Raleigh
576 posts, read 2,081,100 times
Reputation: 231
I don't pretend to be an authority on the subject but from what's been told to me California seems to have an excellent and hands-off method of assessment. They supposedly assess at sale prices then automatically increase the assessment a fixed % per year thereafter. Obviously that doesn't account for abnormally low sale prices such as $1 sales to relatives, etc. but it sounds like it negates the need for a huge bureaucracy to manage never ending and repeated manual assessments like we have in NY.
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Old 05-01-2007, 07:42 AM
 
Location: Oxxford Hunt, Cary NC
3,401 posts, read 5,879,434 times
Reputation: 2950
Back in Virginia we had reassessments annually and the rates were NOT lowered at the same time (even during a time of crazy appreciation). In a three-year period the property tax on my house doubled (from $1800/year to nearly $4K)!

I know the appraisal on my current house is quite low compared to market value - it will be interesting to see how much my bill increases.
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