U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Pennsylvania > Pittsburgh
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 01-12-2012, 08:26 AM
 
Location: Polish Hill, Pittsburgh, PA
25,852 posts, read 44,116,022 times
Reputation: 10702
Quote:
Originally Posted by h_curtis View Post
Explain.
Well, Chris Briem and BrianTH have both already explained this topic so exhaustively and thoroughly that even I (a relatively "dense" person) now "gets" it.
Reply With Quote Quick reply to this message

 
Old 01-12-2012, 08:28 AM
 
Location: Great White North Hills
8,116 posts, read 6,841,685 times
Reputation: 4293
Most homes in the high priced areas are under assessed, just take a random look at Sewickley Hts. The new assessments would bring them more in line.
Reply With Quote Quick reply to this message
 
Old 01-12-2012, 08:59 AM
 
4,690 posts, read 1,742,796 times
Reputation: 1569
Quote:
Originally Posted by Copanut View Post
The people that will benefit from the old assessments: The Rich.
Or ordinary people whose new assessment increased more than the local average, and who therefore will pay higher taxes even after law-abiding municipalities scrupulously re-set millage rates with no windfall. McCarthyite laissez-faire dogmatism aside, Briem's charts make it perfectly clear that a great many properties will be over-assessed under the new regime, particularly in the modestly-priced range under $100K.

And far from "the Rich" suffering, many of the people caught in this reassessment trap have incomes too low or inflexible to accommodate the increased tax bill. Or indeed even to qualify for the reverse-mortgage or home-equity stopgap "solutions" which some have offered as a sop, (putatively to these casualties of Benthamite "progress", but more likely to their own conscience).

Argue that it's "all for the greater good" or that "these errors will be corrected" (eventually, assuming these cheaper properties are owned by people with enough confidence and resources to navigate the appeals process). But let's not pretend that the only people harmed by this legislation from the bench are the rich.

And of course, The Hon. Mr. Wettick might have given some thought to this problem in the first place. Unquestionably he's an intelligent man who has thought deeply about this problem, and if he's capable of asserting judicial command over officers of the the county executive, he's certainly capable of having foreseen and provided for this form of "collateral damage" (which is what they call it when innocent civilians are blown to pieces). A judge capable of governing the county by decree is certainly capable of including in his edicts a provision to aid the victims of the reassessment trap such as I once proposed here. Perhaps the idea will have occurred to him by the time his retention is put to the voters.

But I don't mean to interfere with your triumphant ecstasy. Go on - keep telling us all about how you're going to knit at the steps of the scaffold while they send the rich bastards for the national haircut.
Reply With Quote Quick reply to this message
 
Old 01-12-2012, 09:11 AM
 
20,274 posts, read 17,265,941 times
Reputation: 2801
There are no income requirements for HUD-backed reverse mortgages (or most other reverse mortgages), which in fact is one of their key distinctions from home equity loans.

Generally, here is a good starting point (from the FTC) if you are considering a reverse mortgage:

Reverse Mortgages: Get the Facts Before Cashing in on Your Home’s Equity
Reply With Quote Quick reply to this message
 
Old 01-12-2012, 09:14 AM
 
Location: Pittsburgh
10,735 posts, read 6,664,561 times
Reputation: 3092
Quote:
Originally Posted by Copanut View Post
Most homes in the high priced areas are under assessed, just take a random look at Sewickley Hts. The new assessments would bring them more in line.
If you assessed some of those homes at total value, people might be paying over $50K a year in tax. Believe it or not, there are many that can't cover that.
Reply With Quote Quick reply to this message
 
Old 01-12-2012, 09:15 AM
 
Location: Great White North Hills
8,116 posts, read 6,841,685 times
Reputation: 4293
Too bad for them, can't afford it, don't buy it.
Reply With Quote Quick reply to this message
 
Old 01-12-2012, 09:19 AM
 
4,690 posts, read 1,742,796 times
Reputation: 1569
Too bad for them. The true voice of the Benthamite elites.
Reply With Quote Quick reply to this message
 
Old 01-12-2012, 09:22 AM
 
3,313 posts, read 1,803,619 times
Reputation: 1775
Quote:
Originally Posted by Copanut View Post
Too bad for them, can't afford it, don't buy it.
Or we might want to encourage wealthy people to reside here - its not like paying $50K in property taxes garners that person any benefit over someone paying $1K in regards for services recieved for their 50 fold increased payment.

I wish more people could spend millions on homes in our region & not be faced with a tax bill that would discourage such investment.
Reply With Quote Quick reply to this message
 
Old 01-12-2012, 09:24 AM
 
Location: Pittsburgh
10,735 posts, read 6,664,561 times
Reputation: 3092
Quote:
Originally Posted by Copanut View Post
Too bad for them, can't afford it, don't buy it.
So when they sell, who is going to buy? No one. The high end market is VERY thin as it is. Put a $50K a year tax bill on homes and it will be totally dried up. Don't let jealousy cloud your judgement.

The taxes in Allegheny County are insane as it is. Guess we can keep making it worse and wipe out entire markets. It will be interesting to see how it plays out.
Reply With Quote Quick reply to this message
 
Old 01-12-2012, 09:27 AM
 
Location: Pittsburgh
10,735 posts, read 6,664,561 times
Reputation: 3092
Quote:
Originally Posted by UKyank View Post
Or we might want to encourage wealthy people to reside here - its not like paying $50K in property taxes garners that person any benefit over someone paying $1K in regards for services recieved for their 50 fold increased payment.

I wish more people could spend millions on homes in our region & not be faced with a tax bill that would discourage such investment.
It is sad. Very few if anyone can afford a $50K tax bill. That market will be gone again. When I started real estate in the early 90's, there was hardly any million dollar homes. Now there are a handful. If the reassessment happens, there will be almost none. No way will anyone with means invest in a property with a $50K tax bill. Those buyers are so few as it is.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $79,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Pennsylvania > Pittsburgh

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top