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....and said my house was worth about 30k more than I could really sell it for. Well, now that the bottom as fallen out, and who knows how low it will go, will they re-evaluate and realize they're about 80k off now?
Real estate values in Wake County reflect the market value as of January 1, 2008. Any inflation, deflation or other economic changes occurring after this date do not affect the assessed value of the property and cannot be lawfully considered when reviewing the value for adjustment. The January 1, 2008, values remain in effect until the next county-wide revaluation, which is currently performed every eight years.
the guvment give up all of that money? no way. they did not redo taxes either when the market here was flying high. My house appreciated over 250k from 2000-2007. I am glad that didn't decide to do it back then.
I would oppose the waste of money for a revaluation.
They will set a tax rate to get the revenue they think they can scrape up, regardless of the valuation they have affixed.
If they are going to get $2500 from me, why do I care if they take 2.5% of $100,000 or 5% of $50,000?
....and said my house was worth about 30k more than I could really sell it for. Well, now that the bottom as fallen out, and who knows how low it will go, will they re-evaluate and realize they're about 80k off now?
You've described one-third of the data needed to really know what the impact on the revaluation was. Without knowing how other values changed, and what the tax rate was changed to after the revaluation, we're left with a rather abstract number that, in a vacuum, is meaningless.
Property tax valuation is a question of relative valuation and tax rates. As Mike points out above, you have to look at the whole equation to determine what the taxes are.
One way to offset higher property taxes is to enact a land transfer tax. A land transfer tax is a good deal for people who intend to stay in the same home for a long period of time because the tax is paid only when you sell your home. They are also good for county residents because home builders help pay the tax when they sell new construction (i.e. rather than county residents).
So if you plan on staying put awhile, here is a tax that will offset rising property taxes, that you don't have to pay. Good deal.
My post was more of just a vent about being squeezed in every way these days.....as my company freezes pay and progress wacks our rates and groceries keep going up. You know it's just a matter of time that gas will blow up again with every small gain in the stock market. And just wait until we (some of us) get to pay for this stupid bail out scheme. TAX TAX TAX TAX TAX TAX
One way to offset higher property taxes is to enact a land transfer tax. A land transfer tax is a good deal for people who intend to stay in the same home for a long period of time because the tax is paid only when you sell your home. They are also good for county residents because home builders help pay the tax when they sell new construction (i.e. rather than county residents).
So if you plan on staying put awhile, here is a tax that will offset rising property taxes, that you don't have to pay. Good deal.
I've lived places that had transfer taxes, but they still had property taxes. Wouldn't a transfer tax have to awfully high, though, to make up for the lost property tax revenue?
The NC Legislature approved the possibility of transfer taxes recently, allowing them to be adopted on a county-by-county basis (or, alternatively, a higher general sales tax). With intense campaigning by the realtor's association, ballot initiatives in those counties that attempted to implement the transfer tax were shot down. (But, I don't think they were offered in lieu of any property taxes - just in addition to them.)
....and said my house was worth about 30k more than I could really sell it for. Well, now that the bottom as fallen out, and who knows how low it will go, will they re-evaluate and realize they're about 80k off now?
You do realize that it doesn't matter if they re-evaluated your property every year or not. In Northern VA our property was re-evaluated every year and in one year our property went up $100k, only to come down $100k 2 years later (we sold before the bottom dropped out thank God). All they would do was adjust the tax rate. For instance the tax rate was adjusted from $1.11 to $.89 per $100 the year that it went up so much, only to drop back down to around $.89 the year it went down.
They're going to get their $1,500, $2,500, $3,500, etc. etc. on your property taxes yearly no matter what your house is valued at. The county can't afford to take too big of a hit, or else they would have to lay off police officers, fire fighters, etc. That's not going to happen if they can help it.
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