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Old 07-25-2008, 05:59 PM
 
Location: Wilmington, NC
8,577 posts, read 7,815,056 times
Reputation: 835

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you need to read back. I was referring to the DC area and their market bubble. the condo market there was horrible, the triangle didn't have that huge bubble increase in property values. my negativity isn't about my experience, it's about the structure of property taxes. the simple fact that the government can say, well, it's worth what we say it's worth is unfair. you want an annoying example? buy a car and restore it yourself. that car you bought for $500, will not remain that cheap for long. once the government assess it at $30,000, you will pay taxes on that. it's crap.

p.s. go gators.

Quote:
Originally Posted by Gatornation View Post
You have nothing to complain about considering your huge profit in a short period of time in my opinion. It's hard to imagine someone being so negative about a great return on money. Where else are you going to get that % return???? Take taxes, real estate agent fee, etc out and you still can't do better.

No one in this area bought a house for 300 and it's worth 110k btw.
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Old 07-25-2008, 06:02 PM
 
1,729 posts, read 4,987,068 times
Reputation: 850
Quote:
Originally Posted by saturnfan View Post
For those folks thinking of moving here to escape high property taxes, think again.

Just as in other areas, decent folks will have their homes stolen from them as property values rise.

Shame the "paper" profit on homes is taxed even though an owner must leave to realize this increase.

Beware transplants, the new demand for homes will turn the Triangle into just what you are trying to escape.

So unfair to longtime residents whose misfortune is to be in areas that are "gentrifying". We don't get reassessed on investments until they are sold, why on homes? Revenue neutrality doesn't always seem to work fairly.i

newsobserver.com | Property tax bills start landing with a big thud (http://www.newsobserver.com/front/story/1153555.html - broken link)
Well, you are getting the New Yorkers. Your realtors have been inducing New Yorkers to move there.............so it comes with the territory!!!!!!!!!!
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Old 07-25-2008, 06:03 PM
 
5,500 posts, read 10,496,513 times
Reputation: 2302
Quote:
Originally Posted by jmarquise View Post
you need to read back. I was referring to the DC area and their market bubble. the condo market there was horrible, the triangle didn't have that huge bubble increase in property values. my negativity isn't about my experience, it's about the structure of property taxes. the simple fact that the government can say, well, it's worth what we say it's worth is unfair. you want an annoying example? buy a car and restore it yourself. that car you bought for $500, will not remain that cheap for long. once the government assess it at $30,000, you will pay taxes on that. it's crap.

p.s. go gators.
Well there should be a better system for lowering the taxable value if you home does go down. That being said there has to be some personal responsibility in buying a home/condo that was highly over-valued.

I can see your points a lot more if the house goes down. If a house goes up a ton your increase in equity helps ease the pain of increased taxes.

Go Gators
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Old 07-25-2008, 06:06 PM
 
3,031 posts, read 9,071,978 times
Reputation: 842
Quote:
Originally Posted by saturnfan View Post
Taxing paper home profits is disgraceful, and ending it was one of the few ideas CA got right. I lived in L.A. when $20K homes inflated to $200K+. Many seniors were forced to sell and move because of paper profits they could only realize by selling the property.
Prop 13 was the beginning of the end of quality public school education in California.
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Old 07-25-2008, 06:08 PM
 
Location: Lowest Taxed/Highest Q.O.L. CARY, NC
551 posts, read 573,403 times
Reputation: 141
Quote:
Originally Posted by jmarquise View Post
perhaps we could agree that taxes should be capped until the sale of the home. if I buy the home for $100,000, I pay taxes on that amount until I sell. they can take the sale price into consideration and tax retroactively. I actually knew people who were forced from their home because they couldn't pay their taxes, and that's pretty crappy.

On one hand I like the idea, to protect the elderly. On the other hand, where would all the tax money come from? I am glad I don't have to make the decisions. I just have to pick the place I want to live.
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Old 07-25-2008, 06:18 PM
 
Location: Wilmington, NC
8,577 posts, read 7,815,056 times
Reputation: 835
but you see my point. big difference in "virtual" equity, and real equity. that's why I figured the retroactive tax after the sale of the home. I used a ton of personal responsibility when I bought my condo. I the most I could afford, however my monthly payment went up around $200 per month. that wasn't in the cards, and I had to get a room mate. that sucked!

Quote:
Originally Posted by Gatornation View Post
Well there should be a better system for lowering the taxable value if you home does go down. That being said there has to be some personal responsibility in buying a home/condo that was highly over-valued.

I can see your points a lot more if the house goes down. If a house goes up a ton your increase in equity helps ease the pain of increased taxes.

Go Gators
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Old 07-25-2008, 06:20 PM
 
Location: Wilmington, NC
8,577 posts, read 7,815,056 times
Reputation: 835
quality public school education? LMAO! I love a good oxymoron. I am going to start a thread about that!

Quote:
Originally Posted by findingmesomeday View Post
Prop 13 was the beginning of the end of quality public school education in California.
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Old 07-25-2008, 06:23 PM
 
Location: Wilmington, NC
8,577 posts, read 7,815,056 times
Reputation: 835
haha, if we only knew how much was wasted. what do property taxes go to pay for? education? or education and roads? if they go to pay for roads, why is our gas tax so outrageous? you are dead on with the elderly statement. where I live, wilmington, people are forced from their homes. large older homes in downtown wilmington that has probably been in the family for generations. that is totally unfair. talk about out with the old and in with the new. I am all about simplicity. do away with property taxes, and increase state income tax by 2% or something. after all, we all use education and roads, why are only the homeowners paying for it?

Quote:
Originally Posted by In & Out View Post
On one hand I like the idea, to protect the elderly. On the other hand, where would all the tax money come from? I am glad I don't have to make the decisions. I just have to pick the place I want to live.
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Old 07-25-2008, 06:47 PM
 
Location: Lowest Taxed/Highest Q.O.L. CARY, NC
551 posts, read 573,403 times
Reputation: 141
Quote:
Originally Posted by jmarquise View Post
haha, if we only knew how much was wasted. what do property taxes go to pay for? education? or education and roads? if they go to pay for roads, why is our gas tax so outrageous? you are dead on with the elderly statement. where I live, wilmington, people are forced from their homes. large older homes in downtown wilmington that has probably been in the family for generations. that is totally unfair. talk about out with the old and in with the new. I am all about simplicity. do away with property taxes, and increase state income tax by 2% or something. after all, we all use education and roads, why are only the homeowners paying for it?

How about more sales tax instead? Then it allows the poorer folk to avoid some of the taxes.
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Old 07-25-2008, 07:08 PM
 
3,031 posts, read 9,071,978 times
Reputation: 842
Considering NC taxes food and clothes ,increasing the sales tax would really put a burden on the lower income people.
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