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property taxes are absurd. I bought a condo in VA for $110,000 and within two years, I was paying taxes on property they had assessed at over $300,000. those same places are selling for around $130,000 now, but it's funny, I am waiting for my rebate check.
property taxes are absurd. I bought a condo in VA for $110,000 and within two years, I was paying taxes on property they had assessed at over $300,000. those same places are selling for around $130,000 now, but it's funny, I am waiting for my rebate check.
If you sold at $300,000, there should be no complaints. Take the money and run.
imagine if I hadn't waited 2 years. then the capital gains tax would have kicked in, you know, the bush tax cuts for only the incredibly rich. I didn't pocket $140,000 and no it isn't a good deal. it's horse crap. what if I had waited to sell my house until now, where the houses are back to those original rates. would have made no money, yet would have been totally screwed in taxes. no matter how anyone puts it, the way property taxes are set up are screwy. they should be set at the rate of normal inflation and not artificially allowed to increase 250% based on speculation.
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Originally Posted by In & Out
So a $140,000 profit. Seems like a good deal in return for paying a more in taxes.
imagine if I hadn't waited 2 years. then the capital gains tax would have kicked in, you know, the bush tax cuts for only the incredibly rich. I didn't pocket $140,000 and no it isn't a good deal. it's horse crap. what if I had waited to sell my house until now, where the houses are back to those original rates. would have made no money, yet would have been totally screwed in taxes. no matter how anyone puts it, the way property taxes are set up are screwy. they should be set at the rate of normal inflation and not artificially allowed to increase 250% based on speculation.
actually, I guess you are unfamiliar with the cost associated with selling a home. would you have sympathy for someone who bought for $300,000, and now had a home that was worth $110,000 because that is happening too. most people disagree with the way the government assesses property values. how about someone who bought their home for $100,000 and it was reassessed at $300,000 raising their mortgage $300 per month. they were barely squeaking by to start with and ended up going into foreclosure. any sympathy there? give me a break. not sure who you are apologizing for or who you are working for, but if you can't see a fault with that system, I pity you.
actually, I guess you are unfamiliar with the cost associated with selling a home. would you have sympathy for someone who bought for $300,000, and now had a home that was worth $110,000 because that is happening too. most people disagree with the way the government assesses property values. how about someone who bought their home for $100,000 and it was reassessed at $300,000 raising their mortgage $300 per month. they were barely squeaking by to start with and ended up going into foreclosure. any sympathy there? give me a break. not sure who you are apologizing for or who you are working for, but if you can't see a fault with that system, I pity you.
My point is being missed. I am only saying I do not have sympathy for those that had to pay more in taxes but then made a hefty profit, which you and I did even after the costs of selling (unless your Realtor is now rich). I would be all in favor of taxing every single person, rather than homes. Given that, I am still fine paying as little as I do in property taxes. For those whose home has gone down in value, the local tax authorities do allow every home owner to dispute the valuation. If the homes actually did drop that much, their bill would be reduced.
actually, I guess you are unfamiliar with the cost associated with selling a home. would you have sympathy for someone who bought for $300,000, and now had a home that was worth $110,000 because that is happening too. most people disagree with the way the government assesses property values. how about someone who bought their home for $100,000 and it was reassessed at $300,000 raising their mortgage $300 per month. they were barely squeaking by to start with and ended up going into foreclosure. any sympathy there? give me a break. not sure who you are apologizing for or who you are working for, but if you can't see a fault with that system, I pity you.
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.
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.
Quote:
Originally Posted by In & Out
My point is being missed. I am only saying I do not have sympathy for those that had to pay more in taxes but then made a hefty profit, which you and I did even after the costs of selling (unless your Realtor is now rich). I would be all in favor of taxing every single person, rather than homes. Given that, I am still fine paying as little as I do in property taxes. For those whose home has gone down in value, the local tax authorities do allow every home owner to dispute the valuation. If the homes actually did drop that much, their bill would be reduced.
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give me a break. not sure who you are apologizing for or who you are working for, but if you can't see a fault with that system, I pity you. 
