Property Taxes ?? (apartment, motel, income)

[CADRMNDANES]

I have a question about WA Property Taxes. My husband is concerned about them going up to an outrages amount. Will the taxes go up with home prices in the neighborhood or county? For example here in CA our prices don't go up because of Prop 13 even if we bought the house 10 years ago for 250k and all of the other homes around us have been selling for 600k - 1.2k.

Thanks!

[earls]

just like in Calif when you buy a new place the p. taxes move up to that valuation but then have restrictions on increases. In Wa we have a similar situation but it is because of a tax advocate that is constantly originating voter propositions to limit various taxes. A major one was license fees another one is property taxes. Property taxes are based on valuation when you purchase and assesd valuation after. They have a limit of a 1% increase per year. That is the way it is suppose to work but like everything execptions happen. I have lived here about 12yrs and have not seen drastic increases like you are talking about.

[cdelena]

The Washington State Supreme Court heard oral arguments in May in the legal battle over voter-approved Initiative 747, which set a 1 percent limit on annual increases in regular property tax collections.

In June 2006 King County Superior Court Judge Mary E. Roberts struck down the I-747 property tax limits, paving the way for state and local officials to increase the tax burden by as much as 6 percent a year.

Fifty-eight percent of Washington voters approved I-747 in 2001. Roberts' opinion claimed "voters were misled as to the nature and content of the law to be amended, and the effect of the amendment upon it."



tax regulation summary... http://www.researchcouncil.org/publi...ion%202007.pdf

[CADRMNDANES]

Our taxes don't move up where I live in CA, they stay the same from when we buy the house. I've actually seen it lowered.

I read WA has a property tax discount for Seniors??

[scirocco22]

Originally Posted by CADRMNDANES

Our taxes don't move up where I live in CA, they stay the same from when we buy the house. I've actually seen it lowered.

I read WA has a property tax discount for Seniors??

If you go to the following document and read the part described under "Background" it will explain the qualifications for property tax relief for senior citizens.

http://www.leg.wa.gov/pub/billinfo/2...2569-S.FBR.pdf



--'rocco

[janb]

Mine have gone from $800/yr to $10,000/ yr in 14 yrs. I consider that a burden... Motel 6 does the laundry for that price !

I have a very aggressive assessor and live in a place that has seen lots of 'speculative' investment growth. Thus my assessment is rated on comparable sales in the area.

Just shop your areas and KNOW the levy, assessor, and the voter history for additional levies. (example; my neighbors 1/4 mile away pay 1/2 the taxes I do and have comparable homes, BUT in a different county, school district, and far different levy rate)

You can project your taxes be using sales prices, levy rates, and using a model growth rate for valuations. I showed that to my assessor and my projections were that my prop taxes will be $80k/ yr when I'm eligible for the senior 'lock-rate'. He said, "too bad, you should sell that place, and I'd like to buy it". I can't do that unless I move under a bridge and live homeless. It's really nothing special, and we built ourselves, so have a very low cost basis. There are definitely some cheaper places to live in retirement, and once you have no income, WA has limited appeal.

Your DH might have a good point. Most of my managers who came from CA kept their CA props to preserve their prop 13. After retirement, they have kept a place in both states, BUT the one in WA is a very small tax efficient place, in a smaller town within striking distance to a major city (airport) and recreation. I'd just buy a commercial building with an apartment (for you) and pass the taxes on to tenants via NNN (triple net). It's a direct deduction and cost of business for them, and only a partial deduction and a direct expense for you.

WA state needs to fix this if they plan on having many retired residents. (which may be their 'cost efficient' master plan... NO SENIORS, lower state cost burden) With limited income, and often not business owners or employers we are not really a strong asset for WA, excluding sales tax revenue on RV's, dining out, and such...

[Judy & Randy]

Originally Posted by scirocco22

If you go to the following document and read the part described under "Background" it will explain the qualifications for property tax relief for senior citizens.

http://www.leg.wa.gov/pub/billinfo/2...2569-S.FBR.pdf



--'rocco

I just read this publication and it sounds like you still pay property taxes if you qualify for it, it's just that they are deferred 'till you move or die. BTW, I live in California and meet all the disabilty/age requirements of this pub. now.

[Judy & Randy]

Originally Posted by earls

just like in Calif when you buy a new place the p. taxes move up to that valuation but then have restrictions on increases. In Wa we have a similar situation but it is because of a tax advocate that is constantly originating voter propositions to limit various taxes. A major one was license fees another one is property taxes. Property taxes are based on valuation when you purchase and assesd valuation after. They have a limit of a 1% increase per year. That is the way it is suppose to work but like everything execptions happen. I have lived here about 12yrs and have not seen drastic increases like you are talking about.

Unless you're at least 55 and move within the same county. Then you can transfer your existing property tax amount.

[CADRMNDANES]

Originally Posted by Judy & Randy

Unless you're at least 55 and move within the same county. Then you can transfer your existing property tax amount.

In CA, you can only do this one time. Not all counties have prop 60 or Prop 90

[Judy & Randy]

If you're old, 1 time should be enough. 1 time is better than 0 times.