Wait to buy in Philly after AVI? (Philadelphia, Media: real estate, apartment)

[mancat100]

Yeah. The city needs that $10k to make up for those who refuse to pay.

[frankgn87]

Originally Posted by taha-nj

Just found this map: AVI Impact Map | AxisPhilly from The Philadelphia Public Interest Information Network

Looking at comparable houses in Fairmount, it appears that the property tax for our 500k townhouse could jump to 10k. Still cheap compared to many places in northern Jersey, but high enough to make me have second thoughts. We might go for a new construction with tax abatement instead...

Keep in mind a jump to $10 + 4% wage tax still! Wow! For that you get high crime, bad public schools and poor municipal services. Its gonna KILL Philly.

[frankgn87]

Originally Posted by mancat100

Yeah. The city needs that $10k to make up for those who refuse to pay.

THAT is the problem. The people who do pay should NEVER be penalized like that.

[taha-nj]

Originally Posted by frankgn87

Keep in mind a jump to $10 + 4% wage tax still! Wow! For that you get high crime, bad public schools and poor municipal services. Its gonna KILL Philly.

I'm not so sure, if Philly survived between 1960 and now, I'm sure it will survive this...whether or not it will thrive is a another question though.

For those of us who want to live in a city, but are priced out of NYC, it remains an attractive option. I'd rather live in a slightly dangerous city with some problems than boring and bland suburbia.

[frankgn87]

Originally Posted by taha-nj

I'm not so sure, if Philly survived between 1960 and now, I'm sure it will survive this...whether or not it will thrive is a another question though.

For those of us who want to live in a city, but are priced out of NYC, it remains an attractive option. I'd rather live in a slightly dangerous city with some problems than boring and bland suburbia.

I hear ya but boring is good when you're raising a family

[taha-nj]

Originally Posted by frankgn87

I hear ya but boring is good when you're raising a family

Depends on your priorities. I grew up in a big city in the 80s and 90s, and for a kid that has its advantages (such as being less isolated from the realities of life, instant access to arts and culture, street music etc.). Unless there are literally bullets flying, I wouldn't mind raising my children in an urban environment.

In any case, I don't think the interest rates will go up this year (in fact they could go down), so my wife and I may end up renting for a year and then make a final decision based on that.

[RightonWalnut]

Originally Posted by taha-nj

Depends on your priorities. I grew up in a big city in the 80s and 90s, and for a kid that has its advantages (such as being less isolated from the realities of life, instant access to arts and culture, street music etc.). Unless there are literally bullets flying, I wouldn't mind raising my children in an urban environment.

In any case, I don't think the interest rates will go up this year (in fact they could go down), so my wife and I may end up renting for a year and then make a final decision based on that.

Good decision.

[Marius Pontmercy]

City is setting a new rate to ~1.3% of the assessed market value of the house. Usually assessments are low-balled estimates but we'll see. Regardless, this isn't out of line with property tax rates outside the city. In fact its lower than most of the suburbs and New Jersey. Now, some people haven't seen a reassessment since the 80s in neighborhoods where houses have more than quintupled in value. They will be getting big increases to their tax bills, but honestly, what did you expect? Most of the rest of the city will see little, if any, change, and a large portion including most of the NE will see their bills go down because the new effective rate of 1.3% is lower than the rate under the current system.

Basically, if you want to buy now, go ahead. Just keep the new system in mind when figuring how much you'll pay each month in taxes + mortgage payment.

IMO, the AVI Apocalypse has been way over-hyped.

[RightonWalnut]

Originally Posted by Marius Pontmercy

IMO, the AVI Apocalypse has been way over-hyped.

AGREED!

Everything is over-hyped in this country. We are a country of over-reactors.

[mancat100]

Originally Posted by Marius Pontmercy

IMO, the AVI Apocalypse has been way over-hyped.

I don't mean any disrespect, but I'm assuming by your statement that you are not a homeowner who is about to get a major buggering made all the more painful by the fact that 1 out of 6 properties are tax delinquent and most of those will get off scot free.