City lowers millage rate by about 30% and assessment are up about 50% (sales, rental)

[Copanut]

Originally Posted by Lobick

To be clear, those were the number prior to the reassessment.

To answer the question, maybe not fully paying my "fair share", I can't be sure, but it's not obvious to me that I am not. My current assessment is still slightly below my purchase price of 5 years ago and I'm reasonably certain that I could get more than that now in the marketplace, so from that standpoint it is under assessed (If we're using a true market value number). What I don't know, and what I would need to know to answer your question, is to what degree my current assessment situation is replicated throughout other properties in the City.
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Then you ARE paying your fair share.

[Lobick]

Originally Posted by Copanut

Then you ARE paying your fair share.

OK, great. I think I see that question as a more complex one.

[Copanut]

Originally Posted by Lobick

OK, great. I think I see that question as a more complex one.

To be sure. If there was a perfect formula, houses would be assessed at the correct value, and everyone would pay their fair share.

This ain't a perfect world n'at.

[ML North]

Originally Posted by Copanut

To be sure. If there was a perfect formula, houses would be assessed at the correct value, and everyone would pay their fair share.

This ain't a perfect world n'at.

Property Taxes = $100 x Age

You get a $50 deduction for being a Stillers Fan and a $100 deduction for having a nice lawn.

Eh, and I'll throw in $25 if you were born in Magee hospital!

[Copanut]

[quote=ML North;27922512]Property Taxes = $100 x Age

You get a $50 deduction for being a Stillers Fan and a $100 deduction for having a nice lawn.

Eh, and I'll throw in $25 if you were born in Magee hospital![/quote]


Gotta rep ya for that one!!! My old hometown!

[UKyank]

I like the systems where rather then any assessments at all the property taxes are set when a property is bought/sold & then pegged to inflation thereafter. Reassessments are usually done if any major additions are done to the home & appeals are permitted if the area really goes downhill & the property significantly loses value.

My favorite aspect of that system is it can really reward someone for buying a run down place, working hard to restore it (removing a neighborhood eyesore in the process) without then being reassessed & taxed out of the place. The system also benefits elderly people that have lived in the same house forever.

[Moby Hick]

Originally Posted by UKyank

The system also benefits elderly people that have lived in the same house forever.

It would benefit elderly people that lived in the same house in nice neighborhoods. There is a large number of houses in the area that have decreased in value. They were the ones who sued about the current system.

[ML North]

Originally Posted by UKyank

I like the systems where rather then any assessments at all the property taxes are set when a property is bought/sold & then pegged to inflation thereafter. Reassessments are usually done if any major additions are done to the home & appeals are permitted if the area really goes downhill & the property significantly loses value.

My favorite aspect of that system is it can really reward someone for buying a run down place, working hard to restore it (removing a neighborhood eyesore in the process) without then being reassessed & taxed out of the place. The system also benefits elderly people that have lived in the same house forever.

But why index it to inflation? That would be really problematic for houses along the Point Breeze / Homewood border, for example.

[UKyank]

Originally Posted by Moby Hick

It would benefit elderly people that lived in the same house in nice neighborhoods. There is a large number of houses in the area that have decreased in value. They were the ones who sued about the current system.

That's where the ability to appeal for a lower value comes in if your neighborhood goes downhill - you would of course need to get an appraisal done to show such.

[Moby Hick]

Originally Posted by UKyank

That's where the ability to appeal for a lower value comes in if your neighborhood goes downhill - you would of course need to get an appraisal done to show such.

That would put much of the city in the situation of having to pay hundreds for an assessment to keep their taxes fair. I don't think that would, or should, pass muster with the courts.