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Plunging Home Prices Fuel Property Tax Appeals Swamping U.S. Cities, Towns

Discussion in 'Political Discussion' started by Real World, Dec 8, 2010.

  1. Real World

    Real World Moderator Staff Member

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    I said this would happen years ago. When our property tax bills here in the office were jumping 17+% per year, that the the budgets of these greedy local beaurocrats would get overwhelmed with abatements. Well screw you local government! This is what you get for being greedy. Starve the pig has to be the motto moving forward. Spend less, and spend what you do more wisely. Jacking up taxes on property when the values rise was a scum move, and turn about is fair play.



    Plunging Home Prices Fuel Property Tax Appeals Swamping U.S. Cities, Towns

    By Jeff Green and Tim Jones - Dec 8, 2010 12:01 AM ET

    Business ExchangeBuzz up!DiggPrint Email .A fiscal flood that threatens to swamp local government budgets across the U.S. overflows from file cabinets in the office of Patty Halm, chair of the Michigan Tax Tribunal.

    The backlog of cases from taxpayers seeking to lower property-tax bills of more than $100,000 shot up to 14,236 this year from an annual average of about 6,000 during the past decade. The backlog of smaller claims was at 28,558 at the end of September, eight times higher than a decade ago, according to records at the tribunal, a Lansing-based administrative court.



    Plunging Home Prices Fuel Property Tax Appeals Swamping U.S. Cities, Towns - Bloomberg

     
  2. Stokes

    Stokes In the Starting Line-Up

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    Good luck getting those abatements approved though. We owned a condo appraised at 20% lower value than the value at which we paid property taxes, filed and abatement, and it was rejected flat out. When the system is set up so that the town has to approve a drop in your taxes that would take money away from... the town, you can guess how likely they are to do so! To take it further we would have had to lawyer up and appeal, which would have cost more than the savings in tax. Good times!
     
  3. Patsfanin Philly

    Patsfanin Philly Experienced Starter w/First Big Contract

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    #95 Jersey

    Am I reading this right, a property tax bill of $100K???? That is over $8000 per month........Wow, where is this and what kind of house has that large a tax bite??????
     
  4. Wolfpack

    Wolfpack Banned

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    Obviously these people are overreacting about nothing. 4 years ago Deval Patrick's central campaign platform was lowering property taxes.

    And he's going to get around to that any day now.
     
  5. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    If a town benifits from rising property values, then they MUST pay a price when they devalue. There really isn't any other way. Otherwise, they may as well just send out a random bill every year.

    I highly doubt anyone can state a good reason to increase taxes just because home values rise. Let's say values rise 30% over 5 years (as they did from 2000-2005), why would a town need 30% more tax revenue? Rising home values have nothing (as in NADA) to do with tax revenues towns need.

    It's just another expample of lack of common sense and basic greed. Hey, just because American citizens got obsessed with greed is no reason why our gov't should do the same.
     
  6. Real World

    Real World Moderator Staff Member

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    Stokes, I have a court date with the state later this month for some commercial property we have. I'm all lawyered up, and have met with the city twice already to work out a deal. So far no dice. Our commercial property taxes have risen 70% or so over the last 8 years. Imagine.

    There used to be Proposition 2 1/2 that prevented local governments from raising property taxes more than 2.5% in any fiscal year. So much for that.
     
  7. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    70% is robbery! Not even the staunchest of liberal could argue otherwise RW!

    As far as I know, Prop 2 1/2 is still in effect unless a town votes to override it. What happened in the town you're in?
     
  8. Stokes

    Stokes In the Starting Line-Up

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    Ugh, good luck RW, I don't envy you. Always fun dealing with the gov't!
     
  9. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Property tax is stupid anyway. Why should a homeowner pay a tax that non home owners don't ? Likewise the mortgage deduction should go away. The Feds should do away with the mortgage deduction, the states should do away with property tax then the states can increase the sales tax to pay for their losses on property tax so everyone pays. It's just another example of dumb tax laws that try to solve problems but don't.
     
  10. khayos

    khayos In the Starting Line-Up

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    I agree here. The idea with the property tax originally, I believe, was to presume the bulk of those using services were the taxpayers and it was by nature a progressive tax system -- whomever had more land or greater land value would pay more. However, very few "own" their land now -- it's really owned by the banks.
     
  11. Real World

    Real World Moderator Staff Member

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    Well, I got a feeling we're going to end up in the appeals court. I hope not, but we're payign $70,000 more than an identical building across the street from us, and the city offered us a $4,000 abatement in our second meeting. I'm not sure a deal is possible.
     

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