Property taxes - WTF?

So we own 2 houses, and apparently they both increased in value a massive amount in the last year. But we aren't selling or refinancing so doesn't really matter. But apparently this also means the govt gets to massively jack up our tax bill? Seems kind of shady considering we aren't in any position to monetize the housing market being in a bubble (which will probably burst anyways), so in practice it seems it is just a lot of extra money out of our pocket (which we dont actually have laying around in the sock drawer) with no real upside.

I noticed this with our house as well.

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Originally Posted by Kalam

So we own 2 houses, and apparently they both increased in value a massive amount in the last year. But we aren't selling or refinancing so doesn't really matter. But apparently this also means the govt gets to massively jack up our tax bill? Seems kind of shady considering we aren't in any position to monetize the housing market being in a bubble (which will probably burst anyways), so in practice it seems it is just a lot of extra money out of our pocket (which we dont actually have laying around in the sock drawer) with no real upside.

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LGBFJB

So youre complaining that your asset has increased in price?

What a boomer thing to complain about. Sell it to someone that will gladly pay to live in a house and buy something smaller with a smaller tax burden.

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Originally Posted by OSA

So youre complaining that your asset has increased in price?

What a boomer thing to complain about. Sell it to someone that will gladly pay to live in a house and buy something smaller with a smaller tax burden.

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Or sell and wait for the market to turn, it is gonna turn hard.

Thank You Joe Biden!

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Originally Posted by Kalam

So we own 2 houses, and apparently they both increased in value a massive amount in the last year. But we aren't selling or refinancing so doesn't really matter. But apparently this also means the govt gets to massively jack up our tax bill? Seems kind of shady considering we aren't in any position to monetize the housing market being in a bubble (which will probably burst anyways), so in practice it seems it is just a lot of extra money out of our pocket (which we dont actually have laying around in the sock drawer) with no real upside.

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So you made an investment and it increased in value significantly and quickly and you are complaining about it? Just lol.

So you own two houses and yet somehow have zero understanding of how property taxes work?

Strange because in most cases assessed value doesn’t go up unless the town or area does a reassessment. Are you sure the taxes themselves didn’t just go up themselves without a change in assessed value? Many states and communities are increasing tax rates to make up for out of control spending.

This is why it’s important for people to get involved in their communities to elect board and city council members that support lower taxes. Or leave these high tax states because it’s only going to get worse.

It’s sad that people would their entire lives to OWN their home and then struggle to afford the taxes to keep it in their retirement.

As for those making the negative comments, sounds like jealousy to me toward people owning multiple properties. Sometimes hard work and making tough life choices pays off.

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Originally Posted by The Boz

Strange because in most cases assessed value doesn’t go up unless the town or area does a reassessment. Are you sure the taxes themselves didn’t just go up themselves without a change in assessed value? Many states and communities are increasing tax rates to make up for out of control spending.

This is why it’s important for people to get involved in their communities to elect board and city council members that support lower taxes. Or leave these high tax states because it’s only going to get worse.

It’s sad that people would their entire lives to OWN their home and then struggle to afford the taxes to keep it in their retirement.

As for those making the negative comments, sounds like jealousy to me toward people owning multiple properties. Sometimes hard work and making tough life choices pays off.

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Prop 13 is one thing California got right. Your property taxes can only increase 1% a year based on the purchase price, regardless of its actual value. If it decreases in value, you have a right to a re-assement.

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Originally Posted by Jayjami

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Originally Posted by The Boz

Strange because in most cases assessed value doesn’t go up unless the town or area does a reassessment. Are you sure the taxes themselves didn’t just go up themselves without a change in assessed value? Many states and communities are increasing tax rates to make up for out of control spending.

This is why it’s important for people to get involved in their communities to elect board and city council members that support lower taxes. Or leave these high tax states because it’s only going to get worse.

It’s sad that people would their entire lives to OWN their home and then struggle to afford the taxes to keep it in their retirement.

As for those making the negative comments, sounds like jealousy to me toward people owning multiple properties. Sometimes hard work and making tough life choices pays off.

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Prop 13 is one thing California got right. Your property taxes can only increase 1% a year based on the purchase price, regardless of its actual value. If it decreases in value, you have a right to a re-assement.

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Rapidly increasing property taxes was the force behind California Prop 13...Older folks were being forced economically to sell their homes, it made a powerful political story...but where California got it wrong was the tax relief was not limited to residential property...indeed among the biggest beneficiaries of the property tax rollback were the Los Angeles Dodgers for the tax on the stadium...but the defense contractors, movie studios, oil refineries and office building owners all got in on the tax savings.