It's only 10k because the current owners have been there long enough that their assessment is 850k. When it sells, the county will re-assess it at its new value, and the tax will jump to ~1% of that.Quote:
Originally Posted by XXX-er
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It's only 10k because the current owners have been there long enough that their assessment is 850k. When it sells, the county will re-assess it at its new value, and the tax will jump to ~1% of that.Quote:
Originally Posted by XXX-er
On the market for five days, sold for $65k over asking, all cash. And it needs at least 20k in deferred maintenance. I guess someone forgot to tell them about the crash.
https://www.redfin.com/WA/Bellingham.../home/15820427
that ^^ sounds different up here we get re-assessed every year by the BC assessment authority ( a crown corp ) so my taxes went up because the house value was upQuote:
Originally Posted by Ted Striker
https://en.wikipedia.org/wiki/1978_C...Proposition_13Quote:
Originally Posted by XXX-er
It's a California thing. Proposition 13 rolled taxable property values back to the 1976 level. As long as the property is not sold, the tax can only increase 2% per year. When there is a change in ownership, the property is re-assessed at its current market value.Quote:
Originally Posted by XXX-er
edit: Dan beat me to it
Significant contributor to CA’s housing un-affordability/shortage/homelessness crisis.Quote:
Originally Posted by Ted Striker
Building more houses would lower prices. Homeowners want to see their houses go up in price (in general) as their nest egg/jackpot. Due to Prop 13, homeowners are shielded from the negative side of low housing supply/high prices: paying higher taxes on the now-much-more-expensive-than-when-purchased home they’re living in.
That's the "protected" rate. Someone has owned that place for a long time... see the "new" tax estimate:Quote:
Originally Posted by XXX-er
Attachment 421331
More like $81K per year. :nonono2:
ETA: apparently everyone beat me to it. :D
" A large contributor to Proposition 13 was the sentiment that older Californians should not be priced out of their homes through high taxes.[5] The proposition has been called the "third rail" (meaning "untouchable subject") of California politics, and it is not popular politically for lawmakers to attempt to change it.[6] "
up here you can deffer taxes starting at age 55 but they DO have to be paid eventualy
also 65 & older pay less property tax
WA is similar to BC, but doesn't have an age deferral. You can get one for disability, low income, and death of spouse. There's also veterans assistance. Age 65 and disability can get exemptions as well.
Defferal of taxes is a good thing, taxes in Vangroovy are huge right now I now a guy who has a small house in point grey with a 35K tax bill, another guy in Dunbar same thing, these are small bungalows worth several millions that would be torn down for mansions & condo developments, owned by average types who drive old subabrus
Yep; serious drought and very little drop in water usage last I saw. Governor asked for 15% water usage reductions from residents. Bay Area dropped about 7%; SoCal not at all.Quote:
Originally Posted by Meadow Skipper
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So the HOA voted on the fractional ownership thingy last night. Don't know the results yet but thinking it went down in flames to allow it.Quote:
Originally Posted by Toadman
The house that Picasso bought is now on the market to sell out right.
https://mail.google.com/mail/u/0/#in...JHHhncflVHjDDb
Pages of price reduced listings in SF. So many small condos for sale.
David Rosenberg
@EconguyRosie
The Bank of Canada panicked today with its 100 beeper (!) and the yield curve has inverted. The housing bubble can be assured now of bursting and likely in spectacular fashion. The Canadian dollar popped on the rate hike, but the coming recession makes it a hard “sell.”
1yr yield at a 15y high
https://www.cbc.ca/news/business/ban...hike-1.6518161
yup the bank rate up a full % point to 2.5 %
I don't owe money so it doesnt affect me
Nearly 30 per cent of outstanding mortgage credit has a variable rate, up from just 18 per cent before COVID-19. And for eight consecutive months, variable rate mortgages have accounted for more than half of new home loans, according to the latest Bank of Canada data.
well the variable rate was always the lowest so i've had Variable rate for years before I paid it off
you just gotta watch whats going on and lock-in when you see it turn which I'm not really very good at but I did catch a rate hike back in the day so i never got burned
a lot of Canadians with big mortgages are gona burn
We have been observing the market since just before COVID screwed with the local availability and prices. Wife suffered some FOMO, but we managed to not take any big leaps. Actually going to view a property tonight, but I think waiting until next spring might be the better bet (assuming nothing comes up that ticks every box perfectly, and we can afford it). Fortunately for us we have no debt but our mortgage, and that debt is well below our current means to service. Nice place to be except we ‘need’ more room for the toys and garden desires. Should be an interesting market this fall/winter.
yeah I predict at least 1 year more likely 2 year for the carnage to really do some damage and drop the prices
a fire sale would be an appropo term
I though I was going to sell my St Louis place, but with a 3.125% mortgage I think I’ll be renting it out for 28 more yrs instead.
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You won't be the only one. Millions of folks with mortgages 50%+ less than where they are now will be a lot less tempted to trade up/sell. The only way I'm ever selling is to buy something with cash. No chance I'll ever be able to get a 2.375% 30yr again in my lifetime.Quote:
Originally Posted by Cono Este
Which is the exact reason WHY you won't see a collapse in housing.Quote:
Originally Posted by ColMan
It’s going to be a pretty big problem in terms of class warfare. With everyone basically locked into a mortgage well below market, without a massive drop in rates it’s going to be very hard for those who don’t own to break into the market due to lack of inventory.
on this side of the poutine curtain people will be fucked becuz
while mortgages are calculated/amortised for 25 yrs the term is still only 1- 5 yrs max so as these mortgages come up for renewal there will be a lot of pain and some people will have to sell a house that is no longer/ never was worth the crazy price they paid last year
the great credit swap crisis of 2008 took a couple of years to affect the RE market up here even tho our banks did not get into credit swaps so did not have the same problem, the chairman of TD bank one of 5 class " A " banks was quoted as saying " I'm not going to get the bank in something I don't understand myself"
Inventory artificially held back by local governments and their NIMBY like slow growth laws. "We got ours....now close the gates"Quote:
Originally Posted by AdironRider