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  1. #7351
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    Quote Originally Posted by spanky View Post
    OK. So I’m assuming if everyone’s valuation is increasing, the town/county total budget isn’t increasing at the same rate. Therefore, the percentage tax rate should theoretically go down.
    Theoretically. But doesn't seem to happen that way.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin

  2. #7352
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    Quote Originally Posted by Summit View Post
    I'm going to appeal. According the assessor, my place has gone up 100% in 22 years, but 20% in the last 2 years. Bullshit! Appeal! Danno any tips?
    It's all data driven. Go on the assessor's site, find the list of comparable sales, pick the ones most beneficial to you. Make any argument you can think of for why your property is worth less than they say. Don't complain about how it's gone up so much or complain at all. It's data. Use their data to demonstrate that their data determination is wrong. I've appealed 4 or 5 times, been successful (at least partly, saving a few bucks) every time except the last one.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin

  3. #7353
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    Quote Originally Posted by AdironRider View Post
    Oh right, brain fart on my end.

    I still think it isn't the primary driver. SALT wasn't a credit and even in places like New York, with 3+ percent effective tax rates on property, you are talking about 20k net cost, and that requires a home valuation of 3.5 million. 20k isn't shit when your household income is approaching a mill a year to afford that place.
    SALT is killing the already fragile high end market here. Just killing it. And, the owners aren't making a million, they just watched these homes appreciate for a few decades, and are now stuck with the valuations.

    Let's do some livin'
    After, we die

  4. #7354
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    Real Estate Crash thread

    Quote Originally Posted by Summit View Post

    What happens when I'm old have to sell my place because I can't afford property taxes?

    In CO, you get $100k homestead exemption at 65.

    CO has three levels of appeals. The first two, homeowners can file themselves, the third you need professional representation.

    I hired a RE appraser and successfully argued a historical designation on my Victorian, reduced my market value by 50%.

  5. #7355
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    Quote Originally Posted by Summit View Post
    Fuck! On top of cranking our property taxes 10% in the local elections, just got a new valuation up over 20%... county money grab! Fuckers! So my property taxes just went up 33% in one year!

    Cue the renting locals who voted for this bitching bout their increased rents...

    (I don't give a fuck that my place is worth more cuz I just want to live here for a couple more decades. From my point of view, it's a rent increase.)
    Hey we gotta pay for "Affordable Housing" to support our community, and subsidize schools for all those families that will live in the housing. Actually, it'll probably all go to more cops on HWY6.

  6. #7356
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    Quote Originally Posted by shredgnar View Post
    Hey we gotta pay for "Affordable Housing" to support our community, and subsidize schools for all those families that will live in the housing. Actually, it'll probably all go to more cops on HWY6.
    A lot of truth there. I'm assuming that my taxes will go up substantially. I'm OK with the concept but have a problem with what takes get spent on. For example, our rec district is buying the bowling alley/movie theater. WTF? I'm subsidizing bowling and movies for people on vacation? I better get a discount like a do at the golf course.

    Re: affordable housing. Ya'll know I think it is a form on corporate welfare. Here is the biggest joke. If you meet the qualifications for affordable housing (work for the schools/country, local, income etc.) but you loose the lottery and decision to puchase a free market property you still have to pay the real estate transfer tax to pay for the affordable housing that you qualify for. Makes sense.

  7. #7357
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    Quote Originally Posted by Summit View Post
    Fuck! On top of cranking our property taxes 10% in the local elections, just got a new valuation up over 20%... county money grab! Fuckers! So my property taxes just went up 33% in one year!

    Cue the renting locals who voted for this bitching bout their increased rents...

    (I don't give a fuck that my place is worth more cuz I just want to live here for a couple more decades. From my point of view, it's a rent increase.)
    BTW ours went up by $45K too, still below what it was appraised for 3 years ago. No real reason to contest for us this time.

    ETA: just going through a bunch of real estate stuff we got and SFHs are up 28% just over 1Q of last year. Consider yourself lucky, and stop voting for tax increases. We actually live in a pretty decent place for property taxes anyway. But the trend is to tax more, for progressive agendas.
    Last edited by shredgnar; 05-05-2019 at 10:04 AM.

  8. #7358
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    Quote Originally Posted by FussyDutchman View Post
    Not only sell but the super rich are now donating them for the tax benefit. When you donate you get full appraised value which on high-end properties can be significantly more than the eventual sales price. Through work I recently looked at two 2nd homes that have been donated in the last year, 1 in CT appraised at $950k and one in NC at $2.6mm and there were several commercial properties the same company had purchased that we didn't even review.
    Talked to a colleague who is doing a bunch of these and captive insurance defense. He is also a Forensic Accountant. IRS somehow found money to investigate captives and they are going at them as fraud cases. For those that don’t know captives are insurance companies setup solely for insuring an individual or companies own risks. It allows one to put money into it as premium and consider the premium an expense and deduction from income. Money can accrue tax free as long as they can reasonably say it is to offset future losses.

  9. #7359
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    Quote Originally Posted by Summit View Post
    Fuck! On top of cranking our property taxes 10% in the local elections, just got a new valuation up over 20%... county money grab! Fuckers! So my property taxes just went up 33% in one year!

    Cue the renting locals who voted for this bitching bout their increased rents...

    (I don't give a fuck that my place is worth more cuz I just want to live here for a couple more decades. From my point of view, it's a rent increase.)

    people are so obsessed with their property value and how much it goes up, it's to the point of stupid these days
    sure my house is worth a fortune but who cares, it's my house not a cash register

    the point is, average length of homeowner ship in summit county is in the range of 6-10 years, which I thought was a lie, but it's not
    so all these people are obsessed with getting as much appreciation and then dumping it, you figure the average "locals" life span in summit county is 2-3 years it all makes sense

    you and I are in the same boat, I"m not selling, been in my house a long time, even if I do bolt my finanical advisor (dad) told me to hold on to the house no matter what
    all these old timers who bought a long time ago and still live in their house................ crazy but once you sell it's apache junction or bust for some cheap warm living

  10. #7360
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    Summit- If you have any real estate agent friends, they should be able to help you find some good comps to contest your valuation as well...

  11. #7361
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    Quote Originally Posted by Danno View Post
    I've appealed 4 or 5 times, been successful (at least partly, saving a few bucks) every time except the last one.
    My experience as well. I have no clue why you wouldn’t appeal every time. It seems obvious in my area that they assess at the high end. I just open Zillow, look at houses sold the past year, pick 5, and send it in. It usually results in $500 less in tax for that year for 7 minutes of effort.

  12. #7362
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    Quote Originally Posted by goldenboy View Post
    Summit- If you have any real estate agent friends, they should be able to help you find some good comps to contest your valuation as well...
    IME, he probably doesn't need any such help. The assessor provides the full list of comps that they could have considered, and the reality is that as a realtor, you're trained to find real comps, as in the ones that most accurately reflect the true value of a house if it were on the market. But in this exercise, that is not what Summit wants to do. He wants to find the most similar properties that sold for the lowest amount in the specified time period.

    A realtor here on Nextdoor was advertising that he could help with tax appeals for free (I assume he's trying to build goodwill) but it wasn't very useful to me. Because he was trying to pick the best comps to determine my house's value, whereas in this process you don't want to determine the actual value, you want to determine the lowest value that you can support with comps.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin

  13. #7363
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  14. #7364
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    Danno is right.

  15. #7365
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    Quote Originally Posted by Danno View Post
    IME, he probably doesn't need any such help. The assessor provides the full list of comps that they could have considered, and the reality is that as a realtor, you're trained to find real comps, as in the ones that most accurately reflect the true value of a house if it were on the market. But in this exercise, that is not what Summit wants to do. He wants to find the most similar properties that sold for the lowest amount in the specified time period.

    A realtor here on Nextdoor was advertising that he could help with tax appeals for free (I assume he's trying to build goodwill) but it wasn't very useful to me. Because he was trying to pick the best comps to determine my house's value, whereas in this process you don't want to determine the actual value, you want to determine the lowest value that you can support with comps.
    The realtor sounds like an idiot then. When people ask me to find comps for a tax appeal, I'm looking for the lowest sales I can to help them with the appeal. Really no different than working with a buyer and finding comps that support a price below asking.

  16. #7366
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    Quote Originally Posted by goldenboy View Post
    The realtor sounds like an idiot then. When people ask me to find comps for a tax appeal, I'm looking for the lowest sales I can to help them with the appeal. Really no different than working with a buyer and finding comps that support a price below asking.
    Totally agree (re that realtor and that you get it). So didn't mean to imply that you didn't get it, just that a realtor isn't really necessary for this, because the assessor provides all the needed info. I assume all the county assessor's offices have the same available info as mine, which is an excel spreadsheet for my area (though "my" area is hudge on their site, making many of those sales not good comps). I sort the spreadsheet by date sold and look at the last 2 years (more accurately, 7/1/16 through 6/30/18), since that's the data they look at (unless there isn't enough of it) and then scan it for any place that is near me geographically (ie truly in my neighborhood). For those, I look at the time-adjusted sale price, and if it is lower than my valuation (or perhaps even higher but the place has more sqft), I tag it for potential use.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin

  17. #7367
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    ^^^ True, but then you're doing work that a realtor would do for free. Use that time and ride your bike or something, you know?

  18. #7368
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    Quote Originally Posted by goldenboy View Post
    ^^^ True, but then you're doing work that a realtor would do for free. Use that time and ride your bike or something, you know?
    fair enough. But what I described took me all of 5 minutes, it would be a short bike ride.

    What takes more time is filling out the appeal form, and writing the text to support the comps I picked. But yes, totally agree, if Summit has a good friend that's a realtor that understands this stuff he could save a little time.

    The friend needs to understand this stuff, though, because the comps he needs are not the most recent comps, no comp sold after 6/30/18 is usable, from my understanding.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin

  19. #7369
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    Quote Originally Posted by neufox47 View Post
    Talked to a colleague who is doing a bunch of these and captive insurance defense. He is also a Forensic Accountant. IRS somehow found money to investigate captives and they are going at them as fraud cases. For those that don’t know captives are insurance companies setup solely for insuring an individual or companies own risks. It allows one to put money into it as premium and consider the premium an expense and deduction from income. Money can accrue tax free as long as they can reasonably say it is to offset future losses.
    Hey R, hope all is well out there. Hadn't heard of the captive angle but not surprising. The company we are talking to is a regional RE brokerage firm that has bit of a niche handling RE tax strategies (mainly commercial) but set up a separate company to handle the charitible donations under the IRS' bargain sale program. I have my doubts about how sustainable a business it is but if we can grab a few on the cheap and flip them I'll take it.

  20. #7370
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    Quote Originally Posted by Summit View Post
    What happens when I'm old have to sell my place because I can't afford property taxes?
    Reverse mortgage, LOL.

  21. #7371
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    Quote Originally Posted by RootSkier View Post
    Reverse mortgage, LOL.
    I just got an advertisement from some crooks trying to give a “home equity loan with no monthly payments”, where they cut you a check for 5-15% of your homes value and you sign away most of your rights to appreciation.

    So if some asshole steals your identity and signs you up for this, takes your money, you may not find out until you go to sell it years later.

  22. #7372
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    Well I would assume there would be a lien and the true owner would be notified wouldn't they?
    Live Free or Die

  23. #7373
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    Quote Originally Posted by AdironRider View Post
    Well I would assume there would be a lien and the true owner would be notified wouldn't they?
    Nope. Have you ever received any notification after a refinance? Nope. Good idea to look at your credit report periodically.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  24. #7374
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    This is why I buy a new title insurance policy at least once a month.

  25. #7375
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    Quote Originally Posted by RootSkier View Post
    This is why I buy a new title insurance policy at least once a month.
    You forgot to include /sarc
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

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