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44640 |
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Date: March 20, 2024 at 12:34:45
From: blindhog 6th sense, [DNS_Address]
Subject: Those Who Overpaid For Houses to get the Low 3% Mortgage Loan... |
URL: https://youtu.be/Wyo69UjOlpo?si=zmYqN7ClZkaaVWrM |
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...with just enough income to pay the monthly
payment are now being shocked about the new
higher property tax bill. The result of all
the unexpected higher cost of that overpriced
house may mean an inability to make the
mortgage payment and thus, eventually
foreclosure.
Based on this video, property taxes are
increasing a lot because of the new value of
the house.
If the property tax was $7,000 a year, a 100%
increase in your property tax would mean your
new yearly tax will be $7,000 + ($7000 x 1)
$7000 = $14,000.
If your property tax was $1,000 a year, a 800%
increase in your property tax would mean your
new yearly tax will be $1,000 + ($1,000 x 8)
$8000 = $9000
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Responses:
[44643] [44649] [44641] |
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44643 |
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Date: March 20, 2024 at 14:09:58
From: The Hierophant, [DNS_Address]
Subject: Not sure where you live BUT |
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in Washington state, there is a limit how much property
taxes can increase.
But to address people buying overpriced homes and then
having issues down the road - this is NOT a new problem
- it goes hand in hand with real estate cycles. One
doesn't HAVE to buy the most expensive home one can
afford at the time -for that WILL spell serious
problems down the road when values decrease and/or
people's incomes go down or even away and they can no
longer make their mortgage payments. Foreclosures are
NOT something that the 'evil' Biden administration came
up with - in fact, go back to the Great Depression and
foreclosures were an everyday happening.
Property taxes are increasing because of the overpriced
home sales, but they are also increasing because voters
vote in levies and approve bonds - schools, roads and
other infrastructure, stadiums, etc etc.
I cannot speak to all of the states and counties, but
many states/counties have limitations on how much
property taxes can annually increase based on assessed
values (and exempt the approved levies).
Here in Washington State, Property tax rates are
expressed in dollars per thousand dollars of assessed
property value. Assessors set the levy rate based on
the taxing district’s budget request, the total
assessed value of the taxing district, and any
applicable levy limitations.
Property tax levy limitations restrict or limit
increases to property tax rates.
Two such limitations include the One Percent
Constitutional Limit and the Levy Limit. The 1%
constitutional limit - Washington State’s Constitution
limits the regular (nonvoted) combined property tax
rate that applies to anindividual’s property to 1% of
market value ($10 per $1,000). Voter approved special
levies, such as special levies for schools, are in
addition to this amount.
In California Proposition 13 requires assessment of
each taxable property based on its fair market value
and limits a property owner's general levy tax to 1
percent of the assessed value. For example, an owner of
a home assessed at $420,000 will pay a general levy tax
of $4,200.
When people buy overpriced homes, they are FULLY aware
of what their property taxes are going to be and many
times are included in the monthly escrow payment, which
is collected by the financial institution holding the
mortgage and is increased/decreased based on the annual
property tax notification.
So, bottom line is, what are you squawking about? This
isn't wild, weird or wacky. It is the way of real
estate for decades and decades. Where have you been?
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Responses:
[44649] |
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44649 |
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Date: March 20, 2024 at 17:26:45
From: The Hierophant, [DNS_Address]
Subject: The posted U tube video |
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talked about a homestead exemption -
that doesn't work in every state and every situation.The
monetary benefits he alludes to are only available in a
few situations/states. i.e., in the state of Wa, it
doesn't provide ANY reduction on property taxes.
plus, the guy in the video is also sensationalizing to
sell his product/subscribe to his utube channel - you
know, to make money that way instead of real estate.
Because successful real estate agents don't NEED to make
Utube videos that need subscribers.
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Responses:
None |
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44641 |
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Date: March 20, 2024 at 12:40:45
From: blindhog 6th sense, [DNS_Address]
Subject: Buying an Expensive Recreational Vehicle May Be a Big Mistake too(NT) |
URL: https://youtu.be/VZRB3c3MPGA?si=mRlO-pYMWf3NC_ZM |
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Responses:
None |
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