Posted on 02/05/2007 9:27:40 AM PST by RobRoy
Baltimore City homeowners saw some of the region's steepest increases in the recent round of property reassessments, a stark change after years of lagging home values - and added ammunition for groups calling for tax relief.
In the city, which has the highest property tax rate in the state, nearly one in five reassessed homes saw values at least double since they were last evaluated three years ago. No other jurisdiction in the Baltimore region had such a high share, according to a Sun analysis of state records for owner-occupied homes. The city also claims the ZIP codes with the fastest-escalating residential assessments. The average market value doubled for reassessed homes in the neighborhoods of Medfield and Hoes Heights - north of Hampden - and nearly doubled in the western half of Cross Country and Fallstaff, neighborhoods in the city's northwest corner. Some home assessments went up even more.
"I just have a plain little stone rancher, nothing fancy or anything," said Mary Conaway, a Cross Country resident who bought her home 11 years ago and couldn't believe her new assessment: nearly $550,000, up from about $200,000 three years earlier.
But increases were substantial in the suburbs, too. Average assessments rose at least 40 percent in every reassessed ZIP code, even ones heavy with million-dollar homes. Across the region, the gain in assessed values outpaced the rise in sale prices over the same period.
(Excerpt) Read more at baltimoresun.com ...
What happens to the local and state governments as well as the affected properties when those taxes simply go unpaid?
How does that affect the local economy and the quality of the neigborhoods and infrastructure?
ping
They go into the real estate business, selling other peoples' property, that they now own.
The Government owns all property. In KELO, the Supremes told us so.
>>They go into the real estate business, selling other peoples' property, that they now own.<<
Weren't they doing a lot of that in the 1930's - to properies that the "owners" had "owned" free and clear?
I wonder what the government does when no taxes are being paid on a $500k home in which the owner has no equity and has even moved out several months ago.
Except the government.
When have you EVER seen a government entity pay property tax?
The State of Maryland is getting what it voted for.
No one actually owns the real estate that they hold title to. You can verify this by not paying the taxes on it and see how fast the govt puts it on the auction block.
one good thing here in the peoples democratic republik of michigan has is the headley amendment......assessments can go up, but taxes have to be adjusted to the rate of inflation only.......
>>When have you EVER seen a government entity pay property tax?<<
Yeah, but the government can't pay itself. Well, I guess with creative means, it can. But in the meantime, if only the government owns property, no taxes are collected. That can't be good for a community.
I wouldn't want to be trying to sell a house in the market where the competing homes are being auctioned for taxes...
Two words for the good people of Maryland: "Prop 13"
Thank God for Prop 13.
Even in California we occasionally get something right.
Blind squirrel, broken clock, etc.
;^)
It's been true since the beginning. What you buy is a somewhat greater degree of control over the property than a renter has, and the right to re-sell your interest. It's sort of like owning a year-round timeshare - you get exclusive use of it, but there's always some entity bigger and stronger ready to throw you out if you misbehave. ;)
The problem here is that people have "allowed" government to automatically reassess property values every 3 years.
Don't think for a minute that government won't help themselves to taking more hard earned money given the opportunity.
And, at least here in Missouri, the process of appealing tax increases is complicated and expensive. You still have to pay the tax, but under protest. Each taxpayer is pretty much on their own, even when living in the same general areas.
Pretty much...
assessed value doesn't really matter. the municipality figures out how much it wants to spend, then pro-rates it, and charges you whatever it thinks is your share.
raising assessments are vehicles for lowering the mill rate, creating the illusion of lower taxes.
note the amount of cash you pay always goes up, no matter what financial wizardry they do with assessments and mills.
Whoever holds the mortgage, makes sure that taxes get paid. Otherwise they could be out $500K. They will probably lose $30-100K in a foreclosure, but that is much better than $500K.
Not a drop of pity for a single one of these guys. They consistently elect liberal tax-n-spenders like they're going out of style. Now they're reaping the whirlwind. To paraphrase Kos, "I feel no sorrow for liberals that suffer the end result of their ultimately confiscatory financial viewpoints. Screw them."
Gov't does not own all property, but is co-owner of some. In Alaska Gov't is co-owner of the 1% in private ownership and outright owner of the rest.
Except states cap the rate municipalities can charge. It is not quite a blank checkbook.
Here in Colorado, people are constantly voting for more computers in schools, more taxes for schools and rec centers and libraries, more toys for firefighters and police. Nothing gets rejected, and our property taxes are skyrocketing. I think we've been taken over by blue-staters thast have fled their socialist strongholds.
That is true. It is interesting to watch people discover reality to be different than they imagined.
&&&&.....cha-ching.......$$$$
New Jersey saw the Real Estate market booming and decided to apply a "TRANSFER TAX" to every sold property. Hey, look at all the money these people are making on THEIR property, let's take a piece of that, let's tax them again.
In a world where people had any civic responsiblility or lived in reality, they would be LIVID and have mass rallies against this unbelievable injustice, instead, we get a yawn.
EVERY person should challenge their reassesment, ask a realtor friend or any realtor or do the research yourself to find comprable sales that show you're being charged too much and schedule an appointment. 2000 appointments should send them the message that the people won't be cowed.
> Nobody "owns" real estate in the US
Do you know of anyplace in the world where people do?
In many places these tax valuations are out of hand. Property owners should have the right to force the county to buy the property at the assesed value if the county can not defend the assesment based on 30 day sales comps in the same area.
I lived in Colorado for a few years back in the 80's before returning to Mo.
Friends who remained have told me about the influx of Californicators moving in who are trying to make Colorado exactly like the socialist empire they left.
As if there wasn't enough libs already in Colorado.
Good luck!
It's best to prepare for these eventualities years ahead of time, during prime working years, and sock money away in CD's and stocks and leave the money there, don't touch it. So you have it when your earning power declines, when you're "encouraged" to take early retirement, when you're living on a greatly-reduced income but you still want to stay in your home and not move.
Yes, they are getting exactly what they vote for. O'Malley will only make it worse. I don't go up there unless I really, really just have to. It is a socialist outpost and under socialism, there is no private property. I have some lib friends up there in Columbia, who have for 20 years consistently voted for the Dems in Maryland and they are now talking about moving to North Carolina because of the "high taxes." I just have to bit my tongue. You really do reap what you sow.
And re-creating their little socialist utopia in their new digs. They'r dumber than dogs and cats - at least dogs and cats don't s%#t in their own beds.
Except for the crabcakes.
lol - thanks
We own a condo in San Diego. The bad news is that people in our situation can't afford to buy a house because the additional property taxes make payments way too high. The good news is that at least we have a place we can afford to live in. (My sympathies to those stuck renting when prices shot up.)
>> "I just have a plain little stone rancher, nothing fancy or anything," said Mary Conaway, a Cross Country resident who bought her home 11 years ago and couldn't believe her new assessment: nearly $550,000, up from about $200,000 three years earlier. <<
Damned b!tch makes $350,000 profit in three years, and she whines about it. How does she think all of us wanna-be first-time home buyers feel? Hey, lady: You're sitting on $350,000 in excess collateral. Alternately, throw out the damned bums who can't cut taxes despite a revenue windfall.
I didn't see anything in the article (unless i missed it) that said we don't 'own' real estate?
I have a lib friend who was complaining about how "high" her state income tax was. I was like... you tell me you are a liberal but you complain about paying high taxes?
Voters should quickly remove anyone who raises taxes too.
And most of it will be tax-free profit, so it is like making $500K taxable income. Darn I feel for her.
Live a life of forced sacrifice so that you can retire to a life of poverty and want?
Most of the Los Angeles property is over rated by as much as 40% see kabc report,guess who wins on that Scam.
YES! YES! YES!
Why are real estate taxes a fixed percentage of value when the government budges don't go up as fast as real estate value?
I can't believe Baltimore's government services doubled in three years.
Yup. We're all just renting from the government.
Assessed value and market value are not the same thing. Her house is now only worth $550,000 if someone is willing to pay that much. If she is on a fixed income, the increase in property taxes could force her to have to sell, but she still has to live somewhere.
Assessment value is not market value for one thing. You will usually see market value much higher than assessment value.
More importantly, what if you don't have any plans to sell your home? What if you're retired and on a fixed income?
And just because you wake up one day and see the value of your home has doubled or tripled doesn't translate to that money in your pocket....until you transfer title to somebody else.
Then you have capital gains taxes owed the federal government too.
i agree.........property taxes are a crime
Another problem to consider is the fate of all of the older retired people in the area. If the property tax is increased by 60% to 70% as suggested some of these folks are caught in another Maryland catch 22. They will be to old to consider moving and unable to pay the tax. Perhaps the folks in Annapolis should comment on that. But I won't hold my breath.
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