4 ms·

My city just did a revaluation at peek prices using comparable sales. The state requires a revaluation every 10 years. This is going to create some other prob

by tmaly 3y ago

My city just did a revaluation at peek prices using comparable sales. The state requires a revaluation every 10 years. This is going to create some other problems if the housing bubble does burst. The city has kept increasing the budget year over year. They are banking on these huge valuations to fund all sorts of spending. At the budget meeting, elderly people were speaking up on how they cannot afford the tax increase.

scoofy 3y ago
>At the budget meeting, elderly people were speaking up on how they cannot afford the tax increase. Property taxes are the only taxes that, by definition, the owner of the property can afford. The elderly people only mean that they "can't afford" their property taxes without changing their lifestyle in any way. To be fair to them, it's certainly challenging and uncomfortable, however, this is a consequence of their own making. None of them were complaining during the 30 years of their property values were going up as supply became more and more stifled.