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>Communities that are deemed too dangerous to insure face the risk of falling property values, which means less tax revenue Now that is the funnest quote I hav

by jmclnx 2y ago

>Communities that are deemed too dangerous to insure face the risk of falling property values, which means less tax revenue Now that is the funnest quote I have seen in 2024. I would love to know what government will lower your property tax if your house value falls ? I have never seen that happen ever nor do I know anyone who has seen that happen over the past 40 years.

aaronblohowiak 2y ago
What state are you in? This is quite common in many parts of the country..
- jmclnx 2y ago
  I do not want to ID the state, but I live above the mason-dixon line and east of PA.
lightedman 2y ago
"I would love to know what government will lower your property tax if your house value falls ?" Plano, TX.
- dylan604 2y ago
  Why did you used all of those extra letters? TX would have sufficed
kylebenzle 2y ago
It is very common for a home owner to have their home value decrease.
- ellisv 2y ago
  Real estate is complicated but physical houses are depreciating assets - this is how rental properties are treated by landlords. Regular maintenance, land value, and market value usually offsets the depreciation.
zdragnar 2y ago
The quote is tax revenue, not rates. With such a significant drop in market value (can't get a mortgage on uninsurable property) the properties will just be abandoned, and twice as fast if the taxes aren't reassessed downward.
ellisv 2y ago
In my state, homes are assessed using true cash value (TCV) when the property is sold and then the taxable value is adjusted annually. If the property values within a neighborhood decrease (e.g. due to uninsurability) then that would be reflected in the taxable value. Take a look at Detroit and surrounding area property values in the late 1980s and 2008-2012.
dylan604 2y ago
It is tradition to contest the annual re-evaluations of the assessment of your home as that's exactly how your property taxes are based. The only time it is good for an owner's property's assessment to go up is when they are wanting to sell it. The rest of the time, they are constantly fighting to keep it low specifically because of taxes. You must live in a state without property taxes, or you just have no idea how they work. Either way, this is exactly how property taxes work.
- Kon-Peki 2y ago
  The assessed value of your home determines your share of the total tax to be collected. If your assessed value goes down but all the rest stay the same, yes, your tax bill will go down. But if all assessed values go down by the same percentage, no your tax bill will not go down. And this is the kicker: if all the houses close to the river or the seashore have their assessed value go down because of the flooding risk while all the other houses stay the same, their tax bills go up. So they really have a big incentive to not let that happen.

by jmclnx 2y ago

aaronblohowiak 2y ago

What state are you in? This is quite common in many parts of the country..

jmclnx 2y ago
I do not want to ID the state, but I live above the mason-dixon line and east of PA.

lightedman 2y ago

"I would love to know what government will lower your property tax if your house value falls ?" Plano, TX.

dylan604 2y ago
Why did you used all of those extra letters? TX would have sufficed

kylebenzle 2y ago

It is very common for a home owner to have their home value decrease.

ellisv 2y ago
Real estate is complicated but physical houses are depreciating assets - this is how rental properties are treated by landlords. Regular maintenance, land value, and market value usually offsets the depreciation.

zdragnar 2y ago

The quote is tax revenue, not rates. With such a significant drop in market value (can't get a mortgage on uninsurable property) the properties will just be abandoned, and twice as fast if the taxes aren't reassessed downward.

ellisv 2y ago

In my state, homes are assessed using true cash value (TCV) when the property is sold and then the taxable value is adjusted annually. If the property values within a neighborhood decrease (e.g. due to uninsurability) then that would be reflected in the taxable value. Take a look at Detroit and surrounding area property values in the late 1980s and 2008-2012.

dylan604 2y ago

It is tradition to contest the annual re-evaluations of the assessment of your home as that's exactly how your property taxes are based. The only time it is good for an owner's property's assessment to go up is when they are wanting to sell it. The rest of the time, they are constantly fighting to keep it low specifically because of taxes. You must live in a state without property taxes, or you just have no idea how they work. Either way, this is exactly how property taxes work.

Kon-Peki 2y ago
The assessed value of your home determines your share of the total tax to be collected. If your assessed value goes down but all the rest stay the same, yes, your tax bill will go down. But if all assessed values go down by the same percentage, no your tax bill will not go down. And this is the kicker: if all the houses close to the river or the seashore have their assessed value go down because of the flooding risk while all the other houses stay the same, their tax bills go up. So they really have a big incentive to not let that happen.