<p>So what things have you appreciated, but realized was a double edged sword?</p>
<p>Yesterday we got in the mail the reappraisal of our home for tax purposes. It was lowered by about 15%. First reaction-- YAY!!! Our taxes will go down and we didnt have to do a thing-- no application, appeal, nada! I feel sorry for the people who paid someone to file a tax reappraisal/appeal (realtors were offering this service).</p>
<p>But then I had this sinking feeling-- our house value has declined. Well yes-- thats obvious in this economy, and no, we aren’t planning to sell anytime soon, but still, I felt a sting. To see it in black and white ws not a great feeling. So while I was happy on the one hand, I was unhappy on the other. What experiences have you had like this?</p>
<p>Sometimes, when our appraisal value goes down, the tax rate goes up! It’s happened more than once in the 20 years we’ve lived here. Lower appraised value, but we still pay the same amount (or more) in property taxes. Go figure. :rolleyes:</p>
<p>Life is like this- but is the tax savings bigger than a reduction in ( possibly inflated assessment- at least in our area), home value?</p>
<p>It took a long time for the assessor to finally reassess our house- they don’t really individually assess, but plug in a formula. In our area, many people have upgraded their homes so it raises overall taxes and assessments. We don’t have state income taxes, so they have to get it out of property taxes- plus the way they drew our zip code was to include housing on the ridge, down to the water - but if you have a non view- non shore property- you still pay an increased tax rate.</p>
<p>Personally I would rather pay state income tax. ( and less sales tax- they want to increase county tax to 9.7% from 9.5%)</p>
<p>Boy, can I ever relate! My husband retired from the Army Reserve in November 2009, cutting our income by about $16,000. So after recieving our EFC, I asked for professional judgement reviews at each of the three schools at which S was accepted. Two of them told me to come back mid-May, even though he had to make up his mind by May 1. His second choice, which was the only one in-state, had me submit an appeal for reduction in family income. After I submitted that, I found out that my job was being elimiated June 30, so I called them and asked for guidance. I faxed them a copy of my letter and they slashed our EFC, he got Pell money and a state higher education grant, and they subsidized more of his loans. Also, S got his act together and rebounded from an abyssmal junior year, earning our state’s PROMISE scholarship and an Academic Competetiveness Grant. So between grants, loans and the scholarship, he’s set for his freshman year … but I’m still going to be out of a job in a crappy economy!</p>
<p>Our neighbors house was foreclosed on and the price has dropped significantly 9 (by more tha half) Per the bank’s representative, they are still unable to find a buyer because no one wants to pay the $1200 per month taxes. Point being - the price drops, but the tax bill doesn’t.</p>
<p>Join the club, Jym. But a hint–your house will increase in value and be more marketable if and when you put it on the market if in such depressed times, you offer some structured financing. Around here, it is virtually the only way you can sell a home at even near assessed market value, especially the expensive houses since jumbo mortgages are now unattainable.</p>
<p>^^ maybe thats another of the “should we be thankful…or not” double binds. We could probably take the “creative financing” route (were we to sell, which we aren’t thank heavens)- but then would run the risk of someone not paying. We tried rental property once. What a nightmare. We rented and then sold (or so we thought) a townhouse. Had to foreclose on the people who defaulted on the loan we let them assume (which was officially still in our name- so we had to take it back and catch it up)… and they defaulted ontheir second mortgage too, IIRC. Oh, and they trashed my little townhouse that I’d built Some people have the stomach to be landlords. Not me. And definitely to for the (#)#%*+ chipmunks, teriwtt.</p>
<p>I know what you mean, Jym. But the reality is that there are not many buyers out there that can get sufficient mortgages to buy homes even with the income that could afford it. When structuring these deals, one has to make sure that if there is default that there is sufficient down payment so that you still make out, and that you are prepared to move quickly.</p>
Some people have the stomach to be landlords. Not me. And definitely to for the (#)#%*+ chipmunks, teriwtt.</p>