That house was on the Realtor dot com Parrot posted. Are you saying the link is wrong or us lying?
I’m not the one bitching about not being able to afford a house, you don’t want solutions you just like to whine. What’s wrong with it?
There is plenty of affordable housing, the problem is people think they deserve something they didn’t earn. They can rent for the rest of their life, I couldn’t care less.
I don’t think Parrot would live there for a month either. And that isn’t what he linked to. Anybody can find anything if you want. I found a house in south Chicago for $89K…but I wouldn’t be an asshole and tell you that you should live there because something tells me that you wouldn’t go near the place. I only say that because I too know how to use google and that house is located in an area called West Englewood…and wouldn’t you know…it’s smack dab in the middle of the area of Chicago that has the highest murder rate in the city. We are talking about people our kids age. Would you want your kids to pull up their bootstraps and move in there?
I’m not the one whining about not being able to afford a house. People have 3 choices, rent, buy a starter home they can afford even if it’s in a crappy neighborhood or get off their lazy ass and earn enough to buy the house they want. You’d rather whine.
Owning a $250,000 home is.
My kid is only 21 and still in college, but when he’s ready to buy a home or condo we plan on helping him with a down payment. We also have no problem letting him live here for a year or two to save up for a down payment, he’s also a tenacious saver and is pretty frugal. I’m not too worried.
I’ve been to 3 weddings this year for couples under 30 and all bought houses in decent neighborhoods. They saved over several years and have decent jobs, two bought homes that cost over $300,000 and one couples home was over $400,000.
Unfortunately it will also push the property taxes if based upon FMV. Which is a problem a lot of seniors here are having problems with. They don’t have any loans but the maintenance due to inflation and the property taxes due to FMV is stretching them.
Yep, but some people would rather pay $1,500 a month in rent then buy a starter home that’s not in a neighborhood up to their standards.
You need your version of Proposition Thirteen there.
We do but that controls tax rate % increases. The other piece of the equation is FMV of the home. As KC demonstrated that is where the seniors here are getting hurt; increase in assessed valuation due to FMV.
We also have school referendums that can increase property tax rates above the cap in a township if voters approve it.
That doesn’t sound as solid as Proposition 13. Under Proposition Thirteen you property is assessed when you purchase it, then as long as you own that home you property taxes can not increase by more that 2% each year, regardless as to how much your property value may increase. That came about in the 1970s, and seniors losing their homes due to situations like you describe was one primary driver.
I’ll have to look further into it you might be correct. Every year there is a re-assessment based on FMV and seniors seem to get hit the worst financially. I don’t drill down into it much as property taxes are quite reasonable where I live and the services we have. We are in one of the most affordable areas of the nation while considering standard and lifestyle living… Indy metro.
If they had anything like that here, I would vote against it.
When it passed, did they do anything about existing homes, or did they consider the current rate to be the “purchase price”
It passed in 1978, when I was eleven years old and living in Pennsylvania, so I was not there at that time. However, from Wikipedia:
The proposition decreased property taxes by assessing values at their 1976 value and restricted annual increases of assessed value to an inflation factor, not to exceed 2% per year. It prohibits reassessment of a new base year value except in cases of (a) change in ownership, or (b) completion of new construction. These rules apply equally to all real estate, residential and commercial—whether owned by individuals or corporations.
So the value of your home went up around 23% in one year, at least according to your assessor. How will this affect your property taxes?
They will go up about $800 per year
Thank you for your reply. That is not chump change, and I assume you won’t magically have an extra $800 available next year to pay this. Just curious, but what percentage increase does that work out to?
I would love to show your example to one guy I know who was adamantly opposed to Proposition 13. When I pointed out how soaring home values could and did force people who could not afford the higher property taxes out of their homes, he replied that they should have planned for that when they bought their homes.
That sounds like a certain Chicago football fan on this board.
Received my tax bill about a month ago. Thought the taxes would go up quite a bit due to the increased value of houses.
Only went up 80 dollars. From 1,700 to 1.780.
Quick question.
Does refinancing count as a “change of ownership”?
No, it does not. I know from personal experience.