Property Tax Increase
- Thread starter spierceisu
- Start date
I was just referring to the taxes, if you're not selling any time soon you're just paying higher taxes. Luckily I'm selling my rental property this year so I'll profit nicely but for a lot of others that is not the case.
In this case, yes. All it does is cause inflation. Every house goes up, every sale price goes up. The only benefit is for the city/county, but we will pay more for every future house purchase because of this.
If you consider your residence an investment, you need to reconsider your investments. I don't even list it as an asset except for lenders who want to know everything and not listing it would be considered a violation.
There differences between assessed value, taxable value, and tax levy rate.
Also, if you want to get rid of inflation, be my guest. How would you do that?
Nice one. Residences aren't investments. Real estate agents like to push this flawed angle. Unless you rent out part of it, it's not an investment.
Investments don't cost more and more money as the go "up in value".
Your home should NOT be thought of as an investment. That very rarely is the case and can lead to bad situations.
They were talking about this on WHO on my way in this morning. Property tax revenue should be capped and not tied to market values. Towns get WAY to reliant on ever increasing budgets and expect that to go on forever.
It just goes to remind us that we don't really own our property. Just try to not pay your property taxes and see what happens. I don't thing there is a county in the United States that doesn't have some sort of property tax. It's for the children!
100% they should be capped, but that would eliminate our city or town taking advantage of us though. We just cant have that if the elected officials want to continue to spend, spend and spend some more.
Complex crazy stuff
The Iowa Department of Revenue is responsible for “equalizing” assessments every two years. Following is a general explanation of the purpose of equalization.
The Department compares the assessors' abstracts to a “sales assessment ratio study” it has completed independently of the assessors. If the assessment (by property class) is 5% or more above or below the sales ratio study, the Department increases or decreases the assessment. (There is no sales ratio study for agricultural and industrial property.)
Equalization occurs on an entire class of property, not on individual property. Also, equalization occurs on an assessing jurisdiction basis, not on a statewide basis.
Equalization is important because it helps maintain equitable assessments among classes of property and among assessing jurisdictions. This contributes to a more fair distribution of state aid, such as aid to schools. It also helps to equally distribute the total tax burden within the area.
Holy crap....well good thing that those fools who voted for the sales tax increase are helping you out
I know what they say about it and a few of the rules they work under. However, the whole system is broken. I guess the State has never heard the term Location, Location, Location when it comes to Real Estate. Increases in Des Moines are a heck of a lot different than they are in many of the Rural areas. One number for the entire state is dumb to say the least.
Not sure how the previous owners kept it so low but it looks like we're eating this one again this year. It's in line with what our house is worth, maybe even a little low so I guess I can't complain too much.