$1 house

[DCRogers]

According to the article, the first battle will be with the City of Detroit, who wants $3900 for the property taxes for 2009. Yes, on a $1 house!

Security will most certainly be a problem… not only has it been stripped, but bank tried to board it up, only to find the boards themselves stolen… to board up another abandoned house. Tough neighborhood.

[EconProf]

Notice that the property taxes for 2009, and presumably annually thereafter, that this buyer will pay, are $3900.
Therein lies the reason the property is worth $1. Property taxes are inversely related to property values–a key reason CA’s Proposition 13 taxes are good for our values.
The puzzle here is why Detroit and similar cities don’t get it, and continue to drive people and businesses out of their state with high taxes and big government. Meanwhile they blame imports, discrimination, and other convenient scapegoats for their deterioration.

[EconProf]

Notice that the property taxes for 2009, and presumably annually thereafter, that this buyer will pay, are $3900.
Therein lies the reason the property is worth $1. Property taxes are inversely related to property values–a key reason CA’s Proposition 13 taxes are good for our values.
The puzzle here is why Detroit and similar cities don’t get it, and continue to drive people and businesses out of their state with high taxes and big government. Meanwhile they blame imports, discrimination, and other convenient scapegoats for their deterioration.

[EconProf]

Notice that the property taxes for 2009, and presumably annually thereafter, that this buyer will pay, are $3900.
Therein lies the reason the property is worth $1. Property taxes are inversely related to property values–a key reason CA’s Proposition 13 taxes are good for our values.
The puzzle here is why Detroit and similar cities don’t get it, and continue to drive people and businesses out of their state with high taxes and big government. Meanwhile they blame imports, discrimination, and other convenient scapegoats for their deterioration.

[EconProf]

Notice that the property taxes for 2009, and presumably annually thereafter, that this buyer will pay, are $3900.
Therein lies the reason the property is worth $1. Property taxes are inversely related to property values–a key reason CA’s Proposition 13 taxes are good for our values.
The puzzle here is why Detroit and similar cities don’t get it, and continue to drive people and businesses out of their state with high taxes and big government. Meanwhile they blame imports, discrimination, and other convenient scapegoats for their deterioration.

[EconProf]

Notice that the property taxes for 2009, and presumably annually thereafter, that this buyer will pay, are $3900.
Therein lies the reason the property is worth $1. Property taxes are inversely related to property values–a key reason CA’s Proposition 13 taxes are good for our values.
The puzzle here is why Detroit and similar cities don’t get it, and continue to drive people and businesses out of their state with high taxes and big government. Meanwhile they blame imports, discrimination, and other convenient scapegoats for their deterioration.

[paranoid]

even with all the taxes to pay, I still like to see $1 house in SD. will this ever happen? Will that be the indicator that the bottom has been reached here?

[paranoid]

even with all the taxes to pay, I still like to see $1 house in SD. will this ever happen? Will that be the indicator that the bottom has been reached here?

[paranoid]

even with all the taxes to pay, I still like to see $1 house in SD. will this ever happen? Will that be the indicator that the bottom has been reached here?

[paranoid]

even with all the taxes to pay, I still like to see $1 house in SD. will this ever happen? Will that be the indicator that the bottom has been reached here?

[paranoid]

even with all the taxes to pay, I still like to see $1 house in SD. will this ever happen? Will that be the indicator that the bottom has been reached here?

[Eugene]

The puzzle here is why Detroit and similar cities don’t get it, and continue to drive people and businesses out of their state with high taxes and big government.

If they took $3900 and used it on competent police and public work projects, everyone would be happy.

The reality is that Detroit is a huge criminal black ghetto, and the only reason it exists is because of the government that’s willing to give people money without asking for anything in return. 3 out of 5 adults in the city of Detroit don’t have any jobs at all. They live on welfare (cash assistance, section 8, food stamps etc.) and supplement their incomes by dealing drugs and stealing from those few that still do work.

Here’s a remarkable fact: for all their distress, residents of Detroit have MORE children on average than residents of San Diego. Why? Because adults are limited in their access to welfare benefits, but our government can’t risk starving poor innocent children. So, a “single” mom with five kids can live quite happily in subsidized housing by getting all kinds of benefits for her children. (Note the quotation marks – quite often there really is a husband, but being legally married limits the access to public benefits, so they usually don’t record marriages) In turn, her daughters will start making babies of their own by the age of 15.

[Eugene]

The puzzle here is why Detroit and similar cities don’t get it, and continue to drive people and businesses out of their state with high taxes and big government.

If they took $3900 and used it on competent police and public work projects, everyone would be happy.

The reality is that Detroit is a huge criminal black ghetto, and the only reason it exists is because of the government that’s willing to give people money without asking for anything in return. 3 out of 5 adults in the city of Detroit don’t have any jobs at all. They live on welfare (cash assistance, section 8, food stamps etc.) and supplement their incomes by dealing drugs and stealing from those few that still do work.

Here’s a remarkable fact: for all their distress, residents of Detroit have MORE children on average than residents of San Diego. Why? Because adults are limited in their access to welfare benefits, but our government can’t risk starving poor innocent children. So, a “single” mom with five kids can live quite happily in subsidized housing by getting all kinds of benefits for her children. (Note the quotation marks – quite often there really is a husband, but being legally married limits the access to public benefits, so they usually don’t record marriages) In turn, her daughters will start making babies of their own by the age of 15.

[Eugene]

The puzzle here is why Detroit and similar cities don’t get it, and continue to drive people and businesses out of their state with high taxes and big government.

If they took $3900 and used it on competent police and public work projects, everyone would be happy.

The reality is that Detroit is a huge criminal black ghetto, and the only reason it exists is because of the government that’s willing to give people money without asking for anything in return. 3 out of 5 adults in the city of Detroit don’t have any jobs at all. They live on welfare (cash assistance, section 8, food stamps etc.) and supplement their incomes by dealing drugs and stealing from those few that still do work.

Here’s a remarkable fact: for all their distress, residents of Detroit have MORE children on average than residents of San Diego. Why? Because adults are limited in their access to welfare benefits, but our government can’t risk starving poor innocent children. So, a “single” mom with five kids can live quite happily in subsidized housing by getting all kinds of benefits for her children. (Note the quotation marks – quite often there really is a husband, but being legally married limits the access to public benefits, so they usually don’t record marriages) In turn, her daughters will start making babies of their own by the age of 15.

[Eugene]

The puzzle here is why Detroit and similar cities don’t get it, and continue to drive people and businesses out of their state with high taxes and big government.

If they took $3900 and used it on competent police and public work projects, everyone would be happy.

The reality is that Detroit is a huge criminal black ghetto, and the only reason it exists is because of the government that’s willing to give people money without asking for anything in return. 3 out of 5 adults in the city of Detroit don’t have any jobs at all. They live on welfare (cash assistance, section 8, food stamps etc.) and supplement their incomes by dealing drugs and stealing from those few that still do work.

Here’s a remarkable fact: for all their distress, residents of Detroit have MORE children on average than residents of San Diego. Why? Because adults are limited in their access to welfare benefits, but our government can’t risk starving poor innocent children. So, a “single” mom with five kids can live quite happily in subsidized housing by getting all kinds of benefits for her children. (Note the quotation marks – quite often there really is a husband, but being legally married limits the access to public benefits, so they usually don’t record marriages) In turn, her daughters will start making babies of their own by the age of 15.

[Author]

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