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jonnycsd
ParticipantTypically wages do move with inflation, just not nearly as fast as prices. This is the hidden “tax” we will all pay to fund the Federal Reserve bail out currently underway. And to pay for all the deficit spending by the Federal Government (war, social programs, tax cuts – sooner or later it all lands somewhere – you can’t get something for nothing – and I thought my GOP was fiscally responsible, sheesh!).
Agreed the twain shall eventually meet – many years from now. Gonna be a tough ride getting there for lots of folks.
March 19, 2008 at 2:04 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173238ParticipantApparently nothing in Sacramento can be simple. Here is the text of 13A:
http://www.leginfo.ca.gov/.const/.article_13A
The 2% cap on increases is in Section 2(b). As worded, assessment increases are based on CPI rather than house prices.
Clearly CPI inflation will be more than 2% a year for quite a while. I guess if the politicians get backed into a budget corner they could try raise every property’s assessment 2% per year even though asset valuations are going down.
March 19, 2008 at 2:04 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173577ParticipantApparently nothing in Sacramento can be simple. Here is the text of 13A:
http://www.leginfo.ca.gov/.const/.article_13A
The 2% cap on increases is in Section 2(b). As worded, assessment increases are based on CPI rather than house prices.
Clearly CPI inflation will be more than 2% a year for quite a while. I guess if the politicians get backed into a budget corner they could try raise every property’s assessment 2% per year even though asset valuations are going down.
March 19, 2008 at 2:04 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173580ParticipantApparently nothing in Sacramento can be simple. Here is the text of 13A:
http://www.leginfo.ca.gov/.const/.article_13A
The 2% cap on increases is in Section 2(b). As worded, assessment increases are based on CPI rather than house prices.
Clearly CPI inflation will be more than 2% a year for quite a while. I guess if the politicians get backed into a budget corner they could try raise every property’s assessment 2% per year even though asset valuations are going down.
March 19, 2008 at 2:04 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173599ParticipantApparently nothing in Sacramento can be simple. Here is the text of 13A:
http://www.leginfo.ca.gov/.const/.article_13A
The 2% cap on increases is in Section 2(b). As worded, assessment increases are based on CPI rather than house prices.
Clearly CPI inflation will be more than 2% a year for quite a while. I guess if the politicians get backed into a budget corner they could try raise every property’s assessment 2% per year even though asset valuations are going down.
March 19, 2008 at 2:04 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173681ParticipantApparently nothing in Sacramento can be simple. Here is the text of 13A:
http://www.leginfo.ca.gov/.const/.article_13A
The 2% cap on increases is in Section 2(b). As worded, assessment increases are based on CPI rather than house prices.
Clearly CPI inflation will be more than 2% a year for quite a while. I guess if the politicians get backed into a budget corner they could try raise every property’s assessment 2% per year even though asset valuations are going down.
March 19, 2008 at 9:03 AM in reply to: Property tax confusion for houses that sell for much less than what owner paid #172960ParticipantTypically the assessed value is the purchase price – no guarantee, but this is typical. If value drops within the first year after you buy, you can get a permanent reduction in the assessment from the County.
Additionally, if comps in your area are much lower than what you paid, even if you bought years ago, you can request (and will usually get) a one year reduction in assessed value. You can make this request every year so long as the current market value is less than your current assessed value.
I believe that Prop 13 prevents increases in your initial assessment so long as you are the owner. I do not believe you even have to live in the property for this protection.
County tax receipts are going to follow the market down. Our schools are already in budget trouble now, what about when property tax receiepts are off 20% or 30% from current? THIS IS A MAJOR ISSUE FOR LOCAL GOVERNMENTS ACCROSS SOCAL but does not appear to be on anyone’s radar.
March 19, 2008 at 9:03 AM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173301ParticipantTypically the assessed value is the purchase price – no guarantee, but this is typical. If value drops within the first year after you buy, you can get a permanent reduction in the assessment from the County.
Additionally, if comps in your area are much lower than what you paid, even if you bought years ago, you can request (and will usually get) a one year reduction in assessed value. You can make this request every year so long as the current market value is less than your current assessed value.
I believe that Prop 13 prevents increases in your initial assessment so long as you are the owner. I do not believe you even have to live in the property for this protection.
County tax receipts are going to follow the market down. Our schools are already in budget trouble now, what about when property tax receiepts are off 20% or 30% from current? THIS IS A MAJOR ISSUE FOR LOCAL GOVERNMENTS ACCROSS SOCAL but does not appear to be on anyone’s radar.
March 19, 2008 at 9:03 AM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173307ParticipantTypically the assessed value is the purchase price – no guarantee, but this is typical. If value drops within the first year after you buy, you can get a permanent reduction in the assessment from the County.
Additionally, if comps in your area are much lower than what you paid, even if you bought years ago, you can request (and will usually get) a one year reduction in assessed value. You can make this request every year so long as the current market value is less than your current assessed value.
I believe that Prop 13 prevents increases in your initial assessment so long as you are the owner. I do not believe you even have to live in the property for this protection.
County tax receipts are going to follow the market down. Our schools are already in budget trouble now, what about when property tax receiepts are off 20% or 30% from current? THIS IS A MAJOR ISSUE FOR LOCAL GOVERNMENTS ACCROSS SOCAL but does not appear to be on anyone’s radar.
March 19, 2008 at 9:03 AM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173324ParticipantTypically the assessed value is the purchase price – no guarantee, but this is typical. If value drops within the first year after you buy, you can get a permanent reduction in the assessment from the County.
Additionally, if comps in your area are much lower than what you paid, even if you bought years ago, you can request (and will usually get) a one year reduction in assessed value. You can make this request every year so long as the current market value is less than your current assessed value.
I believe that Prop 13 prevents increases in your initial assessment so long as you are the owner. I do not believe you even have to live in the property for this protection.
County tax receipts are going to follow the market down. Our schools are already in budget trouble now, what about when property tax receiepts are off 20% or 30% from current? THIS IS A MAJOR ISSUE FOR LOCAL GOVERNMENTS ACCROSS SOCAL but does not appear to be on anyone’s radar.
March 19, 2008 at 9:03 AM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173407ParticipantTypically the assessed value is the purchase price – no guarantee, but this is typical. If value drops within the first year after you buy, you can get a permanent reduction in the assessment from the County.
Additionally, if comps in your area are much lower than what you paid, even if you bought years ago, you can request (and will usually get) a one year reduction in assessed value. You can make this request every year so long as the current market value is less than your current assessed value.
I believe that Prop 13 prevents increases in your initial assessment so long as you are the owner. I do not believe you even have to live in the property for this protection.
County tax receipts are going to follow the market down. Our schools are already in budget trouble now, what about when property tax receiepts are off 20% or 30% from current? THIS IS A MAJOR ISSUE FOR LOCAL GOVERNMENTS ACCROSS SOCAL but does not appear to be on anyone’s radar.
ParticipantOne thought on the type of person who would put $300K into a $2MM home then walk away – a bubble industry person who earned commission – like a MORTGAGE BROKER. Extremely high income the last few years but recently many of them have lost thier jobs or at least commissions. They should have read Pigginton. Lets hear a piggy cheer for the brokers’ bleeding. Those jerks made money by making it WAY to easy for people to buy homes. (Sarcasm intentional).
Mr. Wrong, yes, many posters here are emmotionally invested in the “rightness” of thier bearish predictions even if the predictions are based on reasonable objective analysis. And the piggers tend to attack those who contradict the party line – even though some versions are extreme (c’mon piggers – forget about a 60% price cut accross the board in nominal dollar terms – it will never happen. “The system” – congress, wall street, the Fed, and voters – will not allow it to happen – who ever is waiting for that outcome will be waiting forever or until thier naivete wears off).
Piggington is not a professional investors board, it is more like a dog fight and the crowd has already picked the winning dog. The bleeding (and the cheering) will continue. Interfere with schadenfruede on this board at your own peril.
ParticipantOne thought on the type of person who would put $300K into a $2MM home then walk away – a bubble industry person who earned commission – like a MORTGAGE BROKER. Extremely high income the last few years but recently many of them have lost thier jobs or at least commissions. They should have read Pigginton. Lets hear a piggy cheer for the brokers’ bleeding. Those jerks made money by making it WAY to easy for people to buy homes. (Sarcasm intentional).
Mr. Wrong, yes, many posters here are emmotionally invested in the “rightness” of thier bearish predictions even if the predictions are based on reasonable objective analysis. And the piggers tend to attack those who contradict the party line – even though some versions are extreme (c’mon piggers – forget about a 60% price cut accross the board in nominal dollar terms – it will never happen. “The system” – congress, wall street, the Fed, and voters – will not allow it to happen – who ever is waiting for that outcome will be waiting forever or until thier naivete wears off).
Piggington is not a professional investors board, it is more like a dog fight and the crowd has already picked the winning dog. The bleeding (and the cheering) will continue. Interfere with schadenfruede on this board at your own peril.
ParticipantOne thought on the type of person who would put $300K into a $2MM home then walk away – a bubble industry person who earned commission – like a MORTGAGE BROKER. Extremely high income the last few years but recently many of them have lost thier jobs or at least commissions. They should have read Pigginton. Lets hear a piggy cheer for the brokers’ bleeding. Those jerks made money by making it WAY to easy for people to buy homes. (Sarcasm intentional).
Mr. Wrong, yes, many posters here are emmotionally invested in the “rightness” of thier bearish predictions even if the predictions are based on reasonable objective analysis. And the piggers tend to attack those who contradict the party line – even though some versions are extreme (c’mon piggers – forget about a 60% price cut accross the board in nominal dollar terms – it will never happen. “The system” – congress, wall street, the Fed, and voters – will not allow it to happen – who ever is waiting for that outcome will be waiting forever or until thier naivete wears off).
Piggington is not a professional investors board, it is more like a dog fight and the crowd has already picked the winning dog. The bleeding (and the cheering) will continue. Interfere with schadenfruede on this board at your own peril.
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