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March 19, 2008 at 3:29 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173333March 19, 2008 at 3:29 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173673
noone
Participantdharmagirl, I’m glad you asked this. I was wondering the same thing a few weeks ago. I found a thread from last year (http://piggington.com/taxes_re_assessed_or_not_after_buying_below_assessed_value) where it was stated pretty matter-of-factly that it would be re-assessed at the new sale price. So I thought I had my answer. But the answers on this thread seem to indicate that the assessor may not necessarily use the new sale price as the new assessed value. I guess that’s why the answers on blogs always require further research.
Maybe a “Steak of the Month” subscription for the assessor will push them in the right direction.
Unless they are vegan…
March 19, 2008 at 3:29 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173674Participantdharmagirl, I’m glad you asked this. I was wondering the same thing a few weeks ago. I found a thread from last year (http://piggington.com/taxes_re_assessed_or_not_after_buying_below_assessed_value) where it was stated pretty matter-of-factly that it would be re-assessed at the new sale price. So I thought I had my answer. But the answers on this thread seem to indicate that the assessor may not necessarily use the new sale price as the new assessed value. I guess that’s why the answers on blogs always require further research.
Maybe a “Steak of the Month” subscription for the assessor will push them in the right direction.
Unless they are vegan…
March 19, 2008 at 3:29 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173685Participantdharmagirl, I’m glad you asked this. I was wondering the same thing a few weeks ago. I found a thread from last year (http://piggington.com/taxes_re_assessed_or_not_after_buying_below_assessed_value) where it was stated pretty matter-of-factly that it would be re-assessed at the new sale price. So I thought I had my answer. But the answers on this thread seem to indicate that the assessor may not necessarily use the new sale price as the new assessed value. I guess that’s why the answers on blogs always require further research.
Maybe a “Steak of the Month” subscription for the assessor will push them in the right direction.
Unless they are vegan…
March 19, 2008 at 3:29 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173694Participantdharmagirl, I’m glad you asked this. I was wondering the same thing a few weeks ago. I found a thread from last year (http://piggington.com/taxes_re_assessed_or_not_after_buying_below_assessed_value) where it was stated pretty matter-of-factly that it would be re-assessed at the new sale price. So I thought I had my answer. But the answers on this thread seem to indicate that the assessor may not necessarily use the new sale price as the new assessed value. I guess that’s why the answers on blogs always require further research.
Maybe a “Steak of the Month” subscription for the assessor will push them in the right direction.
Unless they are vegan…
March 19, 2008 at 3:29 PM in reply to: Property tax confusion for houses that sell for much less than what owner paid #173777Participantdharmagirl, I’m glad you asked this. I was wondering the same thing a few weeks ago. I found a thread from last year (http://piggington.com/taxes_re_assessed_or_not_after_buying_below_assessed_value) where it was stated pretty matter-of-factly that it would be re-assessed at the new sale price. So I thought I had my answer. But the answers on this thread seem to indicate that the assessor may not necessarily use the new sale price as the new assessed value. I guess that’s why the answers on blogs always require further research.
Maybe a “Steak of the Month” subscription for the assessor will push them in the right direction.
Unless they are vegan…
Participantdon’t we have to throw inflation into the mix to figure what the future home prices ought to be? For eg, if we wanted to consider 2001 prices as reasonable(325k, as someone pointed out), don’t we have adjust it upwards by the amount of inflation (that would make it worth around 400k now)?
I would say that you do have to consider inflation, but it will not necessarily push home prices upwards. You have to consider it in relationship to household incomes. If incomes rise at a slower pace than inflation, then fewer families can afford the high priced homes. After paying for the necessities that have all been going through the roof (like health insurance, food, gas, utilities), people actually have less money to spend on housing. This should have the effect of pushing housing prices down.
Participantdon’t we have to throw inflation into the mix to figure what the future home prices ought to be? For eg, if we wanted to consider 2001 prices as reasonable(325k, as someone pointed out), don’t we have adjust it upwards by the amount of inflation (that would make it worth around 400k now)?
I would say that you do have to consider inflation, but it will not necessarily push home prices upwards. You have to consider it in relationship to household incomes. If incomes rise at a slower pace than inflation, then fewer families can afford the high priced homes. After paying for the necessities that have all been going through the roof (like health insurance, food, gas, utilities), people actually have less money to spend on housing. This should have the effect of pushing housing prices down.
Participantdon’t we have to throw inflation into the mix to figure what the future home prices ought to be? For eg, if we wanted to consider 2001 prices as reasonable(325k, as someone pointed out), don’t we have adjust it upwards by the amount of inflation (that would make it worth around 400k now)?
I would say that you do have to consider inflation, but it will not necessarily push home prices upwards. You have to consider it in relationship to household incomes. If incomes rise at a slower pace than inflation, then fewer families can afford the high priced homes. After paying for the necessities that have all been going through the roof (like health insurance, food, gas, utilities), people actually have less money to spend on housing. This should have the effect of pushing housing prices down.
Participantdon’t we have to throw inflation into the mix to figure what the future home prices ought to be? For eg, if we wanted to consider 2001 prices as reasonable(325k, as someone pointed out), don’t we have adjust it upwards by the amount of inflation (that would make it worth around 400k now)?
I would say that you do have to consider inflation, but it will not necessarily push home prices upwards. You have to consider it in relationship to household incomes. If incomes rise at a slower pace than inflation, then fewer families can afford the high priced homes. After paying for the necessities that have all been going through the roof (like health insurance, food, gas, utilities), people actually have less money to spend on housing. This should have the effect of pushing housing prices down.
Participantdon’t we have to throw inflation into the mix to figure what the future home prices ought to be? For eg, if we wanted to consider 2001 prices as reasonable(325k, as someone pointed out), don’t we have adjust it upwards by the amount of inflation (that would make it worth around 400k now)?
I would say that you do have to consider inflation, but it will not necessarily push home prices upwards. You have to consider it in relationship to household incomes. If incomes rise at a slower pace than inflation, then fewer families can afford the high priced homes. After paying for the necessities that have all been going through the roof (like health insurance, food, gas, utilities), people actually have less money to spend on housing. This should have the effect of pushing housing prices down.
ParticipantIt kind of depends on how you are measuring prices, but the best answer available is probably right here
ParticipantIt kind of depends on how you are measuring prices, but the best answer available is probably right here
ParticipantIt kind of depends on how you are measuring prices, but the best answer available is probably right here
ParticipantIt kind of depends on how you are measuring prices, but the best answer available is probably right here
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