Housing market

[SteyrAUG]

Chinese are buying California.

That will learn them.

[brickboy240]

Ok, so the Chinese buy the overpriced CA houses. The CA peeps move to TX and FL and buy those overpriced houses.

What are we TX people with our houses paid off and no intentions on moving supposed to do?

I really did not WANT to move somewhere else to retire (...that is for the CA and northeastern peeps....LOL), but I do not even have the slightest idea where we would go.

Being from TX, we would want reasonable priced housing and gun laws no more restrictive than those of TX and I am not sure those things can be found together anymore.

In general...this blows.

[VIP3R 237]

Ok, so the Chinese buy the overpriced CA houses. The CA peeps move to TX and FL and buy those overpriced houses.

What are we TX people with our houses paid off and no intentions on moving supposed to do?

I really did not WANT to move somewhere else to retire (...that is for the CA and northeastern peeps....LOL), but I do not even have the slightest idea where we would go.

Being from TX, we would want reasonable priced housing and gun laws no more restrictive than those of TX and I am not sure those things can be found together anymore.

In general...this blows.

Idaho. For now at least…

[Averageman]

Ok, so the Chinese buy the overpriced CA houses. The CA peeps move to TX and FL and buy those overpriced houses.

What are we TX people with our houses paid off and no intentions on moving supposed to do?

I really did not WANT to move somewhere else to retire (...that is for the CA and northeastern peeps....LOL), but I do not even have the slightest idea where we would go.

Being from TX, we would want reasonable priced housing and gun laws no more restrictive than those of TX and I am not sure those things can be found together anymore.

In general...this blows.

That's exactly where I am at.
House is paid off and I'm sitting here watching it's value creep up along with my taxes. I am not sure when the taxes will price me out of the house, but it just might.

[ChattanoogaPhil]

This thread brings up a good point. Higher valuations mean higher property taxes. Higher property taxes = Shit ton of people who can’t afford it anymore. They are then forced to sell or rent. And this pisses me off even more because I’ll only be able to stay in my house im rebuilding with my parents help for 5 years. (City has property tax abatement for Reno’s). Oh well, I’ll enjoy collecting 3k/month in rent on what is a .5 million property if I finished today.

Property taxes are a huge issue, and it's nothing new. My mother still lives in a California home purchased in the 60s. Property values began rapidly increasing and folks anticipated the obvious problem of spiraling property taxes. Proposition 13 became law in the 70s. Property assessments are based on purchased price, not market value. Tax increases cannot exceed inflation or 2%.

Two California homes on the same block. Joe has lived there for over a half-century. His neighbor Fred just bought last year and paid $1.5 million. Joe might be paying around $1,000 per year in property taxes while Fred will be paying over $10,000.

Unfortunately, property taxes on my Tennessee home are based on market value. However, property taxes are frozen for owners age 65 and older.

[thepatriot2705]

Property taxes are a huge issue, and it's nothing new. My mother still lives in a California home purchased in the 60s. Property values began rapidly increasing and folks anticipated the obvious problem of spiraling property taxes. Proposition 13 became law in the 70s. Property assessments are based on purchased price, not market value. Tax increases cannot exceed inflation or 2%.

Two California homes on the same block. Joe has lived there for over a half-century. His neighbor Fred just bought last year and paid $1.5 million. Joe might be paying around $1,000 per year in property taxes while Fred will be paying over $10,000.

Unfortunately, property taxes on my Tennessee home are based on market value. However, property taxes are frozen for owners age 65 and older.

I need to find the case, but I believe the Supreme Court ruled that taxes must have a specific relatable purpose. Don’t see how property taxes can be used to fund schools.

I have a great way to compute property taxes...take the police/fire budget and divide it by the number of structures in a jurisdiction. Done. My house doesn’t cost more to service just because it is worth more because of outside market forces

[AKDoug]

I need to find the case, but I believe the Supreme Court ruled that taxes must have a specific relatable purpose. Don’t see how property taxes can be used to fund schools.

I have a great way to compute property taxes...take the police/fire budget and divide it by the number of structures in a jurisdiction. Done. My house doesn’t cost more to service just because it is worth more because of outside market forces

Property taxes are used to fund schools all over the country. In my area, half the property taxes go to schools. I think you will find that nationwide, schools are the number one recipient of property taxes. Someone mentioned being exempt from property taxes after 65. As our area ages (including me) the property tax burden is shifted to the younger generations and that is unsustainable. I completely oppose special classes of citizens getting discounts on property tax.

[Averageman]

This guy's take on it, lengthy, but good.

[Averageman]

A follow up that is highly interesting and packing a lot of truth.

[chuckman]

That's exactly where I am at.
House is paid off and I'm sitting here watching it's value creep up along with my taxes. I am not sure when the taxes will price me out of the house, but it just might.

Same. We paid our 30 year mortgage in about 7 years. Every month we sock away a bit for taxes.

I need to find the case, but I believe the Supreme Court ruled that taxes must have a specific relatable purpose. Don’t see how property taxes can be used to fund schools.

I have a great way to compute property taxes...take the police/fire budget and divide it by the number of structures in a jurisdiction. Done. My house doesn’t cost more to service just because it is worth more because of outside market forces

Property taxes pay for most of municipal government:

https://www.rate.com/resources/where...perty-taxes-go

I do take issue that people who choose to go childless still have to 'pay in' to the school system. There should be an opt-out for them. As a homeschooler, I resent having to pay for the local schools.