MoCo tax assessment

[Anonymous]

Anonymous wrote:Ours went up almost 60% but still about 200k less than we paid for it last spring. Does that mean my tax bill will be 60% more?

Will be 48 percent more. (Who knows)

[Anonymous]

Anonymous wrote:Just got ours and it’s up 40 percent. House prices are crazy but there’s no way we could sell our house for the new assessed value. Has anyone else had such crazy high jumps? Or tips on appealing? It’s going to be hard to find directly comparable comps.

Mmmmm how is that possible? The max allowable annual increase is capped at 10% for MoCo. Unless this is a home you just purchased, in which case your assessment will be based on your purchase price.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just got ours and it’s up 40 percent. House prices are crazy but there’s no way we could sell our house for the new assessed value. Has anyone else had such crazy high jumps? Or tips on appealing? It’s going to be hard to find directly comparable comps.

Mmmmm how is that possible? The max allowable annual increase is capped at 10% for MoCo. Unless this is a home you just purchased, in which case your assessment will be based on your purchase price.

That’s wrong. The cap on what a home owner will pay is 10 percent per year, but the assessed value can increase without any cap, which it did. This matters if you ever rent your home or if you sell.

[Anonymous]

Bend over rich guy - enjoy

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just got ours and it’s up 40 percent. House prices are crazy but there’s no way we could sell our house for the new assessed value. Has anyone else had such crazy high jumps? Or tips on appealing? It’s going to be hard to find directly comparable comps.

Mmmmm how is that possible? The max allowable annual increase is capped at 10% for MoCo. Unless this is a home you just purchased, in which case your assessment will be based on your purchase price.

That’s wrong. The cap on what a home owner will pay is 10 percent per year, but the assessed value can increase without any cap, which it did. This matters if you ever rent your home or if you sell.

That's right, although it might be necessary to apply (was at one point in time). We had one assessment that was shocking, but the next assessment happened before the first increase had actually phased in. By the time of the second assessment the rate of increase was flat. Over twenty years we haven't actually paid taxes on a value that seemed implausible, even if the assessments were off at times. We sold in November and the new owner will pay about 25% more than our last bill because we never did catch up with the last assessment, and the assessments didn't anticipate the recent runup.

[Anonymous]

Anonymous wrote:Bend over rich guy - enjoy

I’m definitely not rich. My property taxes will now be $18k a year and my mortgage principal and interest is less than $900 a month. I can’t afford this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Bend over rich guy - enjoy

I’m definitely not rich. My property taxes will now be $18k a year and my mortgage principal and interest is less than $900 a month. I can’t afford this.

Sounds like you got in at a very low cost-basis a very long time ago, and your property value is now $1.7M? Is this correct? To be honest, at $900 a month you should have been saving A TON of money, putting it away for a rainy day. Only reason you wouldn't be able to afford this is if you are on a fixed income and retired.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Bend over rich guy - enjoy

I’m definitely not rich. My property taxes will now be $18k a year and my mortgage principal and interest is less than $900 a month. I can’t afford this.

Pay off mortgage then it is only $1,500 a month to live in your mansion

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Bend over rich guy - enjoy

I’m definitely not rich. My property taxes will now be $18k a year and my mortgage principal and interest is less than $900 a month. I can’t afford this.

Sounds like you got in at a very low cost-basis a very long time ago, and your property value is now $1.7M? Is this correct? To be honest, at $900 a month you should have been saving A TON of money, putting it away for a rainy day. Only reason you wouldn't be able to afford this is if you are on a fixed income and retired.

Nope, bought a couple of years ago for $850k. Our income doesn’t support paying an extra $6k a year, but it does support the current rate and the expenses we budgeted for (plus reasonable increases). Our property taxes are already the bulk of our housing costs and we planned for that. We didn’t plan for a 40 percent hike. You are showing your privilege by assuming that anyone not paying very high housing costs must have plenty of spare money to save.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Bend over rich guy - enjoy

I’m definitely not rich. My property taxes will now be $18k a year and my mortgage principal and interest is less than $900 a month. I can’t afford this.

Pay off mortgage then it is only $1,500 a month to live in your mansion

Thanks for the advice, Marie Antoinette.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Bend over rich guy - enjoy

I’m definitely not rich. My property taxes will now be $18k a year and my mortgage principal and interest is less than $900 a month. I can’t afford this.

Sounds like you got in at a very low cost-basis a very long time ago, and your property value is now $1.7M? Is this correct? To be honest, at $900 a month you should have been saving A TON of money, putting it away for a rainy day. Only reason you wouldn't be able to afford this is if you are on a fixed income and retired.

Nope, bought a couple of years ago for $850k. Our income doesn’t support paying an extra $6k a year, but it does support the current rate and the expenses we budgeted for (plus reasonable increases). Our property taxes are already the bulk of our housing costs and we planned for that. We didn’t plan for a 40 percent hike. You are showing your privilege by assuming that anyone not paying very high housing costs must have plenty of spare money to save.

Where do you live that your $850k house as 18k in taxes? How much is your house worth now?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Bend over rich guy - enjoy

I’m definitely not rich. My property taxes will now be $18k a year and my mortgage principal and interest is less than $900 a month. I can’t afford this.

Sounds like you got in at a very low cost-basis a very long time ago, and your property value is now $1.7M? Is this correct? To be honest, at $900 a month you should have been saving A TON of money, putting it away for a rainy day. Only reason you wouldn't be able to afford this is if you are on a fixed income and retired.

I'm not the person you're responding to, but you are a fool.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Bend over rich guy - enjoy

I’m definitely not rich. My property taxes will now be $18k a year and my mortgage principal and interest is less than $900 a month. I can’t afford this.

Sounds like you got in at a very low cost-basis a very long time ago, and your property value is now $1.7M? Is this correct? To be honest, at $900 a month you should have been saving A TON of money, putting it away for a rainy day. Only reason you wouldn't be able to afford this is if you are on a fixed income and retired.

Nope, bought a couple of years ago for $850k. Our income doesn’t support paying an extra $6k a year, but it does support the current rate and the expenses we budgeted for (plus reasonable increases). Our property taxes are already the bulk of our housing costs and we planned for that. We didn’t plan for a 40 percent hike. You are showing your privilege by assuming that anyone not paying very high housing costs must have plenty of spare money to save.

So rent out your garage spots, drive Uber, do Instacart why should our children suffer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Bend over rich guy - enjoy

I’m definitely not rich. My property taxes will now be $18k a year and my mortgage principal and interest is less than $900 a month. I can’t afford this.

Sounds like you got in at a very low cost-basis a very long time ago, and your property value is now $1.7M? Is this correct? To be honest, at $900 a month you should have been saving A TON of money, putting it away for a rainy day. Only reason you wouldn't be able to afford this is if you are on a fixed income and retired.

I'm not the person you're responding to, but you are a fool.

A fool for what reason? at least back up your statement

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Bend over rich guy - enjoy

I’m definitely not rich. My property taxes will now be $18k a year and my mortgage principal and interest is less than $900 a month. I can’t afford this.

Sounds like you got in at a very low cost-basis a very long time ago, and your property value is now $1.7M? Is this correct? To be honest, at $900 a month you should have been saving A TON of money, putting it away for a rainy day. Only reason you wouldn't be able to afford this is if you are on a fixed income and retired.

Nope, bought a couple of years ago for $850k. Our income doesn’t support paying an extra $6k a year, but it does support the current rate and the expenses we budgeted for (plus reasonable increases). Our property taxes are already the bulk of our housing costs and we planned for that. We didn’t plan for a 40 percent hike. You are showing your privilege by assuming that anyone not paying very high housing costs must have plenty of spare money to save.

No way you have a less-than $900 a month mortgage on an $850K house unless you were stupid enough to put down 80% as a downpayment. Please explain how this happened. Are you in NJ, CT, or IL? Even then it still doesn't add up or make sense.