Elrich property tax increase

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It ends up being a vicious cycle.

Revenue is down (or- Elrich can't control spending). So what do we do? Raise taxes.

People with means vote with their feet to neighboring counties, and VA.

Revenue is down again- and schools are a little worse, and crime is up. So what do we do- raise taxes.

Rinse, repeat.

People with means would pay tens of thousands of dollars to avoid a property tax increase of a few hundred dollars per year? I mean, maybe, but it's not a rational response.

For high earners with high value houses, the increase is substantial, especially when added every year. We got a tax assessment notice INCREASING the value of our property by $1 million dollars. The assessment is not accurate because the market has cooled down from last summer. When you add in the tax rate increase, we will be paying $12,000 MORE a year in property taxes. We will likely go from $19,000 a year in taxes to $31,000 a year. That equates to almost $2,600 in property taxes each month. I don’t expect anyone to feel sorry for us having a high value home but my point is that we are not talking about a few hundred dollars.

You're talking about a 50% increase in your property taxes, most of which comes from an increase in your assessment, which has nothing to do with the proposed property tax rate increase. And it will take several years to phase that assessment increase in if you live in the home.

[Anonymous]

Also, the market has not cooled that much.
https://fred.stlouisfed.org/series/WDXRSA

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It ends up being a vicious cycle.

Revenue is down (or- Elrich can't control spending). So what do we do? Raise taxes.

People with means vote with their feet to neighboring counties, and VA.

Revenue is down again- and schools are a little worse, and crime is up. So what do we do- raise taxes.

Rinse, repeat.

People with means would pay tens of thousands of dollars to avoid a property tax increase of a few hundred dollars per year? I mean, maybe, but it's not a rational response.

For high earners with high value houses, the increase is substantial, especially when added every year. We got a tax assessment notice INCREASING the value of our property by $1 million dollars. The assessment is not accurate because the market has cooled down from last summer. When you add in the tax rate increase, we will be paying $12,000 MORE a year in property taxes. We will likely go from $19,000 a year in taxes to $31,000 a year. That equates to almost $2,600 in property taxes each month. I don’t expect anyone to feel sorry for us having a high value home but my point is that we are not talking about a few hundred dollars.

OK, so, for people with very high assessed property values, it would be more than a few hundred dollars a year. Would you sell and move if your property taxes went up like that?

Yes, if this keeps happening. This is $12000 extra in a single year. They will keep increasing taxes with multiple rounds of assessments and tax increases. How much further does it have to go when your taxes go from $19000 per year to $31000 in a single year.? How about up to $40k? $50k?

At some point, it makes zero sense to pay $30,40,50k in taxes just for the privilege of a zip code. People will flee en masse, and the death spiral between the need to raise taxes to plus shortfalls and flight occurs faster.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It ends up being a vicious cycle.

Revenue is down (or- Elrich can't control spending). So what do we do? Raise taxes.

People with means vote with their feet to neighboring counties, and VA.

Revenue is down again- and schools are a little worse, and crime is up. So what do we do- raise taxes.

Rinse, repeat.

People with means would pay tens of thousands of dollars to avoid a property tax increase of a few hundred dollars per year? I mean, maybe, but it's not a rational response.

For high earners with high value houses, the increase is substantial, especially when added every year. We got a tax assessment notice INCREASING the value of our property by $1 million dollars. The assessment is not accurate because the market has cooled down from last summer. When you add in the tax rate increase, we will be paying $12,000 MORE a year in property taxes. We will likely go from $19,000 a year in taxes to $31,000 a year. That equates to almost $2,600 in property taxes each month. I don’t expect anyone to feel sorry for us having a high value home but my point is that we are not talking about a few hundred dollars.

OK, so, for people with very high assessed property values, it would be more than a few hundred dollars a year. Would you sell and move if your property taxes went up like that?

Yes, if this keeps happening. This is $12000 extra in a single year. They will keep increasing taxes with multiple rounds of assessments and tax increases. How much further does it have to go when your taxes go from $19000 per year to $31000 in a single year.? How about up to $40k? $50k?

At some point, it makes zero sense to pay $30,40,50k in taxes just for the privilege of a zip code. People will flee en masse, and the death spiral between the need to raise taxes to plus shortfalls and flight occurs faster.

Ok. I think somebody will buy your house. And since there aren't very many people who own property with such high assessed values, I'm not very worried about people fleeing en masse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It ends up being a vicious cycle.

Revenue is down (or- Elrich can't control spending). So what do we do? Raise taxes.

People with means vote with their feet to neighboring counties, and VA.

Revenue is down again- and schools are a little worse, and crime is up. So what do we do- raise taxes.

Rinse, repeat.

People with means would pay tens of thousands of dollars to avoid a property tax increase of a few hundred dollars per year? I mean, maybe, but it's not a rational response.

For high earners with high value houses, the increase is substantial, especially when added every year. We got a tax assessment notice INCREASING the value of our property by $1 million dollars. The assessment is not accurate because the market has cooled down from last summer. When you add in the tax rate increase, we will be paying $12,000 MORE a year in property taxes. We will likely go from $19,000 a year in taxes to $31,000 a year. That equates to almost $2,600 in property taxes each month. I don’t expect anyone to feel sorry for us having a high value home but my point is that we are not talking about a few hundred dollars.

OK, so, for people with very high assessed property values, it would be more than a few hundred dollars a year. Would you sell and move if your property taxes went up like that?

Yes, if this keeps happening. This is $12000 extra in a single year. They will keep increasing taxes with multiple rounds of assessments and tax increases. How much further does it have to go when your taxes go from $19000 per year to $31000 in a single year.? How about up to $40k? $50k?

At some point, it makes zero sense to pay $30,40,50k in taxes just for the privilege of a zip code. People will flee en masse, and the death spiral between the need to raise taxes to plus shortfalls and flight occurs faster.

Property taxes in Fairfax are so much higher than in Montgomery County. Stop being so dramatic.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It ends up being a vicious cycle.

Revenue is down (or- Elrich can't control spending). So what do we do? Raise taxes.

People with means vote with their feet to neighboring counties, and VA.

Revenue is down again- and schools are a little worse, and crime is up. So what do we do- raise taxes.

Rinse, repeat.

People with means would pay tens of thousands of dollars to avoid a property tax increase of a few hundred dollars per year? I mean, maybe, but it's not a rational response.

For high earners with high value houses, the increase is substantial, especially when added every year. We got a tax assessment notice INCREASING the value of our property by $1 million dollars. The assessment is not accurate because the market has cooled down from last summer. When you add in the tax rate increase, we will be paying $12,000 MORE a year in property taxes. We will likely go from $19,000 a year in taxes to $31,000 a year. That equates to almost $2,600 in property taxes each month. I don’t expect anyone to feel sorry for us having a high value home but my point is that we are not talking about a few hundred dollars.

OK, so, for people with very high assessed property values, it would be more than a few hundred dollars a year. Would you sell and move if your property taxes went up like that?

Yes, if this keeps happening. This is $12000 extra in a single year. They will keep increasing taxes with multiple rounds of assessments and tax increases. How much further does it have to go when your taxes go from $19000 per year to $31000 in a single year.? How about up to $40k? $50k?

At some point, it makes zero sense to pay $30,40,50k in taxes just for the privilege of a zip code. People will flee en masse, and the death spiral between the need to raise taxes to plus shortfalls and flight occurs faster.

Property taxes in Fairfax are so much higher than in Montgomery County. Stop being so dramatic.

Yes but our income tax in fairfax is about 3% lower for anybody making any significant money. I have $200k in cars and a 1.1 million house and I still save about $10k in taxes compared to what I would pay in MoCo.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It ends up being a vicious cycle.

Revenue is down (or- Elrich can't control spending). So what do we do? Raise taxes.

People with means vote with their feet to neighboring counties, and VA.

Revenue is down again- and schools are a little worse, and crime is up. So what do we do- raise taxes.

Rinse, repeat.

People with means would pay tens of thousands of dollars to avoid a property tax increase of a few hundred dollars per year? I mean, maybe, but it's not a rational response.

For high earners with high value houses, the increase is substantial, especially when added every year. We got a tax assessment notice INCREASING the value of our property by $1 million dollars. The assessment is not accurate because the market has cooled down from last summer. When you add in the tax rate increase, we will be paying $12,000 MORE a year in property taxes. We will likely go from $19,000 a year in taxes to $31,000 a year. That equates to almost $2,600 in property taxes each month. I don’t expect anyone to feel sorry for us having a high value home but my point is that we are not talking about a few hundred dollars.

OK, so, for people with very high assessed property values, it would be more than a few hundred dollars a year. Would you sell and move if your property taxes went up like that?

NP, but yes and I am as soon as my son graduates from high school this year. Moving across the river where my state and county income taxes will be cut in half and my property taxes by 1/3. That is a lot of money!
I have 10 more years to retirement and need to start planning on that now. And that includes reducing the taxes I pay so I can save more.

[Anonymous]

Here's a summary of all the changes:
https://mocoshow.com/blog/county-executive-recommends-10-cent-increase-in-countys-property-tax-rate-to-be-used-exclusively-to-fully-fund-mcps-budget-request/

Notice things like we'll now have to pay for parking on Saturdays. That'll be great for businesses in places like Bethesda -- consumers will just move on to nearby DC or VA instead for their shopping.

[Anonymous]

Anonymous wrote:Here's a summary of all the changes:
https://mocoshow.com/blog/county-executive-recommends-10-cent-increase-in-countys-property-tax-rate-to-be-used-exclusively-to-fully-fund-mcps-budget-request/

Notice things like we'll now have to pay for parking on Saturdays. That'll be great for businesses in places like Bethesda -- consumers will just move on to nearby DC or VA instead for their shopping.

No joke. I quit going to downtown Bethesda many years ago thanks to the horrendous parking situation much less hassle to go to Tysons even with the extra driving

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It ends up being a vicious cycle.

Revenue is down (or- Elrich can't control spending). So what do we do? Raise taxes.

People with means vote with their feet to neighboring counties, and VA.

Revenue is down again- and schools are a little worse, and crime is up. So what do we do- raise taxes.

Rinse, repeat.

People with means would pay tens of thousands of dollars to avoid a property tax increase of a few hundred dollars per year? I mean, maybe, but it's not a rational response.

For high earners with high value houses, the increase is substantial, especially when added every year. We got a tax assessment notice INCREASING the value of our property by $1 million dollars. The assessment is not accurate because the market has cooled down from last summer. When you add in the tax rate increase, we will be paying $12,000 MORE a year in property taxes. We will likely go from $19,000 a year in taxes to $31,000 a year. That equates to almost $2,600 in property taxes each month. I don’t expect anyone to feel sorry for us having a high value home but my point is that we are not talking about a few hundred dollars.

OK, so, for people with very high assessed property values, it would be more than a few hundred dollars a year. Would you sell and move if your property taxes went up like that?

Yes, if this keeps happening. This is $12000 extra in a single year. They will keep increasing taxes with multiple rounds of assessments and tax increases. How much further does it have to go when your taxes go from $19000 per year to $31000 in a single year.? How about up to $40k? $50k?

At some point, it makes zero sense to pay $30,40,50k in taxes just for the privilege of a zip code. People will flee en masse, and the death spiral between the need to raise taxes to plus shortfalls and flight occurs faster.

Property taxes in Fairfax are so much higher than in Montgomery County. Stop being so dramatic.

They're higher now, but they'd be about the same with this increase. And VA has much much lower income taxes. The lower MoCo property tax somewhat offset the higher income tax, but that will no longer be true.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It ends up being a vicious cycle.

Revenue is down (or- Elrich can't control spending). So what do we do? Raise taxes.

People with means vote with their feet to neighboring counties, and VA.

Revenue is down again- and schools are a little worse, and crime is up. So what do we do- raise taxes.

Rinse, repeat.

People with means would pay tens of thousands of dollars to avoid a property tax increase of a few hundred dollars per year? I mean, maybe, but it's not a rational response.

For high earners with high value houses, the increase is substantial, especially when added every year. We got a tax assessment notice INCREASING the value of our property by $1 million dollars. The assessment is not accurate because the market has cooled down from last summer. When you add in the tax rate increase, we will be paying $12,000 MORE a year in property taxes. We will likely go from $19,000 a year in taxes to $31,000 a year. That equates to almost $2,600 in property taxes each month. I don’t expect anyone to feel sorry for us having a high value home but my point is that we are not talking about a few hundred dollars.

OK, so, for people with very high assessed property values, it would be more than a few hundred dollars a year. Would you sell and move if your property taxes went up like that?

Yes, if this keeps happening. This is $12000 extra in a single year. They will keep increasing taxes with multiple rounds of assessments and tax increases. How much further does it have to go when your taxes go from $19000 per year to $31000 in a single year.? How about up to $40k? $50k?

At some point, it makes zero sense to pay $30,40,50k in taxes just for the privilege of a zip code. People will flee en masse, and the death spiral between the need to raise taxes to plus shortfalls and flight occurs faster.

Property taxes in Fairfax are so much higher than in Montgomery County. Stop being so dramatic.

You didn't consider incomes taxes too, duh. It makes MoCo was less attractive to live in, and it is already a bedroom community.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It ends up being a vicious cycle.

Revenue is down (or- Elrich can't control spending). So what do we do? Raise taxes.

People with means vote with their feet to neighboring counties, and VA.

Revenue is down again- and schools are a little worse, and crime is up. So what do we do- raise taxes.

Rinse, repeat.

People with means would pay tens of thousands of dollars to avoid a property tax increase of a few hundred dollars per year? I mean, maybe, but it's not a rational response.

For high earners with high value houses, the increase is substantial, especially when added every year. We got a tax assessment notice INCREASING the value of our property by $1 million dollars. The assessment is not accurate because the market has cooled down from last summer. When you add in the tax rate increase, we will be paying $12,000 MORE a year in property taxes. We will likely go from $19,000 a year in taxes to $31,000 a year. That equates to almost $2,600 in property taxes each month. I don’t expect anyone to feel sorry for us having a high value home but my point is that we are not talking about a few hundred dollars.

OK, so, for people with very high assessed property values, it would be more than a few hundred dollars a year. Would you sell and move if your property taxes went up like that?

Yes, if this keeps happening. This is $12000 extra in a single year. They will keep increasing taxes with multiple rounds of assessments and tax increases. How much further does it have to go when your taxes go from $19000 per year to $31000 in a single year.? How about up to $40k? $50k?

At some point, it makes zero sense to pay $30,40,50k in taxes just for the privilege of a zip code. People will flee en masse, and the death spiral between the need to raise taxes to plus shortfalls and flight occurs faster.

Property taxes in Fairfax are so much higher than in Montgomery County. Stop being so dramatic.

You didn't consider incomes taxes too, duh. It makes MoCo was less attractive to live in, and it is already a bedroom community.

You're not considering the consistent under-assessment of properties in Maryland due to a broken assessment system.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Here's a summary of all the changes:
https://mocoshow.com/blog/county-executive-recommends-10-cent-increase-in-countys-property-tax-rate-to-be-used-exclusively-to-fully-fund-mcps-budget-request/

Notice things like we'll now have to pay for parking on Saturdays. That'll be great for businesses in places like Bethesda -- consumers will just move on to nearby DC or VA instead for their shopping.

No joke. I quit going to downtown Bethesda many years ago thanks to the horrendous parking situation much less hassle to go to Tysons even with the extra driving

The "horrendous parking situation" meaning you have to pay a few dollars to park in a garage that might not be right across from your destination, because the one right across from your destination is full of the cars of other people who parked there?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It ends up being a vicious cycle.

Revenue is down (or- Elrich can't control spending). So what do we do? Raise taxes.

People with means vote with their feet to neighboring counties, and VA.

Revenue is down again- and schools are a little worse, and crime is up. So what do we do- raise taxes.

Rinse, repeat.

People with means would pay tens of thousands of dollars to avoid a property tax increase of a few hundred dollars per year? I mean, maybe, but it's not a rational response.

For high earners with high value houses, the increase is substantial, especially when added every year. We got a tax assessment notice INCREASING the value of our property by $1 million dollars. The assessment is not accurate because the market has cooled down from last summer. When you add in the tax rate increase, we will be paying $12,000 MORE a year in property taxes. We will likely go from $19,000 a year in taxes to $31,000 a year. That equates to almost $2,600 in property taxes each month. I don’t expect anyone to feel sorry for us having a high value home but my point is that we are not talking about a few hundred dollars.

OK, so, for people with very high assessed property values, it would be more than a few hundred dollars a year. Would you sell and move if your property taxes went up like that?

NP, but yes and I am as soon as my son graduates from high school this year. Moving across the river where my state and county income taxes will be cut in half and my property taxes by 1/3. That is a lot of money!
I have 10 more years to retirement and need to start planning on that now. And that includes reducing the taxes I pay so I can save more.

That is good news for everybody. Everybody will be happier.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It ends up being a vicious cycle.

Revenue is down (or- Elrich can't control spending). So what do we do? Raise taxes.

People with means vote with their feet to neighboring counties, and VA.

Revenue is down again- and schools are a little worse, and crime is up. So what do we do- raise taxes.

Rinse, repeat.

People with means would pay tens of thousands of dollars to avoid a property tax increase of a few hundred dollars per year? I mean, maybe, but it's not a rational response.

For high earners with high value houses, the increase is substantial, especially when added every year. We got a tax assessment notice INCREASING the value of our property by $1 million dollars. The assessment is not accurate because the market has cooled down from last summer. When you add in the tax rate increase, we will be paying $12,000 MORE a year in property taxes. We will likely go from $19,000 a year in taxes to $31,000 a year. That equates to almost $2,600 in property taxes each month. I don’t expect anyone to feel sorry for us having a high value home but my point is that we are not talking about a few hundred dollars.

OK, so, for people with very high assessed property values, it would be more than a few hundred dollars a year. Would you sell and move if your property taxes went up like that?

Yes, if this keeps happening. This is $12000 extra in a single year. They will keep increasing taxes with multiple rounds of assessments and tax increases. How much further does it have to go when your taxes go from $19000 per year to $31000 in a single year.? How about up to $40k? $50k?

At some point, it makes zero sense to pay $30,40,50k in taxes just for the privilege of a zip code. People will flee en masse, and the death spiral between the need to raise taxes to plus shortfalls and flight occurs faster.

Property taxes in Fairfax are so much higher than in Montgomery County. Stop being so dramatic.

You didn't consider incomes taxes too, duh. It makes MoCo was less attractive to live in, and it is already a bedroom community.

It may surprise you to learn that many of us live AND work in MoCo. Bedroom community my ass.