Nov 24

For residential homeowners, the burden of the property tax makes up about one quarter of homeownership costs over the course of a median duration of ownership.

via mortgagenewsdaily.

Nov 18

In addition, many economists agree the property tax is economically inefficient because it taxes the value of improvements, which acts as a tax on economic development. A tax is said to be inefficient if another system could raise the same revenue while increasing economic growth.

One proposed alternative to the property tax is the land value tax. The land value tax would allow state and local governments to maintain control over a significant source of tax revenue while addressing issues of efficiency.

via  Eye on Housing.

Oct 30

But while the measure has been touted by both Republicans and Democrats as delivering tax relief to beleaguered Wisconsin homeowners, the big winners in actual dollar terms are the owners of large office complexes, apartment buildings and shopping malls.

via  Ct.

May 13

Home values posted the largest decline in the first quarter since late 2008, prompting many economists to push back their estimates of when the housing market will hit a bottom.

via WSJ.com.

Sep 17

Back in the day, during the frenzy, I knew in my heart that I wasn’t really rich.

Yet the talk was so intoxicating. You could almost believe that a little 1938 cottage on a 50-foot-wide lot could be worth $700,000 or $800,000.

On nights when the wine flowed, when reason gave way to South Florida’s mass insanity, there was talk that the dirt alone, so close to Las Olas Boulevard, was worth a cool million.

None of it was real. Except for the very real property taxes paid by poor chumps in my neighborhood, or any Florida neighborhood, who had paid those crazy bubble prices. Or didn’t qualify for a homestead exemption.

via Fred Grimm – MiamiHerald.com.

Jun 07

The 2010 Property Assessment Manual (PDF) is now available. The first document lists specific updates for the various chapters. Some items of note include Appendix 21.A which provides a summary of significant court decisions and the detailed information regarding exemptions for low income housing in Chapter 22.

via Wisconsin Law Journal

[They will still cheat you, but now you will know what rules they are breaking]

Jun 02

Last August, in the midst of a growing debate about taxes in the United States, I decided I’d had enough. I was sick and tired of the histrionics from both sides of the political fence, and I wanted to find the facts. I spent twelve hours researching the federal budget and the U.S. tax system, and in the end wrote two articles:

via Get Rich Slowly.

May 18

U.S. cities will face a collective budget shortfall of at least $56 billion over the next two years, with the current recession not seen hitting bottom until 2011, according to a report on Wednesday.

via Reuters.

[Now they will try to take even more from the property tax payers who acted prudently and did not lose their homes]

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