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Post by Foggy on Mar 23, 2024 11:59:01 GMT -6
A side angle on valuations.. GOod god... got my property taxes. Another 10% increase. ...and that's why I'm bitching about valuation notices. Value goes up. Taxes go up The county really rapes the lakefront property owners. Yes, the resale values are there.....but the tax cost feels nuts. I considered selling down to a place off the lake more than once. Just cannot pull the trigger and we have not found something else to buy. Now I am getting too old to want to move.......and our family does come to visit and stay at the lake with us. So.....I suppose it's worth it. A week with the family at a resort is not cheap either. Another reason to stay.....is my heirs would receive the property at a stepped up basis....and not pay on the gain in value since we built. .....not that dying does me any good....lol. The Tax Poem Tax his land, Tax his bed, Tax the table at which he's fed. Tax his tractor, Tax his mule, Teach him taxes are the rule. Tax his work, Tax his pay, He works for peanuts anyway! Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt. Tax his tobacco, Tax his drink, Tax him if he tries to think. Tax his cigars, Tax his beers, If he cries tax his tears. Tax his car, Tax his gas, Find other ways to tax his ass. Tax all he has, Then let him know, That you won't be done till he has no dough. When he screams and hollers, Then tax him some more, Tax him till he's good and sore. Then tax his coffin, Tax his grave, Tax the sod in which he's laid. Put these words Upon his tomb, 'Taxes drove me to my doom...' When he's gone, Do not relax, Its time to apply the inheritance tax.
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Post by nhmountains on Mar 24, 2024 2:56:45 GMT -6
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Post by Tooln on Mar 24, 2024 6:35:05 GMT -6
I guess they learned to true meaning of don't piss in your cheerios.
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Post by Foggy on Mar 24, 2024 17:18:14 GMT -6
I guess they learned to true meaning of don't piss in your cheerios. Yeah.....maybe. But I don't think it's unreasonable to have an understanding of a development that is happening in my backyard (if I were living there). I've heard that locals are priced out of the market in Duluth by investors buying homes and renting them via VRBO. The locals have been passing laws to prevent this from happening. Evidently Duluth has been a hot-spot for vacationers.....more-so in recent times. In my hood at the lake......you can only rent your home once a year. That prevents folks from doing the VBRO thing with all the lakeshore. We had a guy try that two doors down....and the folks that rented from him were regular asshats. Beer cans in the lake, party all night, etc. The yard looked like chit when they left. The neighbors got that shut down very quickly. Last year the Super Bowl was in Phoenix when the PGA tourney was also in town. I understand rents were going thru the roof.......with homes renting for $10,000 and up per week. In our community the shortest rental is by the month.....but I think a few considered renting to Super Bowl clientele. Some say they trash their homes. Dunno. I suppose a big security deposit solves some of this.
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Post by Foggy on Mar 24, 2024 20:10:34 GMT -6
Just got the proposed taxes for my hunting land. 24% increase in value YOY with no improvements in the prior year. Not sure what the tax assessment will be.....but the valuation increase is not going away. Of course I can dispute it at a meeting in April....while I am in OZ. Isn't that convenient. (same every year)
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Post by Sandbur on Mar 25, 2024 2:17:28 GMT -6
Just got the proposed taxes for my hunting land. 24% increase in value YOY with no improvements in the prior year. Not sure what the tax assessment will be.....but the valuation increase is not going away. Of course I can dispute it at a meeting in April....while I am in OZ. Isn't that convenient. (same every year) I attended one of those meetings, decades back. I could get nothing changed and I could not counter their reasons for increasing the value. My land in the same county as you, went up and my farm where I live took a very large jump. I try to view this as part of an investment that has increased in value. Hard to do with the tax bill.
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Post by smsmith on Mar 25, 2024 6:23:02 GMT -6
We talked to two people yesterday who had sold homes in LP in 2023.
Neither could sell for what they were valued at.
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Post by Sandbur on Mar 25, 2024 8:09:25 GMT -6
We talked to two people yesterday who had sold homes in LP in 2023. Neither could sell for what they were valued at. I wonder if that argument would work at the meetings. I could see county assessors saying that prices have fallen due to high interest rates and that their figures were accurate for the designated time period.
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Post by smsmith on Mar 25, 2024 9:17:39 GMT -6
We talked to two people yesterday who had sold homes in LP in 2023. Neither could sell for what they were valued at. I wonder if that argument would work at the meetings.I could see county assessors saying that prices have fallen due to high interest rates and that their figures were accurate for the designated time period. I doubt it. I tried fighting valuations at my old place with zero luck. The issue there was that my little houses were sitting on big "lots" and when like kind was applied, it was to big friggin' mansions because those were the homes sitting on big lots. I have a similar issue here. No tillable ground and a house sitting on a big chunk of land. Other homes in the general area that are "similar" are quite a big bigger/fancier. I imagine I could sell for what the new valuation is going to be, but it sure wouldn't be a quick sale.
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Post by caveman on Mar 25, 2024 17:54:56 GMT -6
We talked to two people yesterday who had sold homes in LP in 2023. Neither could sell for what they were valued at. I wonder if that argument would work at the meetings.I could see county assessors saying that prices have fallen due to high interest rates and that their figures were accurate for the designated time period. The two times I have met with the assessor my home value got reduced. What has worked for me is to try to find like home sales in the area and identify how my home is worse than those. "That home sold for the same amount as you have my property valued at and my lot is smaller, on a busy road, and I a have one less bedroom." You might love the size of your lot, the traffic on your road, and not need the extra bedroom, but find the argument that helps you.
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Post by smsmith on Mar 25, 2024 18:29:32 GMT -6
I wonder if that argument would work at the meetings.I could see county assessors saying that prices have fallen due to high interest rates and that their figures were accurate for the designated time period. The two times I have met with the assessor my home value got reduced. What has worked for me is to try to find like home sales in the area and identify how my home is worse than those. "That home sold for the same amount as you have my property valued at and my lot is smaller, on a busy road, and I a have one less bedroom." You might love the size of your lot, the traffic on your road, and not need the extra bedroom, but find the argument that helps you.
I looked through a bunch of "solds" today. I believe I found a couple parcels that must have been the impetus for cranking up my valuation. Why those parcels sold for what they did is beyond me.
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Post by Sandbur on Mar 26, 2024 5:36:43 GMT -6
The two times I have met with the assessor my home value got reduced. What has worked for me is to try to find like home sales in the area and identify how my home is worse than those. "That home sold for the same amount as you have my property valued at and my lot is smaller, on a busy road, and I a have one less bedroom." You might love the size of your lot, the traffic on your road, and not need the extra bedroom, but find the argument that helps you.
I looked through a bunch of "solds" today. I believe I found a couple parcels that must have been the impetus for cranking up my valuation. Why those parcels sold for what they did is beyond me. I wonder if people escaping the metro has done that. It has happened in lake country.
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Post by Foggy on Mar 26, 2024 9:22:42 GMT -6
I looked through a bunch of "solds" today. I believe I found a couple parcels that must have been the impetus for cranking up my valuation. Why those parcels sold for what they did is beyond me. I wonder if people escaping the metro has done that. It has happened in lake country. With the big inflation and lack of value in money.......folks are dumping more into land. Especially ag land has gone up......but there is not enough ag or recreational land to come to market.....and our population continues to grow. A rising tide lifts all boats. I saw an Iowa farm sold for big bucks the other day.......but the article says prices paid would have been higher two years ago. I suppose current interest rates may have some affect on the sale? Takes time to digest the run up in prices. I paid on the high-side for the price of my hunting property......however the lakes area commands a premium price .......and the proximity to my home has been worth the higher price paid (to me). I suppose I could get paid double what I put into my place? Often I wish I had held out for a parcel with a stream or river flowing thru.....and had more undulation on the property. Alas, It is what it is.....and the proximity to my home has been most important.
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Post by smsmith on Mar 26, 2024 10:06:48 GMT -6
I wonder if people escaping the metro has done that. It has happened in lake country. With the big inflation and lack of value in money.......folks are dumping more into land. Especially ag land has gone up......but there is not enough ag or recreational land to come to market.....and our population continues to grow. A rising tide lifts all boats. I saw an Iowa farm sold for big bucks the other day.......but the article says prices paid would have been higher two years ago. I suppose current interest rates may have some affect on the sale? Takes time to digest the run up in prices. I paid on the high-side for the price of my hunting property......however the lakes area commands a premium price .......and the proximity to my home has been worth the higher price paid (to me). I suppose I could get paid double what I put into my place? Often I wish I had held out for a parcel with a stream or river flowing thru.....and had more undulation on the property. Alas, It is what it is.....and the proximity to my home has been most important. I'm not close to double what I paid for the house and land, and I bought/built at a what I felt was a good price point in 2012. We'd make some money on the sale, but when you throw in property taxes, insurance, and maintenance costs (and food plots and fruit trees) I'm guessing I would be up quite a bit more had I invested the same amount in an index fund. Of course, we all need a place to live I guess
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Post by Sandbur on Mar 26, 2024 12:01:35 GMT -6
With the big inflation and lack of value in money.......folks are dumping more into land. Especially ag land has gone up......but there is not enough ag or recreational land to come to market.....and our population continues to grow. A rising tide lifts all boats. I saw an Iowa farm sold for big bucks the other day.......but the article says prices paid would have been higher two years ago. I suppose current interest rates may have some affect on the sale? Takes time to digest the run up in prices. I paid on the high-side for the price of my hunting property......however the lakes area commands a premium price .......and the proximity to my home has been worth the higher price paid (to me). I suppose I could get paid double what I put into my place? Often I wish I had held out for a parcel with a stream or river flowing thru.....and had more undulation on the property. Alas, It is what it is.....and the proximity to my home has been most important. I'm not close to double what I paid for the house and land, and I bought/built at a what I felt was a good price point in 2012. We'd make some money on the sale, but when you throw in property taxes, insurance, and maintenance costs (and food plots and fruit trees) I'm guessing I would be up quite a bit more had I invested the same amount in an index fund. Of course, we all need a place to live I guess We need a place to live as you say, but many of us just need a place to do something outside. It helps keep me sane. Fishing, golf, land management, working with equipment, or apple trees.
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