El Paso property owners may have noticed a steep jump in their property’s appraisal value this year. Officials say El Paso County’s healthy market is to blame.
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
this is quite huge! what have you invested in ? much more info needed please ...I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Finding financial advisors like Annette Marie Holt who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Home ownership is a lie. They just changed the word Rent to Property Tax, so you'll maintain it. Stop paying the taxes and you'll meet the real owners. Your lease of rules and regulations is at the town that you never signed or agreed to. Scam.
You need to stop misinforming the public it’s called a “takings” which is fraud on its face if no commerce is occurring at the location being taxed and they take the property for back taxes allegedly owed; a business needs to be on the land being taxed for it to be justifiable; the county will claim “in-rem” jurisdiction when they have zero ownership or interest yet they get away with it because most do not read the law and get in their municipalities face about it and if more did that exact thing and started suing these municipalities for fraud then things would change; but you gotta know the language the definitions and the whole process inside and out to succeed; these fools been committing fraud for over 100 years as a matter of policy custom and practice yet the majority are too lazy to look the information up and study it to see what to am saying is the truth. A situs (a location or place of a business) needs to exist for a legitimate and legally justifiable tax is to be applied to property, otherwise it’s fraud on its face.
Well property taxes pay roads, schools, police, and justice system and so do not see how that can be financed any other way. To some degree you can vote on the decision makers and choose where you live.
@Greg-qw7xl you don't need property taxes to pay for those things. theres enough money. the root of the problem is you need a responsible government that operates within its financial means
It is concerning that the tax burden may not be equally distributed. Are there strategies I can employ to minimize the tax impact on my income and investments, considering the potential advantages corporations may have?
The tax burden is as fair as male patterned baldness, but there are strategies to minimize the impact. If you maximize your contributions to retirement accounts like IRAs or 401(k)s reduces your taxable income. Additionally, exploring tax-deductible business expenses, if applicable, can further lower your tax bill.
It's recommended to save at least 25% of your income in a 401k. Sonya Lee Mitchell taught me to estimate how much you should save based on your age and income. I've been with her for years now and her decades of experience in the markets translate to chunks of value in so may ways! She has upscaled my portffolio and even got me reading self help books haha
Has!? Any government that forces citizens to pay taxes, if they want to eat, drink, and shelter is oppressive in nature. It has always been oppressive, but now more than ever.
@@timmaloney6441Fool Money is paper. All they have to do is print money for that not take from people and encourage hardship Some people really love these assholes in government.
@@Greg-qw7xl There is no actual cash unless you get a loan or 2nd mortgage. It is just made up value with no profit unless the owner sells. Kicking people out of their homes or stressing them out for greed, profit poor budgeting and political inability to obtain assistance to the county if needed is not exactly community. Yuck.
@@Greg-qw7xl if you own a lot of stock in a company and the value of that stock goes up 1500% in 10 years but you don’t sell anything, guess what happens? You don’t pay a penny in taxes because you didn’t sell anything. With property taxes you are paying more money for a house you have never even sold… that is a major issue and needs to be changed.
It's an asset which you hold that is increasing in value, it's no different to capital gains tax or income tax. You could buy something for 50,000 and sell it for 300,000 and pay sod all on it in tax and make like 250,000 when you sell it...but if you worked for 250,000 in work income you'd be taxed ridiculously on it when they both income which is ridiculous.
Plus there's a 5% transfer tax when you sell it. Someone else buying a home in your neighborhood should not affect the value of your home if the home is not sold.
My pest control business pays an estimated tax bill every 3 month. They basically estimate my earnings without any real numbers. This number, just like with property taxes, are basted off what other similar homes in the area have sold for in the last 6 months.
That's basically how California property taxes work except they allow for a maximum 2% yearly increase regardless of how much your property value increases.
Unfortunately, since the inflation of this economy, city service costs have skyrocketed and that plan wouldn't work. The tax base is what pays for the parks, the streets and so on.
You ain’t lying. My property taxes and insurance went up and I didn’t even know it. One month I’m paying one amount and then the next month a totally different amount. I may of received a letter about the increase, but who knows. I have to pay it anyway if I want a place to live.
It goes for everything cars included, starting to make sense why some people like being homeless it's as close to true freedom you can get in this jacked up world or at least here in the US. If you have to work to keep what you have, you are a slave..
In Florida a homestead can only increase 3% annually. One problem with that is foreign(out of state) owners file the same homestead claim yet do not live there. Cheating the community out of rightful taxes. So while out of state owners get the breaks, the locals have to make up the difference.
Americans need to do away with property tax. When you sell or purchase a house, taxes are paid. Why then do you need to pay taxes again and again? BS system.
My property taxes were $1300 due to ag exempt for almost 6 years, came 2021 they change the required acres from 10 to 15 so I lost our AG exemption went through appeal process and was told to buy more land to meet new requirement. 2021 taxes went to $15,300. Had to got another job to cover the new payment increase of $1330 every month. Property went for sale 2022. Lost my little ranch, lost my cattle, my horse, got half an acre and mobile home, and I will be able to start saving again.. they give a headache, afraid of loosing everything we had work for. But made it out of that mess. Thank God
I’m so sorry, that’s not right and you can be sure the real estate speculators had something to do with decreasing the ag exemption acreage. They are trying to buy up all the empty land everywhere in the country.
Hopefully it doesn’t crash. I don’t own a home but. If 7.4% interest rates won’t crash it then higher unemployment is the only thing that will. Higher unemployment actually kills more people so we can’t hope for that
Good point. Corporations do not pay tax on unrealized gains so why should people do for properties? There is no consistency in how laws are being applied.
@@mgreg8134- A made-up value. You dress nice. Sure, it's jeans and a t-shirt, but I'll bet it costs. Hey. I think you owe me money. You can afford it. Look at you. I don't care. Find a way.
@@mgreg8134The value is estimated based on the appraisal done every year, which is unrealized gains. This is a gain that may not actually materialize when the asset is sold just like with stocks. So until a sale happens, the potential gain should not be part of the Taxable amount.
🤦♀️My mother’s house in Augusta County, VA went up 69% in one year. No improvements made- the county officials correlated it to their need for increased revenue to pay for a new $2 million county office complex that only they wanted. Greedy, entitled people.
@@lithium25693 Very true! Look at all of the people who don’t have anywhere to live. They make fancy promises when they run for office (not calling out anyone in particular) and our homeless population has exploded. And they have the nerve to blame the very people they have caused to be homeless. 🤦♀️ Sorry about the soapbox- I love all people and the homeless deserve better. They are humans too. ♥️✌️
@@lithium25693 If the government owns it, why did I have to pay someone else to buy it? Why isn't the government mowing the land? Why is it I can have someone trespassed on the government's land?
Mismanaging it. I don't know why citizens vote for people with no proven track record of handling money. I was in accounting most of my life and I managed small to medium sized businesses that were successful and I can prove it. I'm also at master at streamlining processes and saving companies money. I have a credit score of 780. I'm the type of person you vote for. Does anyone ever check out the people they vote for? Most people vote party line and so the answer is no.
Texas property taxes are high. I was paying $3,500 a year for a home worth $159k. I sold it in 2019 and moved to Tennessee. I now pay $950 a year on a home worth $550k here. A house like this would be taxed around $10k a year back in Texas.
@@matthewmoore7447nope that’s what happens when you allow BIG corps to come here and NOT tax them, there is no reason people should be getting priced out there homes.
I do not agree.. In Miami Beach, where I live, with a homestead credit. The property taxes can go up no more than 3%.. Our streets are all fine here, with plenty of people workin for da city.. On a percentage basis, my taxes here are SO MuCH less than Wisconsin.. way less.. TN same thing .. sorry pal
This is the third video on this I’ve seen tonight! I loathe property tax. My elderly friend lost his PAID OFF home due to his property tax skyrocketing. It’s horrifying.
I bought my house in 2000 for $88,000. I promptly spent $30,000 on an addition, roof gutters, etc. Now in 2024 the tax people say my 1,200 square foot home is worth $600,000!! Of course my taxes have gone up and my home insurance has skyrocketed. I' m 78 years old, retired and a small income, but no one in local or state government cares or will even listen!
@@user-ip5dm6jf8k Welcome to the USSA. A lot of ppl Love this system until it bites them in the ass and all those times they had to fight back, they just laughed and thought it would never happen to them.
What do they care? The officials setting the "appraised" property values make 2x - 3x times the standard salaries within their districts. a.k.a.: it doesn't affect them in the slightest. Why?? Because property values aren't based on the owners' income. Give Democrats enough time and that will be the case. That is the same reason, I will never support the flat tax idea, as long as there isn't a constitutional amendment abolishing the standard income tax. What they will do is ACT as if they abolishing the federal income tax, then years later, reinstate the income tax, all the while, keeping the flat tax. We already pay taxes on our own hard-worked labor... then sales tax... then property tax... Where does it end?
People need to pass amendments to limit property taxes to percent of original purchase price, then limit the yearly percentages similar to California’s prop 13.
this is so stupid.. you go to the protest and the appraisal guy just puts up the comps and they are all flipper homes.. those homes were bought at a discount and gutted then rebuilt and now they are charging a huge markup... so the people who have lived in the neighborhood for years get screwed because the appraisal guy uses the flipped prices... its a total ripoff....
Yeah , but you still have to pay higher property taxes, if the value of your property increases. You can payoff your house and retire in it, but your property taxes can eat up your retirement pay. Then you will be elderly and have to sell your dream home.
@@jamesdannelly6760No. It's based on what your neighbor's house sold for. Tell your neighbors to sell their homes for less and you'll get lower property assessments.
Everyone cries when criminals are set free by on the street by our judges then they cry when their taxes go up to build new prisons and jails to house the criminals, people need to learn to suck it up and pay your taxes or downsize into something more affordable.
There is no justification for this antiquated system. I am fully convinced the system is purposefully designed to push homeowners to a breaking point where they are forced out. New owners are then subject to higher taxes without the benefit of the homestead exemption the previous owner enjoyed. That equals more revenue for the GREEDY MACHINE. You cannot TRULY own a home while this form of highway robbery exists.
IMO as long as you have to pay property taxes you don't own anything. Don't believe me, don't pay you taxes and see who the real OWNERS are, hint hint it's NOT the bank.
@@MD-ky4hoKind of. In California increases are limited to no more than 2% per year and several times it has been less. And, it's only fully reassessed at current market value when the title changes ownership. So, longterm owners have much lower property taxes than newer owners.
To pay tax on market value is paying tax on unrealized gains. Very unfair. And the city/county/state has no increase in expenses to justify this additional income. Its a racket.
exactly!! I was explaining this to one of my colleagues. I used the analogy of having to pay income tax on the unrealized gains of your retirement account every year, then paying capital gains when you finally start selling your holdings.
That's not analogous. Why? Because property taxes are used to run the state. A more appropriate analogy would be paying broker commissions based on the increase in your investment portfolio.
Back in 2007, during my time working in real estate, I witnessed people purchasing newly built homes from builders with the plan to sell them before the closing of escrow to another buyer for a profit. The crash hit hard and fast, and I vividly recall many of these units ending up foreclosed upon, with the builder's plastic still covering the carpets.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Finding financial advisors like Sonya lee Mitchell who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Precisely why I sold my homes several years ago in the states. The system is corrupt imo so I will be buying a home overseas where taxes are thousands less and very little increases in properry tax.
And then the school districts have been announcing how they're "magically" expecting multi-million dollar budget shortages? WTF?! HOW IS THAT POSSIBLE?!!!
Just after 2008 when property values tanked, taxes were maintained at an artificially high rate by taxing authorities by raising the multiplier factor. This was supposed to be temporary, but became permanent. Now, with exploding values many are really getting gouged. The whole system is massively flawed.
That's because there is no individual state income tax. Which ultimately puts the onus on long-term property owner retirees because they no longer have individual income to tax. So, retirees that have been in their home the longest are left with the shortest end of the stick. They're house rich, but cash poor.
My parents house was appraised this month at 400k...insurance went thru the roof! They bought the home 7 years ago for 170k. Scams are hard at work these days
make a law requiring county appraisers to purchase property at the full appraised value if the property owner wishes to sell. this will fix it because they would have to put their money where their mouth is
What people don't understand is that your property tax is another way of saying, "Pay to Play". Everybody who lives in the city has to pay their fair share for all the city public services that are around their area. What the city officials are not telling you is that growth and population increases will increase the expense burden that they have to endure. So that's why they appraise it more. Appraising it is just another way of saying, "you owe us more because we need it". By the way, if you haven't noticed by now, public school districts are the biggest consumer of this tax
The idea that you would pay an increased tax on something that has little to no intrinsic value is insane. I wonder if these assessments include any depreciation for the HVAC system, roof, etc.
@@saythankyou111 it’s not, it’s absolutely not. The only people who do have that luxury are in congress & the ones who vote to raise their own pay are Republicans 🙄 The majority of government workers are on a pay scale that is predetermined. They have no negotiating power AT ALL nor can they enact a change to said pay structure.
Back in the late 60’s Howard Jarvis was ahead of his time in California, thank god! He was the author of proposition 13, the state is still feeling the results of that legislation.
The jobs are going begging. Why not just take one? and get a defined pension. I see nothing wrong with admitting you are a loser at 45 and just taking something safe for yourself and your family. No need to get all whiney and jealous, just start applying.
Jackson County, MO (Kansas City), raised property taxes 20%-400%+ just because the County executive said so. People can’t afford to pay these here, but it falls on totally deaf ears. The people in charge of all this can’t explain how or why it was done, nor can explain their so-called ‘formula’ used. The county executive’s property taxes went up only 7% while the houses on either side of his went up 30% each. Get the state officials involved, and hopefully lawsuits are filed against the county for their thievery. This is Taxation without Representation.
My small town used to do appraisals every 3 years then the changed it to yearly about 3 years ago now its every 6 months. Its also gone from a simple part time job to a full time one with its own town office. Our effective tax rate is going up about 20% every year now. Its crazy when you tax bill goes way up mid billing cycle. We have maybe two more years left of these increases before we have no choice but to sell. At that point out tax bill will be more than our mortage. Let that statement settle in.
Tell me why single family home property taxes are necessary to begin with. Out of all the other taxes collected, why do you need property tax? Don't say to fund schools, police, and firefighters. That's hogwash. They tax everything else. Pool it all up and fund what you need from that. And why do your taxes go up when your assesed value increases? Does the state or township take responsibility for the property and the home if any damage occurs? Tell me why are they charging anything? I say taxes paid on the intial purchase of the land is enough since the owner is now responsible for everything that goes on on said property afterwards.
Your home benefits from city infrastructure which isn't free and needs to be maintained. That includes education, police, water, trash, sewer, and a whole bunch of other stuff.
@@mrxman581 Not sure how it is where you are, but the state I was in, all those services were taxed separately. The majority of property tax went to schools (and as a childless person, I have issues with having to pay and how that money is unevenly distributed - but that's another discussion). I'm also no longer in the city and if my property tax is spent on services, I have a very hard time seeing it as the dirt road to my home barely gets any attention and the fire department asks for a membership fee.
@@jabba334were the only country that taxes homeowners to fund education. We need to change that it’s the reason that education is so bad from one state to another
@@mrxman581 We pay various other taxes besides property tax. Property tax need not be eliminated but making it a tax on unrealized gains is absurd. Corporations don't pay tax on unrealized gains so why should people pay tax on income they never got to see while taking on full speculatory risk??
No way you should pay a tax for having a roof over your head. That's a basic necessity. It shouldn't be taxable if you own only 1 home. That's a basic necessity for all American families.
Who uses the library? Police? Yeah more cops write more traffic tickets and extort us more. This government needs to be reminded where their place is and its not over the people, it's for the people.
It’s an obvious strategy. Raise the value of the home to raise the property tax. To be honest my home is not worth 700,000 I’d say top 400 grand. Yup my property tax went up.
Yup and the local city commissioners get to say "we haven't raised the tax rate. it's the same rate for the last few years". meanwhile the appraisal district runs cover for them by inflating property appraisals which have the same effect as raising the tax rate. but the politicians get to fool the folks by saying "its not us its the appraisal district". then the appraisal district says "were doing what the law tells us"
There should be exemption allowed to certain amount if it’s your primary residence like here in Hawaii. They knock off 300k here in Hawaii if it is your primary. Not much considering avg house is around 1M but anything helps.
Oh move to Texas no state income tax. Problem is the state has to get revenue somehow. And property taxes are 1 way. When you are retired, no state income tax is not a concern.
Think of all the tax giveaways state government gives companies. Corporate welfare folks. Who do you think hires the illegal aliens? Corporations and small businesses. Aim your ire at them and the GOP who refuse to bring legislation on that matter. You all keep blaming Biden but Trump as shadow President dictates to Congress. Only the little people pay taxes while your billionaire oligarchs pay low tax rates. They through their media empire manipulate morons to vote against their own best interests time and time again. Stupid MAGA never cease to amaze me.
Abbott and Desantis burn through the state coffers like no one is accountable but the taxpayers! Desantis took over the Disney district and created millions in NEW state payroll where there was NO cost to the taxpayers previously.. Abbott stunts at the border are costing Texans millions, when the Federal government does it for free!.. now local governments are following suit.. creating committees to ban books cost taxpayers $$$$.. elected and municipal employees have high jacked the taxpayer gravy train!
It should be law, that if the government appraises your property for a certain amount, you should have the option to pay the amount of taxes, or the government must buy the property from you for the appraised amount.
It makes me so sad to know that we really never own anything. There is absolutely no such thing as home ownership. Even if you paid it off, of you don’t let them bleed you dry they will come take it from you. That depresses me. I don’t know what to do about it :(
Property taxes should be outlawed. There should be other forms of tax to make up for it that are not tied to our homes. If we own our land then we own it outright. There should be no need for the government to keep a string attached to our private property.
@@HomeAloneGaming1 our votes don’t make a damn difference anymore when congress does work for the American people anymore. Unfortunately. That would be great if they did.
She has the power. She only doesn't want to let you know she has the power. She hides behind statements like "required by law" to justify her outrageous appraisals.
@@starwalk3r All gov officials are like this. It's always someone else's fault. The building codes are insane and add unneeded complexity and high cost to build a new home yourself. So you have to pay engineers to design a small house. Add to that, they force you to ask permission, to which they force you to pay thousands to them just to get started. Something has to give.
A tax appraisal should be considered a cash offer to purchase by the government. That would get them to think twice about their valuations before taxing people’s homes.
@@kbrown5218 Four or five years ago land in my area was around 4 to 5,000 per acre. Now they are 35 to 40,000 per acre. As soon as they finish a house someone is moving in. Mind you i live in a small city in SC and i see alot of northern tags on cars moving in.
My mom bought her house in 1970 for $26,000. The smallest house near her home just sold for $1.1MM. She will never see the benefit. They should tax me not her.
Homeowners tax rate should not be based on what the homes are selling for. Company’s will soon own all the homes and force the public to pay rent it’s not America
That's why I live in the Philippines most of the time with no real estate in the US. Our town home taxes outside Manila run about $100 per year.. I still visit the US regularly for family and friends, but no more US home ownership after 8 homes over the years...
Thats what I was laughing at when the legislature passed an increase in the homestead exemption. I was like "the appraisal district will just raise everyone's values by $100K which wipes out the exemption".
So if you had neighbors who got low interest rates and put $50k+ in FLIPPING the house then sold to make a profit, YOU have to pay more taxes 🤦♀️ (even if you got your home for a lot less years/decades prior)
It actually IS a kings tax, Charles that is. The last speech he gave concerning global issues was a pronouncement that govts. will be raising taxes to pay for the green agenda, which Charles is head of. We are paying the part of poorer countries to make up their shortfall and give the King his desired trillions for his global climate change garbage. If you don't believe this, LOOK IT UP. That is all.
The economy got destroyed when they lowered those mortgage rates to 2%, most people are holding onto those rates which created a shortage of homes, high demand and low supply equals inflated prices, for the next 20+ years! The average home price is near a half million already!
Prop 13 is nearly gone. It only applies to original owners and doesn't transfer to your kids or next of kin. Buy a house, pay full property taxes and be subject to 1.9% increase every year. That's how it is here. It sucks when an average house is 1-3 million dollars.
Florida had a similar law, it’s capped at 3% with homestead exemption. Florida’s average property tax is .91%, not bad for a state with no income or capital gains tax.
Yep, same here in VA. And we also have to pay taxes on our cars yearly!! And pay for car inspections!! It’s not called the “Commonwealth” for nothing!! 🤦🏾♂️🤦🏾♂️
The answer to appraisal price hikes is you should be allowed to call there bluff & the city needs to buy it. You say that field is worth 50k, then buy it.
Excellent idea! If they say it's worth so much, and then you see you have a huge repair bill, you should be able to stick them with dealing with the repairs, and cash out. After all, they're lying about how much they think the property is worth, so fair is fair.
And you wonder why California's Prop 13 was so important back in 1978, and why it is so vitally important today... if only other states would adopt this measure, it would protect owners from having property taxes skyrocket out of control, where in many other states it is an ongoing problem. Yes, there may be cheaper properties in other states, it is the property taxes that make even a more affordable home less affordable with the rising costs of property taxes.
@@gcman1111 There is a lot of organized theft going on here in California, and as long as we have these people running our state into the ground, I bet they'll manage to screw up Prop 13 too. However, they're already finding new ways around that, and yeah, we haven't seen the worst yet... it's coming.
@@gcman1111He can’t get rid of it. It has to be voted on by voters, and voters are not going to get rid of it. But I have to admit, the politicians keep coming up with other propositions to try and circumvent Prop 13.
I just got taxed out of my house and am now forced to leave. Been in my house for two years. Suddenly the payment went up 1k per month When I called they said it was because it had been reported that they had appraised my property as a lot with no house and now that there was a house on it they had to begin charging normal rate plus the back tax shortage that wasnt paid. Could not beleive. Then I tried to sell it but cant sell for what I ow because the home values in my neighborhood have fallen. Makes no sense. So Now I have to walk away because I cant afford to pay 1300.00 a month in property tax.
This has to change during the pandemic my taxes rose 50% instead of going up since 2022. I know people taxes that went up 75%. It’s ridiculous and I live in Pennsylvania.
Why not lower the tax rate as the prices go up? Also, why when property values go down the towns, never seem to reevaluate the properties in the downward trend to lower taxes
