What housing collapse?

[barondave]

Humph.

I just got my 2009 Property Tax Assessment. According to the city, my property is worth 20% more than last year, and my property taxes went up 33%. So much for "no new taxes".

Comments

[budsharpe.livejournal.com]

My house is worth less, but my taxes still went up. They find ways to get the money they need.

[prettymuchpeggy.livejournal.com]

Yikes!....but technically you aren't paying new taxes, you are paying taxes in a new bracket of the old system.

At least you are not in St Paul - where the mayor has been accessing fees for a great deal that used to covered by taxes instead of raising taxes. This practice started with Norm Coleman.

[cakmpls.livejournal.com]

Hmmm, I haven't seen ours yet. Last year the property value fell 10%.

[lakeboy-55.livejournal.com]

I've been sort of looking at houses and condos for about 5 months now. At least half of the places I looked at 4 months ago are still on the market, and all of those have dropped their asking prices between 10% and 30%. About 40% of the houses that I've looked at, that are still on the market, started out as being for sale as being privately owned but are now being sold as foreclosures, or "bank owned" properties. They say it's only going to get worse.

Assessed tax value never seems to mirror real market value.

[pentacon.livejournal.com]

My property taxes are going up 23% but my propery value dropped 9%. I thought they were limited to am max annual property tax increase of 20%.

[dreamshark.livejournal.com]

It's better than having your property value drop to the point where your property is worth less than your mortgage.

[pentacon.livejournal.com]

I mis-read the tax web site, my property value miraculously went up $20,000.00, I am stunned.

[barondave.livejournal.com]

I was assessed lower than my mortgage for many years. Two years ago it was about right. Last year, assessment went up about 10% (and taxes about 20%), over what I thought the property was worth. And more than what a similar unit sold here at the time. Now, it's way high. If anyone's sold a similar unit in this building for anywhere near that amount, I don't know about it. And I'm on the Board of Directors...

[sraun]

Huh? 20% more? I thought there was 10% cap on the annual market value raise?

My house lost market value and my taxes went down just shy of 5%.

[sethb.livejournal.com]

My property is down 1% (I wish), and the taxes are up 2% (more with the increased school tax).

It seems they just make up numbers. (The apartment 3 floors above mine sold a couple of years ago for $500K, I refinanced and got $520K as an appraisal, and the city decided it was worth over $600K despite that. Too bad the appraiser isn't required to purchase any property at 90% of his appraisal; that would at least keep the values honest. But they'd just raise the rates.)

[barondave.livejournal.com]

Do you have a cite for the cap? If it's true, then I've been over assessed for two years in a row.

[sraun]

My 10% value is wrong, but there is a cap. According to http://www.ci.minneapolis.mn.us/assessor/tax-notices.asp

LIMITED MARKET VALUE It is a mathematical calculation based on the estimated market value. "For assessment year 2007, the amount of the increase shall not exceed the greatest of 15% of the value in the preceding year, or 25% of the difference between the current assessment and the preceding assessment."

Do remember, there is an appeals process.