Property Taxes Trouble Continues Across the Country

Why is it local governments always view property owners as ATM machines?

raising property taxes

Property taxes is a subject we talk a lot about here because it can ruin our bottom lines in real estate investing.

Personally, my family is now thinking the unthinkable.  We’re thinking about selling some of our Davidson County properties (Nashville Metro) and moving our real estate investing money into Williamson County, which is next door.

Here are some of the latest trends across the country.

 City requires higher tax-data accuracy in real estate ads –  This is a new ordinance in Baltimore where real estate agents and property owners have to guesstimate what the  buyer’s new property taxes will actually be. 

Funny how this works, or doesn’t work.  You can’t show the buyers the seller’s property taxes because the new taxes will be so much higher.  Example given: 1 million property- old taxes, $7,000;  new taxes $25,000.

  New NJ budget plan ends most property tax rebates  Property owners in Trenton, N.J., reputably paying the highest propety taxes in the nation, will not get that promised rebate after all. 

Governor Corzine claims there isn’t enough money in the budget.  raising property taxes

I like this explanation, which sums up my feelings exactly…

“It’s an easy answer to say, ‘Tax the rich.’ But in the long-term, it will erode the tax base,” said Howard Cohen, managing partner and CEO of Edison-based accounting firm Amper, Politziner & Mattia.

But there’s some small ray of  hope for property tax relief  in some areas…

Suozzi centers re-election campaign on property taxes  Isn’t this interesting? 

“At the rally later before about 200 people, Suozzi called property taxes “a Democratic issue” and “the most regressive tax that hurts working families.”

Someone is actually running for office advocating less property tax?

Decatur to hold line on property taxes              Here’s a city government which is not in the red yet, and does not view property owners as ATM machines.  Refreshing.

As always raising property taxes is an explosive issue.  We’ll keep watching for new trends across the country and will report back from time to time about our findings.

 

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