People can foresee the future
only when it coincides with their own wishes,
and the most grossly obvious facts
can be ignored when they are unwelcome.
George Orwell
Old Value: $198,400
New Value: $192,000 - About 3% less?
Liberty cannot be preserved
without a general knowledge among the people.
John Adams
Old Value: $269,300
New Value: $226,400 - 15% less?
People are usually more convinced by reasons they discovered themselves
than by those found by others.
Blaise Pascal
Old Value: $6,258,500
New Value: $4,090,500 - About 35% off?
About Six $190,000 houses?
All animals are equal,
but some animals are more equal than others.
George Orwell
Old Value: $6,637,600
New Value: $5,704,800 - Down about 14%?
The great majority of mankind are satisfied with appearance
as though they were realities,
and are often more influenced by the things that seem than those that are.
Niccolo Machiavelli
If most commercial real estate
depreciated more than most residential real estate,
who will make up the difference?
If some higher valued residential real estate
lost more than some lower priced real estate,
who gets to make up the difference?
Click on Parcel Search in the upper right hand side of the page linked above.
Enter number and street, without "drive" or "court" after
and then click search.
and then click search.
Click on Tax Appraisal Information on the right hand side
and a new window will come up.
The new tax value is in the bottom right corner.
and a new window will come up.
The new tax value is in the bottom right corner.
Click on Tax bill in the upper right area,
which should open a new window.
which should open a new window.
Clicking on the top link with lots of numbers under the headings on the left
should bring up another window with the old value in the middle on the left.
should bring up another window with the old value in the middle on the left.
Divide.
Subtract.
Compare.
Compare.
1 comment:
Post World War 2 US private residential real estate markets, in the main, have experience a long steady increase in values albeit punctuated by periods of mild decreases or periods of stabilization. Obviously there are outliers on both the high and low ends [San Francisco vs. Detroit]. However, over this post WW2 cycle several clear trends emerged regarding the long steady increase in values:
(1) private residential real estate became the largest investment on the consumers balance sheet,
(2) private residential real estate became the largest debt on the same balance sheet,
(3) the mantra of “…buy real estate as they are not making anymore of it…” [i.e. what goes up, always goes up] emerged,
(4) private residential real estate became part of “…the American dream” mantra. Some kind of social collective “dream” that in essence does not exist except in the abstract,
(5) politicos through the mechanism of government found more and more ways to create tax preference items to incentivize private residential purchases. That is, large amount of resources were purposely directed into the private residential real estate market by politicos,
(5a) not so incidentally politicos viewed the value of the private residential real estate as a tax revenue stream [local, state, and federal] regarding property tax and consequential sales above capital gains exemption [which has varied over the years] and estate tax calculation [which has varied over the years], not to mention the taxes associated with original construction and future renovations.
Note: the chicken and the egg. In this case the egg came first, then the chicken was given a mantra, and the chicken morphed into the tax goose.
Hence politicos incentivize a particular sector, mantras are attached, taxes are extracted and the underlying private residential real estate market eventually bubbles-up and like all good bubble’s, it burst.
Problem is, during the long steady increase in values ending with a bubble, the associated tax revenue was also viewed by politicos as “what goes up, always goes up”. Politicos not satisfied with limited government piled on layers and layer of spending for assorted and asundry pet programs, projects, and political constituency building exercises. Over time public sector workers, through the both sides of the table phenomena, make more total compensation than their private sector counter parts. Then the bubble bust! Oh no! The consciously and purposefully groomed tax goose is on the skids! The goose is blue!
However, politicos being politicos, politically frame current spending levels as needed, necessary and required. Stated alternatively, spending levels are framed as needed, necessary and required as without the tax revenue the politico’s purposely built political constituency will find another politico to fund their needs -or- tax revenue equals reelection and/or perpetuation of a greater social vision supported by such politicos.
Hence regardless of reassessment, tax rates will be adjusted to cause the same or even greater revenue to flow into politico directed tax coffers as the revenue is actually required to extend the politico’s needed, necessary and required spending levels in order to perpetuate their political constituency building exercises and/or a greater social vision supported by such politicos.
Ah, the evil of it all!
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