As U.S. home prices continue to fall, property owners in most major U.S. cities are demanding lower taxes, Bloomberg reported Dec. 8. Bloomberg reported specifically on states such as Michigan, Nevada, New Jersey, California and Illinois.
Real estate values plunged 30 percent below their peak of April 2006, according to the third quarter S&P/Case-Shiller index of property values in 20 cities, released Nov. 30. Values may drop 10 percent more, Greg Lippmann, a founder of LibreMax Capital LLC, said Dec. 2 at the Hedge Funds New York Conference hosted by Bloomberg Link.
In the Midwest, Illinois may have 19,350 property appeals in 2010, 10 percent more than in 2009, Louis Apostol, executive director of the state’s Property Tax Appeal Board, told Bloomberg. The backlog amounts to about 35,000 claims, of which more than 80 percent come from homeowners and the board approves an average of 30 percent of them, he said.
26 comments:
himm interesting...
As this is becoming the problem of many persons such that most major U.S. cities are demanding lower taxes. So that would be problem for them.
Great one
Tom
Ravenshoe Real Estate
http://www.ravenshoerealestate.com.au
This is an issue which is of main concern nowadays. Many people does not have money to own a house. So now the rise in the tax is a main issue.
Real Estate properties have been quite unaffordable because of these taxes. It seemed almost impossible for most to acquire their own home.
There are a lot of problems right now with owning a house. The increase in taxes is one of the major problems.
this is the problem of people that don't have money to afford a house because of taxes.
Seattle Real Estate
Most Towns in Bergen County are looking to reevaluate to avoid all the appeals.
If the property tax is continue moving up, more real estate investors can turn down and a possible bankruptcy.
Interesting post. But i don't think that the government will lower the taxes.
It is one the problem in the country. That is why most of the people dont have their own house because of this taxes.People asking to lower the taxes so i hope it will be heard.
Re-evaluation is the only way to stop all these appeals. The reality is equalization and fair equity.
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Fascinating information...I'm not quite sure I've even grasped it, but it's interesting nonetheless.
this is a Interesting post. But i don't think that the government will lower the taxes................so Please log on our website for Jaipur Property
I totally agree with this post. There were thousands of appeals in the state of Florida. With property values losing value contiually, it makes sense to adjust the property taxes but some people have to call to make that happen.
Making a hoe with green environment helps in reducing the taxation.
its great post information.. its informative and interesting
Hi...
"The property tax is the main source of revenue in a lot of these places. So any hit to the property tax means that there will be some cuts in services somewhere..
Thanks
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Michelle
In present days, Foreclosure have been increasing significantly but still real estate business is booming worldwide.
Very nice post and it was really very informative.
Thanks for such a nice share.
Great share.
I would suggest that taxes on Real Estates must be marekd on a low %age so that this industry must grow.
North Carolina Real Estate.
the government must do support the real estates industry so that this industry must become the most profitable industry for all of us.
thank you..
Why EXP realty? I had been planning to buy my first house in the United States. One of my friends recommended I contact EXP Realty's local agents, because of this. Then I reached out to the local EXP Realty agents, who assisted me in purchasing my home.
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