Comments
KingKnowles t1_j26r87z wrote
I got home from Christmas to a letter telling me my taxable home value had doubled! Merry Christmas to me haha
m_wriston t1_j26xrlo wrote
Do you have the homestead tax credit? Our tax assessment went up $50K, but the homestead credit capped our taxable home value to only $15K higher than its current value. Really made a huge difference.
pnrgi t1_j26y848 wrote
43k? I don’t believe you. I live in 12k a year tax house, and that’s completely insane.
wesoloski t1_j26os4t wrote
How?
[deleted] t1_j27d9py wrote
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Moonagi t1_j26nrcg wrote
Well, as a result of the pandemic and remote work, housing prices went up which means property taxes and insurance costs went up too.
TIL02Infinity t1_j26ejo0 wrote
Meanwhile from ABC News:
Home prices fall as number of homes for sale declines
https://www.youtube.com/watch?v=qJkdoASPWgQ
>Dec 29, 2022
>
>
ABC News' Elizabeth Schulze breaks down the reason home prices are falling, and which regions are seeing the biggest plunge in prices.
​
>Some of the cities that are having the biggest declines right now are on the west coast so places like San Francisco, like Phoenix, like Las Vegas.
Seems counter-intuitive that home prices would fall when the supply of available houses for sale in a particular area declines.
mindthesnekpls t1_j26qj7a wrote
Housing prices being up big from 2020 and down in the past few months aren’t mutually exclusive phenomena. A lot of these price movements can be explained by underlying movements in interest rates.
The housing market exploded in 2020/21 as the Federal Reserve cut interest rates to 0 in order to stimulate the economy during the initial onset of the pandemic. As the pandemic progressed, the Fed kept the Fed Funds rate at zero and began buying large amounts of Treasury, corporate, and mortgage bonds alike as an additional means of keeping rates low. These measures, in conjunction with other programs such as stimulus checks and various stays on payment of things like rent and student loans, created or freed up enormous sums of money which were now spent elsewhere in the economy, causing the rampant inflation we’ve seen throughout 2022.
Slashing rates also caused an explosion in housing prices as borrowing costs fell sharply and people could borrow more money than they may have been able to while rates were at pre-pandemic levels; more access to financing = ability to bid at higher prices. As the Fed has increased rates from 0 to 4.25% this year, borrowing costs have gone back up, meaning it’s gotten harder for people to borrow at the levels we saw through late 2020 and 2021. This tightening in lending has cooled the housing market slightly, but not entirely down to pre-pandemic levels (which I think can also be attributed to the enormous additions to the money supply as part of pandemic-era stimulus programs).
TMB190 t1_j2dfbe2 wrote
Inflation was caused by corporations raising prices to increase their profits.
ArtifexR t1_j26mlyl wrote
I suspect there are some hidden factors here being ignored by the "pro-business" folks on the news, like 50% of young people living at home with parents instead of buying or renting. Even if supply hasn't increased, if no one will pay the ridiculous prices then they're SOL. Plus we're also still in the middle of "no wage only spend economics."
Elkram t1_j26u755 wrote
Idk if you can really ever correlate house listings to housing supply.
Like if I make my own chocolate bars, and leave out 10 on a shelf in a grocery store, and next to that are 10 Hershey candy bars, we are both selling 10 in that moment, but the amount of candy bars supplied by Hershey is far more than me.
rockybalBOHa t1_j28rs9m wrote
The little known secret about Baltimore City finances is that property tax revenue has been and will be exploding in the next few years. Median home sale price in Baltimore shot up by a crazy percentage, and that trend actually started before the pandemic, then accelerated during the pandemic.
Remember that ballot question about cutting the property tax rate? Well, we could really cut the rate by a significant percentage once these new assessments take effect. The reason the rate is so high now is because real estate in Baltimore has traditionally been assessed so low.
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S-Kunst t1_j284ond wrote
State wide or just central MD?
bonegravy t1_j268f6l wrote
Yeh just got the letter they taxing me 43k higher
Edit - I'm an idiot ya'll, meant to say they assessing me 43k higher. 25% increase. Lmao at 43k tax bill fuck off