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Showing posts with label state. Show all posts
Showing posts with label state. Show all posts

April 11, 2011

Property Taxes, Up or Down?

Hi Folks,

   Hope you had a great weekend. As always, honored to have you back with me today.

   Property Taxes - up or down? That is the question that we will be examining today.

   "Property taxes must head up. States are running huge deficits and they need to be funded somehow.", says Howard M. Rosen, a CPA with Conner Ash P.C.. Rosen goes on to say that since property taxes are, "generally the greatest revenue source for a state this is the only way a state can make a dent in its deficit", and adds that, "the federal stimulus payments to the states are about to end so this lack of federal funding must also be made up", and therefore, "In short, property taxes will rise and will rise sharply."

   David Nykanen, a real estate attorney, says that a majority of his practice is representing owners in property tax appeals, and he says that, "Many communities in Michigan, frankly, are running out of money to process refunds when I am successful in lowering a property taxes. So, you would think the natural response would be to seek a higher millage rate, to increase taxes overall. However, given the economy, many of those communities that have attempted to raise millage rates through elections (which are required) have been unsuccessful". The forecast from Nykanen is as follows; "in the short term, I see property tax rates holding steady, with perhaps some communities slightly raising rates. And for those who challenge their assessments, I see the property tax assessments going down, lowering those owners overall tax obligations."

   As we all know, the issue of taxes, and especially property taxes, is always a hotbed for debate. Mike Arman, a Florida resident and "property tax payer", says that, "Taxes are like crack cocaine for governments - the more they get the more they want", and that even though, "the assessment goes down the millage (and net tax) goes up". Arman sees taxes going Up ("Way Up"), and uses an old Chinese expression: "The government grew fat, the peasants grew lean".

   What are your thoughts on this? Do you see property taxes going up or down in your state? We'd love to hear from you.

Have a Great Week, and Happy Rent-to-Owning !
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #propertytaxes #assessment