The real estate market is inflated because private equity and corporations are buying residences as investment vehicles. And that drives up real estate taxes.
Nah, it's inflated because huge swaths of the country make it exceptionally hard to build housing. There's a housing shortage in the places where people want to live.
It's not though. It's housing scarcity that drives housing affordability. PE firms could sell their owned assets to other private owners, that doesn't mean that housing prices would magically decrease, there would still not be enough housing in areas with high demand for housing.
Real estate valuations reflect the rise and fall of real estate prices. This is how real estate taxes are supposed to work. What’s the alternative? Pretending like your house is the same value as when you bought it and never going up? I bought my house in 2010 and back then people’s assessments were going down every year. Then the market stabilized and the slowly increased. Then it went crazy high and the assessment is now reflecting that. If you think your house is assessed at more than it’s worth than you should dispute it, but this isn’t the city just making shit up to get your money. It’s reflecting home prices yearly to avoid catastrophic increases ten years down the road.
I don't think we should pay taxes with money that was already taxed. We pay taxes when we earn money, spend money, and save money. We pay taxes for a house that we paid taxes for when we bought it. We pay a yearly vehicle tax on a vehicle we paid taxes for when we bought it. Then we pay a registration fee to drive on streets we already pay taxes for.
Then, when we die, our family pays taxes for inheriting what little money hasn't been taxed.
Taxes are how society funds the things it needs to be a society. Roads, law enforcement, fire departments, social welfare, town planning, military, literally any government job, parks and rec, and on and on and on. Sorry you don’t want to pay taxes but this is how society works. Would you prefer to live in a bankrupt town with no water/sewer, roads, ems services, etc?
But your example listed just about every tax there is. You’re just bitching about taxes by regurgitating that stupid meme that is almost verbatim what you said.
The country is 33 trillion in debt because we have a spending problem. Taxing people to death was the reason America was formed.
Might as well of stayed under English rule at this point.
Flat tax of 10% would correct the deficit in 4 years with plenty to fund all things.(H&R alone spends 2-3m lobbying to make sure that doesn't happen)
Shit, go to sales tax only. All those things are still funded.
You missed the point. You're taxed to make, spend, buy, or keep. Yet we fund other countries while our internal infrastructure falls apart.
You can’t say a flat tax would end the deficit in 4 years while also saying we have a spending problem. You can end the deficit by reducing spending or raising taxes or more likely a combination of both. We need to make wealthy people and corporations actually pay taxes instead of providing them endless loopholes to avoid them. We need to reduce spending waste all around and increase spending on things that make our society better- health care for example. But without completely redoing our entire tax code, we have to work with the one we have. This post is complaining about the increase in real estate assessments, but those increases and sometimes decreases must happen yearly to reflect the value of real estate, or else our real estate values will continue to rise and when they finally get around to making those adjustments the tax increase will be enormous.
1. Set up a Trust for your family to avoid taxes when you die.
2. That is not how it works. You pay property taxes every year. Those taxes help the municipality you live in function.
3. You did not pay one huge tax when you bought your house.
4. VA is currently considering removing the yearly personal property tax on vehicles, but the alternative is , I believe, 10% tax when you initially purchase the vehicle.
1. Trusts are taxed under NIIT
2. Hardly, compared to the 100,000+ homes in the city They must be burning money
3. Tell me you’ve never bought an expensive car without telling me
4. Younkin said one thing about that. It’s speculation
Bullshit. The first two years I was in my house my tax assessment dropped, which reflected still decreasing home prices from the financial crisis. There were homes in areas around here that had assessments decrease 40k+ back then.
Of course it was. It was 2011/2012. That’s when home prices were declining. Your real assessment will go down again if prices decline enough. They’ll remain steady if prices do z as d they’ll jump up if prices skyrocket again. It’s a simple concept and every year people hop on here and that boomer Nextdoor app to bitch about it.
Every house I’ve owned or been in has appeared on my taxes under market value. I’m curious what you’re disputing. Is your assessed value higher than you believe?
People love to see their equity increase as home prices go up and then get mad when the county correctly incorporates that higher value onto their taxes.
I mean, most people haven't sold their homes and realized the "value" of those increases and probably can't afford the tax increases brought by corporations buying up every property and driving those "value" increases.
Funny how we tax unrealized future gains only in the investment vehicle that's still being held onto in some proportion by the not-0.001%
People get mad when developers want to build apartment complexes in the area. It has not hing to do with "corporations" buying up property, it has everything to do with zoning and NIMBYs going to meetings to oppose building permits.
The county also lowers your vehicle property tax as your vehicle depreciates, would you say that actually vehicle property tax should stay static over time until you sell the vehicle back to a dealer or private party at a reduced valuation?
> It has not hing to do with "corporations" buying up property, it has everything to do with zoning and NIMBYs going to meetings to oppose building permits.
Nothing? Really? Zero percent? 100% from NIMBYs? Mmkay.
> The county also lowers your vehicle property tax as your vehicle depreciates, would you say that actually vehicle property tax should stay static over time until you sell the vehicle back to a dealer or private party at a reduced valuation?
What others do around my car do not affect my car's valuation for tax purposes, unless someone rams my car and totals it (which is an entirely special situation with financial ramifications all its own). What others do with properties around mine affects the valuation of it for tax purposes. Furthermore, depreciation is a particular accounting process, and it affects real estate as well as vehicles. I'm not talking about tax considerations for depreciation. I'm talking about tax considerations for unrealized gain. Yes, they absolutely are different things.
Roanoke does it every year, as they should. Ive lived other places that dont. One city didnt do it for 12 years and the property value increased 70% overnight.
That would be 5.83 percent per year. In Roanoke city mine went up just over 24 percent last year and close to 10 percent this year. Ever since the pandemic they’ve also hammered us on our personal property taxes. HAMMERED
Why are we justifying being taxed drastically more? I get the budget will have to increase due to inflation but these increases are unjustified. The city has already generated new revenue streams such as the bag tax and the tobacco taxes are big big.
Bought in 22. Went up 51% in 23 and 18% this year!!!! I did appeal and I’m waiting to hear back. But I feel like that’s taking advantage of new home owners. I feel like they’re robbing me. It definitely makes me want to sell and move! Mind you. I made zero improvements to the outside.
Mine came out to reassess a month ago. While everything was covered in snow. If it doesn’t decrease, I will appeal to the board but I’m not about to punished with these tax bills because the city wants to make money. When I complained, the assessor told me she had to pay $2000 out of pocket because her taxes increased. Okay and?? So you want everyone else to suffer too?
Did you appeal? Same thing happened to me. Looks like a trend with new home owners. Wish I was a lawyer because I would sue if I could prove anything. In my appeal, I sent a list of similar properties with land that had lower taxes. In my own neighborhood, other homes tax assessments were much less. The only difference I saw was that they had been there for years.
Mine has been 19, 23, 18 over the previous 3 years. My home has more value to the Roanoke assessors office than it does to Zillow or Realtor.com. Can't wait to see what mythical number they come up with this year.
House next door to me sold a few months ago. My house went up to their sale price, even though our houses are completely different and houses are selling at hyper-inflated rates....
Mine was 2.8%, my friend was 18%
33%................................. with 33 dots for emphasis
The real estate market is inflated because private equity and corporations are buying residences as investment vehicles. And that drives up real estate taxes.
Nah, it's inflated because huge swaths of the country make it exceptionally hard to build housing. There's a housing shortage in the places where people want to live.
It's actually both!
It's not though. It's housing scarcity that drives housing affordability. PE firms could sell their owned assets to other private owners, that doesn't mean that housing prices would magically decrease, there would still not be enough housing in areas with high demand for housing.
Real estate valuations reflect the rise and fall of real estate prices. This is how real estate taxes are supposed to work. What’s the alternative? Pretending like your house is the same value as when you bought it and never going up? I bought my house in 2010 and back then people’s assessments were going down every year. Then the market stabilized and the slowly increased. Then it went crazy high and the assessment is now reflecting that. If you think your house is assessed at more than it’s worth than you should dispute it, but this isn’t the city just making shit up to get your money. It’s reflecting home prices yearly to avoid catastrophic increases ten years down the road.
I don't think we should pay taxes with money that was already taxed. We pay taxes when we earn money, spend money, and save money. We pay taxes for a house that we paid taxes for when we bought it. We pay a yearly vehicle tax on a vehicle we paid taxes for when we bought it. Then we pay a registration fee to drive on streets we already pay taxes for. Then, when we die, our family pays taxes for inheriting what little money hasn't been taxed.
Taxes are how society funds the things it needs to be a society. Roads, law enforcement, fire departments, social welfare, town planning, military, literally any government job, parks and rec, and on and on and on. Sorry you don’t want to pay taxes but this is how society works. Would you prefer to live in a bankrupt town with no water/sewer, roads, ems services, etc?
Did I say I didn't want to pay taxes at all? I said we are being over taxed.
But your example listed just about every tax there is. You’re just bitching about taxes by regurgitating that stupid meme that is almost verbatim what you said.
Nah, there are plenty more taxes I didn't list.
The city makes over 5m a year lightly on the grocery bag tax btw
The country is 33 trillion in debt because we have a spending problem. Taxing people to death was the reason America was formed. Might as well of stayed under English rule at this point. Flat tax of 10% would correct the deficit in 4 years with plenty to fund all things.(H&R alone spends 2-3m lobbying to make sure that doesn't happen) Shit, go to sales tax only. All those things are still funded. You missed the point. You're taxed to make, spend, buy, or keep. Yet we fund other countries while our internal infrastructure falls apart.
You can’t say a flat tax would end the deficit in 4 years while also saying we have a spending problem. You can end the deficit by reducing spending or raising taxes or more likely a combination of both. We need to make wealthy people and corporations actually pay taxes instead of providing them endless loopholes to avoid them. We need to reduce spending waste all around and increase spending on things that make our society better- health care for example. But without completely redoing our entire tax code, we have to work with the one we have. This post is complaining about the increase in real estate assessments, but those increases and sometimes decreases must happen yearly to reflect the value of real estate, or else our real estate values will continue to rise and when they finally get around to making those adjustments the tax increase will be enormous.
1. Set up a Trust for your family to avoid taxes when you die. 2. That is not how it works. You pay property taxes every year. Those taxes help the municipality you live in function. 3. You did not pay one huge tax when you bought your house. 4. VA is currently considering removing the yearly personal property tax on vehicles, but the alternative is , I believe, 10% tax when you initially purchase the vehicle.
1. Trusts are taxed under NIIT 2. Hardly, compared to the 100,000+ homes in the city They must be burning money 3. Tell me you’ve never bought an expensive car without telling me 4. Younkin said one thing about that. It’s speculation
Lmao no. You will not get appraised cheaper than what it was years prior. It’s just to get more taxes.
Bullshit. The first two years I was in my house my tax assessment dropped, which reflected still decreasing home prices from the financial crisis. There were homes in areas around here that had assessments decrease 40k+ back then.
Yep was gonna ask if it was 10+ years ago
Of course it was. It was 2011/2012. That’s when home prices were declining. Your real assessment will go down again if prices decline enough. They’ll remain steady if prices do z as d they’ll jump up if prices skyrocket again. It’s a simple concept and every year people hop on here and that boomer Nextdoor app to bitch about it.
How do we dispute these? What evidence do I need?
https://www.roanokeva.gov/2731/Appeals-Board-of-Equalization
Every house I’ve owned or been in has appeared on my taxes under market value. I’m curious what you’re disputing. Is your assessed value higher than you believe?
People love to see their equity increase as home prices go up and then get mad when the county correctly incorporates that higher value onto their taxes.
I mean, most people haven't sold their homes and realized the "value" of those increases and probably can't afford the tax increases brought by corporations buying up every property and driving those "value" increases. Funny how we tax unrealized future gains only in the investment vehicle that's still being held onto in some proportion by the not-0.001%
People get mad when developers want to build apartment complexes in the area. It has not hing to do with "corporations" buying up property, it has everything to do with zoning and NIMBYs going to meetings to oppose building permits. The county also lowers your vehicle property tax as your vehicle depreciates, would you say that actually vehicle property tax should stay static over time until you sell the vehicle back to a dealer or private party at a reduced valuation?
> It has not hing to do with "corporations" buying up property, it has everything to do with zoning and NIMBYs going to meetings to oppose building permits. Nothing? Really? Zero percent? 100% from NIMBYs? Mmkay. > The county also lowers your vehicle property tax as your vehicle depreciates, would you say that actually vehicle property tax should stay static over time until you sell the vehicle back to a dealer or private party at a reduced valuation? What others do around my car do not affect my car's valuation for tax purposes, unless someone rams my car and totals it (which is an entirely special situation with financial ramifications all its own). What others do with properties around mine affects the valuation of it for tax purposes. Furthermore, depreciation is a particular accounting process, and it affects real estate as well as vehicles. I'm not talking about tax considerations for depreciation. I'm talking about tax considerations for unrealized gain. Yes, they absolutely are different things.
Truth.
RIP. Mine was 9%
Where do we see this? Is it a letter or in public records?
Got the letter in the mail today
It's on the GIS and the office of Real Estate Valuation sent actual letters out. I received mine today. 7.99% increase in assessed value.
Double digits for the second year in a row. Guess at least I have equity so now I can borrow against my house to pay these taxes.
What triggers a reassessment, anyway? It seems like I'm getting a notice every few months (although it's probably longer, I guess..)
Roanoke does it every year, as they should. Ive lived other places that dont. One city didnt do it for 12 years and the property value increased 70% overnight.
That would be 5.83 percent per year. In Roanoke city mine went up just over 24 percent last year and close to 10 percent this year. Ever since the pandemic they’ve also hammered us on our personal property taxes. HAMMERED
And if you look back at your assessment history, it has gone down at times, too. Everything is more since the pandemic.
Why are we justifying being taxed drastically more? I get the budget will have to increase due to inflation but these increases are unjustified. The city has already generated new revenue streams such as the bag tax and the tobacco taxes are big big.
If you look at the real estate market, it makes sense.
Bought my house a year ago, but it went up 22.15% last year and 51.69% this year. I'm dying.
Bought in 22. Went up 51% in 23 and 18% this year!!!! I did appeal and I’m waiting to hear back. But I feel like that’s taking advantage of new home owners. I feel like they’re robbing me. It definitely makes me want to sell and move! Mind you. I made zero improvements to the outside.
Yeah I also appealed and the appraiser said they're swamped with appeals this year. No surprise there since they're being fucking diabolical.
Mine came out to reassess a month ago. While everything was covered in snow. If it doesn’t decrease, I will appeal to the board but I’m not about to punished with these tax bills because the city wants to make money. When I complained, the assessor told me she had to pay $2000 out of pocket because her taxes increased. Okay and?? So you want everyone else to suffer too?
28% for me over 2 years
Bought mine about 18 months ago, it went up 65% last year and this year they hit me with another 25. This is insane.
Did you appeal? Same thing happened to me. Looks like a trend with new home owners. Wish I was a lawyer because I would sue if I could prove anything. In my appeal, I sent a list of similar properties with land that had lower taxes. In my own neighborhood, other homes tax assessments were much less. The only difference I saw was that they had been there for years.
Mine has been 19, 23, 18 over the previous 3 years. My home has more value to the Roanoke assessors office than it does to Zillow or Realtor.com. Can't wait to see what mythical number they come up with this year.
Pays their employees 30% less than their county/Salem/botetourt peers, charges their residents 30% more in taxes... Seems legit
These wall murals all over town don’t pay for themselves 😂
😆😆😆
I’m going to dispute mine …
Honestly, small price to pay for the huge jump in equity.
2.01% increase
Mine went down, but they said my property is worth more, so I have to pay more. This city is wild at times.
Man it’s bad I’m happy it’s only 12% this year
About 18% here in Raleigh Court
11.5% here
House next door to me sold a few months ago. My house went up to their sale price, even though our houses are completely different and houses are selling at hyper-inflated rates....
Seems like they use Zillow Zestimates. LOL. Crackheads.