RE: [Mpls] Dealing With Property Tax
Jason C Stone writes: I saw an interesting proposition for how to deal with spiraling property taxes. It was in a Mensa magazine - not my subscription obviously. Anyway, the suggestion was to treat property tax assessments as an offer to buy, based on the assessed market value. The city would have a considerable incentive to make conservative assessments that are well within the boundaries of current market conditions. I'm a RealtorR and frankly I _rarely_ see many market values that are are too high. The opposite is true, however: market values tend to be lower than the marketplace values of the homes. BTW, I'm talking about the estimated market value rather than the lower limited market value (the latter is tempered to not permit market values to increase too sharply in any one year). IIRC, it's the Limited Market Value that is used to calculate the actual tax amount on the home. Maybe this idea would work in the opposite direction. That is, anyone who appeals their estimated market value to their local board of equalization would agree to sell their home at the EMV value (grin). Rick Mons Shoreview TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.) Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
[Mpls] Dealing With Property Tax
I'm a RealtorR and frankly I _rarely_ see many market values that are are too high. The opposite is true, however: market values tend to be lower than the marketplace values of the homes. BTW, I'm talking about the estimated market value rather than the lower limited market value (the latter is tempered to not permit market values to increase too sharply in any one year). IIRC, it's the Limited Market Value that is used to calculate the actual tax amount on the home. Maybe this idea would work in the opposite direction. That is, anyone who appeals their estimated market value to their local board of equalization would agree to sell their home at the EMV value (grin). Rick Mons Shoreview (CM) Until the late 1970's ( I can't tell you if it has changed since then) the Japanese used just that system. The property owner would value the house and pay the scheduled tax. The local government reserves the right to buy the property at the price stated. Thus most folks kept their value up a little higher then market. Revenues keep coming in. Amazingly efficient. Wouldn't work here. Too many people at city-county-state making a living at explaining to us great unwashed, things like 1. Accessed market value 2. Limited value 3. Tax value 4. Tax capacity 5. Market value 6. Mill Rate 7. LGA 8. Homestead Credit 9. This old House credit 10. Circuit Breaker 11. Certificate of Rent Credit 12. Need I go on. It used to be you needed an attorney to understand tough parts of the law. Even I use an attorney to appeal my taxes. The city won't take you serious until you do. Same thing with other govt levels when it comes to rightaway and em-domain. Won't listen to you or hear your argument until a lawyer is presenting. By then the amount you settle for goes up. Craig Miller Buffalo MiniStorage 763-682-4320 [EMAIL PROTECTED] TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.) Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
RE: [Mpls] Dealing With Property Tax
Not any more! That limitation (which protected, for example, seniors still living in their original home, while house values have gone way up) was removed by the republican-controlled legislature this past year. BTW, I'm talking about the estimated market value rather than the lower limited market value (the latter is tempered to not permit market values to increase too sharply in any one year). . . Rick Mons Shoreview TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.) Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
RE: [Mpls] Dealing With Property Tax
Not any more! That limitation (which protected, for example, seniors still living in their original home, while house values have gone way up) was removed by the republican-controlled legislature this past year. Tim Bonham, Ward 12, Standish-Ericsson BTW, I'm talking about the estimated market value rather than the lower limited market value (the latter is tempered to not permit market values to increase too sharply in any one year). . . Rick Mons Shoreview TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.) Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
[Mpls] Dealing With Property Tax
I saw an interesting proposition for how to deal with spiraling property taxes. It was in a Mensa magazine - not my subscription obviously. Anyway, the suggestion was to treat property tax assessments as an offer to buy, based on the assessed market value. The city would have a considerable incentive to make conservative assessments that are well within the boundaries of current market conditions. Regards, Jason Stone | Hale __ Do you Yahoo!? Yahoo! Calendar - Free online calendar with sync to Outlook(TM). http://calendar.yahoo.com TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.) Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
