Political So now what

[Spork]

Just to be honest, I'm good with the gas tax being removed. One side thought though, will they cut spending along with the tax cuts or will they continue to spend?

 

[mbryson]

Just to be honest, I'm good with the gas tax being removed. One side thought though, will they cut spending along with the tax cuts or will they continue to spend?

They'll CONTINUALLY spend. The tax payers don't hold them accountable

 

[Herzog]

Figured this is as good of a spot as any for this..

I am working on an appraisal for a home in Sandy, UT right now. Mid '90's, 2 story, 4,000sf ish. Listed in early June for about $1,150,000. asking priced lowered to about $1,050,000, and actual sales price is going to be around $950,000. Multi recent sales and current listings follow a similar pattern.
The best comparable I can find pre-interest rate hikes was listed in March at $1,150,000 and sold for $1,450,000.

That's a $500,000 value swing in sales prices in 4 months! almost 1/3 of the home value!

Assuming a 3.0% rate in March, and a 6.75% rate now, the $1,450,000 home and the $950,00 have the almost the exact same payment of about $6,200/month.

Now, there may be more to the story, and I haven't done all my research to find out if there are other circumstances involved.. and maybe this is an extreme example anyway, and is probably not typical.. But I found it very interesting.

This is just the first page of two areas I'm still watching. Wild.

 

[anderson750]

View attachment 150989
View attachment 150990
View attachment 150991
View attachment 150992
View attachment 150993
View attachment 150994
View attachment 150995
View attachment 150996
View attachment 150997
View attachment 150998

This is just the first page of two areas I'm still watching. Wild.

Yup......as I am sure you have heard from your parents, Carbon County has been on a tear raising assessed values on houses. Last year they tried to raise my assessed value by over 150k. I fought it since I had just done a refi and had an appraisal and ended up with only about a 30k raise. They just sent me my notice and they jacked me a little over 100k this year, so I think I will be paying for an appraisal this fall and fighting it again.

 

[Cody]

Carbon County local gov't is the worst. They all need to be tar & feathered. They are also busy reaping the federal $$$ from the low income housing and importing criminals from Cali.

Isn't it shitty when the local government can't be trusted to act in the best interests of the majority of the community?

 

[Herzog]

Isn't it shitty when the local government can't be trusted to act in the best interests of the majority of the community?

Easier to change the local than it is the federal / global.

 

[glockman]

I'm not 100% sure on this, maybe @jeeper can confirm. I think Utah has a state law that your property tax isn't directly tied to your assessed value. For instance, my assessed value from the county went from $410k to $571K from 2021 to 2022. That is a 29% increase. My property taxes won't go up that amount. Counties and cities have a budget year to year. They have an allowable increase percentage that they can adjust property tax within. So that might be 5%. So even though my property value went up 29%, my property tax only goes up 5%.

I do know that in Utah you only pay property tax on 55% of your appraised value of your primary residence.

 

[DAA]

Here in Dead Grass county, my assessed market value went from $501k, to $679k. My taxes, "if 2022 approved", went up 3.82%.

I don't know if I could actually get $670k for this place with the recent downturn. But for the cost of an appraisal, it's not worth quibbling over.

- DAA

 

[anderson750]

I'm not 100% sure on this, maybe @jeeper can confirm. I think Utah has a state law that your property tax isn't directly tied to your assessed value. For instance, my assessed value from the county went from $410k to $571K from 2021 to 2022. That is a 29% increase. My property taxes won't go up that amount. Counties and cities have a budget year to year. They have an allowable increase percentage that they can adjust property tax within. So that might be 5%. So even though my property value went up 29%, my property tax only goes up 5%.

I do know that in Utah you only pay property tax on 55% of your appraised value of your primary residence.

There are a lot of factors that go into it. For the rural parts of the state, Centrally assessed taxes can have big impacts on the tax you pay. I will dig down into what the exact difference is in what I am paying in tax by throwing a calculator to my tax notice and report back. Carbon County has dug themselves a hole by spending money like a drunk sailor when they had big mineral revenue coming in. Lots of big buildings with ongoing O&M were built with "Free" money. They are trying to tax their way out of this hole.

 

[DAA]

But I hasten to add!

Appraisers are the finest people on Earth. With rates going up, their business is slowing down. I really think EVERYONE should get an appraisal to contest their assessed property value. And I bet every one of you that does, wins!

- DAA

 

[glockman]

PG city is proposing a "small" property tax increase along with published lies about property tax revenue not keeping up with population growth. Population grew 36% in this period, property tax revenue increased by 400%. Oh and the proposed "small" increase is 20%. I fight the wasteful spending of my money by moronic liars every chance I get.

 

[Mouse]

We got our property tax proposal in the mail this week. If the budget increase goes through (minor bump) my taxes go up 30.1%. Assessed home value went up $214K (with no improvements) over last year (makes me think what a new shop would do).... how that can happen in one year is not logical.

The back side of the tax notice has a bunch of stuff including this line - Why am I receiving this Notice? (Among the answers) To notify you of an entity's intent to raise taxes above the amount allowed by law (Utah Code 59-2-919)....

Any recommended appraisers for the RME crowd?

 

[Spork]

Got my property tax letter yesterday
2021 assessed full market value = 324,900
2022 assessed full market value = 453,000

then they go into tax with or without budget change 1,894 without change vs 1978 with the proposed change. Last year was 1727

 

[DAA]

Any recommended appraisers for the RME crowd?

@jeeper

- DAA

 

[benjy]

Assessed value is irrelevant. You only pay more in taxes for 2 reasons - either your property’s value increased disproportionately relative to other properties in the assessment area, or the entity is going through truth in taxation.

Your tax notice should be in your mailbox. If there are dates in the far right column of the tax change info table, those are the entities increasing your property taxes. Do your homework, find out if your levels of government services are increasing as a result of the proposed increase, and speak up at that hearing.

If there is an entity doesn’t have a date in that column, it means their revenue is not increasing, despite an inflationary environment. If that entity hasn’t increased in many years, expect a 1-200% increase in the near future. Inflation is real, and government services aren’t free. That doesn’t mean you have to like the services that entity is providing 🤷‍♂️

Local government is surprisingly easy to have your voice heard and move the needle, but it requires active involvement that few want to spend the time to get involved with. Cities are built one budget at a time.

 

[jeeper]

Appraisers are the finest people on Earth.

- DAA

All I know is that I have DAA approval. My life is complete. The rest of you can suck it.

 

[jeeper]

Obviously, each situation is different.. but the very few times I have looked into arguing tax values, it seems the home owner is still getting a lower tax evaluation than market value.

This opinion is based on tax hikes by Davis county a number of years back that had folks infuriated. Even with the high increase, folks were still under valued on their tax assessment.

I will pay attention to market value vs tax value for the next few weeks and see what is trending.

I will note that tax value should be as of Jan 1 of that year, so any appraisal for tax arguing should be as of Jan 1, not the current value.

So market value I see now should be more closely compared to the 2023 taxes, not 2022.. but I'll throw out numbers as I see them.

 

[N-Smooth]

Talking about tax valuations just makes me think about how many people I talked off a ledge when I worked for the recorders office. Countless people came in to tell me how their house is worth WAY more than what we showed. Some people quickly realized their folly when I explained it’s just for tax purposes only but others didn’t care to understand and were outraged. Good times.

 

[Gravy]

My property in Eden the assessed value is 250% higher than last year. To be clear there isn't even a structure on it.... Seems like a tax grab.

 

[Hickey]

My property in Eden the assessed value is 250% higher than last year. To be clear there isn't even a structure on it.... Seems like a tax grab.

Properties like yours and mine have skyrocketed in the last year. I've had neighboring properties to mine sell for 10 times what I paid 4 years ago. They are all the same square footage (5 acre lots) but they don't have a view like mine does.

The pandemic made recreation property like ours extremely appealing.