Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (13057)	8/23/2003 7:28:12 PM
From: Lizzie Tudor	Respond to of 306849

That might be true, Lizzie, but I wouldn't be surprised if the confusion and disparity in numbers comes from the fact that taxes are based on ASSESSED home values, not perceived CURRENT MARKET values. The assessed value on my home differs widely from its apparent market value, but the tax assessor can't keep up with the latter well enough for all properties to make assessments realistic or very current. Well, we are talking about a difference between what Warren Buffett pays in taxes, 2.2K per year, and what a new buyer would pay- roughly $72K for the same house. $2K vs. $72K, a pretty wide assessment differential wouldn't you say? I have to admit, that if I thought I was going to get a tax bill for $2K, and it turned out to be for $72K, I'd be a little upset about it. Unless, of course, I was living in a $4mm house that I paid $250K for, at which point I'd be jumping for joy vs. complaining about taxes. But that is just me.