UGH!!!!! The tax bill !! - Jemsite
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post #1 of 36 (permalink) Old 05-05-2009, 11:22 AM Thread Starter
 
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UGH!!!!! The tax bill !!

I guess our new area finally got fully-assessed. We bought new 2 years ago, summer of 2007. The brokers and couple others I spoke to in the area said taxes shouldn't go up by more than $2k based on the area and history, etc etc. I don't mind telling you I was paying $3100 for the year and knew it would jump...didn't know how much till this weekend. Got the bill for $8200! AHHHHH!!!! *@#$)((*#@$%!!! I have been on the phone with the county, the bank....it's not good. Of course the escrow is $5k short for this year and there will be a $500 additional difference each month in mortgage for future. The apartment is looking good right about now.

.....what? he's got a job again......a new baby?..... he pays his insurance and bills on time?.........trying to make a good home for his family with med insurance and all????.......

...... GET 'EM!!!!!!!!

-THE GOVERNMENT
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post #2 of 36 (permalink) Old 05-05-2009, 11:33 AM
 
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Re: UGH!!!!! The tax bill !!

I feel for you man, I work in the Chicago area and I hear stories like that a lot. Like the 10-14% sales taxes aren't enough. Unfortunately I don't think there's a whole lot that can be done. The real question is, what's your monthly going to look like now?
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post #3 of 36 (permalink) Old 05-05-2009, 11:52 AM
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Re: UGH!!!!! The tax bill !!

Sadly $3100 in chicago area IMHO is not realistic, i'd expect 2x that at MINIMUM. Lets get real property taxes in nice areas & major cities are out of control thanks for local governments overspending on everything along with the board of ed. Check your count tax responsibility and you'll be sick.

Sadly, this is no surprise and another stark reminder of young couples to smarten up and not have eyes & useless, impulsive DESIRES bigger than their wallets. Any new development/house (yours is new i recall) will have taxes TRIPLE within 2-3 years as it's assessed from an empty lot into an actual (monster) home. A friend here bought a monster home 50 miles from work (stupid) both parents working... 2 toddlers. Taxes went from $6k to $11k & climbing with each new street they pave & sewer they dig. The sad part is it's a pretty crummy area (schools suck) LOL... glen
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post #4 of 36 (permalink) Old 05-05-2009, 12:11 PM Thread Starter
 
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Re: UGH!!!!! The tax bill !!

Hey Shred, if i don't pay the bank the $5k difference by July 1 they will gladly add it to the mortgage on a 12-month payment plan. I will tell you that monthly amount will be $3200 and some change! each month. It's not going to happen...and the joke is the house isn't even that big. standard 2-car garage with 3 bedrooms and basement.

Glen, you're right...it got out of control! I planned and budgeted and ran figures before buying. I also weighed out buying new: needing to do very little work, if any, vs. buying used: having surprises vs. the time on top of cost to fix said disasters. In the end I bought new. The insane tax hike was an unexpected blow. If I knew it would be this bad I would never have done it. The county said it won't jump like this again, just fluctuate by a couple hundred or so. We'll see. I've been in disaster recovery mode for the last few days trying to sort out for a resolution. Selling is of course out of the question especially when the builder is selling our model for $50k less now. I thrive on chaos and technical difficulties so I welcome this challenge and will get through it, just as I have done in the past.

-Steve
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post #5 of 36 (permalink) Old 05-05-2009, 01:26 PM
 
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Re: UGH!!!!! The tax bill !!


When I bought my house here in south Florida, I bought new and on the down slope of the housing boom. I didn't do escrow on this house as I wanted the same dollar amount each month that would never change. When I got the tax bill it was for just the land - about 0.23 acres. I didn't think anything of it. Tax was around $2400. Next year comes around and it's for the land and the house, but the tax laws had changed and I paid somewhere around $3000. Then I get a letter saying the county messed up on my first tax bill. They only charged me for the land but should've included the house. The originally owner was the one that got the bill for just the land. They goofed and charged me for just the land on the first tax bill too. So I had to come up with another $2300 and in less than a year to pay it.

I went to the county office and argued with them. I got them to drop a few hundred off of it, but in the end you can't fight city hall. Not unless you have more money to buy bigger lawyers than them. I checked into lawyers, but the county has you buy the privates. They can go back numerous years to see if they missed charging someone for something. Once they send that bill out, you have until the end of the year to pay it though.

Now I'm paying taxes on a house that's worth about $130k less than what I paid for it. I'm better off letting someone burn the damn thing down.

Good luck to you Steve.

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post #6 of 36 (permalink) Old 05-05-2009, 02:15 PM
 
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Re: UGH!!!!! The tax bill !!

Ouch! That hurts, Courtney!
Actually, I hate to say it but it could have been worse in Florida if Charlie Crist hadn't pushed to lower property taxes. Given massive budget shortfalls at the county levels, I would expect each county commission to reexamine their property tax rates. The state's already given them the go-ahead for school boards to raise taxes if necessary.
$8,200 is just insane! Considering the shape the midwest is in, it only adds insult to injury!
Another thing to look out for is the po-po! I see cops pulling people over EVERYWHERE! I wouldn't be surprised if cops assign you a case number and a PayPal account on that next citation!
Meanwhile BSO has just announced layoffs and kids are running around Miami with Chinese AK-47's!
As far as South Florida I think it'll be bad for a few years and bounce back.
I really preay for the Midwest. We need real manufacturing back there, and soon!
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post #7 of 36 (permalink) Old 05-05-2009, 02:47 PM Thread Starter
 
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Re: UGH!!!!! The tax bill !!

They really must believe everyone is making at least $150k a year. when the rep at the bank said my mortgage would go up by $900 a month to cover the insanity increase she said it with no tone at all, as if i was buying a pack of gum. i came into this with an open mind knowing it would be bad, but not this bad. if i knew then what i know now this would not have been done. Courtney, you're right...you can't beat them no matter what. we pay their salary and they control us; we have no say! If they wanted to make it $12,000 a year they could. isn't this for the people? yeah, maybe 200 years ago. at times i'm sure it would be better to stay under british rule...at least then we'd have cool accents...and lower taxes!

A friend at work will be leaving his house and renting somewhere the end of this month. he's packing up the family and walking out after months of not making ends meet. the bank will not work with him and his taxes were raised again this year. They just can't keep up, like everyone else.

my supervisor at work is under the same gun and says it's time for a revolution.
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post #8 of 36 (permalink) Old 05-05-2009, 03:31 PM
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Re: UGH!!!!! The tax bill !!

it's pathetic but ultimately our own doing as a society. being ignorant or uninformed is no excuse. in your case you jumped into a risky situation with your head gleefully buried in the sand... i feel bad for you but i don't think you have any legitimate complaint about your taxes since none of this should be a surprise.

your friend walking away from a mortgage... what does the bank benefit from letting someone own a house subsidized by their investors? they open themselves to bankrupcy that is all... if they allow one person to do that then it opens the floodgates for anyone in the past 8 years who overspent for a house they really never could afford anyways. regardless of the economy or job market.

let him rent, it's not his birthright to own a home nor monster home. sad enough, maybe your friend needs to live in a car for a month or two to restart his sensibility. I know many like myself who don't want to subsidize (and be taxed to cover) your friends overspending while we maintain a budget and exercise some self-restraint year after year.

The government & local property taxes are out of hand but the fraudulent, selfish, greedy, immature homebuyers are MORE out of hand.... completely foolish with more limited resources (cash/paycheck) than the government. sad but true... glen
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post #9 of 36 (permalink) Old 05-05-2009, 04:00 PM
 
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Re: UGH!!!!! The tax bill !!

I agree that there is a certain level of irresponsibility on the part of the general populace regarding their personal finances, but the bank also has a responsibility to protect their assets. It's also their job to assess risk and say "no" if someone can't afford a loan. This used to happen a lot more back in the day, but in the last several years no one wanted to take the lampshade off their head and risk spoling the party by exercising self-control. That goes for the individual, the bank, AND the government!
It's like not using a condom and next thing you know there's a baby! Both parties have to initially be willing to take the risk.
There's always downside to risk. Everyone forgot that. Sometimes you roll snake-eyes!
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post #10 of 36 (permalink) Old 05-05-2009, 04:34 PM Thread Starter
 
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Re: UGH!!!!! The tax bill !!

I agree people have to buy only what they can afford but there are circumstances. If someone buys a house that's $150k (good luck finding something nice for that) and they make more than enough to afford that cheap house, but then lose their job....what has to be said then? You should have bought something you could afford by working at mcdonalds if you lose your job? I'm not saying to live in a mansion or monster house and I'm not saying live poorly either. I have seen some of your homes here on jemsite and they are nice...nice family homes...like what most people have. Homes that couldn't be afforded if you lost your job. Things happen.

In my friend's case, his wife lost her job and it takes 2 to make the mortgage unless you make a lot...most of us don't. She has been unemployed for a year. Minimum wage isn't cutting it at her part time job. They sold their 2nd car and she now drives him to the train every morning so she can have the car for the 2 kids. They got rid of some other stuff as well and have been talking with the bank, refi's, etc. Nothing works. They are one of the ones being severly affected by the economy and such. I almost lost my house a handful of months ago. Not because I bought a monster house but because I had no job and I'm the main bread winner. I would have stocked shelves at the grocery store if I had to but that wouldn't even cover the cheapest of mortgages. For me, I did my research but no one knew how much the taxes would be 2 years ago. Even the county said, this is the worst we have ever seen it...how can that be predicted? In short (too late) I agree with Glen but there are circumstances we cannot control. Monster house or not, if you have no money coming in, you're done.

When I knew I had only 2 months left money-wise in the bank while unemployed, I called the bank and said look, I need help. I want to keep the house, you don't want another loss on your hands, I have a family... Can I make partial payment in good faith, 50%, 60%, just to extend my time while I pound the pavement? What can we do. They didn't care. I called back a handful of times trying to get the right rep but I was told each time...we can't...it's all or nothing, sorry...we need to get paid...we don't accept partial payments. I couldn't believe it.
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post #11 of 36 (permalink) Old 05-05-2009, 05:02 PM
 
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Re: UGH!!!!! The tax bill !!

This is the reason the economy is in the mess it is in. I do not blame average Joe who works hard and wants to own a house. Thats not too much to ask. It is a basic standard of living as far as I'm concerned.
As for your friend thinking its time to start a revolution I would say he is not alone. http://www.cnn.com/2009/US/05/04/ammo.shortage/
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post #12 of 36 (permalink) Old 05-05-2009, 05:04 PM
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Re: UGH!!!!! The tax bill !!

My house was already 17 years old when I bought it in '04, and my taxes have gone from $6100 to $9600 since then, and we're being reassessed at the moment. The easiest way for government to raise money is to take it; that won't change anytime soon. I think about the job all the time; it's crazy tough to find another if you lose one now, and I work on Wall St. I hear there are 300 qualified applicants for every job opening, you just keep going some days.
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post #13 of 36 (permalink) Old 05-05-2009, 05:25 PM
 
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Thumbs up Re: UGH!!!!! The tax bill !!

Quote:
Originally Posted by jim777 View Post
you just keep going some days.
Thats pretty much all you can do.
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post #14 of 36 (permalink) Old 05-05-2009, 06:53 PM
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Re: UGH!!!!! The tax bill !!

Steve there are always circumstances beyond our control. You can't own a house when you live paycheck to paycheck and no money down on $300k loans. Not realistic or sensible.

Rotti in the USA avg joe can buy a home but they want new car, new kitchen, 2 car garage, landscaper, etc. People here think you need to live 50miles (that can be a 90 minute drive in traffic or more) from any large city nowadays thanks to growing up living in fantasy-land.

Unfortunately our government has overtaxed landowners to the point where owning land for the "average american" is senseless (what do you do with the mcmansion when you turn 50 have 0 kids at home LOL).

Also taxes jumping 33% is outrageous but who was bitchin' when property values jumped 100% and taxes were relatively stable... glen
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post #15 of 36 (permalink) Old 05-05-2009, 07:53 PM
 
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Re: UGH!!!!! The tax bill !!

I think the problem is that everyone here is right.
People bought houses they couldn't afford.
People bought houses they could afford but now can't.
The banks wanted to pad that bottom line so they ignored the warning signs and kept producing mortgages.
Fannie Mae and Freddie Mac banked that the Federal Government would cover their risk.
Despite years and years of similar episodes (tech, energy, etc) no one wanted to believe they were looking at a giant speculation-based bubble!

I really don't like the level of intervention that has since occured, but compared with the potential nightmarish alternative, I think we picked the lesser of two evils. Hopefully, we have the good sense to shut the stimulus OFF when things get back on track.

And a revolution is a dumb idea! It only creates violence and does nothing to solve the original problem!
If you ask me, what's really our fault is that we sat back apathetically, caring more about what was happening on American Idol than in our own government. I hope we've at least learned out lesson!
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