We bought our last house in 2003, sold in 2018, made roughly double what we initially paid, spent maybe 100K in repairs/maintainance/upgrades in 15 years, add in taxes and we still cleared over 500K
Car loans are +10%, What The Heck!??
- Thread starter Corbic
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I told the appraisal office I'd sell and be out of the house in 24 hours if they paid me what they keep appraising my house for. 1982 2 Bedroom, 1.5 bath, ranch with attached 2 car garage. Basic city lot and Wichita Schools (and no specials) they appraised it for 290k this year. Taxes are going to ~2300 a year. Mortgage has gone from $725 with taxes in '18 and insurance to nearly 1k now as personal property keeps going up.
The house just north of me is for sale, similar home with 3 bedrooms and remodeled, they are down to $269k... after being on the market 4-5 months.
The house just north of me is for sale, similar home with 3 bedrooms and remodeled, they are down to $269k... after being on the market 4-5 months.
We've been fortunate with buying houses. Bought first one in 2012 for $270k, sold in 2018 for $415k. Bought our current house in 2018 for $650k and could sell now for $1.2M. Unfortunately everything else has also gone up and we aren't likely to find our current 30 yr/2.99% mortgage again ever.
I did the same thing last year. My appraisal went up $400k I told them they could have the house for $100k less than their appraisal. fought them and got them to take $200k off the appraisal, but I'm still paying on a lot more than I should be. I had some friends that didn't do their homework and lost their appeal.
Got one appeal in 2020 after going up on average 7.9-9% every year. The following year 14.9% & lost appeal as I was told when I went down to their office (when they quit responding) and they said the new system will correct it and they denied basically everyone, and now 19% this year, still fighting but they changed the system for how they calculate property tax... and everyone went up and is upset.
As far as the state of Kansas is concerned I'm a renter, no matter how much you pay you will never own any property in this state.
Take them to court. Typically you can argue that and it's why government appraisals are normally half of what market retail is.
Example house back in Indiana was always appraised at $50k. My new house did go from 200-300k but again, it's current value is north of $550k.
Inflation is a tax. Just applying it to the other side of the books.
They used to call it "The invisible tax" but that was when you did things slowly over time...
Yup, .gov doesn't have to "raise taxes" to collect more money to pay all their bills. They just keep the same tax rate and say your property is worth more money.
This is one of the reasons the Texas/Florida model of No Income Tax (but high property tax) suck. At least you'd be making more money if your income increases with inflation. You are not getting any additional economic utility from your home if the value doubles.
I'll give California one thing. Prop 13 was pretty based.
Mine is "an estimate" based off the 19.516
, until the state or country vote as they must annualy on property taxes. If the house was paid for I could pay estimated taxes under protest or appeal, one or the other.
There are other taxes that "might" be added and if the politicians decide to raise more funds. They now have to vote to raise the mil. Probably won't on the state level but with the county, I'm sure it's going to go up since we only have 300 of 400 officers now and they need the incentive to keep the 300. We have 4 presinincts/patrols North, South, East, and West and one is essentially gone with these numbers. The mayor got our last chief to not only quit but sue the city as well as many others high in the departmet. And the "poor schools" only getting slight increases thanks to inflation /s ... R or D the vote will be to raise, so it's a show of solidarity. What it's wasted on is whatever they need.
1/3 of the 8.5x14 sheet is special taxes I allready pay and another 1/3 is what they are voting on ontop of rasing directly.
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And fresh in this AM... even with the much thoughted "Revenue Neutral Rate" that was to save us from the insane jumps for property taxes...
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No property tax relief for most with new Wichita budget© Provided by KSNW Wichita
WICHITA, Kan. (KSNW) — A phrase that will impact your property taxes was a large focus of Tuesday’s Wichita City Council meeting. It is revenue neutral rate. Council members had to decide whether to exceed the RNR before voting on a new budget.
He said RNR is state law. All jurisdictions that have property tax — cities, counties, school districts — must have a public hearing before exceeding the RNR.
Even if the mill levy does not increase, most people are still paying higher taxes because 80% of Sedgwick County homeowners saw their property valuation increase.
www.ksn.com
Manning used the graphic below to explain that the mill levy would have to decrease in order not to bring in extra property tax money. The City’s mill levy has remained flat for 29 years.
During Tuesday’s public hearing, several citizens complained to the Council about their higher property taxes.
“There’s nothing we can do when the county government increases appraisals,” Mayor Brandon Whipple said.
He said 70% of the City’s budget goes toward public safety. Police, fire, and public works have to reach farther as more homes are built.
“If you have new houses that are coming online, we have to get police and fire to those houses and, say, developments out west,” Whipple said. “When they start paying property taxes, that technically adds more of those property taxes to our budget. We turn around and can pay for public safety.”
“I don’t believe that we’re seeing true property growth at the rate that matches the revenue neutral rate,” he said. “I just struggle with … to have a projected 2023 surplus and not giving it back to the taxpayers right now when they need it the most.”
Frye pointed out that staying revenue neutral would cost the City $12.6 million, which he says is the amount of the City’s 2023 surplus.
“I think it’s irresponsible for the staff, for the City to hold onto a surplus and not give it back to the taxpayers when they need it,” he said.
Frye made a motion to reduce the mill levy rate, and Council Member Becky Tuttle seconded it.
But the mayor then made a substitute motion to exceed the RNR. Vice Mayor Mike Hoheisel seconded it. The mayor then called for a vote on his substitute motion. It passed four to three. Frye, Tuttle, and Council Member Jeff Blubaugh voted against it.
The City says some of the highlights include:
“It allows us to catch up on quality-of-life opportunities,” he said. “And being that it’s 70% salaries, three-quarters of the budget is things that governments should do anyway, and with the additional costs that we are facing, I think it gives us a few steps forward to the government that Wichitans deserve.”
Frye agreed that there are a lot of positives in the budget adding to public safety. But he said the City needs to address some long-term shortfalls now rather than later.
“We’re robbing Peter to pay Paul right now, and we’re waiting to address the core challenge of ’25, ’26, and ’27 then instead of now and we need to start addressing those expenses,” he said.
The Council voted four to three in favor of the bulk of the budget and the capital improvement program. Again, Frye, Tuttle and Blubaugh were the three no votes.
A separate item passed six to one.
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No property tax relief for most with new Wichita budget
Story by Laura McMillan •14hNo property tax relief for most with new Wichita budget© Provided by KSNW Wichita
WICHITA, Kan. (KSNW) — A phrase that will impact your property taxes was a large focus of Tuesday’s Wichita City Council meeting. It is revenue neutral rate. Council members had to decide whether to exceed the RNR before voting on a new budget.
Revenue neutral rate
City Treasurer Mark Manning told the City Council that if the City levies even a dollar more in taxes than the previous year, it is exceeding the revenue neutral rate.He said RNR is state law. All jurisdictions that have property tax — cities, counties, school districts — must have a public hearing before exceeding the RNR.
Even if the mill levy does not increase, most people are still paying higher taxes because 80% of Sedgwick County homeowners saw their property valuation increase.
80% of Sedgwick County homes to get higher valuation notice
Many Sedgwick County homeowners will get a property valuation notice as early as next week. The county appraiser says the notices are going to any property that had a change in value or classificat…
www.ksn.com
Manning used the graphic below to explain that the mill levy would have to decrease in order not to bring in extra property tax money. The City’s mill levy has remained flat for 29 years.
During Tuesday’s public hearing, several citizens complained to the Council about their higher property taxes.
“There’s nothing we can do when the county government increases appraisals,” Mayor Brandon Whipple said.
He said 70% of the City’s budget goes toward public safety. Police, fire, and public works have to reach farther as more homes are built.
“If you have new houses that are coming online, we have to get police and fire to those houses and, say, developments out west,” Whipple said. “When they start paying property taxes, that technically adds more of those property taxes to our budget. We turn around and can pay for public safety.”
Exceeding the RNR
Council Member Bryan Frye said he did not want the City to exceed the RNR.“I don’t believe that we’re seeing true property growth at the rate that matches the revenue neutral rate,” he said. “I just struggle with … to have a projected 2023 surplus and not giving it back to the taxpayers right now when they need it the most.”
Frye pointed out that staying revenue neutral would cost the City $12.6 million, which he says is the amount of the City’s 2023 surplus.
“I think it’s irresponsible for the staff, for the City to hold onto a surplus and not give it back to the taxpayers when they need it,” he said.
Frye made a motion to reduce the mill levy rate, and Council Member Becky Tuttle seconded it.
But the mayor then made a substitute motion to exceed the RNR. Vice Mayor Mike Hoheisel seconded it. The mayor then called for a vote on his substitute motion. It passed four to three. Frye, Tuttle, and Council Member Jeff Blubaugh voted against it.
The budget and capital improvement
After that vote, the Council took up the 2024 annual operating budget and the 2024-2033 capital improvement program.The City says some of the highlights include:
- Funding for enhancements to police body cameras
- EMT certification for all Fire recruits
- $53 million for upkeep of City facilities
- $145 million for street maintenance over the next 10 years
- $35 million to pave dirt streets
- Extending library hours at Angelou and Walters
- Cultural facility improvements at Cowtown, the Mid-America All-Indian Museum, CityArts and Century II
“It allows us to catch up on quality-of-life opportunities,” he said. “And being that it’s 70% salaries, three-quarters of the budget is things that governments should do anyway, and with the additional costs that we are facing, I think it gives us a few steps forward to the government that Wichitans deserve.”
Frye agreed that there are a lot of positives in the budget adding to public safety. But he said the City needs to address some long-term shortfalls now rather than later.
“We’re robbing Peter to pay Paul right now, and we’re waiting to address the core challenge of ’25, ’26, and ’27 then instead of now and we need to start addressing those expenses,” he said.
The Council voted four to three in favor of the bulk of the budget and the capital improvement program. Again, Frye, Tuttle and Blubaugh were the three no votes.
A separate item passed six to one.
Property tax relief, Cowtown, and water bottles
The approved budget and capital improvement program include three items that were added last week:- Property tax relief for senior citizens, families and disabled veterans who meet certain income guidelines,
- More money for Cowtown: $90,000 in 2023 and $84,000 in 2024, and
- $135,000 for more water bottle filling stations and restrooms
USAA 4.44% on a pre owned 2022 F250
I laughed cause I actually thought it would be more, like, 8s or 9s the way the news was portraying rates.
I laughed cause I actually thought it would be more, like, 8s or 9s the way the news was portraying rates.
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Relevant to this thread, a friend of mine who works at a BMW dealer just sent me this deal that came across his desk the other day. A couple traded in a 97k mile 2013 Lexus LX570 for a 2017 LX570 with 58k miles the dealer had on the pre owned lot. Basically the same exact vehicle just newer with a little less miles. The 17 was on the lot for 58 grand, I think they got about 25 trade in for the 2013 and the pay off was 33 grand so they were upside down on it.
Check out the financing deal they got, Apparently they really wanted a newer than what they had LX570, I hope a new dashboard and 2 extra gears in the transmission was worth 100,818 dollars.
Check out the financing deal they got, Apparently they really wanted a newer than what they had LX570, I hope a new dashboard and 2 extra gears in the transmission was worth 100,818 dollars.
and theyre always trying to undo it. starting with commercial properties (the bad guys) and eventually will come after homeowners as well.
i just signed for a $35k school loan for my kids grad school. 8% interest. took me 20 years to pay off my original school debt of $60k. here i go again. **** me....
biden, you listenin? where my free student loan debt at?!
Rolling old debt into new debt is a guaranteed method to become or stay poors. Too many people think this is acceptable. It never is.
At least they didn't stretch it out past 72 months. Lol.
Gotta draw the line somewhere, 84/96mo would just be downright unreasonable at this point
How in the hell do you justify this type of transaction? That older LX570 would last quite a long time, the finance charges on the loan are almost as much as the payoff on their old unit. I guess as long as people are doing this type of dumb crap the dealers are never going to lower the price of these vehicles.
Yep, you're right all fronts, context matters. I forget we're in the minority getting crushed with taxes, many other states are not that way.
We're Red for the most in Upstate NY, but the City makes us Blue regardless how the rest of us vote.
In some ways it is the same old story, there are pockets with insane taxes, and outlying areas that aren't as bad. Many of my friends are dealing with the reality they can't afford to retire here. Which adds to migration to the southern states.
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