Skyrocketing property taxes leave homeowners struggling...

[HRx]

[bezoar]

Holy Karps! And to think that I've been complaining about mine going up the MAX (5% Cap) every year. Guess I'll count my blessings, instead.

That's awful...

[whatamess]

We are paying almost $7K in NJ on a three bedroom, one and a half bath on not even an acre w/o central air! No garage either.
NJ is out of control. Now Corzine will lower taxes but increase spending through tripling tolls and other taxes. He is starting universal health care, upping school spending and universal pre school. Where oh where will he get the money I wonder......it has to come from somewhere...
WAM

[chpxiii]

As I was watching the housing boom I knew this would happen...property taxes will rise to the level of over inflated house prices.

Those who participated, IMO, deserve it.

[BKOnce]

But that is 2006 (the top point). Now, the property value curve goes down, so all states will run into deficit cycle again soon (or lower taxes in 2008+).

[tay666]

Not necissarily.
Property valuations rarely go down once they go up.
At least as far as the tax man is considered.

[Catia]

WOW, this is exactly what happened in Allegheny County, PA. I watched many innocent individuals lose what they worked for.
I lived in a working class neighborhood, but a poorer neighborhood, MOSTLY HOMEOWNERS. At that time, I was able to hold on, because I fought my new property tax assessment and won. By winning, I mean it took 2 years of fighting to be allowed to pay TWICE as much in property taxes as I did in the 1st place--but this was winning because my new tax assessment was 6 times the original amount!!!
Now let me tell you what flipped the apple cart--the foreclosures were bought up cheaply, and turned into rentals, most of them section 8. Btwn 2002 and 2007, there were then over 200+ section 8 properties within a 1 mile radius of me.
The ability to sell my home for it's assessed value is impossible when there are houses being sold on my block for 25% of their 'value'...My prop taxes are still twice as much--but house will never sell near assessed value. House is 'upside down'--mortgage taken out on it occurred before all of this.
--and it was awful-so many seniors on fixed income and young families were forced into foreclosure because they could not pay ridiculously high new property assesments taxes. This started in 2002--foreclosures everywhere.
The county will not recognize the decreased value of what all of the foreclosures are doing to the neighborhoods due directly to their property tax increases--And the mortgage companies do not care to work with you. You can't force a mort company to do a shortsale, and it is time consumming and difficult, and many real estate agents do not want to do them--so foreclosure seems the only option. Thus, continuing the cycle-
-It blows my mind that the govt ignores the basics--they essentially turned honest homeowners and tax payers into foreclosed upon bankrupt people who now need to rent and also need public assistance just to survive. Well, tax dollars fund those public assistance programs--when you eliminate so many home owners and tax payers--what funds public assistance? I see retired people not getting meds, food or proper housing. I see young families with children unable to afford basics. Everything is more expensive after BK/FC, because many companies use credit score to determine rates--And somehow that is NOT CONSIDERED CREDIT DISCRIMINATION?!?!?!?
I was able to hang on for part of this, but now I am a victim also. Eventually it was bound to happen. I wonder where does it end? At what point does some type of govt step in before everything collapses? It does have a domino effect.