WWYD if in our shoes re: house

[rafiki]

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[Melinda]

I'm not sure, but :grouphug:.

 

Could you go ahead and stage the house tentatively? If things don't improve by the end of August, list it.

 

Is DH in a position where he could propose a raise or go for a promotion within his company?

 

Sorry, but that's all I've got for now.

[SherryTX]

You already stated that his job is not very secure - and if your taxes are that high, wow - I definitely would consider moving if you are no longer comfortable with home much your total bill is for the home.

 

I am impressed with the financial situation you have put yourself in - that is something we are working towards. It is amazing how much flexibility you have when you do things right!

 

I think I would want to sell. Perhaps buy down - either in a cheaper area, or perhaps a smaller house. Definitely in a town where the property taxes are not going to up so quickly if possible.

 

Where do you live, by the way? I grew up in NH and property taxes where high, and where I live in TX - in Plano - the taxes are comparable to some parts of NH - but your taxes sound down right insane!

[Stacy in NJ]

If your mortage and taxes are consuming that large of a chunk of your income, you have an unsustainable situation. Better to take action now when your husband is employeed rather than wait.

 

The difficulty will be in whether you can get a reasonable price for your home. Even if priced aggressively, your home may not sell. It doesn't look as if the real estate market is going to improve significantly in the near, or even long term, furture.

 

Good luck. :001_smile:

[rafiki]

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[lionfamily1999]

Have you tried speaking with the people at your Treasurer's Office? Sometimes they can send you where you need to go to have your taxes reviewed, or to have the payments adjusted. Most places don't WANT you to have to sell your home because the taxes are outrageous, and if you bring it to their attention, they will (usually) do something about it. I would also recommend attending board of supervisors meetings, or whatever they are for your area, and getting your voice heard. I would guess you guys are hardly the only ones feeling the pinch.

[TwinMominTX]

I would consider hiring an attorney to fight the tax increases.

[rafiki]

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[rafiki]

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[rafiki]

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[rafiki]

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[SherryTX]

I was thinking "I wondering if this is a Ramsey fan?" while reading your first post, haha! I just read a few of his books in the past few months, and I implementing a good bit of his advice, and it has helped.

 

I agree I think taxes are a drain and a waste of money. Especially if you are not really getting anything extra out f

Thanks for the link - the pink is scary! Wow!

Well, it is just time to come back to TX!

Edited July 6, 2009 by SherryTX

[Dobela]

Here the property assessments are done by folks hired from outside of the community. If we receive one that seems high, we can ask for it to be reassessed. I know you said you had a hearing, but did you have it reassessed?

 

If you can sell it, I honestly wouldn't rent it. At least not in our area. Several of the landlords we know are having financial difficulties themselves and are honestly barely managing their properties. As they lose jobs and al that, the rental properties are the first ones foreclosing. They can't keep them up like before either. If I were you I would look to buying another property like a duplex or 4 plex where you can live in part of it and rent out the rest. Usually the rent of one half will cover most or all of the other part.

[Nestof3]

I just want to say "Way to go" on your debt situation and your responsibility. Your six month's stash away is inspiring!

 

I don't really know what to tell you to do. Our taxes go up every year as well, and I forsee them always going up as local needs such as public education (the biggest drainer where we live) continue to increase.

 

I'm sorry you are going through this.

[Catwoman]

Do you have any idea where you would move?

 

According to your chart, we're in the group of states paying the highest taxes, but I also know that our state has among the highest income levels, as well, so in some cases it balances out. If you live in a state with low taxes, but aren't making much money, you could be in the same situation, or worse. :(

 

One thing we've noticed is that there can be a substantial difference in the taxes from one town to the next. Perhaps a neighboring town has lower rates, or even an area that's a bit farther away but still within commuting distance for your dh?

 

I guess that one possibility would be to put your house on the market and see what happens. If you get the price you need, sell the house, and if you don't... well... the decision is made that way, too.

 

Be sure to go and view "the competition" before you decide on a price, though, as real estate agents will often disagree with you (and with each other!) on how much your house is worth. My dh's assistant decided to sell her house, and the realtor told her she would never get her asking price, and that she should reduce the asking amount by $40,000. She told the realtor that she was sticking to her own decision (that she came to by researching other homes for sale in the area, comparable home sales within the past few months, etc.) The house sold within 2 days at the asking price. Had dh's assistant listened to the realtor, she would have gotten $40,000 less for her home, so I'm just suggesting that you do your own research and try to be realistic when you compare other homes with your own.

 

Whatever you do, I wish you the very best. Just be certain that your frugal nature doesn't cause you to make a poor decision. You're in a lousy situation, taxwise, right now, and it's hard to watch all of that money flying out the window, but at least you have a home and your dh has a job. Lower taxes don't necessarily mean a better, more financially stable life if you lose a lot of income in order to live in a low-tax state.

 

Is your dh already actively looking elsewhere for work?

 

Cat

[lionfamily1999]

from public records on neighbor's homes, same exact models paying less and homes in our neighborhood with more square footage and double the acreage paying what we are. We had a "hearing" and spoke to the township supervisor, who pretty much said his hands are tied.

That's nuts! Most places has pro bono attorneys (trying to think where I found mine) that work cases they feel are important. You might try finding one of them, I'll talk to my mom and see if she remembers how she found them, I would guess it's the same sort of spot, regardless of county (one particular county office, or something). I'll get back to you on that :)

 

How do they justify you paying so much?

[Catwoman]

That's nuts! Most places has pro bono attorneys (trying to think where I found mine) that work cases they feel are important. You might try finding one of them, I'll talk to my mom and see if she remembers how she found them, I would guess it's the same sort of spot, regardless of county (one particular county office, or something). I'll get back to you on that :)

 

How do they justify you paying so much?

 

I had just assumed that all of her neighbors were paying similar taxes, and that the rates in her area were just very high. Unless she can demonstrate that others with comparable homes are paying substantially less than she is, there's no point in taking the dispute to a higher level.

 

Cat

[TraceyS/FL]

I moved from PInk to Blue - and we are actually paying MORE towards property taxes than we were before, it's nuts.

 

In your position i'd list the house (especially since you are "ready") and see how it goes. There obviously isn't any guarantee you will sell, but if you did then you'd be ahead of the game.

 

:grouphug:

[lionfamily1999]

I had just assumed that all of her neighbors were paying similar taxes, and that the rates in her area were just very high. Unless she can demonstrate that others with comparable homes are paying substantially less than she is, there's no point in taking the dispute to a higher level.

 

Cat

But, she can and has and they did not respond. Look at the post I responded to before. I cannot believe that they would just shrug after she SHOWED them that others were paying less.

[Kim in Appalachia]

Ok, that just stinks. :angry: No one should be taxed out of their home. I can't imagine what will happen in your town. You guys have been very responsible, putting down the 20%, making sure the payment was not out of your range. There have got to be people around you that have not been that responsible, they will all be forced out! How will that be good for the town. :rant:

 

Most states and towns are becoming desperate for cash. I'm afraid they will push more people out of their homes. It's really sad.

[TwinMominTX]

I am sorry. That sounds tough. However, given the housing market you described (the glut of similar homes) you may very well be cutting in to the equity you have in your home in order to sell. A good attorney working at an hourly fee may likely be much less than the equity you may give up by trying to sell in this situation.

[Jennifer in MI]

Can you appeal the tax decision to a higher level? A couple years ago, we had a hearing and we were also denied. We took it to the state level and won. It took quite a while, but we got our money back with interest!

 

Then, this year, the city tried to tell us the value of our house increased another $20,000! We live right outside Detroit! Yea right! We appealed the decision and asked for our value to be decreased to below what the state put it at last year and we won!! HA! (We didn't even get a hearing this year - all the times were taken! We just had to write a letter with our reasons.)

 

Good luck with whatever you decide to do.

[LMA]

from public records on neighbor's homes, same exact models paying less and homes in our neighborhood with more square footage and double the acreage paying what we are. We had a "hearing" and spoke to the township supervisor, who pretty much said his hands are tied.

 

Generally, there is a board of assessors who hears the tax appeals about the assessment of the value of your home. There is a process somewhere in your town/state to appeal the value of your home. You need to find the forms for appealing with the board. I found from experience that you really don't need an attorney for the first appeal it only requires legwork to get the records together, which you have already done. Also, appealing as a group of homeowners will help.

[Catwoman]

But, she can and has and they did not respond. Look at the post I responded to before. I cannot believe that they would just shrug after she SHOWED them that others were paying less.

 

Thanks for pointing that out, Julie -- I must be having another one of my Clueless Days, because I completely missed the post you mentioned! :blush:

 

Cat

[rafiki]

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[rafiki]

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[leaird]

Wow, what a tough situation to be in. I would probably either keep the home or sell and purchase another home. I can't bring myself to rent because that truly is throwing money down the drain.

[lionfamily1999]

Thanks for pointing that out, Julie -- I must be having another one of my Clueless Days, because I completely missed the post you mentioned! :blush:

 

Cat

Lol........ eh, I have those days too.

 

At least you weren't snarky, I've had clueless days and been snarky.... crow is not a taste I enjoy.

[Stacy in NJ]

Would you rent an apartment townhouse, single home, or downsize?

 

This really depends on:

 

1. The real estate market in your area. If you live in a high forclosure state, I wouldn't buy in the near term. While you may get a good deal on a new property, the market is unstable in places like Nevada, Florida and California. I wouldn't be buying in those states in the near term.

 

2. How much capital you have. If you can put down 20% or more on a new property that provides lower property taxes and a smaller mortages, it's probably worthwhile to buy rather than rent.

 

3. The size and type of home really depends on your needs and wants. Do you like having a yard and the maintanance that goes along with that? How many bedrooms do you really need? Most importantly in my opinion, what kind of neighborhood do you need? rural/suburban/city?

 

HTH, Stacy