Housing Market (& Mea Culpa)

FlyingScot · 03-04-2021, 06:29 PM

Quote:

Originally Posted by Biggd

So finally got notification that the house on my street just passed at $1,084300 a year after it was purchased for $720,000.
I know for a fact the the people that sold it made no improvements in the year that they owned it and it was rented pretty consistently on FRBO at $300 a night. Quite a profitable investment!

Of course I'm thrilled as it won't be a rental any longer.

Puts those tax assessments in a certain perspective, doesn't it?

8gv · 03-04-2021, 06:58 PM

In FL they have a property tax mitigation program called "Save Our Homes".

If you own the property as your primary residence you can reduce the tax escalation to 2% a year.

The program allows continuance as the owner sells and buys another primary residence which has had its tax increases controlled in this manner.

If the property is sold to an owner who has not been eligible for the program continuance the taxes go to the current market level.

This helps people stay in their homes.

Here in NH, rising real estate values don't really help you until you sell.

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03-04-2021, 06:58 PM	#2
8gv Senior Member Join Date: Jan 2012 Posts: 2,195 Thanks: 63 Thanked 764 Times in 497 Posts	In FL they have a property tax mitigation program called "Save Our Homes". If you own the property as your primary residence you can reduce the tax escalation to 2% a year. The program allows continuance as the owner sells and buys another primary residence which has had its tax increases controlled in this manner. If the property is sold to an owner who has not been eligible for the program continuance the taxes go to the current market level. This helps people stay in their homes. Here in NH, rising real estate values don't really help you until you sell.