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Tax Appeals Swamp U.S. Cities, Towns as Property Prices Plunge

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posted on Dec, 8 2010 @ 12:03 PM
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Tax Appeals Swamp U.S. Cities, Towns as Property Prices Plunge


www.bloomberg.com

From Los Angeles to Atlantic City, the New Jersey gambling resort whose credit rating Moody’s Investors Service cut by three levels last month, property owners are demanding lower taxes after real-estate values plunged. The disputes over billions in dollars come as municipalities are already slashing services such as police and fire protection and may depress revenue further as communities try to recover from the longest recession since the 1930s. In Michigan, Governor-elect Rick Snyder has warned that hundreds of towns face financial crises.

(visit the link for the full news article)




posted on Dec, 8 2010 @ 12:03 PM
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This is actually a huge story, and a hugely important topic in these times.

The property tax is a controversial issue to begin with, in my humble opinion, as although on the surface it appears to be an important necessity, more often than not many of these monies do not end up going where they are intended to---Sustaining the infrastructure.

Now in cases such as we find ourselves living in currently, where VALUES are dropping exponentially, and the infrastructure allocations are being cut back, should the owners still be required to pay exorbitantly high fees? Or should things be adjusted to fit the actual VALUE and allocations toward what these "taxes" are supposed to be supporting?

www.bloomberg.com
(visit the link for the full news article)



posted on Dec, 8 2010 @ 12:07 PM
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Good luck to them. Their governments reassessed when values were crazy high, in many locales just months before the bubble burst, intentionally.

The tax collectors and their governments were hand in hand with the shady lenders.

They all benefited from screwing you over and will continue to do so until a few days after your death when they collect that final payout from your corpse.



posted on Dec, 8 2010 @ 12:16 PM
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Being from Michigan and having voted for him, I really hope Mr. Snyder doesn't try anything stupid to fix this. I know I am one of the people fighting my taxes, since my house lost over 40,000.00 in value from what I paid, yet my SEV value is over 40,000.00 MORE than I paid, even with a bankruptcy house right next door.



posted on Dec, 8 2010 @ 12:24 PM
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reply to post by chiefsmom
 


Sure sounds like people in a neighborhood should get together, hire an appraiser and then go after the Tax appraisal for their neighborhood. If that does not work go after the city politicians.

Local politicians are a lot more vulnerable to a crowd of angry citizens showing up on their door step.



posted on Dec, 8 2010 @ 12:32 PM
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people are funny; they refuse to accept the responsibilities of entering a participatory economy yet participate when they are told there are gains to be had.



posted on Dec, 8 2010 @ 12:38 PM
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Lucky for us there are more tax cuts on the way. Soon there will be no taxes and therefore the economy will flourish! We have had 30 years of tax cuts for the wealthy and it's been "tremendous" as plankton would say!



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