Wednesday, December 07, 2005

Home Owners Want To Eat Cake Too..

Property owners seek tax adjustments - From the Times-Beacon on LBI..

About 260 have made appointments with the tax assessor to talk about the new reassessments for their homes.
...
"It appears to me the standard they are using is above the standard we have down here," said Philip Biazzo of Dock Road. "Why aren't they using a standard that's a real standard?"

Biazzo said the revaluation is being "done in a bubble" of high housing prices.


Tax Assessor Frederick R. Millman said the reassessment was ordered by the Ocean County Board of Taxation and affirmed by the New Jersey Board of Taxation because assessments fell below 70 percent of true market value and the discrepancy is continuing.

Maybe I'm biased, not being a homeowner, but if property "values" rise, it only makes sense that taxes should rise with them. Unfortunately, housing price bubbles are a double edged sword. Many people are high as a kite on the free money (equity) it's given them, however when the tax collector comes, they somehow feel like the increase is unjustified. Well, you had the appreciation, now pay the piper. Now, I understand long time residents, especially older residents on fixed incomes, can be pushed out of homes they've lived in all their lives. This is, of course, unfortunate. However, it is entirely the governments fault for causing this. So if you are outraged about it, talk to your local politicians. Not about eliminating or reducing taxes on long-time residents, but by eliminating the tax loopholes and agencies that let this home price escalation get so out of hand. Treat the problem, not the symptoms.

Millman said the housing market is cyclical.

"If there was a sudden drop in the market or a sudden spike in the market, we would do this (a reassessment) for the following year," Millman said.

Local government give back money? Sorry, I'll believe that statement when I see a local government reassess a whole town downwards.

Caveat Emptor,
Grim!

3 Comments:

Blogger lindsey said...

Ed being absent I thought I would post the Eastern Monmouth MLS number for today.

I don't have last week's number handy so I can only refer back to my last check on 12-2 then and now the number was 3,023, so no change in the last five days

To round out the info:
W. Monmouth 1642
S. Monmouth 724
Ocean County 4681

On 12-2 those numbers were:
W. Monmouth 1649
S. Monmouth 730
Ocean County 4643

Don't expect a lot of movement for the next 8 weeks at least, but come Feb. I think the numbers will rise as the people who need to unload try to get a jump on the spring market.

Wednesday, December 07, 2005 1:13:00 PM  
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Saturday, December 10, 2005 5:31:00 AM  
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Tuesday, March 07, 2006 6:35:00 AM  

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