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lquadland10 (< 20)

Yipeeee!!!!!!! I love it. Housing prices.

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12

July 15, 2010 – Comments (7) | RELATED TICKERS: BAC , SVL , GLD

I went to homegain .com and found out that houses around me that went from 200,000 to 180,000 last year are now going from 1 at 20,000 to the rest at 80,000 to 98,500 in San Antonio Tx in the 78009 area for about the same size house. Oh yeah. That is right. This yr. tax bill the Bexar County dropped the value on there own 15,000. Oh yes I am so happy. I am jumping up and down for joy. If this continues then next year I will contest it and bring in the info on houses sold and drop it down to 100,000. Su cks for everyone who uses the tax base for the budget but for me it will lower my tax bill by about 50% over the last 2 and next year. Imagine 50% less in MY tax. Oh yea doing a dance here. Paid cash. No payments. No Intrest rates to pay. Just home repair and upkeep and pesky taxes. Now the taxes will drop by 50% Oh yea. I do believe in shorting the home builders.

And on another note. IF BAc was caught on

Hong Kong’s market regulator has fined two Merrill Lynch subsidiaries $450,000 for “systems and controls failings” after a managing director mismarked a trading book of illiquid securities.

The false marks inflated the value of the trading book by about $25m, concealing its actual loss.

http://www.ft.com/cms/s/0/6a550446-6cdf-11df-91c8-00144feab49a.html

 Now I believe that this is one of many of the big 5 bac just got caught. So my question is how good was the stress test and we need another one. Snicker. I was being snarky on the stress test past.

7 Comments – Post Your Own

#1) On July 15, 2010 at 2:11 PM, vriguy (83.89) wrote:

Sorry, but your taxes won't drop 50%.  The rates will double if property values drop by half.  The only way your property taxes will go down is if your local tax jurisdiction starts spending less on schools, police and fire departments, roads, park districts, libraries, etc.  My guess is that most jurisdictions will drop spending on these slowly, or not at all. Personally, I'd be happy to keep paying the for most of these items as they directly affect my quality of life. My federal income taxes are 15 times my property taxes, and 9 times my state taxes. Throw in Medicare and Social Security and those ratios climb further. It is the Fed Govt that needs to reduce spending.

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#2) On July 15, 2010 at 3:26 PM, TheClub55 (22.52) wrote:

Yep taxes will not go down... I live in the burbs of Chicago and 97% of tax protest are being lost even though I'd bet the protesters are correct in most cases.  The taxman can't loose any more $$s or they will be out of a job, so they are just saying "thanks for pointing out the homes that are under assessed".  You will need to vote the fools of office and fire all the gov employee’s b/f things will change.  Plus, if the assessment goes down a little, say 10% then they will just raise taxes some more.

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#3) On July 15, 2010 at 3:31 PM, leohaas (31.02) wrote:

Property Tax = Assessed Value x Tax Rate.

For you to get ahead, the Assessed Value needs to go down faster than the Tax Rate is going up. Before you start dancing, be aware of the Tax Rate increase...

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#4) On July 15, 2010 at 3:59 PM, lquadland10 (< 20) wrote:

Yep but we have a tax cap. Mine reached that rate a couple of years ago. This year lower taxes again.  No state tax. Oh and the last 5 tax disputes here I won. This  year included. virguy I understand about the police and teachers. However Do you all see what happened here. The SALES prices are down in one year by 50% That should tell you where the eccomony is going.

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#5) On July 15, 2010 at 9:45 PM, OneLegged (< 20) wrote:

In excess of 50% drop in property values in 2010, yet my taxes increased by 116%.

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#6) On July 16, 2010 at 9:41 AM, workfor (< 20) wrote:

Read my lips..... tax revolt coming.

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#7) On July 16, 2010 at 4:00 PM, lquadland10 (< 20) wrote:

YEP  on tax revolt. However I this year was blessed. My property value went down 18% and I paid 18% less in tax.

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