So the value of your home increased x2? Like you said, not good if you aren't trying to sell, but that's quite an increase. Could be good if you do end up selling at some point.
Kentucky is trying to do that
https://spectrumnews1.com/ky/louisville/news/2024/02/15/proposed-property-tax-freeze#:~:text=Senate%20Bill%2023%2C%20which%20was,12.
Fuck those old people. They had the greatest economy the US ever saw and they voted in right to work laws. How about give tax breaks to young people stuck supporting them in this garbage economy?
He's right though. Locking in property tax rates for elderly does make home ownership and home prices more expensive. This is seen in CA. Taxes for people without locked in rates end up increasing to cover the lost revenue.
Sure. We pay taxes for a lot of stuff that helps others but not us. We all do it. Kind of what society is for. I suspect the complaining poster will have a different opinion about it in 40 years or so.
Now I'm distracted by your reddit name. Are you still into Emilia Clarke or just stuck with the name?
You think your average elder person "built this system"? Or do you think they are just a cog like you and me? Also, many elders didn't "thrive" either, especially if they need a property tax freeze to maintain and have a fixed income. You are really referring to a smaller group of boomers. Learn some nuance.
I hate an entire generation of people and their enablers. I understand that not all benefit but I also understand demographics in the state and who they overwhelmingly vote for. So again, fuck those old people.
Thank you for coming to my Ted talk.
I can certainly understand the sentiment. But I've met enough good (and poor) older folks to know that they are definitely not the problem. And generalizing an entire generation is always stupid internet stuff. Interesting Ted Talk nonetheless.
Then I guess you’ve got to pay your taxes.
We can build more housing supply to lower demand and property prices.
But then we’d be ruining people’s investments.
Your mortgage didn’t double. The mortgage is the principal and interest.
You are talking about the items held in escrow; the property insurance and the property tax.
The Kentucky State Constitution requires all real property to be assessed at 100 percent of its fair market value. So yes, with rising property values, property assessments are also required to increase. If you live in an active market with lots of turnover, then determining the fair market value is easier than an area with fewer real estate transactions.
Me asking how my condo is 20k higher than other units. Them: well they probably have upgrades. Me: you guys do in-home reviews and keep track of appliances? Them: no.
It’s actually not that bad…as of late only something like 5% of people actually ever challenged them, and MOST of the time, don’t take to the appeal stage because the PVA will usually counter offer one time before...just by making a call. After I Bought a house during COVID and my taxes went up the following January upping my mortgage 160 bucks a MONTH, I challenged it, got it lowered, didn’t like it, was going to take it to appeal, and they called back a second time before the appeal (because they had so many apparently…symptom of just using covid sale prices…) and lowered it by $40,000.). It was my largest victory as a homeowner thus far.
I hate what I paid for the house, cause the previous owner made out like a bandit…but if I hadn’t, I doubt I could afford anything in this zip code now.
If they have to have a meeting about why property assessments are going up, you know you’re about to get absolutely fucked. If they were staying relatively the same or just had a moderate increase, they wouldn’t do this. Bring your lube of choice!
Pays extra to live in an above average neighborhood.
Gets monetarily fucked by people who think that a St. Mathews homeowner should be taxed like the top 1% 😂
Didn't last time we went through this, the head guy of tax assessment, who lives in a big ass mansion off Bardstown Rd, have his assessed value not change at all?
Taxes for thee, not for mee!
I think a good idea is to implement a 5 year lag on property values for properties that have not sold. In other words, you would be assessed at the value your home had 5 years ago. But if the property sells, the new owners pay taxes on the selling price.
Exactly meanwhile with the recent heroics of the Louisville Division of Fire many of us are learning that they’ve been severely underfunded for a while and working without a contract for almost a year.
Maybe we’ll get lucky and the market will crash before they try and tax everyone on these ridiculous values.
But since they’re losing so much money on commercial real estate taxes I bet they’ll be moving fast.
It's funny how many negative comments there are about this in here. This sub was overwhelmingly in favor of the property tax rate increase that was voted in for JCPS.
Why aren't you all fans of updated assessments? I thought this sub liked to pay more taxes.
This happened to me, though it was 100% expected because my house went from being an abandoned house to being rebuilt from the studs out with everything being brand new. I purchased in 2022 with an appraisal of 130k and previously it was at 25k. That works for me since my mortgage is already so cheap, but I'm worried about how it'll impact my neighbors next door that have been here since the 80s. Our street is filling up with new and younger couples so I'm sure theirs went up. They get by, but a huge tax increase on both of their properties that sit next to each other is going to fucking suck.
I think the only reason it's possible is because it's Portland and housing over here is still "affordable" to the crowd that's ready to buy. It's of course in the west end so right around 99% of the city will never consider the neighborhood and will continue to not being able to afford homes in the city. I don't blame anyone for not wanting to live over here, but there are nice homes and nice pockets of solid neighborhoods here.
Anyone that's around my age (late 20s, early 30s) that has bought over here told me the same thing. Search started in our favorite places and slowly shifted elsewhere.
We lived in our home over 10 years with no assessment and now the PVA is going to do it every year after doubling our property taxes last year? This seems absolutely ridiculous and yet another way to money grab. This state keeps getting more shady by the day.
I mean, how do you think your property should be assessed?
You would have no problem if it sold for that amount.
I always see these cry babies on next door that bitch about their property tax. I would pull their name, look them up on the deed room and then check their property taxes. They would bitch and moan when they were paying $20 more per month.
Buys house, wants to live in house. Not sell. Doesn't want taxes to go up an unreasonable amount. I'm sure I'll get a raise to subsidize this tax increase and inflation, right? Lol
My mortgage went up almost $400 a month and this is only my first year owning my home. I guess I’m naive af bc I didn’t even know that could happen. I thought your mortgage was your mortgage, otherwise how can anyone feel secure buying a home period if they have to worry about the monthly payment increasing so much. What the hell is my mortgage going to cost next year if property taxes increase again? Am I going to have to sell bc I won’t be able to afford to live here anymore? It’s ridiculous.
there's definitely more to this story, the property taxes in jeff co aren't high enough to cause that kind of difference
my guess is that as part of your closing costs that you paid property taxes up front for some period of time and then it became part of your normal mortgage costs after with the new valuation
I think what happened is that my mortgage company barely had enough money in my escrow to pay the property taxes and after all was said and done there wasn’t enough to pay for the homeowners insurance and it put me at a shortage, which they’re now spreading over the course of the year so I can have enough in escrow for this years projected property taxes. It’s fucked up
Oftentimes, property taxes and home insurance is bundled into the mortgage through escrow. If the value goes up then your mortgage will go up as well due to the increase on property taxes and home insurance.
Mine is going up $400 a month also. I’ve never had this happen in my last home I had for 20 Years. Now I’m divorced and single and bought this home 2 years ago with a mortgage I could afford. Well I can’t afford it now.
I feel ya. Guess that’s what I get for buying a house in the highlands 🤷🏼♀️. If I’m going to pay that much I’d rather have a house twice as big, and now I’m seeing houses pop up on Zillow on the outskirts of Louisville or Shepherdsville or Mt Washington that cost less than what I paid for mine and it’s twice as big and just as nice and I regret my choices lol.
Yes I’m in the highlands too but each area is going through these assessments apparently. I’m screwed because I have a lower interest rate. Buying now and downsizing the payment would be the same or very similar due to high rates currently. It all sucks. I’m ready to live in a camper
They pretty much make something up. I had mine appraised before purchase in 2018, and it was valued at 195k. Last year, the county said it was worth 230k. Which funny enough is about what Zillow estimates the value at. I have made zero improvements. Just an idea of what to expect.
My point is, the same people who are saying they shouldn’t be charged their new assessed rate of property taxes are the same ones who complained about topgold being built.
[https://www.rate.com/resources/where-do-my-property-taxes-go](https://www.rate.com/resources/where-do-my-property-taxes-go)
This sub spends every day complaining about the tolling of the bridge, you need to raise taxes to remove the need for tolls. This sub wants walkable infrastructure, you need to raise taxes to pay for that infrastructure. This sub wants Bus drivers to be paid more / JCPS to have more resources, you need to pay taxes for that.
There's nothing wrong with raising taxes to fund improvements to the community.
No I want to know what YOU see in your daily life that reflects improvements you’ve noticed. Not a list of shit that may or may not ever actually happen doesn’t help. Because I don’t see any potholes getting filled, I don’t see less vandalism, I don’t see more patrols, etc etc
anecdotes are not great arguments.
here is one example of how your taxes help children.
https://m.youtube.com/watch?v=bEWIqFOhBJ8
you can go, see, and interact with your taxes.
in addition to that, when children go to school and can eat breakfast and lunch for free my taxes are directly benefitting society at large.
This is why I made my comment of “tear down top golf” the same people who think they are too old to have to pay their fair share of property taxes on their home are probably the same ones who complained about top golf lol
They got us last year, and our taxes doubled. Home values rising mean nothing good unless you’re trying to sell.
O crap that's a lot.
Means nothing to you, means more revenue for the taxman (or woman).
So the value of your home increased x2? Like you said, not good if you aren't trying to sell, but that's quite an increase. Could be good if you do end up selling at some point.
Nah boomers got a break for a long time and were paying taxes on a valuation much lower than the market price
But only boomers. Cool young people had to pay full price.
Tax value has no real bearing on actual sell prices. Actual sell prices do however have an effect on the tax value.
They should not raise property taxes on people 65 plus on fixed income. There is no reason to increase taxes on them.
You may be able to apply for the Homestead Act Program that helps seniors to retain their homes.
Not raise property taxes on anyone's primary home. Regardless of age.
They tried that in California. It's a mess that drives a lot of bad policy outcomes.
If they only own one home, I agree. If they own more than 1 house, then I say fair game.
Kentucky is trying to do that https://spectrumnews1.com/ky/louisville/news/2024/02/15/proposed-property-tax-freeze#:~:text=Senate%20Bill%2023%2C%20which%20was,12.
They already get a discount t on the KY homestead exemption.
Could have stopped at "They should not raise property taxes"
Apply for homesteader exemption
Good way to get boomers to never sell their homes or downsize and make the housing shortage even worse
Fuck those old people. They had the greatest economy the US ever saw and they voted in right to work laws. How about give tax breaks to young people stuck supporting them in this garbage economy?
Blah blah blah I want old people to suffer because I'm insecure
He's right though. Locking in property tax rates for elderly does make home ownership and home prices more expensive. This is seen in CA. Taxes for people without locked in rates end up increasing to cover the lost revenue.
Sure. We pay taxes for a lot of stuff that helps others but not us. We all do it. Kind of what society is for. I suspect the complaining poster will have a different opinion about it in 40 years or so. Now I'm distracted by your reddit name. Are you still into Emilia Clarke or just stuck with the name?
She's a wonderful and kind person (from public knowledge). It was never that deep for me.
No I want the ones who built this system and thrived from it to suffer its fall
You think your average elder person "built this system"? Or do you think they are just a cog like you and me? Also, many elders didn't "thrive" either, especially if they need a property tax freeze to maintain and have a fixed income. You are really referring to a smaller group of boomers. Learn some nuance.
You sound like the type of person who thinks a subreddit has any impact on the world. We’re all just shouting into the void.
Well shout some shit that makes sense then.
I hate an entire generation of people and their enablers. I understand that not all benefit but I also understand demographics in the state and who they overwhelmingly vote for. So again, fuck those old people. Thank you for coming to my Ted talk.
That's a lot of hate. I hope you get well soon.
I can certainly understand the sentiment. But I've met enough good (and poor) older folks to know that they are definitely not the problem. And generalizing an entire generation is always stupid internet stuff. Interesting Ted Talk nonetheless.
You don't though. Over time those votes have radically changed.
So you’re telling me the boomer set in KY votes progressively?
You’re damn right. If I were to guess, mine will probably jump $40k and another few hundred a year in property tax.
Ya, that's what I'm afraid of.
Feel free to sell
This is totally crazy, but some people actually want to live in their homes. The nerve.
Then I guess you’ve got to pay your taxes. We can build more housing supply to lower demand and property prices. But then we’d be ruining people’s investments.
There are around 16 million vacant homes already in the US. It would be easier to clean those up than build new ones, wouldn't it?
We can do both to really lower demand and rising property values.
I think we all know where you’d be standing politically 250 years ago just from this one comment.
Hm? I’m not the one increasing property valuations. Housing is a commodity. I wish we didn’t treat it as one, but capitalism babyyyy
Yeah we should have just paid that tea tax…
Nothing wrong with a tax strike.
I imagine a lot of families have lost their homes due to this increase in taxes. Good luck finding another affordable place to live. Very sad.
I imagine a lot haven't
We haven't. But our mortgage was low. Our mortgage doubled. Feel bad for the people who have mortgages that were at the top of their budget.
Your mortgage didn’t double. The mortgage is the principal and interest. You are talking about the items held in escrow; the property insurance and the property tax.
I was going to be more specific. But I figured people would know exactly what I was talking about.
40K would be around $480 for the year. So $40 extra per month.
The Kentucky State Constitution requires all real property to be assessed at 100 percent of its fair market value. So yes, with rising property values, property assessments are also required to increase. If you live in an active market with lots of turnover, then determining the fair market value is easier than an area with fewer real estate transactions.
You want a good laugh? Check into the process of how to appeal your homes property tax value...
Me asking how my condo is 20k higher than other units. Them: well they probably have upgrades. Me: you guys do in-home reviews and keep track of appliances? Them: no.
They go by building permits. If you havnt had work done you should be okay.
It’s actually not that bad…as of late only something like 5% of people actually ever challenged them, and MOST of the time, don’t take to the appeal stage because the PVA will usually counter offer one time before...just by making a call. After I Bought a house during COVID and my taxes went up the following January upping my mortgage 160 bucks a MONTH, I challenged it, got it lowered, didn’t like it, was going to take it to appeal, and they called back a second time before the appeal (because they had so many apparently…symptom of just using covid sale prices…) and lowered it by $40,000.). It was my largest victory as a homeowner thus far. I hate what I paid for the house, cause the previous owner made out like a bandit…but if I hadn’t, I doubt I could afford anything in this zip code now.
Yep it's almost impossible to appeal. Just another government cash grab.
If they have to have a meeting about why property assessments are going up, you know you’re about to get absolutely fucked. If they were staying relatively the same or just had a moderate increase, they wouldn’t do this. Bring your lube of choice!
Lube? So there's a chance of having relations with Booby Hosclaw?
Sorry this isn’t Bobbie’s office (the county clerk) this is is the PVA.
Aww jeez is that why I got down voted?
Pays extra to live in an above average neighborhood. Gets monetarily fucked by people who think that a St. Mathews homeowner should be taxed like the top 1% 😂
They did this to me last year. My mortgage has went up $140 a month.
Your property value went up like 130k?
I hope so because I’m about to sell 😂
How do you not know? They list the valuation on your taxes.
Because people are clueless dolts.
Taxes dont track a home's market price in real time. My home was being taxed on a valuation 100k below its market value when I bought it
Mine went up almost $200 last year . I thought they did assessments every 4 years ?
I’m honestly not sure
Didn't last time we went through this, the head guy of tax assessment, who lives in a big ass mansion off Bardstown Rd, have his assessed value not change at all? Taxes for thee, not for mee!
I think a good idea is to implement a 5 year lag on property values for properties that have not sold. In other words, you would be assessed at the value your home had 5 years ago. But if the property sells, the new owners pay taxes on the selling price.
Gotta pay all those multimillion dollar settlements from the LMPD somehow.
Exactly meanwhile with the recent heroics of the Louisville Division of Fire many of us are learning that they’ve been severely underfunded for a while and working without a contract for almost a year.
I disputed mind last year due to needed repairs, don't know wtf I'm gonna do this year.
Super un beneficial for all residents..
Maybe we’ll get lucky and the market will crash before they try and tax everyone on these ridiculous values. But since they’re losing so much money on commercial real estate taxes I bet they’ll be moving fast.
It's funny how many negative comments there are about this in here. This sub was overwhelmingly in favor of the property tax rate increase that was voted in for JCPS. Why aren't you all fans of updated assessments? I thought this sub liked to pay more taxes.
Liked? No, that's not the word.
Will there be some corresponding rise in home value then?
Raise our home values to raise property tax, yes!
An increase or decrease in valuation should coincide with the street value on the market.
You have no idea how any of this works do you?
This happened to me, though it was 100% expected because my house went from being an abandoned house to being rebuilt from the studs out with everything being brand new. I purchased in 2022 with an appraisal of 130k and previously it was at 25k. That works for me since my mortgage is already so cheap, but I'm worried about how it'll impact my neighbors next door that have been here since the 80s. Our street is filling up with new and younger couples so I'm sure theirs went up. They get by, but a huge tax increase on both of their properties that sit next to each other is going to fucking suck.
If I remember correctly seniors pay a reduced tax rate. If that matters.
How can that be since young people seem like can't get a job or buy anything because all the old people or so I've been told
I think the only reason it's possible is because it's Portland and housing over here is still "affordable" to the crowd that's ready to buy. It's of course in the west end so right around 99% of the city will never consider the neighborhood and will continue to not being able to afford homes in the city. I don't blame anyone for not wanting to live over here, but there are nice homes and nice pockets of solid neighborhoods here. Anyone that's around my age (late 20s, early 30s) that has bought over here told me the same thing. Search started in our favorite places and slowly shifted elsewhere.
We lived in our home over 10 years with no assessment and now the PVA is going to do it every year after doubling our property taxes last year? This seems absolutely ridiculous and yet another way to money grab. This state keeps getting more shady by the day.
I mean, how do you think your property should be assessed? You would have no problem if it sold for that amount. I always see these cry babies on next door that bitch about their property tax. I would pull their name, look them up on the deed room and then check their property taxes. They would bitch and moan when they were paying $20 more per month.
This is what I am saying. *buys house… doesn’t want to pay property taxes even though that is what being a homeowner means* lol
Buys house, wants to live in house. Not sell. Doesn't want taxes to go up an unreasonable amount. I'm sure I'll get a raise to subsidize this tax increase and inflation, right? Lol
My next door neighbor has a larger home, nicer and larger lot and yet apparently assessed for $40K less than mine last year. I may need an appeal.
“Taxes are going up? Yay! More great services!” -Reddit…right?
My mortgage went up almost $400 a month and this is only my first year owning my home. I guess I’m naive af bc I didn’t even know that could happen. I thought your mortgage was your mortgage, otherwise how can anyone feel secure buying a home period if they have to worry about the monthly payment increasing so much. What the hell is my mortgage going to cost next year if property taxes increase again? Am I going to have to sell bc I won’t be able to afford to live here anymore? It’s ridiculous.
there's definitely more to this story, the property taxes in jeff co aren't high enough to cause that kind of difference my guess is that as part of your closing costs that you paid property taxes up front for some period of time and then it became part of your normal mortgage costs after with the new valuation
I think what happened is that my mortgage company barely had enough money in my escrow to pay the property taxes and after all was said and done there wasn’t enough to pay for the homeowners insurance and it put me at a shortage, which they’re now spreading over the course of the year so I can have enough in escrow for this years projected property taxes. It’s fucked up
Oftentimes, property taxes and home insurance is bundled into the mortgage through escrow. If the value goes up then your mortgage will go up as well due to the increase on property taxes and home insurance.
Mine is going up $400 a month also. I’ve never had this happen in my last home I had for 20 Years. Now I’m divorced and single and bought this home 2 years ago with a mortgage I could afford. Well I can’t afford it now.
I feel ya. Guess that’s what I get for buying a house in the highlands 🤷🏼♀️. If I’m going to pay that much I’d rather have a house twice as big, and now I’m seeing houses pop up on Zillow on the outskirts of Louisville or Shepherdsville or Mt Washington that cost less than what I paid for mine and it’s twice as big and just as nice and I regret my choices lol.
Yes I’m in the highlands too but each area is going through these assessments apparently. I’m screwed because I have a lower interest rate. Buying now and downsizing the payment would be the same or very similar due to high rates currently. It all sucks. I’m ready to live in a camper
Let’s just blame it on JCPS lmao .
So we bought about 3 years ago. Are we taxed based on that last sale price or some government assessment prior to that?
They pretty much make something up. I had mine appraised before purchase in 2018, and it was valued at 195k. Last year, the county said it was worth 230k. Which funny enough is about what Zillow estimates the value at. I have made zero improvements. Just an idea of what to expect.
Your sale price affected the taxes no later than the January after you bought. Then anytime it’s assessed after that
Thank you.
You’re taxed based on what the assessment process thinks the house is worth.
Careful if you attempt to lower the value of your property you may be committing fraud!! Like Trump
Tear down top golf
My point is, the same people who are saying they shouldn’t be charged their new assessed rate of property taxes are the same ones who complained about topgold being built.
taxes pay for necessary societal services.
If I thought I'd actually see some actual real problems being fixed, sure.
That's my only thing. I don't mind paying more. I know my home is worth more than what I'm paying. I just want the increase to bring about benefits.
Exactly 💯
They’re too busy pissing away money on school buses to drive from one end of town to the other.
Nah, it's more pissing away money building a Club Med for the police officers.
Lots of pissing of the money going on.
They should* do that
What are some of those services you see in Louisville? Because I can’t think of any improvements the government has made
[https://www.rate.com/resources/where-do-my-property-taxes-go](https://www.rate.com/resources/where-do-my-property-taxes-go) This sub spends every day complaining about the tolling of the bridge, you need to raise taxes to remove the need for tolls. This sub wants walkable infrastructure, you need to raise taxes to pay for that infrastructure. This sub wants Bus drivers to be paid more / JCPS to have more resources, you need to pay taxes for that. There's nothing wrong with raising taxes to fund improvements to the community.
Ya, that's great and all, but you know damn good and well none of that is happening Mother of Dragons.
100 percent agree with the dragon lady here
No I want to know what YOU see in your daily life that reflects improvements you’ve noticed. Not a list of shit that may or may not ever actually happen doesn’t help. Because I don’t see any potholes getting filled, I don’t see less vandalism, I don’t see more patrols, etc etc
anecdotes are not great arguments. here is one example of how your taxes help children. https://m.youtube.com/watch?v=bEWIqFOhBJ8 you can go, see, and interact with your taxes. in addition to that, when children go to school and can eat breakfast and lunch for free my taxes are directly benefitting society at large.
Nobody’s asking for an argument. I was asking for your experience as an individual but you seem to not have any which I find very odd
Doubtful
This is why I made my comment of “tear down top golf” the same people who think they are too old to have to pay their fair share of property taxes on their home are probably the same ones who complained about top golf lol