Miami Dade Country raising property taxes due to Budget issues. How about yours??

Quote from jueco2005:

They are raising property taxes here in Miami.

Foreclosures high.
http://www.miami-dadeclerk.com/dadecoc/Mortgage-Statics.asp

New taxes coming in.
http://www.miamiherald.com/486/story/1077029.html

A regular house pays approximately close to 6,000.00 annually.
AWESOME!!!
More...

budget issues? they better learn how to keep track of taxpayers money

Miami’s abandoned new car stash

http://www.autominded.com/1937_miamis-abandoned-new-car-stash

imo-someone shouldbe prosecuted for this kind of s**. maybe then they would learn something.
 
I just looked up an old condo i had in Chicago... 1300 sqft on Lake Shore Drive.

Bought it for 165K in 1995, property taxes $1200 HOA $200
Sold it in 2000 for 295k, property taxes $4500 HOA $400

Same unit available today for $260k, Property Taxes $12500 HOA $950

12 years = 35K loss in value but the kicker are the HOA and taxes. I was fuming in 2000 selling out primarily because the taxes and HOA went up $500/month from the original $300. Can't imagine having to pay $2K a month in taxes and HOA for rights to air space between the walls. Hell that's $500 / month per window...

The actuaries never took into account depreciating real estate values and have no plan to deal with it. The city already sold bonds against the future appreciating tax stream.

It's really tough to unload these types of properties with big monthly nuts.
Taxes will get jacked to 15K and HOA to $1200 by 2015.

How to profit from this is simple:

Buy the property in a trust with No Cash using the 2 years of arrears tax credit for down payment. Rent it out for $3K and stiff everyone..

Pocket the 3K rent and stall the foreclosure proceedings for 2 years or as long as possible. Dissolve the trust and buy it back at auction... rinse and repeat.

Just kidding about the above profit scheme but it sure is tempting...
 
plus interest paid in those 12 years

------The actuaries never took into account depreciating real estate values and have no plan to deal with it. The city already sold bonds against the future appreciating tax stream. -------

yep..everyone did same.
 
texas.. Dallas.. 200K home.. taxes and HOA are running 5.5K
one of my freinds lives in a manned HOA gated community

his home 700K. prop tax is 15K plus 3K HOA... ouch..


another funny thing.. IRVING city... broke /folks were calling ambulances and no one was paying so the city council came up with a 1.5$ additional fee on all water bills monthly. per single family home.
wow. ! amazing. if I were to call an ambulance they will extract arm and leg from me.. but now they make me pay for all the deadbeats.
can we install a credit card machine on all ambulances. no card.. door doesnot open.. LOL


another issue. rental apts. are grossly underpriced.. for example a block on 10 apts will be valued at 200K and sending 10 kids to school -public school taxes is what is 75% of all property taxes

while a single family home like mine will send 1-2 kids only. thats unfair. i wish they start charging rental apartments more if they send more kids to public schools..

i feel bad to the childless folks who pay taxes thru their noses. subsidising all the renters..
 
Best Towns with train commute to NYC of less than 1 hour (CT, NY, NJ) have average home prices of over $1M for regular houses on small lots and taxes are about 20K per million of assessed value.

In a town like Summit, NJ you can pay $1.5M for a 3,500 square foot small 4BR house that is over 50 years old on a lot less than a 1/4 acre but otherwise in good neighborhood with others who have overpaid to be close to City...and your taxes will be about $30,000 per year.
 
Quote from PocketChange:

I just looked up an old condo i had in Chicago... 1300 sqft on Lake Shore Drive.

Bought it for 165K in 1995, property taxes $1200 HOA $200
Sold it in 2000 for 295k, property taxes $4500 HOA $400

Same unit available today for $260k, Property Taxes $12500 HOA $950

12 years = 35K loss in value but the kicker are the HOA and taxes. I was fuming in 2000 selling out primarily because the taxes and HOA went up $500/month from the original $300. Can't imagine having to pay $2K a month in taxes and HOA for rights to air space between the walls. Hell that's $500 / month per window...

The actuaries never took into account depreciating real estate values and have no plan to deal with it. The city already sold bonds against the future appreciating tax stream.

It's really tough to unload these types of properties with big monthly nuts.
Taxes will get jacked to 15K and HOA to $1200 by 2015.

How to profit from this is simple:

Buy the property in a trust with No Cash using the 2 years of arrears tax credit for down payment. Rent it out for $3K and stiff everyone..

Pocket the 3K rent and stall the foreclosure proceedings for 2 years or as long as possible. Dissolve the trust and buy it back at auction... rinse and repeat.

Just kidding about the above profit scheme but it sure is tempting...
More...


Chicago.

Much of the city built between 1900 - 1930. 3 story walk-up residential buildings with retail space on the ground floor. Those roll on for 15 miles past the city center.

Now the internet.

The ground floor shops normally selling electronics, clothes, etc., are becoming vacant at an alarming rate. I mean it.

It's an informal study of mine, while driving around, to see what can go in these vacant retail spaces. Specialty chocolate/bakery shops (you know the place - a $3 cookie), hair salons, yoga outlets, and a few child care centers. It's thin. Even 10 year old buildings downtown have these ground floor spaces vacant. Most of these spaces have paper taped over the window.

Declining tax base makes taxes and HOA in residential buildings amount to 3/4 of a similar unit's rent.
 
Quote from wilburbear:

Chicago.

Much of the city built between 1900 - 1930. 3 story walk-up residential buildings with retail space on the ground floor. Those roll on for 15 miles past the city center.

Now the internet.

The ground floor shops normally selling electronics, clothes, etc., are becoming vacant at an alarming rate. I mean it.

It's an informal study of mine, while driving around, to see what can go in these vacant retail spaces. Specialty chocolate/bakery shops (you know the place - a $3 cookie), hair salons, yoga outlets, and a few child care centers. It's thin. Even 10 year old buildings downtown have these ground floor spaces vacant. Most of these spaces have paper taped over the window.

Declining tax base makes taxes and HOA in residential buildings amount to 3/4 of a similar unit's rent.
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correct.. there is no viable business model. left... u cant compete with TARGET WALMART. and AMAZON.. ha ha. all u see is. the same store pattern repeating.. donut.. coffee.. cookie.. damn.. future of the retail landscape is grim.. this also applies to . the surburbs
 
Quote from darwin666:

correct.. there is no viable business model. left... u cant compete with TARGET WALMART. and AMAZON.. ha ha. all u see is. the same store pattern repeating.. donut.. coffee.. cookie.. damn.. future of the retail landscape is grim.. this also applies to . the surburbs
More...

Grew up in Detroit,

:) a bar on every corner :)

a bank on every corner.... a church on every corner... a gas station on every corner.

That town had a lot of corners, not like now...:cool:
 
Well it doesn't help much when they are building at least 5 high schools in the $200M and $600M range. How are they planning on upkeep and maintenance?

Take the big LA one.. $600M for a 4200 student campus... $140K per student slot... They need one hell of a lottery to keep feeding this pig.

How many private companies have $600M campuses? How many universities have $600M campuses? How many class rooms in impoverished areas are held in trailers?

Economies of scale don't compute... But I'm sure the private company that got the $50M contract for methane mitigation had no influence... What a ridiculous sham...
 
Neither Florida or Texas have a state income tax so I guess that they stick it to the home owner.

Raleigh NC is my choice. Educated people, low property taxes, some pensions are tax exempt, very low housing cost, short trip to many beaches or the Blue ridge Mountains, seldom snows and last but not least, an excess of single women.:D
 
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