Same with EPG and TFG, my home in Dakota went up just over 3 digits…I can’t complain. The listed value is significantly less than actual value, but rising.
EPG, I’m still doing my part at bringing your property values down each day of the Goose season…make it sound like a war zone in your backyard!
That you out there Hammering away? When a flock comes over I hear bout a 100 rounds go off. LOL
Our lake cabin assessment went up $35,000 with no improvements, still no where near what market price would be though.
House built in ‘02 on 20 acres with old shed. Taxes went up 5.5% this year. No improvements made. Wadena county.
Our lake cabin assessment went up $35,000 with no improvements, still no where near what market price would be though.
I have often wondered how many people go into the auditor’s office and complain that the county/city is lowballing their property value? I have to think with so many people these days looking for something to get offended about.
‘
My MIL is obsessed with the value of her townhome. I have no idea why, it’s not like she can cash out, but every time her prop tax statement comes she complains about what she sees as the low valuation. And again I explain to her that this is a case where more is not more, but something about the idea the government “lowballing” her valuation drives her crazy. She just put up new curtains and had the storm door replaced WITH a new imported brass door knocker installed, and still no big value increase….
I still think that the entire property tax system is BS. Value is nothing more than perception. So someone down the street sells their home and someone agrees to overpay for it. I have no intention of selling my home, but the perceived value goes up because of their sale and its a comp to mine. Why? I built a home at a specific price point because it was at a level I could/wanted to afford. I haven’t gutted it out and added gold to it, haven’t put an addition on it, and everything in it is nearing its life cycle and depreciating.
Now, if I sell it and make a profit, I pay Capital Gains. Key there is Capital Gains. When I actually have a gain, I pay the appropriate tax on it – ONCE!! you shouldn’t be dinged a capital gain tax just because its renamed as a property tax.
Plus, why should you be penalized for improvements? I see some people let their homes go to crap. Literally falling apart. But they have 3/4 million dollars in toys parked on the property. Kind of funny and ironic in a way. Neighbor down the street argues his tax bill every year to get it reduced. Shows and proves that his house is a piece of crap. Yet he has his sailboat, lake MI boat, garage filled with new ATV’s, his over priced cars and so on. His property has more assets on it than mine – so why should I have a higher tax bill? How about a fair tax rate for the amount of land and not penalize a person for what they have on it.
Structure it for use, Residential 1, 2 , 3…Agriculture, Forestry, Recreational and have a reasonable rate. Then we don’t need the “improvement” values to bounce like a yo-yo and keep adjusting the mil rate.
Imagine this – you have 21,000 sqft of Res 1 land x $.11 = $2,310
I own 43,000 sqft x $.11 = 4730
I just sold a property for ~160k more than I bought it for in 2013 and have no intentions or requirements to pay capital gains taxes on it. I simply rolled it into another residential project. Our family has sold off rental properties and has chosen to find other options to avoid the capital gains taxes as well. Our family attorney has always told all of us that through any of our business transactions if we hear the words “capital gains”…to stop what we are doing and call him. So far I’ve never paid a dime.
I just sold a property for ~160k more than I bought it for in 2013 and have no intentions or requirements to pay capital gains taxes on it. I simply rolled it into another residential project. Our family has sold off rental properties and has chosen to find other options to avoid the capital gains taxes as well. Our family attorney has always told all of us that through any of our business transactions if we hear the words “capital gains”…to stop what we are doing and call him. So far I’ve never paid a dime.
Only because you haven’t cashed out. When you (or someone down the line) cashes out, you pay. Until then all you are doing is reallocating the funds to another sheltered asset.
We just had a visit from the Anoka County accessor today. They sent out a letter last month saying that they where visiting everyone. I was home and intercepted the guy. He never got out of his car and just asked me a few questions so thats good.
@Randy Wieland (since IDO still does not have the quoted response errors fixed)
The “Step-Up in Basis” situation is a great one for people to understand who have land or real estate and can wait to cash out. By passing it onto your heirs, they essentially erase the capital gains and the added value to the property over time is not factored-in. Your 40 year old kid could “acquire” your land at it’s current value through inheritance, then sell it off tax free…as your child never had any effective capital gains.
There are ways around everything if one looks hard enough.
That you out there Hammering away? When a flock comes over I hear bout a 100 rounds go off. LOL
Maybe. There’s a group of flat bill highschool kids who setup in the same field as other hunters sometimes as well. It’s most likely them making 80 yard shots at birds working someone else’s spread as they pass. Hardly ever seen any fall…
I believe capital gains on a house only kicks in above 250k single/500k married if it is your residence. We got 90k a while back from a home sale with no tax.
Our taxes went up 5.6 percent. Just opened that letter. Chisago County
You can also borrow against those assets vs. cashing out to continue the tax free position.
Buy, borrow, die … google it and enjoy the read
How does inflation factor into increased valuation and property taxes? Level off? Maybe a dumb question but whatever. I’m what you might call “financially and mathematically stOOpid”
Buy, borrow, die
I think your on to something there!
We just had a visit from the Anoka County accessor today. They sent out a letter last month saying that they where visiting everyone. I was home and intercepted the guy. He never got out of his car and just asked me a few questions so thats good.
It all depends on what you have and have not done to your house.
I tried to fight my property taxes one year. I compared my house to one across the street built the same year, same size, and same property size. They said that would not be a fair comparison, my home has updates. So they compared it to a home 40 years newer than my home. 
I just don’t get it.
Ive been around long enough to know property taxes almost always increase. Get used to it.
Ive been around long enough to know property taxes almost always increase. Get used to it.
I agree. Rarely do they even stay flat. The part that irks me is when the property value goes down, but the property taxes go up. That doesn’t make a whole lotta sense.
The part that irks me is when the property value goes down, but the property taxes go up. That doesn’t make a whole lotta sense.
Sure it does. The city wants (not need) X amount of $ and they won’t take less even though your property is now worth less.
The Wabasha County Assessor sent me a reply to my question on the 19.4% tax increase. The answer was “it appears that the primary driver for your increase was the fact that your market value increased fairly significantly”.
Then I get another email from the Assessor “I should have made it more clear, the county does NOT receive more taxes because valuations go up. We levy for a specific dollar amount each year. As I mentioned, in 2022 the Wabasha County Levy increase will be around 2%”.
If there is a levy increase of 2% – why heck would I get an increase of 19.4%?? Am I missing something here?
The Wabasha County Assessor sent me a reply to my question on the 19.4% tax increase. The answer was “it appears that the primary driver for your increase was the fact that your market value increased fairly significantly”.
Then I get another email from the Assessor “I should have made it more clear, the county does NOT receive more taxes because valuations go up. We levy for a specific dollar amount each year. As I mentioned, in 2022 the Wabasha County Levy increase will be around 2%”.
If there is a levy increase of 2% – why heck would I get an increase of 19.4%?? Am I missing something here?
If you didn’t read what was posted earlier, there was a mistake for Wabasha County. They literally had a decimal point off by x2 spots. There was a slotted 0.27% increase (about 1/4 of 1%) on the school rate. However, the county botched the tax forms and added a 27.0% hike on the school levy. New ones are coming and adjustments will be made.
To summarize, I believe the county raised taxes about 2.0% here locally, the school district raised theirs about 0.27%, and the city got out of hand like always and was well over 4% I believe. The schools have been pretty fiscally responsible in this area, the counties have been mediocre, and the cities have been absolutely terrible.
I did see that earlier buckybadger – but not one of the Wabasha County commissioners, in any email correspondence, along with the County Assessor in multiple email correspondences has stated there was an error in the mailings. If they would have said so – I would have said “thank you and now I understand” – but that isn’t the case so I am unsure if there was an error. I did not include the School Levy or the Special Levy in the increase percentage. The 19.4% increase is strictly Wabasha County Property Tax Increase line item.
Same with all my neighbors – of which some got a 30% increase strictly in their property taxes (not including levy increases)!!
I reside in the Oak Center area.
Then I get another email from the Assessor “I should have made it more clear, the county does NOT receive more taxes because valuations go up. We levy for a specific dollar amount each year. As I mentioned, in 2022 the Wabasha County Levy increase will be around 2%”.
If there is a levy increase of 2% – why heck would I get an increase of 19.4%?? Am I missing something here?
The way I would read that response is that the County’s total levy INCREASED by 2% year on year. In other words he’s saying don’t blame us and think the county has increased spending by 20% just because your taxes went up by 20%.
How much of a tax increase is required to support a 2% increase in the overall levy? It’s going to depend on a whole lot of things plus are there other increases like a school district levy or operating levy?
Don’t know if that’s right, but that’s how I’d read it.
Heck, the COUNTY portion is about the least expensive part of my tax bill,,,
HRG
tax-distribution.jpg
<div class=”d4p-bbt-quote-title”>jimmysiewert wrote:</div>
Then I get another email from the Assessor “I should have made it more clear, the county does NOT receive more taxes because valuations go up. We levy for a specific dollar amount each year. As I mentioned, in 2022 the Wabasha County Levy increase will be around 2%”.If there is a levy increase of 2% – why heck would I get an increase of 19.4%?? Am I missing something here?
The way I would read that response is that the County’s total levy INCREASED by 2% year on year. In other words he’s saying don’t blame us and think the county has increased spending by 20% just because your taxes went up by 20%.
How much of a tax increase is required to support a 2% increase in the overall levy? It’s going to depend on a whole lot of things plus are there other increases like a school district levy or operating levy?
Don’t know if that’s right, but that’s how I’d read it.
Taxes went up for a variety of reasons around here and have people rightfully upset.
Locally in Wabasha County…the jumps were from property values rising (which is a different debate altogether), the city pushing taxes to the brink and positioning their pocketbooks for a giant river port in the works, and the county raising theirs as well. The school is about the only portion that has not contributed to a substantial hike on my tax bill the last 5 years. The school had a 0.27% increase that was printed incorrectly on the statements. 0.27% is more than understandable considering the record inflation the district is facing. I wish our county and city was run in a similar way.
Without seeing his particular bill, it’s hard to decipher exactly what raises are there and are accurate. My comments only make note of the error on the school’s rate which should help with some of the burden. The rest requires attendance at the taxation hearings, city council, and county board meetings. I’ve done my part over the years with the city but thankfully sold that property and won’t continue to pay for their projects. The rest of my frustrations for giant hikes are focused on the county now.
HRG…that thing is almost impossible to decipher. If that’s the clearest way your local government can illustrate your tax picture to property owners, I feel for you. To a majority of the population that doesn’t mean squat.
HRG…that thing is almost impossible to decipher. If that’s the clearest way your local government can illustrate your tax picture to property owners, I feel for you. To a majority of the population, that doesn’t mean squat.
After nearly 40 years of home ownership, I’m pretty used to it. To me, it helps illustrate just how many fingers are in the pie, especially the separate break-outs for various pension funds.
HRG
Fillmore county proposed on my house 29.6 %
17 percent increase McLeod county.
rural Duluth/St Louis county area. 5 acres + house and garage, estimated market value inceased by 2.0%, the homestead deduction decreased by 1.7% so a total increase in my taxable market value of 2.4%. Total property tax increased 3.0%.
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