- rising property taxes mean you’re making money and can sell any tim you want to “cash in”
Rising property taxes have nothing to do with the total value of a property. They are assessed on a given property and its value in relation to the total value of all other properties. Property tax amounts collected are determined by levies, etc which are assessed as taxes.
Take Seattle as an example. School levy, housing levy, parks levy, etc. Those are hundreds of millions of dollars that have to be collected regardless of what the total value of property is in the city. The collected amount does not go down if property values decrease. And if your property doesn't decrease as much as other properties in the city, guess what, your property tax bill actually increases.
Why are you even trying to talk like an expert here?
Why are you?
Because I know what I'm talking about. Have had many conversations with the King County Assessor on this subject.
You purposely (or perhaps ignorantly) omitted the fact that there is a restriction on annual Property Tax increases in the State of Washington and it's not just "well, you're going to get fucked to balance local government budgets if someone else's property value doesn't increase".
So, no - you don't really have a basis for talking like an 'expert'.
You're talking about the rate at which property is taxed. That is not the same as the rate at which your property is assessed. That's why your property taxes can go up by 20% in a year. Two different things.
So, please stick to posting up pics of Jewbs and talking in the third person.
Your contention is the county just ups the assessed value to balance local government budget shortfalls?
Or should I walk into the next room and discuss this with Mrs. Throbber v2.0 who is probably one of the top 5 government finance experts in the Northwest - including multiple certifications?
Because it don't work that way, sport.
I didn't say gov't just ups assessed values. Your taxes paid are determined by your property's value in relation to the total value of all property. My point to @Doogles is that your property value could go down, and your taxes could still go up. See example I posted. So his statement about "your taxes go up because your property value goes up, so just sell and make money" is complete BS.
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Suckers are gonna let me pay 60 a month due to covid lol