Thursday, July 28, 2011

Property Taxes Rising

Your home's value is underwater.

Your job is either gone or at risk.  Maybe your kids had to move back home because they can't find a job after spending $50,000 for a college degree.

Inflation has returned to energy, food, and nearly all commodities.

Two bubble markets in less than ten years have crushed your 401(k) and your retirement savings.

So get ready for another shock.  Increasing property taxes.

Virtually everywhere I look I see legislatures and city councils getting ready to hit homeowners and rental property investors with a host of new taxes and fees.

The government is broke, and perhaps lonely, so it feels you should be broke too.

Here are just two examples I found in about four seconds.   I read about sixteen others.

Wyandotte County, Kansas:  Property taxes rising 8.9%.  City official calls the rise "nasty."

Palm Beach, Florida:  Tax rate rising to maximum allowed by state law, $10 per $1,000 valuation

In my city of Seattle, a new rental property inspection and licensing program is being launched in 2012.  The goal is to protect tenants from all those evil landlords who rent unsafe apartments to tenants much too dumb to think of moving from a filthy or dangerous place.  The fees?  So far I haven't seen them announced anywhere but the "program will pay for itself."

In other words, rental property owners get poorer while the city gets more money from them.

The idea of taking yet more money from taxpayers and property owners is revolting.

To do it in the midst of the worst real estate market since 1931 is downright mean.

If government cannot live within it's means, then it must do what every other entity faced with this challenge must do.  CUT EXPENSES.

Until this happens, God pity the real estate investor for they have the only deep pockets that cannot be put on a truck and moved out of town.