gkisystems
Member
What is the name of your state (only U.S. law)? Wisconsin.
I closed on a house on 10/16/2009. The purchase price was $111k, but $8k of that was subsidized by the federal government with the first time home buyer credit. With the sale, I also negotiated for personal property worth $4-5k. My net purchase price was therefore $98k.
My property tax assessment for 2010 came in at $113.6k AND they announced that the mill rate is going up substancially.
As you know, the $8k property tax credit for 1st time home buyers and $6.5k for existing home buyers has ended. The purpose of this credit was to boost property values and stimulate home sales (you only need inflate the selling price of a few homes to inflate the whole neighborhood's values). Now that the tax credit has expired, I suspect that the values have now dropped because they are not being propped up artificially with government money. However, it is still early and the scientific data is not yet available to see how ending the credit affects selling prices.
What evidence can I use to prove that my house is now worth less because the home buyer tax credits expired?
I closed on a house on 10/16/2009. The purchase price was $111k, but $8k of that was subsidized by the federal government with the first time home buyer credit. With the sale, I also negotiated for personal property worth $4-5k. My net purchase price was therefore $98k.
My property tax assessment for 2010 came in at $113.6k AND they announced that the mill rate is going up substancially.
As you know, the $8k property tax credit for 1st time home buyers and $6.5k for existing home buyers has ended. The purpose of this credit was to boost property values and stimulate home sales (you only need inflate the selling price of a few homes to inflate the whole neighborhood's values). Now that the tax credit has expired, I suspect that the values have now dropped because they are not being propped up artificially with government money. However, it is still early and the scientific data is not yet available to see how ending the credit affects selling prices.
What evidence can I use to prove that my house is now worth less because the home buyer tax credits expired?