Franklin has a few social media chat sites where residents can rant and bitch.
Sometimes the outrage is warranted.
For example, the recent bombshells that arrived in mailboxes of property owners living in Tax Hell, Wisconsin that brought news of OMG gargantuan increases in property reassessments were not well received by the overwhelming majority who quickly went to their computers to express anger (and good for them).
There was a small, very small contingent, that didn’t feel sticker shock at all, but instead saw a new and skyrocketing home value as not only justified, but a wonderful opportunity.
For those in the minuscule and hard to fathom minority, here was their tough to swallow sell job:
Your home value just went up to the moon.
Not to worry.
You want to sell?
You’ve won the lottery.
You will make a proverbial killing!
Because someone is always to buy what you’re selling. Always.
Besides, it’s only fair. Your value went up even though you only had weeds added to your property, it follows that your reassessment went up, albeit astronomically.
Thus, put that FOR SALE sign up and within 24-78 hours…
We’re in the money,
We’re in the money;
We’ve got a lot of what it takes to get along!
That’s the ideal scenario.
I don’t remember exactly when except that it was decades ago. Don’t recall if it was in school, in a classroom, or what subject was being taught, or if it was in a school at all.
What I do remember is being instructed that if anyone was attempting to make a serious claim or argument, beware if they used either of these two words:
Your assessment went sky high?
You can sell at that figure?
Maybe more if you hire someone to appraise it even higher?
You have a bubble. I have a pin.
Within the past few days, this…
Although homes continued selling at a record pace, existing home sales dropped in June due to low levels of inventory, according to the latest report from the National Association of Realtors.
Total existing home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 1.8% to a seasonally adjusted annual rate of 5.52 million in June. This is down from 5.62 million in May.
“Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that’s straining their budget,” NAR Chief Economist Lawrence Yun said. “The demand for buying a home is as strong as it has been since before the Great Recession.”
“Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines,” Yun said.
Did you follow?
I sincerely hope that’s enough research for one social media troll who ridiculously attacked my wife who dared comment on a chat site on this very topic.
Bottom line: Obscene increases in assessments benefit very few, but definitely help the tax collectors that have no shame whatsoever.