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0 pointsHWR_143y ago0 comments

> We all hate for our homes to be worth 10% less in 2023 compared to 2022

Speak for yourself. If all property drops, I'm ecstatic. I'm not moving or withdrawing money with a HELOC. So lower property values just mean less taxes for me. I mean, sure, it also means I may be underwater, but who cares?

And if I decide to move, that just means the delta between my current place and a new place is smaller in absolute terms.

There is literally no benefit to most homeowners for the real estate market being higher.

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throwawaytemp273y ago

Not sure where you live, but where I’m from, an increase/decrease in home value affects your proportion of the overall property taxes but not the absolute amount. If everyone’s home goes down by 20% then everyone gets same tax bill.

lotsofpulp3y ago

On a sufficiently long timeline, the government has to pay more for land/payroll/other services if all the land prices increase because working people will want more pay to be able to afford their own land.

Everyone would get to pay the same tax bill proportionally, but not nominally.

HWR_14OP3y ago

That sounds like a European or maybe Canadian thing. Everywhere in the US I've been, it's been a predetermined rate of your home's value.

Sohcahtoa823y ago

> So lower property values just mean less taxes for me.

In my state, your property's assessed value for taxation purposes cannot rise more than 3% per year, creating a pretty long lag time from the value going up to the taxes going up.

My home is worth about $650K, but it's being taxed as if it was only $250K.

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