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stevied05 t1_j4narpb wrote

Reply to comment by runninginsquare_s in The current housing market in a nutshell by LopsidedWafer3269

It’s almost as if property taxes derive from property values 😂

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runninginsquare_s t1_j4ngvd4 wrote

No way! Is that how that works????? /s

What is shitty is that these house values have been hyper inflated to values that just are not true. My house went from 300k to 450k in less than two years. It isn't worth that. I am sure the value will sharply decline to its actual value again, but I am positive that town won't be so sharply declining my taxes with it.

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whoeve t1_j4rwcrz wrote

Define "not true." If people are paying these prices, then the prices are...real.

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runninginsquare_s t1_j4s0cf8 wrote

I understand what you mean. If someone is willing to pay a price for something, then it must be worth that. I believe that the value of the housing market will tumble back down. The way I feel is that if my house shot up to 450k from 300k, but falls right back down to 300k, it wasn't really worth 450k. To someone it was, but those prices were hyper inflated for a short period of time. I would just hope my taxes reflect my lower home value when it falls back down.

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