Trouble Ahead???

[LaNdReW]

Originally posted by moonshine
Absolutely. It's one of the few federal laws that actually makes sense. At some point you will be expected to pay the feds the money they demand...unless you have a decent accountant

I question the demand part.

So, its kinda like the fact that many wealthy, invest with non-taxed dollars...then keep rolling it over and over....then, bitch about the estate tax by calling it a death tax, say it is double taxation......Get it repealed, then, the money is actually NEVER taxed.

Is that how it works?

[LaNdReW]

Originally posted by biker
I'd rather have the monthly payment go to building equity also, rather than paying taxes.

A personal note:

Due to a thrifty (and, maybe, boring) lifestyle, I've been able to pay off my mortgage, have no car loans and the last kindern is just about through college with no student loans (them or me).

Looking back, the key was to plan on driving each car at least 10 years (which almost led to divorce!). Seems too simple a prescription for financial success, but that's a big part of what worked for me.

Here's the interesting thing.

Watch commercials on TV and radio (ok, listen). You'll be astounded at how many of them are for moving your debt load around or encouraging you to buy the car of your dreams.

If you're out of debt and don't need a car, most of those billions in ads are absolutely wasted on you.

You only keep your cars ten years??

[atotaltotalfan2001]

Originally posted by biker
Total:

Is that right? Reassessing or revaluing property while someone owns a home is illegal here?

In the City, all homes have been at FMV for the past five or six years.

I thought Rez had a new program when he said anyone 65 or older should never have their taxes go up.

Hi.


I believe the law prohibiting assessment when a home changes hands is called something like the "Welcome Stranger" law.

I'll look it up.

An increasing number of municipalities are moving to annual reassessments. The state is providing all sorts of financial incentives.

Bad idea, IMO. I know people in Amherst, which is also at full value, who have had their homes reassessed (upwards, of course) four times in six years! It's almost like harassment....

It's too much and frankly I don't see how you can get an accurate feeling for market worth on a yearly basis here. Not that much property changes hands in any given year, IMO, to give an accurate picture of real trends in various neighborhoods.

And I'm not saying that because I've seen my assessments increase. They haven't -- in years and years.

I don't know whether I should be worried or grateful!

[biker]

Originally posted by LaNdReW
You only keep your cars ten years??

Read again. "...at least..."

Current favorite term is 13 years.

[Stevenco]

I emphatically deny any such bubble.