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8 Comments on CHANGES.. MILL RATES... IT'S THAT TIME OF YEAR AGAIN.
I still don't like paying them my self. I would like to see all governments do with less money just once in my lifetime.
Valerie, this sounds like a conversation we had when I was in the office today. Taxes are becoming a major part of the mortgage payment.
George.. You are right.. the taxes ARE a major part of the mortgage. It is what it is... unfortunately, they are NOT going to be going down... wish they would though. especially in this economy...
Valerie - were these first time buyers? With no experience paying property taxes in the past, first time buyers tend to be a bit more skittish about revaluations and possible mill rate changes.
It makes it more fun for us!
One thing to consider: If the budget vote is about to happen, then you probably have the proposed mill rate. If the budget passes, then that will be the new mill rate. If the budget does not pass, then most likely to budget will be cut and put up to vote again at a reduced mill rate. So, you can advise them that the proposed mill rate for the upcoming budget vote is likely the highest possible mill rate for the upcoming year. Of course ,if the revaluation is not yet done, then all bets are off. Or suggest they speak with the town's tax assessor to get an idea of where the taxes are heading.
Don.. Thanks for the advice... I've shown them homes for less, in their price range and a little above.. I hope they settle for in their price range. They like the little more expensive.. and they are trying to wrap their heads around the idea. But larger the house... more taxes. Plan and simple... ONLY TIME WILL TELL what they plan on doing.
I haven't had buyers worried about the mill rate changes. They've been concerned about what the taxes on the home were the previous year. (They want to get an idea of what to expect.) However, I've never had them want to wait and see what the "new" mill rate will be. Interesting... :)
Debi... When I explain to clients that the mill rate is part of setting the taxes, they are glad I've told them. Most clients this year are very interested in the taxes.. because they are going up...everywhere.
John.. Sorry it took me so long to respond. But it seems that all governments now have their palms up look for a bailout. Is it our turn yet?