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CHANGES.. MILL RATES... IT'S THAT TIME OF YEAR AGAIN.

By Valerie Osterhoudt

Real Estate Agent with Johnson Real Estate, Inc. RES.0761759

May 13, 2008 08:03 AM

Hello all members of ActiveRain.

I'm at the office today, and I've run into this twice today. Buyers I am helping out do NOT want to put an offer in on potential properties until they know what the new mill rate will be in those towns, so they can see what they will be paying for taxes. I can see this to a point, but it is not going to make a huge difference.

Revalues were done, and for the most part the assessed values have gone up. I try to educate the prospective buyers that the mill rate will hopefully go down, but this DOESN'T mean their taxes will. There is not one town around (that I know of) where the homeowners will pay LESS in taxes than last year. Everything is going up.. so why do they feel they shouldn't or don't want to pay more for taxes? Why should a buyer hold off putting in an offer on a property one really wants?? THE TAXES ARE GOING TO BE, WHAT THE TAXES ARE GOING TO BE.

You should buy the house you want... taxes (everything for that matter) are going up.

valerie osterhoudt

Info about the author:

Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, as well as the surrounding areas. Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.

Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.635.0387 #2 - valerierealtor@sbcglobal.net

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John Walters

Frank Rubi Real Estate - Slidell, LA

Licensed in Louisiana

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.

May 13, 2008 08:33 AM

George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

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.

May 13, 2008 09:05 AM

Valerie Osterhoudt

Johnson Real Estate, Inc. - Cromwell, CT

ABR, Cromwell, CT Real Estate ~ 860.883.8889

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...

May 13, 2008 09:19 AM

Don Fabrizio-Garcia

Fab Real Estate - Danbury, CT

Owner/Broker/Trainer - Fab Real Estate

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.

May 13, 2008 10:27 AM

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.

May 13, 2008 12:12 PM

Debi Ernst

St. Charles County, Missouri - Prudential Alliance Realtors - O'Fallon, MO

GRI, e-PRO, Broker/Sales Associate

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... :)

May 13, 2008 01:34 PM

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.

Oct 15, 2008 11:00 PM

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?

Dec 22, 2008 10:52 PM

CHANGES.. MILL RATES... IT'S THAT TIME OF YEAR AGAIN.

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Valerie Osterhoudt

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