Property Tax Liens : Contemporary Dilemma ?

So right, Brian, however, theoretically, and please allow some room for my reply expressing an opinion based on incomplete evidence :-), the ad valorem tax takes into consideration present value and future income based on levels of appreciation, hence adjusted for the present market value which could translate into capital gains. Perhaps that could, indeed, command a little more investigation. I really enjoy hearing from you and hope your having fine weekend. I hope to make it back to the Poconos one day for a visit. It's been years since I was there. I represented my college for a student leadership training event in 1972, so it's been a long time; but I'll always remember the splendor and beauty of the region, and the friends.

Good to hear from you, Adam. I've taken friends to the courthouse along with cma's and bpo's on napkins to the trustee's sales to demonstrate the market value compared to the awarded bid prices. Their jaws drop when they see the hammer prices. Memphis is a hot foreclosure mecca. Tragically, bankruptcy is epidemic, too. Cries of disparity, redlining, etc. are a daily occurrence. Thanks for your comment.

Hi Joan. Any opportunity for tax relief, in any form, should be a welcome opportunity.  Seniors in Memphis recieve a fine reprieve from the county trustee. Hope your having a fine weekend.

I agree with you, Brian. Thanks for following up. The same logic applies to upper middle and higher income levels. Many upper level income homeowners are losing their homes daily to the county trustees, nationwide.

Brian, in my county there's a relief program, shelbycountytrustee.com , overseen by the county trustee which supplements the property tax for the elderly and disabled. Eventually some creep in governement will try to take the relief program away due to the loss in revenue because of the thousands of homes and parcels of land that have foreclosed and are about to foreclose. It's inevitable. If something is too good to be true it usually is. I can't wait to find out who the Sheriff of Nottingham Forest will turn out to be.

That 1% full cash value cap on the property sure put some money back into the homeowners pockets, Brian. I remember Proposition 13. One of the best things about it was the requirement of two thirds majority of the legislative house body vote to increase the tax rate.

There's a negative side to Proposition 13 because it freezes the value of properties at the time they're purchased with a two percent annual assessment cap. Properties of equal value have huge amounts of variation in their assessment, even if they are right next to each other.  If the price of a house is considered a factor of somebody's riches, and representative of a homeowners ability to pay the tax, because values are frozen, residential and commercial property owners would receive less benefit from the proposition who purchased a property at different periods of time becasue they would pay a different assessment. A bit of inequality here. A condition is introduced into the tax structure where the rate decreases as the amount of value increases. I think that your state sales tax kind of works along these lines, too.

Maybe that's what Arnold was actually dropping a hint about when he played Mr. Freeze in Batman, you think, Brian? :-)

Good point, Brian. Sorry for the late reply.