that just means you have to pay higher taxes on it
2006-08-26 15:46:28 · 9 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
The good side is you can get a nice home equity loan. The bad side is your taxes can go way up.
2006-08-26 15:52:07 · answer #1 · answered by EQ 6 · 0⤊ 0⤋
houses go up in value just like everything does. Inflation. The market doesn't know you are going to live in your house forever. It still has a value and that effects every homeowner in your area. Yes, it does make our taxes increase, so dispute the assessment bill when it comes. make an appointment with the accessor and for 15 minutes of you telling him/her that you have done nothing to improve your home/yard and that you don't know how you can even maintain with such high taxes. You need a break financially please thank you. Bet you get something off. And dispute each and every time you get an increase. Don't let them into your house and bring pictures of any defects to sell you story. I don't care if it is the Ritz, it still has at least one spot where the paint is cracked or the sidewalk needs repair. Tell them you have no plans to move unless you can't afford to live there because of the taxes. You might even have to move to another city or county. Catch my drift.
That's how you do it and it is legal. How else can you afford to keep living in the lifestyle you can afford?
2006-08-26 15:56:48 · answer #2 · answered by MotherNature 4 · 0⤊ 0⤋
Houses can go up (or down) in value for many reasons, including cost of living increases, growth in the area where you live, etc. I don't think that anyone can say for sure that they will never want to sell their home, I mean what if they make the lot next door a land-fill site?
2006-08-26 15:59:17 · answer #3 · answered by Ashley F 3 · 0⤊ 0⤋
The value of a house affects how much property tax you have to pay on it. That's why people worry about the value of their home.
2006-08-26 15:52:28 · answer #4 · answered by April C 3 · 0⤊ 0⤋
The main reason people want to keep property values high, other than to sell, is because they think that will keep out undesirables. People believe money means quality so if houses in their neighborhoods cost a lot, only "good" people can afford to move in.
2006-08-26 15:54:42 · answer #5 · answered by Big Ed 4 · 0⤊ 0⤋
"Value" is different from "assessed value" used for tax purposes. The assessed value (what it would cost to rebuild) is usually far below the value (what it would sell for), especially in high-value neighborhoods.
The assessed value of my home is about half what it's worth on today's market.
And you can use the equity in your home for funds, whether for vacations or fix-ups or emergency cash.
2006-08-26 15:54:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The value goes up if you do home improvements, if you treat it crappy then the value can go down. You want to know th value of your home just in case it burns down or something. You do want your insurance company to pay you what it's worth right......
2006-08-26 15:52:52 · answer #7 · answered by SweetT 3 · 0⤊ 0⤋
Because you can never say never about selling the home. The average home buyer now sells about every 5 years!
2006-08-26 15:49:22 · answer #8 · answered by lschuler22 2 · 0⤊ 0⤋
Many people take out second mortgages or refinance their homes in order to do fix-ups or go on trips or have money to invest etc. In those situations, people are glad their home has appreciated in value so they get more money from the bank.
2006-08-26 15:49:59 · answer #9 · answered by Gwen 5 · 1⤊ 0⤋