| Scary_Guy | I'm hitting "the pit" around 1-1:30 today if anyone wants to join. off to nap now though, afk | 10:43 |
|---|---|---|
| cmaloney | morning | 12:40 |
| cmaloney | what is the pit? | 12:40 |
| _stink_ | off topic, but someone here may know, and we're mostly in michigan... i am aware that property tax increases are capped per year, so even if your home value goes way up, yuor taxes only gradually go up until they match the rate for your equalized value. and if you buy a new home, this is reset, and the equalized value of the home becomes half of the sale price. | 13:59 |
| _stink_ | but what if you do a major renovation on your existing home, financing much of it? | 13:59 |
| _stink_ | does that 'reset' your home's equalized value? | 13:59 |
| _stink_ | i am googling but finding nothing yet. | 14:00 |
| cmaloney | Not sure | 14:14 |
| shakes808 | _stink_: I was in the mortgage business for a little bit, but not sure. I passed your questions to a buddy that might know. | 14:19 |
| _stink_ | shakes808: thanks! | 14:21 |
| shakes808 | _stink_: He said that he doesn't believe it would. It would only reset on change of ownership. So if you do a bunch to the house and up the value, the taxes only increase slightly to the value | 14:26 |
| _stink_ | shakes808: ok great, thanks a bunch. that's consistent with my reading of the little i have found. | 14:26 |
| shakes808 | But on the sale of the property the taxes will be reassessed and evaluated then | 14:27 |
| shakes808 | _stink_: No problem, glad we could help :) | 14:27 |
| shakes808 | _stink_: I would say, go to your city's assessment department and they will be able to give you more "official" explanations :) | 14:29 |
| shakes808 | _stink_: my buddy just said that he has done a lot to his home over the years. Appraised and refi of his home (appraised for over 100K than what he bought it for) and the taxes have not increased by that same ratio. | 14:30 |
| _stink_ | good point, i could probably answer this for sure with one call. | 14:33 |
| cmaloney | _stink_: Do you have a tax preparer? | 14:33 |
| cmaloney | or have you used H&R Block tax software? | 14:33 |
| _stink_ | cmaloney: turbotax | 14:34 |
| _stink_ | my wife is the tax preparer. | 14:34 |
| cmaloney | _stink_: Ask your wife. :) | 14:35 |
| _stink_ | hahaha | 14:35 |
| cmaloney | (Not sure if Turbotax has a phone line for asking questions like that without costing $$ but worth a shot) | 14:35 |
| cmaloney | "I noticed your website on yellow pages. Would you be open to a conversation about upgrading your solution?" | 14:39 |
| cmaloney | orly? | 14:39 |
| _stink_ | my solution to Fermat's Last Theorem? yes please | 14:40 |
| cmaloney | Is that under F or T? | 14:41 |
| _stink_ | hah | 14:42 |
| cmaloney | Well, it looks like Yahoo is now Verizon's pet | 14:50 |
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