My house is taxed at $ 1,800. Out in the country, if in the city it would be more due to city tax. It is no where near even half of a million. So Biden must be in a very low tax area or there is some kind of shady deal going on.
Maybe it was his quarterly tax bill???
Property taxes in Delaware are not levied statewide, but locally. Mr. Biden's beach house in Sussex County is taxed on the value at which it was assessed in 1974.
Nothing shady. Everybody in the county has the same sweet deal.
My Michigan property taxes are based on the value my house had in 2000 when I bought it, indexed at inflation or 5% per year, whichever is lower. Plus any re-assessments for improvements that were made over the years.
I had Puerto Rican neighbors whose wife was the bread winner with job in pharmaceuticals. Business declined there with rule change in the Clinton era. He said middle class was leaving, poor could not afford to leave and rich could afford to stay. Sounds like California today.
This may change as all houses in Delaware are being reassessed.
In Biden's area in Sussex a lot of homes are owned by retirees and many are summer homes which means there should be less kids in school there and schools account for most of the property tax making it about half that of New Castle County.
I see Biden pays $17,000 tax on his Wilmington home valued at 1.5 mil. Seems a little high for our area but looks like he is within city limits where tax is higher.
We do have a river between us and it costs $5 to come into Delaware. They could leave for free but don't.
California Fleein'
They do not arrive with a ton on money to buy these over prices houses. So they would not drive the cost up
Perhaps but assessment usually puts things in line if there were changes. If you double the value but half the mil rate, no change.
Our town had people all upset that taxes were going up from the new assessments. They went down slightly as the industrial/commercial properties when up a bit more in proportion.
That might be a little high, but more inline.
I guess that every part of the country is different.
Around here each county sets their own rate and value. My county just did a re-evaluation of the homes and most everyone is complaining on how much the tax value of their home has gone up.
In Charlotte NC about 50 miles from me there is an area that the homes have been there for many years and are all but falling in, but they are being taxed so high the poor people are having to move out. It is not the actual value of the house, but the value of the land. Who would think that a wooden house in bad shape would be worth $ 300,000. House maybe $ 20,000 and land $ 280,000. It is just a way to get poor people off the land so rich people can move in.
That is going on around here as the Damn Yankees are selling homes up north for lots and moving south where the homes used to be a lot less for the same size. About 30 years ago one moved here. His house was listed for about $ 250,000. My house which was one room smaller and on about the same size lot was $ 50,000.
That's why Michigan voters passed Proposal A in 1994. The purpose was to reform educational financing, but when all the old voters realized their property taxes would be capped, they were all-in on it.
Your neighbor must have thought it was worth $250,000 to him.
Real estate pricing is nearly the last bastion of pure market forces. People pay what they think a property is worth to them. If the seller wants more than they're willing to pay, they buy a different house. If the seller can't move his house at the price he thinks it should command, he's pretty much forced to lower the price to whatever the market will bear.
Big change is not allowed but I do not know future. Also we vote on school tax referendums and county says they will lower tax this year and obvious reason is vote buying by head of county that will run for governor.
Nearby PA property taxes are twice as high. Schools set budgets and taxes go up if they want more. Developments straddle border and tax across the street on DE side is half that on PA side.
Here in Nevada too. Refugees from the PRC are running housing prices through the roof
Are who where yet?
When did he buy it?
That's pretty close to what it would be (at purchase time) in california;
1% of the purchase price. With prop 13, that can only grow by a maximum of 2% per year.
When similar homes in the same area are selling for a certain price are selling for a certain price one can expect to sell their house for close to those. About 15 years ago I lived in a place where about 10 houses were built very similar to each other. I decided to sell my house myself. I looked at the county records and saw one sold 2 years ago for a certain price. I asked about 10 % more as due to a hail storm the roof wa just replaced and sold it for 5% more than my asking price in about 2 months.
Houses that are not similar and in the same general area can be a crap shoot. That was the case of my parents house when they passed away. Odd built house just for them. Only 2 bedrooms in a nice brick house of about 1800 sqft and a double garage. Too much for a starter house, not enough bedrooms for others so had to wait on an older couple to buy it. Took over a year and had to cut it about 10 % from what the realitor thought it was worth.
I have a friend from when I lived in Brooklyn. His fiancee had lived in Manhattan all her life and refused to move to Brooklyn, which is cheaper and less urban and which my friend liked better. So they bought an appt in NYC but he had to park his car somewhere in Queens.
He's a lawyer but his first job they decided to get rid of the legal dept and do everything with outside counsel. He was a decade at the second place. I forget what went wrong, but I know when he left there is a glut of lawyers in NYC and he had trouble getting a full time job. Meanwhile, his coop is costing him a lot of money. His wife didn't make much. Finally, as much as they both liked New York, when he was retirment age, they moved to suburban Atlanta where, with the money he got for selling the NY co-op, he could (easily I think) buy his own house for the first time in his life, which gave him the opportunity to do his own home repairs and improvement, which he really likes, and money left over to buy a Jaguar.
He's definitely a Yankee, and so is she.
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