Comments on: The Proposal A Pickle: Hey, Brian Dickerson, Who Do You Mean? http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/?utm_source=rss&utm_medium=rss&utm_campaign=the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean Real Estate in Birmingham, Bloomfield Hills, Beverly Hills, Royal Oak, Troy and Oakland County Michigan Tue, 07 Feb 2012 20:06:34 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Sam Segesta http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/comment-page-1/#comment-66518 Sam Segesta Wed, 12 Mar 2008 19:07:14 +0000 http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/#comment-66518 How do I get a copy of Prop A? How do I get a copy of Prop A?

]]> By: Birmingham School District Landlords, Didja Know… | miOaklandCounty.com http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/comment-page-1/#comment-65138 Birmingham School District Landlords, Didja Know… | miOaklandCounty.com Fri, 29 Feb 2008 04:36:11 +0000 http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/#comment-65138 [...] It is a certainty that the schools and the municipalities need the funding that is due them in these tough economic times. As a property owner who has long paid non-homestead taxes I would like to think that others also willingly accept this responsibility when they rent out a home, even though I have never thought the property taxation method for non owner occupied homes was fair. [...] [...] It is a certainty that the schools and the municipalities need the funding that is due them in these tough economic times. As a property owner who has long paid non-homestead taxes I would like to think that others also willingly accept this responsibility when they rent out a home, even though I have never thought the property taxation method for non owner occupied homes was fair. [...]

]]> By: Maureen Francis http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/comment-page-1/#comment-9345 Maureen Francis Tue, 06 Mar 2007 14:52:21 +0000 http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/#comment-9345 Interesting opinions, Patrick. I have been selling real estate full time since 2001. I don't really talk to people about their personal finances. The buyers we work with are pre-approved by a lender and come to us telling us what they can afford. I work with them to find a home within those parameters. How can I steer them in to something they can not afford? They are the only ones who can do that because I don't know about their finances. Nor do I need to know about them. I am not a financial advisor, so I am not qualified to give this advice. The matters of what someone can afford are best handled by professionals in that area, and I am not that. It is also unfair to blame everyone but the consumer. As for not listing the future taxes on the listing ticket, I agree with you to some extent. Yes, it does present an inaccurate picture. Unfortunately, we cannot predict what the new taxes will be accurately. Dmitry and I discuss the property tax issue with every buyer the first time we sit down with them to discuss the purchase process. It is an extended conversation. We do give them ranges of where the taxes will be after a purchase and I would like to think that most Realtors do the same. Interesting opinions, Patrick. I have been selling real estate full time since 2001. I don’t really talk to people about their personal finances. The buyers we work with are pre-approved by a lender and come to us telling us what they can afford. I work with them to find a home within those parameters. How can I steer them in to something they can not afford? They are the only ones who can do that because I don’t know about their finances. Nor do I need to know about them. I am not a financial advisor, so I am not qualified to give this advice. The matters of what someone can afford are best handled by professionals in that area, and I am not that. It is also unfair to blame everyone but the consumer.

As for not listing the future taxes on the listing ticket, I agree with you to some extent. Yes, it does present an inaccurate picture. Unfortunately, we cannot predict what the new taxes will be accurately. Dmitry and I discuss the property tax issue with every buyer the first time we sit down with them to discuss the purchase process. It is an extended conversation. We do give them ranges of where the taxes will be after a purchase and I would like to think that most Realtors do the same.

]]> By: Patrick Thomson http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/comment-page-1/#comment-9254 Patrick Thomson Tue, 06 Mar 2007 07:55:26 +0000 http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/#comment-9254 Proposal A has caused city and state governments to start to bring their spending under control. It has allowed older people who have paid their dues to stay in their family homes when rising property taxes would have forced them out. A capped property tax doesn't prevent me from moving, it allows me to stay. A major problem with the real estate market today is that many homeowners have overpaid and over financed and cannot afford their mortgage payments. This has caused massive amounts of foreclosures and defaults. Much of the fault is with real estate agents steering people into homes they can’t afford, lenders pressuring appraisers to over value homes and appraisers who give into that pressure. Even the people that have cash are afraid to move because the market will probably get worse before it gets better. Most first time buyers are not even aware of what their real taxes will be until well into the process. The taxes that will be assessed after a sale could easily be shown on the MLS tickets but instead the current owner’s taxes are listed. These numbers are of no significant use to a potential buyer. Personally, I think this practice is criminal especially when it involves young inexperienced buyers. Thanks for listening Proposal A has caused city and state governments to start to bring their spending under control. It has allowed older people who have paid their dues to stay in their family homes when rising property taxes would have forced them out. A capped property tax doesn’t prevent me from moving, it allows me to stay.

A major problem with the real estate market today is that many homeowners have overpaid and over financed and cannot afford their mortgage payments. This has caused massive amounts of foreclosures and defaults. Much of the fault is with real estate agents steering people into homes they can’t afford, lenders pressuring appraisers to over value homes and appraisers who give into that pressure. Even the people that have cash are afraid to move because the market will probably get worse before it gets better.

Most first time buyers are not even aware of what their real taxes will be until well into the process. The taxes that will be assessed after a sale could easily be shown on the MLS tickets but instead the current owner’s taxes are listed. These numbers are of no significant use to a potential buyer. Personally, I think this practice is criminal especially when it involves young inexperienced buyers.

Thanks for listening

]]> By: Real Estate in Michigan http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/comment-page-1/#comment-4072 Real Estate in Michigan Tue, 06 Feb 2007 20:51:54 +0000 http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/#comment-4072 <strong>The Dark Side of Proposal A…</strong> Photo courtesy of Ian Muttoo, some rights reserved.  As reported by the Romeo Observer here, the State of Michigan has set the inflation rate multiplier for 2007 to 1.037.  This means that in a real estate market that has seen double digit declines,… The Dark Side of Proposal A…

Photo courtesy of Ian Muttoo, some rights reserved. 
As reported by the Romeo Observer here, the State of Michigan has set the inflation rate multiplier for 2007 to 1.037.  This means that in a real estate market that has seen double digit declines,…

]]> By: Richard Marcum http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/comment-page-1/#comment-3335 Richard Marcum Fri, 02 Feb 2007 04:14:58 +0000 http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/#comment-3335 By the way……I love this new format. By the way……I love this new format.

]]> By: Richard Marcum http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/comment-page-1/#comment-3334 Richard Marcum Fri, 02 Feb 2007 04:13:24 +0000 http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/#comment-3334 Proposal A was destined to hurt the Michigan real estate market, it was just a matter of time. A new buyer into a existing neighborhood can pay more than double the taxes of other similar homes. The only homeowners with a prayer this review time are the ones whose taxable value and SEV are similar. If your taxable value is greater than 50% of the True Cash Value on January 1, you have a case……if you can properly document it. Most peoples SEV’s are much larger than their taxable values. And those people will be paying 3.7% more tax this year. Who are those masked men (or women) in the Real Estate Community that don’t see a problem with Prop A? Proposal A was destined to hurt the Michigan real estate market, it was just a matter of time. A new buyer into a existing neighborhood can pay more than double the taxes of other similar homes.

The only homeowners with a prayer this review time are the ones whose taxable value and SEV are similar. If your taxable value is greater than 50% of the True Cash Value on January 1, you have a case……if you can properly document it.

Most peoples SEV’s are much larger than their taxable values. And those people will be paying 3.7% more tax this year.

Who are those masked men (or women) in the Real Estate Community that don’t see a problem with Prop A?

]]> By: Jay Thompson http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/comment-page-1/#comment-3083 Jay Thompson Sun, 28 Jan 2007 04:23:51 +0000 http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/#comment-3083 Great post Mo! And I love the new look. (Well, it may not be “new”. It’s new to me as I’ve been visiting via the feed reader and haven’t been “on blog” in awhile). The other one was a bit too greeny for me. Great post Mo!

And I love the new look. (Well, it may not be “new”. It’s new to me as I’ve been visiting via the feed reader and haven’t been “on blog” in awhile). The other one was a bit too greeny for me.

]]> By: Maureen Francis http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/comment-page-1/#comment-3082 Maureen Francis Sun, 28 Jan 2007 03:31:48 +0000 http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/#comment-3082 Yes, Gwyn, they do need to be prepared. I agree with you. If anyone clicks on the link in the article that says “bought a house in 2006″ they will come to a post I wrote on the topic last year. I offered to provide comps if people needed them. We routinely give them to our clients. Lets hope Michigan figures out that this (Prop A) is a bad thing soon. Thanks for stopping by. Yes, Gwyn, they do need to be prepared. I agree with you. If anyone clicks on the link in the article that says “bought a house in 2006″ they will come to a post I wrote on the topic last year. I offered to provide comps if people needed them. We routinely give them to our clients.

Lets hope Michigan figures out that this (Prop A) is a bad thing soon.

Thanks for stopping by.

]]> By: Gwyn Besner http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/comment-page-1/#comment-3081 Gwyn Besner Sun, 28 Jan 2007 03:19:59 +0000 http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/#comment-3081 If you are recommending scheduling an appointment with the March Board of Review, you need to tell people to go prepared. The mere fact that their purchase price was not two times the assessed is not enough to win a reduction. They need to take comparables to show it was not an isolated transaction. Let’s take this one step further. If someone bought a house a couple of years ago and their taxable value became uncapped, ponder this. Their taxable value might be close to true assessment. Even though the value in their community may have diminished 1 or 2 percent. the assessor will raise the taxable value the lesser of five percent or the rate of inflation. Inflation may not necessarily be the same as real estate appreciation. So long as Taxable Value doesn’t exceed Assessed Value, that is how it will work. Isn’t good ole’ Prop A an interesting law? When, on the Ides of March 1994, 2/3 of the voters wanted it, I was amazed. I would guess they had not read it through. If you are recommending scheduling an appointment with the March Board of Review, you need to tell people to go prepared. The mere fact that their purchase price was not two times the assessed is not enough to win a reduction. They need to take comparables to show it was not an isolated transaction.

Let’s take this one step further. If someone bought a house a couple of years ago and their taxable value became uncapped, ponder this. Their taxable value might be close to true assessment. Even though the value in their community may have diminished 1 or 2 percent. the assessor will raise the taxable value the lesser of five percent or the rate of inflation. Inflation may not necessarily be the same as real estate appreciation. So long as Taxable Value doesn’t exceed Assessed Value, that is how it will work. Isn’t good ole’ Prop A an interesting law?

When, on the Ides of March 1994, 2/3 of the voters wanted it, I was amazed. I would guess they had not read it through.

]]> By: Carole C http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/comment-page-1/#comment-3075 Carole C Sat, 27 Jan 2007 21:23:11 +0000 http://mioaklandcounty.com/blog/2007/01/27/the-proposal-a-pickle-hey-brian-dickerson-who-do-you-mean/#comment-3075 Oh yes, a painful time of year. Somehow it is a comfort to know that home values are going up; but it would be nice if someone else could pay the taxes :-) I had a client move to Florida, we just rented her home here. She told me today that insurance costs because of the hurricanes were up to between 4k and 7k a year. She thinks she and hubby will be renting for a while in Florida. There are lots of ways to get trapped. Oh yes, a painful time of year. Somehow it is a comfort to know that home values are going up; but it would be nice if someone else could pay the taxes :-)
I had a client move to Florida, we just rented her home here. She told me today that insurance costs because of the hurricanes were up to between 4k and 7k a year. She thinks she and hubby will be renting for a while in Florida. There are lots of ways to get trapped.

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