Wednesday, June 06, 2007
Pittsburgh's 2002 base-year system for assessing property values has been thrown out. While the system was far from perfect, the decision is a blow to hundreds of thousands of homeowners and would-be purchasers who continue to have little idea what their taxes might be. The system may have been difficult to comprehend, but it was a system and thus provided some stability. Investments, markets and all things financial do not like instability. It has been said that companies can operate in an economically controlled environment such as the former Soviet Union or pre-1990 China, they just don't do so well when conditions are subject to change on a whim. That's not so unlike the tax system today in Allegheny County. Residents, potential residents and builders are unable to foresee for any period of time into the future what exactly their taxes will be. The system needs to be solidified as quickly as possible. Unfortunately for those desires its now the Pennsylvania State Government we're dealing with. Update: ONOROTO SAYS "No Reassessments."
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2 comments:
Eric,
This is my first response on a blog so I might be doing something out of order, so please forgive me.
I wanted to ask a question of a comment you made back in February 2007 that I just came across more recently.
You said you had spent afternoons trying to give away free houses but without success.
Now I know the adage of "You get (and don't get) what you pay (and don't pay) for", and, real estate is a very complicated business, but still, just exactly what kind of houses were you talking about?
Are they only burned-out shells?
Thanks,
Jeff
Don't worry about leaving a message out of order. Its always great to hear from readers.
First, given that transfering real estate can involve considerable expenses, a house is never really "free." More, a "free" house will expectedly have some work to be done on it and be in some state of decay. That said, the two specific examples I can think of were not "burnt-out" at all, with some work (and money) they could be lived in. One has since been demolished and I know a few months back the other had been stripped of the mantles and woodwork.
Still you can sometimes find houses listed for $3,000-$10,000, which are essentially "free" as the owners are probably not realizing any sort of gain on them, especially when you get close to $5,000 (the transaction costs are that much).
I'd venture that a house you can move into is at least $20,000, though I've seen them as low as ten. Again, get the picture of a large brick Victorian or a slightly rough condo out of your mind. There's something to do and to want for or it wouldn't be that cheap. That said, where else can you find these bargains???
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