View Poll Results: Gentrification?

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  • On balance I think that gentrification is a good thing.

    13 72.22%
  • On balance I think that gentrification is a bad thing.

    5 27.78%
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Thread: Gentrification question.

  1. #31
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    Re: Gentrification question.

    The only thing bad about it really is the issue of taxation based on APPRAISED value, rather than purchase value.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

  2. #32
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    Re: Gentrification question.

    For instance, I bought my house in....2010, I think? Paid 155K for it, which in CT, in the neighborhood it's in, was a STEAL. It was a short sale. I lucked out.



    LITERALLY 1 and half years later, the tax lady came and appraised it's value at 245K. And so now, I pay taxes on a 245K house, regardless if that's what I could sell it for or not.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

  3. #33
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    Re: Gentrification question.

    lol. I thought that word meant the changing in population from young to old. HAHAHA

    Oops.
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  4. #34
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    Re: Gentrification question.

    Quote Originally Posted by brothern View Post
    Gran who's owned the home since 1964, suddenly sees her home's property value triple because of its location and suddenly she's looking at paying double the property taxes on a limited income.

    Eventually forcing her to lose her home.
    so she could sell and make a huge profit? urmadbro?

  5. #35
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    Re: Gentrification question.

    Quote Originally Posted by Dw23 View Post
    so she could sell and make a huge profit? urmadbro?
    The problem isn't with those that can sell and move, but those that can't. The elderly, primarily. Or those that are tied to the community for a particular reason: business owners, young families, caretakers, etc.

    Also we're not talking about a $300,000 home becoming $900,000. That's not what "gentrification" concerns. We're talking a $40,000 house, if even that, becoming $120,000.
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  6. #36
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    Re: Gentrification question.

    Quote Originally Posted by KevinKohler View Post
    For instance, I bought my house in....2010, I think? Paid 155K for it, which in CT, in the neighborhood it's in, was a STEAL. It was a short sale. I lucked out.



    LITERALLY 1 and half years later, the tax lady came and appraised it's value at 245K. And so now, I pay taxes on a 245K house, regardless if that's what I could sell it for or not.
    I appreciate the arguments on both sides of that issue. They are not allowed to use auctions/foreclosed/REO property as comps but those can pull down values if there are a lot of the in the same area. On the other hand, did you not know before you went in what the tax value was when you got it for a "STEAL"? My house is assessed at twice plus what I paid for it less than a year ago, but I knew that and what my taxes would be when I purchased it. I think it is over assessed for what the local market really is with so many liquidated properties on the market, but hopefully in 5 years that will be behind us and the tax values will be lower than the market values again. In the meantime, I am just stoked that I got such a sweet sweet deal on a house next to a larger tract I already owned and used for business purposes.

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