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-   -   Money Class action lawsuit filed over Jackson County assessments (https://chiefsplanet.com/BB/showthread.php?t=349124)

Hammock Parties 06-25-2023 01:16 PM

Class action lawsuit filed over Jackson County assessments
 
https://www.kctv5.com/2023/06/25/cla...y-assessments/

Quote:

KANSAS CITY, Mo. (KCTV) - A new class action lawsuit challenges the quality of Jackson County’s property assessment. It calls into question if some increases are even legal considering some notices came in the mail after the June 15 deadline, as required by state statutes.

The filing asks a judge to step in and offer injunctive relief. It also calls for a jury trial.

The lawsuit was filed by attorney and developer Ken McClain on behalf of Trevor and Amanda Tilton of Odessa and two businesses.

The lawsuit is critical of the methodology used by Jackson County to reach new values. It argues the newly-built assessment system fails to include sufficient information and there’s a lack of physical inspections.

It points out assessments should consider current market conditions. It argues that didn’t happen when it came to commercial property.

The lawsuit claims Jackson County uniformly increased the value of every non-vacant commercial property with an improvement by 25%. And vacant commercial properties had an across-the-board increase of roughly 50%.

KCTV5 has heard from numerous homeowners who are shocked by the large increases in their assessments. Some question if they’ll be able to keep their homes. They also question if they can realistically sell when property tax assessments increase so much in one fell swoop.

READ MORE: Jackson County property assessment workshops kick off
There has been a 30% average increase in Jackson County. The Assessor’s Office argues homeowners are seeing large increases because Jackson County real estate has not been assessed with Fair Market Valuations (FMV) for a long time and building costs have increased.

The lawsuit is filed against Jackson County Executive Frank White, Assessor Gail McCann Beatty and other members of the Board of Equalization.

KCTV5 reached out to Jackson County’s public information officer for comment but we have not heard back yet.
Politicans exempt from insane take hikes

https://pbs.twimg.com/media/Fzpo_CzW...g&name=900x900

Legislation drawn to overturn insane tax hikes:

https://pbs.twimg.com/media/FztqSMwW...pg&name=medium

Protest scheduled at Jackson County Courthouse:

https://scontent.fmkc1-1.fna.fbcdn.n...mA&oe=64A1F06C

KC Town Hall scheduled July 15

https://pbs.twimg.com/media/F0h1qNaW...jpg&name=large

gblowfish 06-25-2023 01:41 PM

Mine went up 89 percent in one year.

Hammock Parties 06-25-2023 01:45 PM

Quote:

Originally Posted by gblowfish (Post 16993982)
Mine went up 89 percent in one year.

Most states or citites have a rule where the max increase is a few percent or something? ****ing highway robbery by the county.

gblowfish 06-25-2023 01:47 PM

Ken McClain mentioned in the article is a big time lawyer who owns most of the Independence Square. He's a gorilla and will crush them.

Hammock Parties 06-25-2023 01:56 PM

Quote:

Originally Posted by gblowfish (Post 16993982)
Mine went up 89 percent in one year.

LOL

I got 54 percent and appealed today.

**** this cash grab.

penguinz 06-25-2023 02:01 PM

Quote:

Originally Posted by Hammock Parties (Post 16993992)
LOL

I got 54 percent and appealed today.

**** this cash grab.

Good luck. For most the adjusted value is still below true value so good chance the appeal can backfire and become even more.

I just did a bunch of improvements so I am not taking the chance on appeal.

And **** Frank White. Makes Q look like a genius.

duncan_idaho 06-25-2023 02:04 PM

I'm not sure there's a better guy to have suing the city for Jackson County homeowners.

McClain is a straight killer. He's the guy who sued the NFL and won (over concussions). Jackson County better get its shit together, and quickly.

duncan_idaho 06-25-2023 02:05 PM

Quote:

Originally Posted by Hammock Parties (Post 16993992)
LOL

I got 54 percent and appealed today.

**** this cash grab.

Yeah, same. House on the other side of the parkway (literally across the road) from us just sold in May for 110,000 less than the assessed value of our home, and the house at the end of that block sold for 140,000 less.

We were up 44 percent. Just nuts stuff.

Pablo 06-25-2023 02:06 PM

Quote:

Originally Posted by gblowfish (Post 16993988)
Ken McClain mentioned in the article is a big time lawyer who owns most of the Independence Square. He's a gorilla and will crush them.

Sounds like a sharp real estate investor, no doubt!

Renegade 06-25-2023 02:08 PM

Same thing happened in Taney County (Branson). One of my friends building took a 300% increase and it was built 3 years ago. They said it was "undervalued" the whole time.

Jewish Rabbi 06-25-2023 02:11 PM

Quote:

Originally Posted by Hammock Parties (Post 16993992)
LOL

I got 54 percent and appealed today.

**** this cash grab.

I'd appeal the shit out of that. No way a value can increase 54% that doesn't even have curbs.

Pablo 06-25-2023 02:16 PM

Quote:

Originally Posted by Jewish TLO (Post 16994008)
I'd appeal the shit out of that. No way a value can increase 54% that doesn't even have curbs.

Ran all the way up from 40,000 to 62,000!

Hammock Parties 06-25-2023 02:16 PM

Quote:

Originally Posted by Jewish TLO (Post 16994008)
I'd appeal the shit out of that. No way a value can increase 54% that doesn't even have curbs.

Damn straight. Plus it was appraised two years ago for ****ing THOUSANDS of dollars less than they are saying.

**** these thieves.

Quote:

I attended the appeals workshop last night where they were expecting about 100 people. There were 1100 of us there. The place was packed to the rafters. I had one property that jumped from 1000 to 3000 in tax, after I had just appealed it 2 years ago, paid for an appraisal and won my appeal.

Another property jumped 700%! You read that right. I appealed and won that last time, as well. The county doesn't even bother to look at their previous lost appeals cases before trying the same thing again. And they obviously don't bother with doing an in-person evaluation of those properties.

Any increase of more than 14.9% requires that in-person assessment, but they don't seem to be bothering with that. I highly recommend attending one of the remaining meetings on this matter if you want to know how widespread and egregious this problem is.

File your informal appeal, and maybe attend the next legislative meeting this Monday afternoon, at the downtown County Courthouse, where many of us will be showing up in protest.

Hammock Parties 06-25-2023 02:17 PM

Quote:

Originally Posted by Pablo (Post 16994012)
Ran all the way up from 40,000 to 62,000!

126690

Pablo 06-25-2023 02:22 PM

Quote:

Originally Posted by Hammock Parties (Post 16994014)
126690

I don't even think we have any values that low in Platte County.

South of the river is just disaster territory.

Hammock Parties 06-25-2023 02:24 PM

it took 7 years for the property tax on this house to go up 30% and in one year it jumps 54%? communist bullshit

Pointer19 06-25-2023 02:44 PM

Can't wait to be a homeowner...

Hog Rider 06-25-2023 02:45 PM

Sounds like Jackson County is in Illinois not MO.

Hammock Parties 06-25-2023 02:45 PM

Quote:

Originally Posted by Pointer19 (Post 16994031)
Can't wait to be a homeowner...

still better than renting...for now

Pablo 06-25-2023 02:46 PM

Quote:

Originally Posted by Pointer19 (Post 16994031)
Can't wait to be a homeowner...

When you rent and they jack up the apt complex's tax value they just raise your rent to cover it anyhow.

Bowser 06-25-2023 02:46 PM

Makes you wonder how many people just pay it, no matter how pissed they get.

Pointer19 06-25-2023 02:47 PM

Quote:

Originally Posted by Hammock Parties (Post 16994034)
still better than renting...for now

Yeah, we'll see how things shake out. I've got the best and worst of both worlds right now - living in a paid-off RV but paying about $800/mo for a parking spot and utilities.

Hammock Parties 06-25-2023 02:49 PM

Quote:

Originally Posted by Bowser (Post 16994036)
Makes you wonder how many people just pay it, no matter how pissed they get.

if you don't get pissed and do something about it, you'll keep being pissed until you can't

penguinz 06-25-2023 02:52 PM

Quote:

Originally Posted by Bowser (Post 16994036)
Makes you wonder how many people just pay it, no matter how pissed they get.

Im just paying it. Mine doubled but still only 25% of true value.

Valiant 06-25-2023 03:07 PM

Quote:

Originally Posted by duncan_idaho (Post 16994000)
I'm not sure there's a better guy to have suing the city for Jackson County homeowners.

McClain is a straight killer. He's the guy who sued the NFL and won (over concussions). Jackson County better get its shit together, and quickly.

The problem is Jackson county is only doing the insane increase on low income, starter homes. Corporate rental homes barely went up. Expensive homes barely went up. Frank white and city leaders went down. The city again chose to attack elderly, minority owners. Most of which that are on fixed income and will be forced to sell. It is a land/house grab.

Hopefully the lawyer brings all of this in. Literally impossible to do that breakdown accidentally.

Hammock Parties 06-25-2023 03:10 PM

Quote:

Originally Posted by Valiant (Post 16994057)
The problem is Jackson county is only doing the insane increase on low income, starter homes. Corporate rental homes barely went up. Expensive homes barely went up. Frank white and city leaders went down. The city again chose to attack elderly, minority owners. Most of which that are on fixed income and will be forced to sell. It is a land/house grab.

Hopefully the lawyer brings all of this in. Literally impossible to do that breakdown accidentally.

We are run by literal ****ing commies. ROFL

displacedinMN 06-25-2023 03:18 PM

most places tax according to what they think it will sell for when it sells.
Yes, prices are on the rise everywhere and it has slowed. But in 2007 when the market crashed, my taxes did not really ever go down. Nominal, but not according to what the value should have been.

Now, it is out of control. Anything over 15% is a money grab.

oldman 06-25-2023 03:22 PM

It was just a matter of time after Lucas's taxes jumped 67% (https://www.kmbc.com/article/quinton...ocess/44322693) . It's OK to bend over the average schulb, but when you **** with the man ----

KCUnited 06-25-2023 03:28 PM

Quote:

Originally Posted by Hog Rider (Post 16994033)
Sounds like Jackson County is in Illinois not MO.

Ha you knew assessments in Chicago were coming when you’d start getting mailers from attorneys telling you how much you could save appealing with them

It’s a whole intentional system created to get everyone paid on your dollar

Assess high which creates an appeal process so the lawyers get their cut, then you “get” a 15% reduction after everyone gets paid and somehow feel like you won while everyone laughs their way to the bank with your money

scho63 06-25-2023 03:28 PM

Our government on every level along with all the enforcers in this country just abuse us with no recourse.

It's repulsive.

Shiver Me Timbers 06-25-2023 04:45 PM

My granddad told me you never actually own real property even if it is paid for. Really never gave it much thought until I started paying property taxes.

HemiEd 06-25-2023 05:00 PM

Quote:

Originally Posted by Renegade (Post 16994004)
Same thing happened in Taney County (Branson). One of my friends building took a 300% increase and it was built 3 years ago. They said it was "undervalued" the whole time.

Holy shit, that is nuts. I had the perception that the tourism in Branson would keep the property taxes lower, guess not.

TribalElder 06-25-2023 05:06 PM

house payments going way up

displacedinMN 06-25-2023 05:12 PM

Quote:

Originally Posted by TribalElder (Post 16994186)
house payments going way up

salaries are not

Stewie 06-25-2023 05:27 PM

The problem is the appeal process is arbitrated by the very people that gain to benefit. It's a rigged game.

Rain Man 06-25-2023 05:40 PM

Zillow Home Value maxxed my home value estimate about 18 months ago in a big spike, and then it plummeted about 11 percent when interest rates went up. It recovered about half of that loss, and then last week it dropped three percent without warning. It popped up one percent this week, so now I'm about 9 percent off my peak. The peak was a big spike, though, so I'm still in good shape.

displacedinMN 06-25-2023 06:15 PM

Quote:

Originally Posted by Stewie (Post 16994203)
The problem is the appeal process is arbitrated by the very people that gain to benefit. It's a rigged game.

Few if any win the appeal

notorious 06-25-2023 06:19 PM

**** the government and property tax.

Titty Meat 06-25-2023 06:57 PM

Jackson County voters voted for this. Re-elected a baseball player whos been nothing but corrupt and some piece of shit whos worried about a statue that 72% of voters votes to keep

Pablo 06-25-2023 07:15 PM

Quote:

Originally Posted by Titty Meat (Post 16994275)
Jackson County voters voted for this. Re-elected a baseball player whos been nothing but corrupt and some piece of shit whos worried about a statue that 72% of voters votes to keep

Some people will pull the lever for anybody with a (D) next to their name. *cough* clay your gf def voted for this *cough*

BigRedChief 06-25-2023 07:21 PM

Quote:

Originally Posted by Pablo (Post 16994288)
Some people will pull the lever for anybody with a (D) next to their name. *cough* clay your gf def voted for this *cough*

My house taxes have went through the roof. No dems are anywhere near power in Florida. It’s not a partisan thing.

Pablo 06-25-2023 07:29 PM

Quote:

Originally Posted by BigRedChief (Post 16994295)
My house taxes have went through the roof. No dems are anywhere near power in Florida. It’s not a partisan thing.

Oh I'm just ****ing with clay about his librul gf. I know everything is ****ed everywhere unless you're a person of importance(remember, businesses are people too in America).

That money for roads and schools and blah blah blah has to come from somewhere. And it definitely can't come from the real big money players in enormous corporate campuses or skyscrapers downtown or brand new apartment complexes. Those guys get all of the incentives. They are drivers of industry and have earned the right to skip out on their fair share!

It needs to come from you, citizen.

duncan_idaho 06-25-2023 07:40 PM

Quote:

Originally Posted by Valiant (Post 16994057)
The problem is Jackson county is only doing the insane increase on low income, starter homes. Corporate rental homes barely went up. Expensive homes barely went up. Frank white and city leaders went down. The city again chose to attack elderly, minority owners. Most of which that are on fixed income and will be forced to sell. It is a land/house grab.

Hopefully the lawyer brings all of this in. Literally impossible to do that breakdown accidentally.


Nah, it’s on everyone.

We are not in starter home territory ourselves and my friends/family all over the metro (Lee’s Summit, North KC, South KC, all the central KC neighborhoods, even a friend who has a home in the Northeast) are seeing crazy things.

|Zach| 06-25-2023 07:48 PM

Quote:

Originally Posted by Pablo (Post 16994301)
Oh I'm just ****ing with clay about his librul gf. I know everything is ****ed everywhere unless you're a person of importance(remember, businesses are people too in America).

That money for roads and schools and blah blah blah has to come from somewhere. And it definitely can't come from the real big money players in enormous corporate campuses or skyscrapers downtown or brand new apartment complexes. Those guys get all of the incentives. They are drivers of industry and have earned the right to skip out on their fair share!

It needs to come from you, citizen.

well look who is joining the revolution

TLO 06-25-2023 07:53 PM

Quote:

Originally Posted by Titty Meat (Post 16994275)
Jackson County voters voted for this. Re-elected a baseball player whos been nothing but corrupt and some piece of shit whos worried about a statue that 72% of voters votes to keep

The George Brett Statue?

notorious 06-25-2023 08:09 PM

Here's just the thing: I am looking at building a 100x50 steel building, heated floor, insulated, etc.

I live in the middle of nowhere. When I build this thing, I will get completely ass raped on taxes. I will not see an extra road grader pass (if I see one at all), or any infrastructure upgrades anywhere within 10 miles of my house.

Yet I will dump thousands per year into the system. That is completely ****ed in my opinion.

Woogieman 06-25-2023 10:14 PM

Quote:

Originally Posted by Valiant (Post 16994057)
The problem is Jackson county is only doing the insane increase on low income, starter homes. Corporate rental homes barely went up. Expensive homes barely went up. Frank white and city leaders went down. The city again chose to attack elderly, minority owners. Most of which that are on fixed income and will be forced to sell. It is a land/house grab.

Hopefully the lawyer brings all of this in. Literally impossible to do that breakdown accidentally.

This is not true. The elderly are definitely feeling the pain...they have had depressed valuations for for a long time, and the valuation model is hitting them hard because every part of the city has seen so much investor renovations over the past 3 yrs that is pulling all properties up. The elderly invest very little in their homes, therefore they are getting pulled up way too high based on the renovated sale prices. The software they use does not have a check box for "elderly" or "minority".

Where are you getting the info that "Frank White and city leaders went down"?

Woogieman 06-25-2023 10:19 PM

Quote:

Originally Posted by Rain Man (Post 16994216)
Zillow Home Value maxxed my home value estimate about 18 months ago in a big spike, and then it plummeted about 11 percent when interest rates went up. It recovered about half of that loss, and then last week it dropped three percent without warning. It popped up one percent this week, so now I'm about 9 percent off my peak. The peak was a big spike, though, so I'm still in good shape.

Zillow is not at all accurate. They do better in homogeneous neighborhoods with tight ranges and similar floor plans, but can be wildly inaccurate in other areas....theyy do not know the details or conditions of your home, especially split levels or homes with finished lower levels

Titty Meat 06-25-2023 10:19 PM

Quote:

Originally Posted by Woogieman (Post 16994426)
This is not true. The elderly are definitely feeling the pain...they have had depressed valuations for for a long time, and the valuation model is hitting them hard because every part of the city has seen so much investor renovations over the past 3 yrs that is pulling all properties up. The elderly invest very little in their homes, therefore they are getting pulled up way too high based on the renovated sale prices. The software they use does not have a check box for "elderly" or "minority".

Where are you getting the info that "Frank White and city leaders went down"?

Franks actually went up like 7% and Don McCan sp? Went up 10%. So yeah theres increased but not nearly as much as alot of people. Why can't they just put a cap on the valuations?

Hammock Parties 06-25-2023 10:23 PM

Quote:

Originally Posted by Titty Meat (Post 16994435)
Franks actually went up like 7% and Don McCan sp? Went up 10%. So yeah theres increased but not nearly as much as alot of people. Why can't they just put a cap on the valuations?

Greed. They all need raises. Hell Q is probably looting the city on his way out.

Titty Meat 06-25-2023 10:25 PM

Quote:

Originally Posted by Hammock Parties (Post 16994442)
Greed. They all need raises. Hell Q is probably looting the city on his way out.

Q already raised the salary for mayor and city council a few years ago lmao

Woogieman 06-25-2023 10:25 PM

Quote:

Originally Posted by Titty Meat (Post 16994435)
Franks actually went up like 7% and Don McCan sp? Went up 10%. So yeah theres increased but not nearly as much as alot of people. Why can't they just put a cap on the valuations?

They absolutely should have already, and I thought there was legislation on the table that will cap in the future...if not, there will be soon because of this. It's just common sense and the only responsible thing to do, but as we all know, Jackson Co. is incapable of acting with a shred of either.

Hammock Parties 06-25-2023 10:26 PM

Quote:

Originally Posted by Titty Meat (Post 16994444)
Q already raised the salary for mayor and city council a few years ago lmao

i bet there's some real dirty shit going on right now...kc has always been a town with dirty politics

Woogieman 06-25-2023 10:26 PM

Quote:

Originally Posted by Hammock Parties (Post 16994442)
Greed. They all need raises. Hell Q is probably looting the city on his way out.

Yep, he has big plans and needs to start building that war chest

Hammock Parties 06-25-2023 10:27 PM

Quote:

Originally Posted by Woogieman (Post 16994447)
Yep, he has big plans and needs to start building that war chest

real easy to give tax breaks to your buddies around the city and get kickbacks

he's a ****ing commie midget

Hammock Parties 06-25-2023 10:33 PM

fight the power

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Kansas City woman, angry about her property taxes, paying with nickels – <br><br>After a 135% increase in her property tax bill Cynthia Lockett will pay her bulging property tax bill,<br><br>But with 1,419 rolls of nickels that will weigh over 625 pounds.<br><br> <a href="https://t.co/x4MWpbScYX">https://t.co/x4MWpbScYX</a></p>&mdash; Kansas City Today (@KC__Today) <a href="https://twitter.com/KC__Today/status/1201190814103298051?ref_src=twsrc%5Etfw">December 1, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Woogieman 06-25-2023 10:33 PM

Quote:

Originally Posted by Hammock Parties (Post 16994446)
i bet there's some real dirty shit going on right now...kc has always been a town with dirty politics

Funny you should mention that, I was just with an elderly man last Friday who just got raped on his property taxes in Brookside, and it turns out his garndfather was the one that took down Tom Pendergast (Milligan?) in the 1930s

Hammock Parties 06-25-2023 10:35 PM

meanwhile

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">UPDATE: Port KC board to consider issuing $36M bond for 108-unit, 12-story Crossroads apartment project next week; 18-year property tax abatement, 10 percent affordable units at 60 percent AMI.<br> <a href="https://t.co/kMj8rLr7uF">https://t.co/kMj8rLr7uF</a> via <a href="https://twitter.com/cityscenekc?ref_src=twsrc%5Etfw">@CitySceneKC</a></p>&mdash; Kevin Collison (@cityscenekc) <a href="https://twitter.com/cityscenekc/status/1639283308180766721?ref_src=twsrc%5Etfw">March 24, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Bugeater 06-26-2023 09:34 AM

Same bullshit is going on in Omaha and the rest of Nebraska. I just moved to Fremont and within days there's a letter is in the mailbox from the assessor asking all kinds of questions...yeah **** you I ain't answering shit...

Titty Meat 06-26-2023 09:44 AM

Quote:

Originally Posted by Bugeater (Post 16994768)
Same bullshit is going on in Omaha and the rest of Nebraska. I just moved to Fremont and within days there's a letter is in the mailbox from the assessor asking all kinds of questions...yeah **** you I ain't answering shit...

How do you expect Rhule to make 9.5 a year?

BryanBusby 06-26-2023 09:49 AM

Please pay for our dumb ass downtown park. Royals baseball, catch the fever!

Skyy God 06-26-2023 11:20 AM

It’s a supply side issue.

Fewer new homes are being built due to labor and material shortages (and interest rate hikes). Rather than an expanding tax base, municipalities are jacking up rates for existing properties.

Same is going on in the personal property tax arena due to less cars/boats/etc. built.

https://www.ksdk.com/amp/article/mon...7-313282b6f89c

raybec 4 06-26-2023 11:28 AM

Quote:

Originally Posted by Woogieman (Post 16994458)
Funny you should mention that, I was just with an elderly man last Friday who just got raped on his property taxes in Brookside, and it turns out his garndfather was the one that took down Tom Pendergast (Milligan?) in the 1930s

Is this some sort of admission? Are we now bound by law/morality to report this?

Hammock Parties 06-26-2023 12:09 PM

Quote:

Originally Posted by Skyy God (Post 16994903)
It’s a supply side issue.

Fewer new homes are being built due to labor and material shortages (and interest rate hikes). Rather than an expanding tax base, municipalities are jacking up rates for existing properties.

Same is going on in the personal property tax arena due to less cars/boats/etc. built.

https://www.ksdk.com/amp/article/mon...7-313282b6f89c

maybe if they'd stop paying for stupid shit like painting roads gay we wouldn't have this issue

penguinz 06-26-2023 12:23 PM

Quote:

Originally Posted by Hammock Parties (Post 16994962)
maybe if they'd stop paying for stupid shit like painting roads gay we wouldn't have this issue

While stupid the road painting has nothing to do with with this.

Hammock Parties 06-26-2023 12:32 PM

Quote:

Originally Posted by penguinz (Post 16994990)
While stupid the road painting has nothing to do with with this.

there are thousands of stupid things the government spends money on

money they piss away so now they have to jack up property tax at obscene, illegal rates

Woogieman 06-26-2023 01:21 PM

Quote:

Originally Posted by raybec 4 (Post 16994911)
Is this some sort of admission? Are we now bound by law/morality to report this?

I have to admit, that was inartfully worded. :doh!:

Eureka 06-26-2023 01:25 PM

Quote:

How does CA Prop. 13 work?
Under Proposition 13, property taxes are limited to one percent of the assessed value. Additional property taxes may be approved for schools or local projects, which can vary amongst communities and bring the tax rate higher than one percent.
I still pay an outrageous amount of property taxes compared to other states homeowners though. Maybe, the county should have something similar to California's prop 13?

DJ's left nut 06-26-2023 01:27 PM

Quote:

Originally Posted by duncan_idaho (Post 16994002)
Yeah, same. House on the other side of the parkway (literally across the road) from us just sold in May for 110,000 less than the assessed value of our home, and the house at the end of that block sold for 140,000 less.

We were up 44 percent. Just nuts stuff.

The AVs aren't taking into account interest rates impacts on the housing market.

A FMV that's using sales from 9+ months ago is WAY out of date already. The cost of money has gone up a ton since then and it's reflecting in how much people will (or even CAN) pay for a home.

We were looking at upgrading for a few years but now I'm gonna hold onto that 2.25% mortgage like grim death and if need be I'll take out a HELOC for an addition or something.

I can't justify moving and tacking 5% onto my interest rate, even if I can afford more house than I presently have - it doesn't make a lick of financial sense.

And there are a lot of people like me out there.

dmahurin 06-26-2023 01:33 PM

Quote:

Originally Posted by DJ's left nut (Post 16995109)
The AVs aren't taking into account interest rates impacts on the housing market.

A FMV that's using sales from 9+ months ago is WAY out of date already. The cost of money has gone up a ton since then and it's reflecting in how much people will (or even CAN) pay for a home.

We were looking at upgrading for a few years but now I'm gonna hold onto that 2.25% mortgage like grim death and if need be I'll take out a HELOC for an addition or something.

I can't justify moving and tacking 5% onto my interest rate, even if I can afford more house than I presently have - it doesn't make a lick of financial sense.

And there are a lot of people like me out there.

Same story here. I've got a 3.5% rate and the wife and I are refusing to move until it goes back down.

DJ's left nut 06-26-2023 01:48 PM

Quote:

Originally Posted by dmahurin (Post 16995124)
Same story here. I've got a 3.5% rate and the wife and I are refusing to move until it goes back down.

Just do the math and it's obscene.

Let's say you're looking at a nice 2nd home - nothing extravagant but certainly a fairly nice place. You have a growing family or something so you're looking to get a little bigger than your 'starter' house. That's gonna be probably $500K for maybe 3,500-4,000 sq ft if you're in a neighborhood you want to be in.

And lets say you're even able to put 20% down because of equity in your first home.

A 400K loan at my 2.25% is gonna cost me about $150K in interest over 30 years. The 'cost' of the house is gonna be $650K when factoring in your down payment.

If you make it 7% the interest you'll pay on that home almost quadruples on a 30 year note. Your total interest paid will be $560K. That house suddenly costs you 1.05 million.

And what these assessors are trying to do is use home values and sales from that late COVID era when interest was still low but supply was ass (and the money printers were going brrrrrrrr) so home prices were skyrocketing.

When you start to mess with the math here, 'upgrading' homes is almost a complete non-starter unless you can somehow pay cash for it.

I cannot for the life of me understand how people bought houses in the 80s when rates were briefly at 20% before settling into the 'manageable' low teens.

But at the risk of this turning to politics, I still think this NEEDED to be done. Home prices had gotten exorbitant precisely because free money led to a runaway market. My folks built their house in the early 90s when the market was still feeling the pinch from the 80s rates and hadn't fully absorbed those early 90s drops into the 5-6% range that we're climbing back into now. And man, comparing what they paid to what we would for a home like that now - it's night and day. At a point, the market needed a correction.

But you can't go rat-****ing people on their property taxes in the middle of it...

KCUnited 06-26-2023 02:00 PM

I obliterated my right leg 2 days before the photographer was coming over to shoot our home that was going on the market in early '22

My first thoughts were 1) That looks really horrific, I hope they're able to save the leg and I should probably prepare myself mentally for the worst and 2) interest rate hikes

I texted my wife from the back of the amber lamps that we were moving forward no matter what

I have more nightmares about the 1% jump we took

Mecca 06-26-2023 02:08 PM

Quote:

Originally Posted by DJ's left nut (Post 16995138)
Just do the math and it's obscene.

Let's say you're looking at a nice 2nd home - nothing extravagant but certainly a fairly nice place. You have a growing family or something so you're looking to get a little bigger than your 'starter' house. That's gonna be probably $500K for maybe 3,500-4,000 sq ft if you're in a neighborhood you want to be in.

And lets say you're even able to put 20% down because of equity in your first home.

A 400K loan at my 2.25% is gonna cost me about $150K in interest over 30 years. The 'cost' of the house is gonna be $650K when factoring in your down payment.

If you make it 7% the interest you'll pay on that home almost quadruples on a 30 year note. Your total interest paid will be $560K. That house suddenly costs you 1.05 million.

And what these assessors are trying to do is use home values and sales from that late COVID era when interest was still low but supply was ass (and the money printers were going brrrrrrrr) so home prices were skyrocketing.

When you start to mess with the math here, 'upgrading' homes is almost a complete non-starter unless you can somehow pay cash for it.

I cannot for the life of me understand how people bought houses in the 80s when rates were briefly at 20% before settling into the 'manageable' low teens.

But at the risk of this turning to politics, I still think this NEEDED to be done. Home prices had gotten exorbitant precisely because free money led to a runaway market. My folks built their house in the early 90s when the market was still feeling the pinch from the 80s rates and hadn't fully absorbed those early 90s drops into the 5-6% range that we're climbing back into now. And man, comparing what they paid to what we would for a home like that now - it's night and day. At a point, the market needed a correction.

But you can't go rat-****ing people on their property taxes in the middle of it...

rat ****ing people is the name of the game right now..it's a cash grab that is intended to price some people out opening their homes and areas to corporations for either permanent rental or commercial property..

TambaBerry 06-26-2023 02:21 PM

Joco is the same way its criminal

BryanBusby 06-26-2023 05:25 PM

Spoiler: everyone is getting ****ed

Bowser 06-26-2023 06:22 PM

Quote:

Originally Posted by Hammock Parties (Post 16994460)
meanwhile

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">UPDATE: Port KC board to consider issuing $36M bond for 108-unit, 12-story Crossroads apartment project next week; 18-year property tax abatement, 10 percent affordable units at 60 percent AMI.<br> <a href="https://t.co/kMj8rLr7uF">https://t.co/kMj8rLr7uF</a> via <a href="https://twitter.com/cityscenekc?ref_src=twsrc%5Etfw">@CitySceneKC</a></p>&mdash; Kevin Collison (@cityscenekc) <a href="https://twitter.com/cityscenekc/status/1639283308180766721?ref_src=twsrc%5Etfw">March 24, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

What? Don't they already have Four and Five Light plans on the books when they get done with Three? What the hell kind of stupid shit idea is this?

Pablo 06-26-2023 06:33 PM

Quote:

Originally Posted by Bowser (Post 16995455)
What? Don't they already have Four and Five Light plans on the books when they get done with Three? What the hell kind of stupid shit idea is this?

It’s gonna have 11 affordable units! That’s a steal for the city. Gotta build it and better give them all the breaks!

Other 97 units will be 4000/month and the building will look like absolute dogshit. But it’s new dogshit.

WilliamTheIrish 06-26-2023 06:42 PM

Quote:

I cannot for the life of me understand how people bought houses in the 80s when rates were briefly at 20% before settling into the 'manageable' low teens
My first mortgage was in 1984 @ 17.7%. Beautiful little airplane bungalow in the oldest part of town. 40k.

And yes contraction of the money supply is exactly set up to slow down the housing market. Hope it works. I’m headed out of this area soon enough. Will definitely be a shoebox instead of a palace as I set up for the 3rd and 4th quarter of life.

BigRedChief 06-26-2023 06:46 PM

Quote:

Originally Posted by DJ's left nut (Post 16995138)
Just do the math and it's obscene.

Let's say you're looking at a nice 2nd home - nothing extravagant but certainly a fairly nice place. You have a growing family or something so you're looking to get a little bigger than your 'starter' house. That's gonna be probably $500K for maybe 3,500-4,000 sq ft if you're in a neighborhood you want to be in.

And lets say you're even able to put 20% down because of equity in your first home.

A 400K loan at my 2.25% is gonna cost me about $150K in interest over 30 years. The 'cost' of the house is gonna be $650K when factoring in your down payment.

If you make it 7% the interest you'll pay on that home almost quadruples on a 30 year note. Your total interest paid will be $560K. That house suddenly costs you 1.05 million.

And what these assessors are trying to do is use home values and sales from that late COVID era when interest was still low but supply was ass (and the money printers were going brrrrrrrr) so home prices were skyrocketing.

When you start to mess with the math here, 'upgrading' homes is almost a complete non-starter unless you can somehow pay cash for it.

I cannot for the life of me understand how people bought houses in the 80s when rates were briefly at 20% before settling into the 'manageable' low teens.

But at the risk of this turning to politics, I still think this NEEDED to be done. Home prices had gotten exorbitant precisely because free money led to a runaway market. My folks built their house in the early 90s when the market was still feeling the pinch from the 80s rates and hadn't fully absorbed those early 90s drops into the 5-6% range that we're climbing back into now. And man, comparing what they paid to what we would for a home like that now - it's night and day. At a point, the market needed a correction.

But you can't go rat-****ing people on their property taxes in the middle of it...

this is nationwide. I couldn’t buy my house today. Last time I looked it had tripled what we paid for it 10 years ago. But, now I have to deal with property taxes going up but not because of my homes increased value but across the board property tax increases.

Flood insurance(really hurricane) went up $2-$3K for most. Now, we can move from being on the water so no one needs to shed a tear for us ****ers.

But, just regular house insurance went up $1500 too. I’d bet we can find a poster on here from every state with a similar story.

I refinanced a couple of years ago. Got a 30 year/2.3% rate. Was going to put $500 a month back into my pocket. Until they raised the Insurance and taxes. Totally wiped it out.

BigRedChief 06-26-2023 08:24 PM

1 Attachment(s)
Quote:

Originally Posted by duncan_idaho (Post 16994308)
Nah, it’s on everyone.

We are not in starter home territory ourselves and my friends/family all over the metro (Lee’s Summit, North KC, South KC, all the central KC neighborhoods, even a friend who has a home in the Northeast) are seeing crazy things.

Not even starter homes are spared.


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