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Ted Jankowski
F L I N T O I D
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I was recently in a conversation with some Big money realestate agents. They mentioned how they wouldn't stay in Flint if "The Don" was to be voted out.
Thier reasoning was that while "The Don" had been the Mayor property values in Flint have risen 5 percent.
Now I don't normally respond well to things that I can see that are visually NOT TRUE since I know that not one house that has sold anywhere around me has even sold for the Tax Value. No one is getting even state equalised value for thier property.
So i did a little research. Guess what? Property values have gone up 5 percent. Doing my research I found that it had gone up. But here is the question that should be asked. "Did the go up becuase of "The Don" or could their be a different reason?
Well Enter the Real REASON! Dan Killdee. A simple search for the facts yeilded some interesting facts. http://www.tcaup.umich.edu/urp/cowboyeconomy.html
Because of Dan Kildee and the Land Bank. 248 properties values were increased by the sale of vacant and ajoining lots. Thereby increasing the Value of the owners homes. (note: not the selling price but the property tax value) See now someone owns that property and it's not a drain on the community. And the LBA has demolished well over 600 abandoned homes. Reducing the Blight. Notice that "The DON" was not mentioned at all in this article.
Yet people are giving him credit again for something he had absolutely nothing to do with. |
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Thu Jul 19, 2007 6:58 pm |
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Shawn Chittle
F L I N T O I D
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Great post Ted.
Dan Kildee is a treasure of a human being and a gift to the city of Flint. He seems to know no bounds in getting the job done and lets nothing stand in his way.
Just like Ed Kurtz, Dan is
doing
, while "the Don" is losing.
Great comment and observation Ted. |
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Fri Jul 20, 2007 3:38 pm |
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Ryan Eashoo
F L I N T O I D
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When you say values are up 5% during Don Williamson's Administration, what exactly do you mean?
State Equalized Values are up 5%?
Taxable Value is up 5%?
Sales of existing homes are up 5% per all recorded sales in the City limits?
quote:
Ted Jankowski schreef:
I was recently in a conversation with some Big money realestate agents. They mentioned how they wouldn't stay in Flint if "The Don" was to be voted out.
Thier reasoning was that while "The Don" had been the Mayor property values in Flint have risen 5 percent.
Now I don't normally respond well to things that I can see that are visually NOT TRUE since I know that not one house that has sold anywhere around me has even sold for the Tax Value. No one is getting even state equalised value for thier property.
So i did a little research. Guess what? Property values have gone up 5 percent. Doing my research I found that it had gone up. But here is the question that should be asked. "Did the go up becuase of "The Don" or could their be a different reason?
Well Enter the Real REASON! Dan Killdee. A simple search for the facts yeilded some interesting facts. http://www.tcaup.umich.edu/urp/cowboyeconomy.html
Because of Dan Kildee and the Land Bank. 248 properties values were increased by the sale of vacant and ajoining lots. Thereby increasing the Value of the owners homes. (note: not the selling price but the property tax value) See now someone owns that property and it's not a drain on the community. And the LBA has demolished well over 600 abandoned homes. Reducing the Blight. Notice that "The DON" was not mentioned at all in this article.
Yet people are giving him credit again for something he had absolutely nothing to do with.
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Flint Michigan Resident, Tax Payer, Flint Nutt - Local REALTOR - Activist. www.FlintTown.com |
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Fri Jul 20, 2007 3:43 pm |
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Ted Jankowski
F L I N T O I D
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quote:
When you say values are up 5% during Don Williamson's Administration, what exactly do you mean?
State Equalized Values are up 5%?
Taxable Value is up 5%?
Sales of existing homes are up 5% per all recorded sales in the City limits?
That was the thing. I cannot find anything that says exactly which is up.
Or even verify exactly what value is up. But in giving the benifit of the doubt to the real estate agents when they commentted, "property values are up 5 percent in Flint". There must be a logical reason why.
In searching for why values of homes may have gone up. I do find some evidence as to why it could have. Ie, the LBA and what it has done for Flint.
Now the Don does make a valliant effort at taking credit demolishing houses. When the actual credit goes to Dan Kildee and the LBA. |
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Sat Jul 21, 2007 7:45 am |
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Adam
F L I N T O I D
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I thought I heard that the sale prices of homes sold in Flint are up 5%. If that is the case it could be a fluke if people are selling the higher priced homes but with a new mayor I do expect home prices to rise. It the city would invest a meager $1,000 in my neighborhood park I bet my home value would go up 5-10%. It seems like downtown properties should already be rising in value though. I'm surprised the property Ryan is selling downtown is still for sale. I think he has the only piece of real estate for sale left in downtown on Saginaw St.
On a more positive note one time a talked to a guy in Detroit that bought a large house in possibly the worst neighborhood in Detroit for like $80,000. His house should be worth at least $200,000 now because the area he bought it in has been rebuilt. |
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Adam
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Sat Jul 21, 2007 11:31 am |
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Adam
F L I N T O I D
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http://www.mlive.com/weblogs/print.ssf?/mtlogs/mlive_flintjournalextra/archives/print239940.html
The Flint Journal Latest Update
Thursday, February 22, 2007
Residential property sale prices lagging
By Ron Fonger
rfonger@flintjournal.com • 810.766.6317
GENESEE COUNTY — Home sellers lucky enough to find buyers since mid-2004 have watched that luck run dry at closings, getting paid little more than the assessed values of properties in many cases, according to a new report from the county.
Residential property sold for just over 3 percent of assessed values countywide during a two-year period ending March 31, 2006, and in 11 cities and townships prices rose 2 percent or less over assessments during that time.
The brightest spots for price increases: Thetford Township (up 6.6 percent), Fenton Township (up 5.8 percent), Atlas Township (up 5.8 percent) and Flint (up 5 percent).
Read the complete story in Friday’s Flint Journal. |
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Adam
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Sat Jul 21, 2007 11:33 am |
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00SL2
F L I N T O I D
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With so many houses for sale, foreclosed, abandoned, in renaissance zones, or in land bank, etc., property tax collection is decreasing. The only way to recover even a portion of that loss is to increase the assessed valuation on property for the people who do pay their taxes. It doesn't really have anything to do with Williamson or Kildee, or a true increase in the value of our homes.
The SEV and assessed value of my home (and neighbors) is up though no improvements have been made that would cause a legitimate increase. Many homes for sale or foreclosed in the neighborhood, but nothing's selling. I know a real estate agent who used to make a good living but is now having a hard time making ends meet. The problem is not unique to Flint, the news shows it's nationwide. |
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Sat Jul 21, 2007 11:59 am |
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Adam
F L I N T O I D
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quote:
00SL2 schreef:
The problem is not unique to Flint, the news shows it's nationwide.
Yes but the real estate boom was also nationwide. It seems like Flint and most of the state missed out on that. From what I have found Flint has some of the cheapest housing costs in the nation. For fun you can go to realtor.com. Check out the "ghetto" housing in the hood in Compton Ca zip 90220. For what it costs to buy a parking spot in Manhattan NY ($225,000) you can buy a very nice house in Flint.
In general SEV should rise every year due to the inflation tax we pay. |
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Sat Jul 21, 2007 3:02 pm |
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Ted Jankowski
F L I N T O I D
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I must say this is the most intellegent discussion I've seen on this board.
quote:
The SEV and assessed value of my home (and neighbors) is up though no improvements have been made that would cause a legitimate increase.
See I would almost agree with that. Except doesn't it make sense that with taking 440 empty abandoned lots out of the hands of government and putting them in the hands of people willing to care for them. Make sense that that would increase the value of some people's homes? Also, demolishing 11,000 adandoned homes and blighted properties also hlp to increase values?
I would also agree that there is "NO REAL PROPERTY VALUE INCREASE" except what the State feels you should be paying in taxes, legitamate or not. As we hae seen and know that homes are not selling in many areas for even the State equalized values. Many on the eastside are selling for much much less. Lower than the city's advertised tax value on the city website.
Some houses in nicer areas are getting close to what the real value should be. Case in point.
State Equalized Value 34500
Taxable Value 13084
Homestead% 100
Sold for 45,000.00
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Selling price as a rule should be 34500 x 2 69,000.00
Flint is not getting it.
So has real property value actually increased? INcreased from what? From not worth it's value to still 5 percent more not worth it's value? |
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Sat Jul 21, 2007 5:35 pm |
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00SL2
F L I N T O I D
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I stated "The SEV and assessed value of my home (and neighbors) is up though no improvements have been made that would cause a legitimate increase." Assessed Value and SEV are the same on my Notice of Assessment, the Taxable Value is less than those figures. However, the Taxable Value has increased this year, explained below.
From the Notice of Assessment:
quote:
Proposal A, passed by the voters on March 15, 1994, places a limit on the value used to compute property taxes. Starting in 1995, your property taxes were calculated on Taxable Value. If there is a number entered in the "Change" column at the right side of the Taxable Value line, that number is not your change in taxes. It is the change in Taxable Value.
Prior to 1995, your taxes were calculated on State Equalized Value. State Equalized Value (SEV) is the Assessed Value multiplied by the Equalization Factor, if any. State Equalized Value must approximate 50% of market value.
IF THERE WAS A TRANSFER OF OWNERSHIP on your property in 2006, your 2007 Taxable Value will be the same as your 2007 State Equalized Value.
IF THERE WAS NOT A TRANSFER OF OWNERSHIP on your property in 2006, your 2007 Taxable Value is calculated by multiplying your 2006 Taxable Value by
1.037
(which is the
Inflation Rate Multiplier
for the current year). Physical changes in your property may also increase or decrease your Taxable Value. Your 2007 Taxable Value cannot be higher than your 2007 State Equalized Value.
The sale of a home with an SEV of 34500 for 45000 indicates a 35% decrease in market value. Looking at the Taxable Value of 13084 and 100% homestead exemption for the previous owner, there's going to be a considerable change in property tax. Neighboring homeowners should examine their next Notice of Assessment and protest if their valuations are not adjusted accordingly.
The "Big money real estate agents" Ted was talking to must have read the Flint Journal article Adam posted which states "Residential property sold for just over 3 percent of assessed values countywide during a two-year period ending March 31, 2006. * * * Flint (up 5 percent)." The problem is nearly sixteen months has passed since then and the real estate sales market in Flint doesn't seem to be moving at all.
Hey Ryan, can you do a statistical search on residential sales in the past sixteen months for us?
Generally speaking, blighted abandoned property would decrease the value of the neighboring properties but I doubt their assessments were reduced. If that neighborhood is cleaned up and the ensuing vacant lots are purchased and cared for, yes, the remaining property values should adjust accordingly. However, a vacant lot attached to adjacent property is not as great a tax resource as it would have been with a well maintained home on it. |
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Sat Jul 21, 2007 8:18 pm |
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Ryan Eashoo
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Not to take any credit away from Mayor Williamson or Dan Kildee, but adding a lot to a house that is only worth $5,000 - $25,000 isn't going to make the house worth a hellva lot more.
I had a house listed last year on W. Ninth Ave. with 9 city lots and it sold for $14,000. Just adding a lot to a house doesn't always make the property worth more believe it or not.
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Flint Michigan Resident, Tax Payer, Flint Nutt - Local REALTOR - Activist. www.FlintTown.com |
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Mon Jul 23, 2007 10:19 am |
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Ted Jankowski
F L I N T O I D
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Both Excellent points. However, on the 5,000 increase that would be a 440 homes that thier value increased at least 14 percent. I could see that averaging out to 5 percent when combined with 10,000 blighted homes being demolished.
All the while, I would whole heartedly agree. THat values over all have decreased while the TAX VALUE did go up at the leagal governmental engler-ised screwing we got according to the state law Prop 2!
I believe we are all agreeing on this. THat true property value isn't close to where it should be. Resale value is well below what should be fair market value.
In reality, allthese numbers are fictious. Since we know that our property values have not increased in ny real tangable way. That we might benefit. The government always benefits from them rasing our taxes. |
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Mon Jul 23, 2007 3:11 pm |
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Ryan Eashoo
F L I N T O I D
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Good Points, I am going to do a indepth analysis on home sales in Flint according to the Flint Area Association of REALTORS. This will take me a little to get, but I will report back soon on my findings.
Ryan
quote:
00SL2 schreef:
I stated "The SEV and assessed value of my home (and neighbors) is up though no improvements have been made that would cause a legitimate increase." Assessed Value and SEV are the same on my Notice of Assessment, the Taxable Value is less than those figures. However, the Taxable Value has increased this year, explained below.
From the Notice of Assessment:
quote:
Proposal A, passed by the voters on March 15, 1994, places a limit on the value used to compute property taxes. Starting in 1995, your property taxes were calculated on Taxable Value. If there is a number entered in the "Change" column at the right side of the Taxable Value line, that number is not your change in taxes. It is the change in Taxable Value.
Prior to 1995, your taxes were calculated on State Equalized Value. State Equalized Value (SEV) is the Assessed Value multiplied by the Equalization Factor, if any. State Equalized Value must approximate 50% of market value.
IF THERE WAS A TRANSFER OF OWNERSHIP on your property in 2006, your 2007 Taxable Value will be the same as your 2007 State Equalized Value.
IF THERE WAS NOT A TRANSFER OF OWNERSHIP on your property in 2006, your 2007 Taxable Value is calculated by multiplying your 2006 Taxable Value by
1.037
(which is the
Inflation Rate Multiplier
for the current year). Physical changes in your property may also increase or decrease your Taxable Value. Your 2007 Taxable Value cannot be higher than your 2007 State Equalized Value.
The sale of a home with an SEV of 34500 for 45000 indicates a 35% decrease in market value. Looking at the Taxable Value of 13084 and 100% homestead exemption for the previous owner, there's going to be a considerable change in property tax. Neighboring homeowners should examine their next Notice of Assessment and protest if their valuations are not adjusted accordingly.
The "Big money real estate agents" Ted was talking to must have read the Flint Journal article Adam posted which states "Residential property sold for just over 3 percent of assessed values countywide during a two-year period ending March 31, 2006. * * * Flint (up 5 percent)." The problem is nearly sixteen months has passed since then and the real estate sales market in Flint doesn't seem to be moving at all.
Hey Ryan, can you do a statistical search on residential sales in the past sixteen months for us?
Generally speaking, blighted abandoned property would decrease the value of the neighboring properties but I doubt their assessments were reduced. If that neighborhood is cleaned up and the ensuing vacant lots are purchased and cared for, yes, the remaining property values should adjust accordingly. However, a vacant lot attached to adjacent property is not as great a tax resource as it would have been with a well maintained home on it.
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Flint Michigan Resident, Tax Payer, Flint Nutt - Local REALTOR - Activist. www.FlintTown.com |
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Mon Jul 23, 2007 7:57 pm |
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Ted Jankowski
F L I N T O I D
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| Cool, I'd love to see and indepth analisys. |
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Wed Jul 25, 2007 11:07 am |
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Adam
F L I N T O I D
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quote:
Ryan Eashoo schreef:
I had a house listed last year on W. Ninth Ave. with 9 city lots and it sold for $14,000. Just adding a lot to a house doesn't always make the property worth more believe it or not.
9 lots! Was that over half an acre? You should have posted that on Flint talk. I don't like mowing though so I wouldn't have bought it. |
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Adam
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Wed Jul 25, 2007 7:03 pm |
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