Middletown Forum : Housing Values Decrease 8% http://www.middletownusa.com/forum/ This is an XML content feed of; Middletown Forum : City Income and Property Tax : Housing Values Decrease 8% Mon, 05 Oct 2026 18:06:37 +0000 Tue, 10 Jan 2012 09:24:25 +0000 http://blogs.law.harvard.edu/tech/rss Web Wiz Forums 10.12 360 www.middletownusa.com/forum/RSS_post_feed.asp?TID=4314 Middletown Forum http://middletownusa.com/images/blog-logo.jpg http://www.middletownusa.com/forum/ Housing Values Decrease 8% : Some individuals have a set monthly... http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31426&title=housing-values-decrease-8#31426 Author: Bobbie
Subject: 4314
Posted: Jan 10 2012 at 9:24am

Some individuals have a set monthly payment to the county as well.  Therefore they do not have a large bill to pay when they come due.  Those individuals would have a refund from the county - or have it set they do not pay monthly till the overage is caught up. - Which may be what Vet is referring too.

Escrow accounts will have an overage - this will not be caught till the bank does the annual re-evaluation on your account.  You can request to have this done earlier then scheduled if you like.  This would result in a refund from your bank and a reduction in payment. 
]]> Tue, 10 Jan 2012 09:24:25 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31426&title=housing-values-decrease-8#31426 Housing Values Decrease 8% : Vet,My understanding is that... http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31420&title=housing-values-decrease-8#31420 Author: Chris Fiora
Subject: 4314
Posted: Jan 09 2012 at 4:07pm

Vet,
My understanding is that the taxes that we pay in 2012 will be based on the reassessed 2011 values.  When we next pay our tax bill (next month?) it should be less than we paid last year assuming that your home was reassessed at a lower value.  I don't see where you are getting that we will be due a refund as the property taxes we paid last year (2011) were for tax year 2010.  The only way that we would be entitled to a refund is if our next tax bill was not based on the reassessed tax value and the auditor's office asks us to pay on the old value.  I'll be suprised if the next bill is not based on the new value.
 
Now if you escrow with a bank, and the bank continues to ask for the same amount of money or if the bank collected last year based on the old rate (in order to accumulate enough in the escrow fund for this year's bill), then the bank may owe you some money.
]]> Mon, 09 Jan 2012 16:07:30 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31420&title=housing-values-decrease-8#31420 Housing Values Decrease 8% : Chris Fiora wrote: Vet,Your... http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31419&title=housing-values-decrease-8#31419 Author: VietVet
Subject: 4314
Posted: Jan 09 2012 at 3:41pm

Originally posted by Chris Fiora Chris Fiora wrote:



Vet,
Your statement regarding a property tax re-fund is not accurate.  Property taxes are paid one year in arrears.  The taxes we pay in 2012 are actually for tax year 2011.


You are correct Mr. Fiora. Then by this thinking, the taxes we will pay in 2012, should, at some point be reduced to cover the property devaluation seen in 2011. We are due a refund, no matter how the taxes are figured if we are going to receive a letter from Reynolds telling us our property has slipped 8%. The auditor can't keep money that was collected on property taxes figured for a higher rate of value when the property was actually worth less by his own admission, whether it be 2011 or 2012. That is an overcharge and needs to be returned to the owner. ]]> Mon, 09 Jan 2012 15:41:57 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31419&title=housing-values-decrease-8#31419 Housing Values Decrease 8% : Vet,Your statement regarding... http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31415&title=housing-values-decrease-8#31415 Author: Chris Fiora
Subject: 4314
Posted: Jan 09 2012 at 1:04pm

Vet,
Your statement regarding a property tax re-fund is not accurate.  Property taxes are paid one year in arrears.  The taxes we pay in 2012 are actually for tax year 2011.
]]> Mon, 09 Jan 2012 13:04:40 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31415&title=housing-values-decrease-8#31415 Housing Values Decrease 8% : Thisfurtherance of declining... http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31410&title=housing-values-decrease-8#31410 Author: Jack Black
Subject: 4314
Posted: Jan 08 2012 at 7:54pm

This furtherance of declining residential property values will surely prompt Miss Judy and Doug Adkins to concoct yet another bloated Federally-funded housing revitalization program for Middletown.  NOT!!]]> Sun, 08 Jan 2012 19:54:51 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31410&title=housing-values-decrease-8#31410 Housing Values Decrease 8% : You are correct, Vet. But... http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31408&title=housing-values-decrease-8#31408 Author: Mike_Presta
Subject: 4314
Posted: Jan 08 2012 at 7:41pm

You are correct, Vet.

But don’t forget “the rest of the story”, the other side ofthe proverbial coin!

Remember what happens when we pay less tax.  That means that someone collects lesstax.  In this case, the Middletown CitySchool District (MCSD), and to a lesser extent the City of Middletown andButler County, will be receiving less of our hard-earned money.  This will leave a hole in their budgets.

I doubt that they will stand still for this.  How many guesses would you like as to howthey will try to fill these budget gaps???

Don’t make plans for your apparent windfall.  Local government entities already consider it“their” money and will fight to keep it by hook or crook!!!

]]> Sun, 08 Jan 2012 19:41:33 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31408&title=housing-values-decrease-8#31408 Housing Values Decrease 8% : Today's Journal... Middletown... http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31395&title=housing-values-decrease-8#31395 Author: VietVet
Subject: 4314
Posted: Jan 08 2012 at 9:38am

Today's Journal...

Middletown property values fall 8 percent
Foreclosures, poor economy behind second biggest drop in county

Foreclosures and the impact of the economy for the past three years have caused property values in Middletown and Hamilton to drop the lowest in Butler County

The greatest declines in residential property values were in Middletown, 8 percent; Hamilton, 6.9 percent; and St. Clair Twp., 5.9 percent.

Because property is worth less, the tax base for school districts, cities and counties will shrink more, Butler County Auditor Roger Reynolds said.

That means most homeowners will pay less in property taxes, but it also means many people’s biggest asset, their house, continues to have less value, Reynolds said

Middletown’s drop in housing value is the worst because the city is experiencing one of the highest rates of unemployment, which drives foreclosures and bank sales, Reynolds said.

“Foreclosures in the urban areas are certainly driving the market,” Reynolds said. “The numbers show Middletown suffering the most in this housing decline.

Every six years, the auditor’s office is required to do a full reappraisal of properties. The new values are retroactive to Jan. 1, 2011.

"THE NEW VALUES ARE RETROACTIVE TO JAN 1, 2011". IF THAT'S THE CASE, THEN ALL OF US PROPERTY OWNERS SHOULD BE GETTING A REFUND FROM JAN 1ST TO CURRENT FROM THE AUDITOR'S OFFICE BECAUSE WE HAVE BEEN PAYING ON THE PREVIOUS APPRAISED VALUES AND THEY HAVE BEEN COLLECTING TAXES ON THE HIGHER VALUED AMOUNT SINCE THAT DATE. WE ARE OWED THE DIFFERENCE IN WHAT WE PAID VERSUS THE LOWER VALUE NOW BACK TO JAN. 1ST.

Residents who own property will receive a letter in the mail this month telling them their new property value.

THAT'S FINE. THE LETTER SHOULD ALSO INCLUDE WHAT WE HAVE OVERPAID IN PROPERTY TAXES, THE AMOUNT OF THE REFUND AND WHEN WE WILL RECEIVE IT.

IF IT DOESN'T, ROGERS CAN EXPECT A CALL FROM ME. THEY AREN'T KEEPING MY OVERPAYMENT THROUGH THE ESCROW.
]]> Sun, 08 Jan 2012 09:38:02 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=4314&PID=31395&title=housing-values-decrease-8#31395