Home owner's insurance will be rising 7% in our parish and property taxes will also be going up. I am wondering if we will be looking for a different house when our lease is up in March.

Are you seeing increases?

 

Every year. But Nebraska is notorious for high property taxes. With our new house, the county will take advantage of the sale price and adjust upward accordingly, I'm sure. But we took that into consideration when budgeting for what we could afford.

Will the increase cause your rent to increase? Or are you responsible for paying those taxes yourself?

 

mamasjob:

Will the increase cause your rent to increase? Or are you responsible for paying those taxes yourself?

I expect rent to increase because of increased costs. 

 

 Yes , our house infurance just about doubled. The company upped our coverage because our house value is higher. LOL, you could never sell our house for what they say it is worth. Seriously, they require that you insure at the cost of replacing a house  equal to what you have. We ask for lower coverage and had to sign papers saying that we understood that this is not the replacement value. We did this to keep prices lower but also we would not rebuild a house the size of ours. I love it, it is huge old two story farm house but if it was destroyed, we would build smaller. Three kids are married and moved out. We have a small apt that we rent to a friend. I would not rebuild for that .

 

Property taxes go up every year here. Babs 

Our insurance on our new house is actually less than our old house which I found strange (and it's lower with a different insurane company that we are switching to). Our old house was a limestone structure which is very expensive to replace (I'm told). DH grandfather built it and used the best materials and it replace it, it was pretty expensive. Our new house is brick and is much cheaper to insure even with the increased square feet. But we are doing comparison shopping and a new insurance company offers better coverage for a lower premium so we are considering switching.

I personally take issue with the replacement value, especially when it comes to personal belongings. The formula is 70-75% of the house(structure) replacement cost.

We pay $4130 in annual property taxes which I expect to increase in 2009. It's expensive and about $500 more per year than our old house. But property taxes support schools which employ my husband and educate my children so it's a catch-22 in our house. Complain about property taxes but need the job, LOL.

This year only a $2k increase on the assement of the property we reside on so the taxes will only go up slightly and no increase on my other property which ticks me off. Both properties are in two diffrent towns, the one I reside in does an assment every year but the town where other property is does their assements every 5-10 yrs which means the taxes will suddenly double or triple all at once which means that everyone suddenly gets hit with a huge tax bill.

 

nanagain2000:

he town where other property is does their assements every 5-10 yrs which means the taxes will suddenly double or triple all at once which means that everyone suddenly gets hit with a huge tax bill.

I think they assess every three years here so it's projected to be a jump.

 

Ours went up a little last time we paid them in September. Since housing prices are going down I called the assessor's office and asked why. The response was that the assessment was based on the previous year's sale prices when prices were still going up. So for next year I will expect that the assessment (and taxes) will be down. If not I will appeal in court.

Ours always go up a little bit each year. It usually is due to some increased cost in schools or street maintenance, something like that. What the street maintenance funds are ever used for - who knows- because we have some of the worst pot-holed streets in the state.

Edey

Walt34:

Since housing prices are going down I called the assessor's office and asked why.

I have heard this is indeed happening around here. It is claimed that house prices have remainded steady for awhile and only very recently took a dip downward.

It seems wrong for people to have to pay taxes on what a house was worth a year ago rather than what it is worth today.