"The last month of 2013 saw 33 foreclosures in the City of Racine. Prices continue to fall, and while the OVER-assessments in the poorer areas of Racine are just glaring, likewise is the UNDER- assessments in the wealthier areas.
"How Greedy can Wisconsin Realtors get? You won’t find this in The Journal Times…"
Read more: http://racinesales.wordpress.com/2014/01/15/december-property-report/
The realtors of Wisconsin don't want to pay taxes on their commissions on the sale of foreclosed property worth less than $50K. Why? Because they don't want to, that's why.
I would assume that this "provision" was put in place to try to encourage Realtors to put forth effort to sell these foreclosures which bring in smaller commissions. If the foreclosures are sitting around unsold, other properties have no chance of selling at any reasonable price. Unsold property brings crime and does not add to the tax base.
ReplyDeleteI believe most properties are over estimated for tax purposes in the city due to all the foreclosures and available homes for sale. Haven't they recently said that there has been a turnaround in the ratio of sales to foreclosures? It will take time for things to start to right themselves, that is, if sales continue to improve.
The problem with the system is that the city can lower tax assessments on properties, but the mill rate will then have to go up. Services either need to be cut or revenue needs to come in.
Racine's financial mismanagement and corruption has led to nearly 30% of the budget wasted on debt service. Our effective city budget should be lower than Kenosha's to match the relative population.
ReplyDeleteThis post is worth investigating further, as are the methods used. The timing of the transition and new city hire should be questioned. This similar process was used in other questionable circumstances such as the Purchasing Agent when a lot of people were speaking out about bid rigging in Racine (and still are).
A Realtor is a thief in a suit and tie.
ReplyDeleteWhy of course, On average home prices double every ten years. LOL
Of course that's not possible - it's actually IMPOSSIBLE. 2, 4, 8, 16, 32, 64, 128, 256, 512, 1024.
This bill is bad for Wisconsin and bad for the people who work every day, pay their fair share, and want to see a level playing field. It needs to be voted down and forgotten! No more special laws for special friends!