Manhattan may extend homebuyer incentive

I don’t understand why they would take revenue away from the village? It has done nothing to attract new homebuyers in to the town. Other surrounding towns have just as many permits as we do, thus it is not working. The only thing it does do is put us on equal playing field with other villages because our fees are so high. At last night meeting after Naughton brought up some very good point (but then voted for it)– raised the issue that we could be losing some State revenue (if the State mess does not get cleared up). Knowing that why would give up revenue for a “program” that is not working? Bad Business

Everyone forgot Bill Borgo's quote from why they wanted to do this "to keep assessed values up."

Higher assessed values = Higher taxes!!!

If new homes sell for more money on paper (Even though they are getting a credit the assessed value is the sale price.) They can compare our older homes to those and in turn raise our assessed values which equates into higher taxes without them raising their multiplier. How high has your assessed value gone in the last 5 years??? Mine has risen 46,000. I could not sell my house for the assessed value if I wanted to.

The real reason wrote:

Everyone forgot Bill Borgo's quote from why they wanted to do this "to keep assessed values up."
Higher assessed values = Higher taxes!!!
If new homes sell for more money on paper (Even though they are getting a credit the assessed value is the sale price.) They can compare our older homes to those and in turn raise our assessed values which equates into higher taxes without them raising their multiplier. How high has your assessed value gone in the last 5 years??? Mine has risen 46,000. I could not sell my house for the assessed value if I wanted to.

Are things that bad in mahattan that you cant get even the assessed value for your home? Normally the assessed value is nowhere near market value.

Manhattan Demon wrote:

Yes, houses are average losses of around 20% over a year ago and still falling.

Thats not occuring here where i live

Manhattan Demon wrote:

Yes, houses are average losses of around 20% over a year ago and still falling.

My assessed value is $37,330 and the market value is 233,313 per the cook county assessor. I had my home appraised recently for $485,000. I had the house built in 1999 for $250,000. Homes in my area have held up well, as they have sold from 460,000 and up. There is a home that just came on the market in my area for $575,000. I am in fine shape here.

Bob wrote:

<quoted text> Are things that bad in mahattan that you cant get even the assessed value for your home? Normally the assessed value is nowhere near market value.

The assessed values here are $20,000-30,000 higher than what homes are selling for. When the assessor is questioned he says it still cost the same to run government. Come August we are all fighting our assessed values!!!