The Supreme Court Just Made a Brutal Call on YOUR Home Equity

[livingston]

The Supreme Court Just Made a Brutal Call on YOUR Home Equity​

Supreme Court Ruling: A county in Michigan foreclosed on a family's home and sold it for $76,008 — a house its own assessor valued at $194,400 — over a property tax bill of $2,242.
Last week, the U.S. Supreme Court ruled 9-0 on what that family was owed and NOT home equity theft. And the decision quietly changed what YOUR home equity is worth the moment a property enters tax foreclosure.
In this breakdown, I walk through the ruling in plain English: what "just compensation" now means after a tax sale, why the auction price — not your home's real market value — is the number that counts, and how a paid-off home can actually leave you more exposed, not less. Justice Thomas called what happened "wrong, and… likely unconstitutional" — in the very ruling that upheld it.

 

[livingston]

Folks I don't know if this is AI ... It is interesting just the same

 

[Bigfoot]

Property tax is theft, I paid my mortgage off 22 years ago, but I still have to pay into an indefinite rental to the government. It's not right.

With that being said. My property taxes have skyrocketed even though I have made no improvements on my property in quite a long time...

I get that the roads need to be plowed, fire and police, and that sort of stuff. My problem with it all is that it goes far beyond that.

 

[Bigfoot]

I saw on the Buffalo News that Niagara Falls is coming down hard on property owners who are behind on their property taxes. Even if by a little bit.

Edit: FWIW -

AI Overview
Niagara Falls has issued around 3,000 foreclosure letters to property owners demanding payment for delinquent city and school taxes. The city threatened to proceed to foreclosure and auction off the properties if owners do not pay the balance in full.

I'm not sure if I'm actually on topic or not. lol

 

[Zerex]

Bankruptcy laws, foreclosures, and subsequent auctions are usually 10%-30% of market value.

The auction brought, what was a value, that on inspection of a run down property, was all that it would bring to a prudent investor..

As we know assessed value has nothing to do with real value, in most instances.

NYS just denied my enhanced star exemption, as they did not get to processing my proofs in time.
True..Hochul is cutting off seniors, due to this reason, as illegals need the money.

 

[Steal2B]

Property tax is theft, I paid my mortgage off 22 years ago, but I still have to pay into an indefinite rental to the government. It's not right.

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"Because property taxes are exclusively set and collected by state and local governments rather than the federal government, this concept would require legislative or constitutional changes. The proposal is still being debated and has not been drafted into federal law."

Last time I saw a filler news piece that brought this up on a Cable Business show "Thume claims he can't get 60 votes to clear cloture."

 

[OwnTheRide]

I get that the roads need to be plowed, fire and police, and that sort of stuff. My problem with it all is that it goes far beyond that.

Yup, that's the real problem. Some counties break down how your property tax money is spent. It goes something like this:

Police: $100
Fire: $100
Highway: $100
NYS and Fed mandated (a.k.a. welfare): the other thousands upon thousands of dollars

I get the idea behind property taxes: you're paying for the services you enjoy as a property owner (police, fire, highway). Nothing else should be a property tax.

 

[Grimscale]

I get the idea behind property taxes: you're paying for the services you enjoy as a property owner (police, fire, highway). Nothing else should be a property tax.

And school taxes should only ever be levied on people who use the system.
Home schoolers and those who either never had kids, or whose kids have graduated out of the system, should automatically be exempt.

 

[Bigfoot]

And school taxes should only ever be levied on people who use the system.
Home schoolers and those who either never had kids, or whose kids have graduated out of the system, should automatically be exempt.

 

[spat]

And school taxes should only ever be levied on people who use the system.
Home schoolers and those who either never had kids, or whose kids have graduated out of the system, should automatically be exempt.

The biggest problem with school taxes is the same as every other government program.

No competition to keep costs low.

The cost of education, even elementary education, has risen at multiples of inflation for the last 40 years, and the quality has plummeted.

In principle I agree with you about who should pay.

But, as a practical matter those taxes should be so low that nobody really cares anyway.

If your school taxes were only $50/year you probably wouldn't care.

The teachers are underpaid and the taxpayers are over charged, because they dedicate more man hours to servicing the bureaucracy than they do actually educating the kids.