Replies: 18
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Oculus Spirit [75722]
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As if last night wasn't bad enough, I got my new property
Nov 8, 2020, 11:39 AM
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tax bill today. How can a place only go up 40% in value but the new tax it more than double what is used to be?
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All-TigerNet [12098]
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Re: As if last night wasn't bad enough, I got my new property
Nov 8, 2020, 11:55 AM
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Ask for a reappraisal
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Rock Defender [53]
TigerPulse: 90%
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Make sure it’s classified as a primary residence***
Nov 8, 2020, 11:59 AM
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Lot o points [163012]
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Hall of Famer [21259]
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I will reiterate the "check the mil rate"
Nov 8, 2020, 2:25 PM
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Mine doubled one year early on and they said that they werent sure if it was still my primary residence so they moved it up to the 6% mil rate. I layed into the for a couple of minutes and they apologized and changed it back.
However, my escrow already paid it and that put my escrow in the whole plus the assumed payment for next year made the escrow payment go way up. That lead to 6 months if me arguing with chase until i told them i was going to stop paying what they were asking and only pay what i was paying per month the prior year. That lasted for two months before they finally fixed it.
Then i told them i no longer wanted an escrow because of this... they said they would refinance for 6k. I lulzed at them and told them drop it or i was gone. They said no... a couple of months later i refinanced with no closing costs and a lower rate with First Citizens.
Tldr... verify they still have it as primary residence.
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All-In [40936]
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First Citizens SUCKS
Nov 8, 2020, 3:13 PM
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careful they are shady as h3ll
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Hall of Famer [21259]
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How so?
Nov 8, 2020, 8:28 PM
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for realz... curious as to why you say that.
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All-In [40936]
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a few years ago first citizens was my bank
Nov 8, 2020, 9:01 PM
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I had several business accounts, considerable assets and two business loans that were pretty large. One was a mortgage on some property that was in good shape less than 50% D/V and the other loan was an operating loan that was about 1/10th the size. The large loan had a balloon payment coming due so we renegotiated the new rate on the loan. It came time to sign the loan papers and the secured large loan had a 1% higher interest than the unsecured 1/10th the size smaller loan.
I'm like, what is this BS? We agreed to this percentage. "Oh that was for this loan but not the large loan and you have until Friday to sign the papers or the balloon payment will be due immediately."
No 60 or 90 day extension to obtain new financing. I had never missed a payment in over 10 years. They started foreclosure proceedings the next week. Now remember I had assets in the bank that were probably 20-30% of the loan amount, all my tenants were paying rent nothing was empty, they were just following through with a threat.
I had to get find a new bank get a full blown appraisal go through all the new rigamoral to get a new loan. Nothing legal ever happened but I was still hit with 5 grand of legal fees to start the foreclosure because it took me a couple months to get the new loan that along with a 3500 appraisal.
A couple years after that I switched to BB&T and they bent over backwards to help me and get my business. They gave me excellent interest rates removed all of the collateral requirements that first citizens had and the other short term bank had too. They didn't constantly ask for personal and business statements to be updated like first citizens used to do.
First Citizens was very dishonest and shady. I didn't realize how bad they were until I moved on.
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Hall of Famer [21259]
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Re: a few years ago first citizens was my bank
Nov 9, 2020, 8:43 AM
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So your large loan was the ballon that you got the new rate on and then they changed the rate for the lower valued loan instead?
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Hall of Famer [21259]
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Re: a few years ago first citizens was my bank
Nov 9, 2020, 8:43 AM
[ in reply to a few years ago first citizens was my bank ] |
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So your large loan was the ballon that you got the new rate on and then they changed the rate for the lower valued loan instead?
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All-TigerNet [11067]
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don't worry, Joe will lower your federal taxes!
Nov 8, 2020, 3:54 PM
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just kiddin', they'll probably double too!
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Oculus Spirit [75722]
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I found the old bill, some of you are partially correct but
Nov 8, 2020, 10:01 PM
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also seem confused about what the millage rate it. That is not the 4% vs 6% as primary residence. That is the "ratio" on the tax bill. BUT, the millage rate did move from .37340 to .37620. Thus I'm stuck with a bill a touch higher than expected. I did know it was going to go up
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Hall of Famer [21259]
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The 4% vs 6% is primary vs secondary
Nov 9, 2020, 8:38 AM
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Percentage difference. They also recalculate the millage for secondary residence. You pay about 2x the amount in taxes for non residential. 4% to 6% is only a 50% increase... the other increase comes in the mil recalculation.
However, yours seems to be just an increase in property value... which as someone else suggested, you can habe the re evaluate that because a 30% increase seems high from year to year. I think mine has gone up about 15-20% over about 10 years.
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Oculus Spirit [75722]
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I don't think having them reassess is in my best interest.
Nov 9, 2020, 8:40 AM
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This the 2019 taxes were based off the 2010 value.
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Hall of Famer [21259]
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Things still arent adding up.
Nov 9, 2020, 8:47 AM
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If your taxes doubled from last year, some thing is wrong somewhere.
Did you buy the place last year? What was the discussion on the proration of the taxes between you and seller, if you did just buy it?
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Oculus Spirit [75722]
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I found it. 2019 had something called
Nov 9, 2020, 9:09 AM
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homestead less school operations that credit is gone.
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Lot o points [163012]
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Homestead is for 65 and older
Nov 9, 2020, 9:23 AM
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so maybe the prior owner was old like me.
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Oculus Spirit [75722]
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Yeah, she was like 90.
Nov 9, 2020, 9:28 AM
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It is what it is. I almost wish I'd have had to pay the "regular" amount last year. Basically this tax increase and my insurance going up because of some discounts going away put me back where I was before I did the refinance. Things will be fine, but there goes my GMC Sierra Denali.
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All-In [40656]
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Remember how Biden said he wasn't going to raise your taxes
Nov 9, 2020, 8:41 AM
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Replies: 18
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