Property values down but rebounding - The Herald Palladium : Local News

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Property values down but rebounding

Report shows a year-to-year drop in Berrien County; pace of decline is slowing; taxable values rise

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Posted: Friday, April 12, 2013 6:00 am

ST. JOSEPH - The decline in property values in Berrien County is slowing, signaling a return to stability in the real estate market, an official said Thursday.

"What we're seeing is a leveling off of residential," county equalization Manager Gordon Schreiber said.

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  • timpiker posted at 9:15 am on Sat, Apr 13, 2013.

    timpiker Posts: 27

    Who's writing the article? The government? Where do I sign up to pay more taxes? That are unfair. And paid by 1/2 the country while the other 1/2 spends it. Mmmmmmmmmmmmmmmm.

  • FarmboyWilly posted at 10:13 am on Fri, Apr 12, 2013.

    FarmboyWilly Posts: 45

    Everything in this article sounds like we're being prepared to accept higher property taxes. Property values are on a rebound? My own real estate agent just lost his home in foreclosure, and it was in perfect condition. The throttle of real estate prices has always been the ease and affordability of financing. Current 30-year mortgages are at the impossible to maintain rate of 3.5%, and area home prices are down 50%. Is that what it takes to have stable home values? What's gonna happen when Wall Street and the FED start moving those rates up? Just look at what happened after they raised rates in 2005-2006. Mr. Schreiber says "assessed values are based on sales studies and tend to reflect market conditions". That's baloney, because foreclosures and short-sales are very much a part of our current marketplace, but the state (who is terrified by the prospect of losing tax dollars) refuses to acknowledge these sales in their data. Just try to sell your house when you've got a couple of short-sale/foreclosure comps nearby, and see how many buyers you've got at "full value". A comp is a comp, and the message is clear. We must stop asking homeowners to carry the burden of supporting all of society.