On the one hand, it's a nice temporary break for taxpayers. On the other hand, it's bad for the county coffers, at least until the County exercises its "equalize the tax rate" routine.
From the Star-Exponent:
"Culpeper County faces a potential $4 million budget shortfall for the 2012 fiscal year due in part to a nearly 13 percent decline in real estate values, recently released figures show.
...According to a county report provided to the Star-Exponent Friday, overall real estate values in the county are down 12.9 percent to $5.17 billion from $5.94 billion in 2010. That equates to a loss of about $771 million in value."
11 comments:
VA-
I just noticed that after I signed my lease the owner crossed out the length of our lease and made it two months longer and initialed this change. We have not initialed the change, I was curious if you thought this invalidates the whole lease or whether we are on the hook for what we signed?
We originally set the lease up so it was going to end Dec 31, figuring that there was no way the landlord would want to look for a tenant at this point giving us more negotiating leverage to either get out of the lease a few months early or make it a few months longer. He crossed out the numbers and made it Feb 28th.
hb,
I often due this when a lease is set to terminate during the winter. This is the worst time to find a tenant.
You are not obligated to initial this change. It is akin to a counter offer. I can't believe he did this without talking about it with you.
Call him and tell him that this was not your agreement and you will not initial the change.
He may tell you that this is the only way he will renew, but I imagine your lease may indicate that you go "month-to month" after expiration of your current lease.
As a LL, I would rather have you stay for another year than face turnover costs.
I don't know how much leverage you will have as the rental market, in my experience, is quite tight.
If I were you I would contact him and say "what's up with this"?. He can't unilaterally change the agreement. Does he want you to leave?
He is probably counting on the fact that a move is something you don't want to do. Bluff, bluff, bluff.
You are not on the hook based on my opinion and could give a 30 day notice. Read your lease. Notice requirements are usually on the first page.
VA-
Thanks for the update.
Harriet-
I think the part that amazed me the most is that the tax rate in Culpeper is only 0.65%. This is lower than any of the inner areas, which have much higher house prices. I wonder if they get a lot of money from the state, because otherwise I am amazed they can pay for schools, police... with those tax rates.
All-
Did anyone else go to any interesting open houses, and if so did they also see pretty heavy turn outs?
housebuyer,
not this weekend but a couple weeks ago we put an offer on a house the LA said 40+ parties show up at the OH - in the end four offers submitted, including ours, which was <4% above asking and no escalation. we're told our offer was the same as the winning bid.
but perhaps in the spring season the # of people at OH will have a more significant correlation to # of offers and subsequently to prices.
I don't know if this is others' experience, but unusual houses I've seen often draw huge open house turnout but few (immediate) offers. Houses that are more typical, but low priced relative to their competition, often attract a mob AND offers.
All,
You can always call your agent and have him/her find out if there are any offers. I do it all the time.
hb,
I could run Fairfax County on 0.65%.
Your amazement should be directed at Fairfax County. WTF are they doing with all of that money?
Robert-
I agree, but seeing that Fairfax counties median house is ~350-400K and culpepper's is ~150-175K you would need to run Fairfax county off of ~0.3% to get the same revenue/household.
You are correct though that it is absurd how much money the county now spends compared to before the real estate cycle.
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