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Old 12-05-2016, 08:14 AM   #21
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I'm pretty sure landlords still pay property tax, and build that into their calculations when setting the rent...
Rent is set by what the market will accept, unless you are talking about rent-controlled areas like NYC. Taxes are irrelevant in a landlord's offer.

Grew up not far from Detroit. Dallas and Detroit are apples and oranges.
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Old 12-05-2016, 08:33 AM   #22
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Rent is set by what the market will accept, unless you are talking about rent-controlled areas like NYC.

Grew up not far from Detroit. Dallas and Detroit are apples and oranges.
As property taxes go up, rents must go up too. But rents are a function of wages, and if wages do not go up, and property taxes do, then property values go down. Of course, property taxes may not go down down just because valuations are lowered.

It works the same way with interest rates. When rates go up, payments go up, and rents may or may not go up. If wages go up along with interest rates, rents go up too.

At some point, property values could fall, just as they did in 2008. Regardless of what the root causes were, it boiled down to property values (i.e. payments) in excess of what a person could pay. Cash buyers were king, and they made a TON of money.
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Old 12-05-2016, 08:45 AM   #23
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I'm pretty sure landlords still pay property tax, and build that into their calculations when setting the rent...
I am aware of that. What I am saying moving for renter is relatively trivial compared to owner.

Renter does not pay 6% commision for this privilege.
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Old 12-05-2016, 12:46 PM   #24
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I am aware of that. What I am saying moving for renter is relatively trivial compared to owner.

Renter does not pay 6% commision for this privilege.
The renter also doesn't pay any of the other closing costs for buying/selling a home.. one study I read years ago said the costs to sell a home and buy another home of equivalent value ranged from ~7-11% of the home's value, with cheaper homes costing more as a result of some fixed cost items being a larger share of the home value, and most "average" priced houses ran around 10%. That's a huge hit for many people and one of the reasons I'm glad real estate agents are starting to move towards flat fee services and away from "we're taking a percentage of your home value" pricing structures (albeit much slower than I wish they would).
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Old 12-05-2016, 02:18 PM   #25
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Grumble Grumble.... Our property taxes are 2.5% of the market value, and State income tax is now "down" to 3.75%. A total of 6.25%

And Chicago is famous for deep dish pizza and being the murder capital of the country

Maybe we should pay less.
We have a lot of murders and good food here too. But do you have decades old potholes big enough to swallow a truck? If so, then I'm convinced. You deserve a break.
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Old 12-05-2016, 02:32 PM   #26
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But do you have decades old potholes big enough to swallow a truck?
Ours aren't that old, but are real killers: Deputy killed, 2 people injured when San Antonio sinkhole swallows 2 cars
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Old 12-05-2016, 03:00 PM   #27
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Grew up not far from Detroit. Dallas and Detroit are apples and oranges.
I agree that Detroit and Dallas have many differences. But this may be the next step in the pension problems we will see going forward.
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Old 12-05-2016, 03:52 PM   #28
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I know I will get flamed from the LEO and if we have any firefighters who are here...


But, why are these two pensions so untouchable
Don't know about Texas but in NY you have to throw teachers into the above statement.

They are referred to as the "Holy Trinity" of unions.
No politician can get elected up here without them.
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Old 12-05-2016, 04:45 PM   #29
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One thing for sure, the war on savers err... low interest rate environment has really beat up pension funds along with the average saver.

At least we can take solace in the fact that the rich and powerful banks have made a ton of money as wealth has been transferred from savers/pension funds/etc. to the banks.
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Old 12-05-2016, 04:52 PM   #30
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One thing for sure, the war on savers err... low interest rate environment has really beat up pension funds along with the average saver.

At least we can take solace in the fact that the rich and powerful banks have made a ton of money as wealth has been transferred from savers/pension funds/etc. to the banks.
Well I doubt Banks profit from Low interest rates.

It is more like Consumers and firms wishing to borrow, Government debt and equity owners are people/institutions who benefit from it. BTW this is not war on savers. It is though war on cash holders
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Old 12-05-2016, 05:44 PM   #31
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We have a lot of murders and good food here too...
Risking one's life for good food? Sounds fair to me.

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I saw that earlier too, and wondered if you updated your long list of hazards of Texas.
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