Comments on: City property values plunge $1.5B; service cuts, rate hikes loom http://milwaukeerising.net/wordpress/2009/03/18/15-billion-city-property-value-decline-projected/ From Milwaukee's West Side Fri, 27 Jan 2012 15:26:40 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: sb http://milwaukeerising.net/wordpress/2009/03/18/15-billion-city-property-value-decline-projected/comment-page-1/#comment-2512 sb Sun, 22 Mar 2009 10:57:20 +0000 http://milwaukeerising.net/wordpress/?p=745#comment-2512 I've thought for a long time that the run up in property taxes was one of the big factors in throttling the real estate market in Milwaukee. I remember well buying a house in Bay View, 2001 - a house with something like 1,800 -2,000 annual property tax. First year my taxes went to 2200 or 2300 (adjusting to sale price) and then within a couple years they were close to 4,000 per year. Irresponsible spending and "getting a piece" of equity appreciation served to kill the market. Now, instead of putting that extra $200/mo into mortgage payments, folks are paying into a failed set of Milwaukee institutions. $200/mo will buy you tens of thousands of dollars in house with a 30-yr loan, or not a thing except excuses and incompetence from the city. It took a lot of work, but I sold that house a few years ago and moved clear out of the county. The clincher for us, my pregnant wife and me, was when MPD wouldn't respond to drug dealing on the street and all night parties that kept us up for reasons ranging from "Thursday is a busy night, it takes hours to get someone out" and "C'mon, that kind of stuff isn't so bad - you're in Bay View." Not even the Alderman could help, even with half the block calling him. Taxation without representation at its finest. I’ve thought for a long time that the run up in property taxes was one of the big factors in throttling the real estate market in Milwaukee. I remember well buying a house in Bay View, 2001 – a house with something like 1,800 -2,000 annual property tax. First year my taxes went to 2200 or 2300 (adjusting to sale price) and then within a couple years they were close to 4,000 per year.

Irresponsible spending and “getting a piece” of equity appreciation served to kill the market. Now, instead of putting that extra $200/mo into mortgage payments, folks are paying into a failed set of Milwaukee institutions. $200/mo will buy you tens of thousands of dollars in house with a 30-yr loan, or not a thing except excuses and incompetence from the city.

It took a lot of work, but I sold that house a few years ago and moved clear out of the county. The clincher for us, my pregnant wife and me, was when MPD wouldn’t respond to drug dealing on the street and all night parties that kept us up for reasons ranging from “Thursday is a busy night, it takes hours to get someone out” and “C’mon, that kind of stuff isn’t so bad – you’re in Bay View.” Not even the Alderman could help, even with half the block calling him.

Taxation without representation at its finest.

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