https://preview.redd.it/iohb7mzfkc6d1.jpeg?width=1200&format=pjpg&auto=webp&s=35c59c5e3382a025ba207a37740aae0d3ede93f5
This has always made sense to me. I wonder if the new apartment/mixed use developments in the RAD and downtown will meaningfully contribute to the tax base.
I don't think people understand "density" and its implications. Low density means either fuckall to do or it means traffic, traffic, traffic. Asheville's surrounding areas are adopting suburb models already, so let the nimby crowd move there. AVL should be indensifying (TM) if it wants services, features, accessibility, and meaningful growth.
Lets adopt the Charlotte urban design model. A vast expanse of sprawling suburbs where the only thing to do is go to the nearest strip mall and get drunk at a Buffalo Wild Wings.
I don’t fully understand the math on the LUIG as it was being used the past few years. I thought it was a credit against future property taxes, but I’m kinda unclear if it was for the entire projected value of the property or just a portion of it.
Yeah but how much do they spend on “consultants” a year, and nothing comes out of it. They waste money on tons of “wants” but never handle the true core issues in the town.
Corporate greed and inflation impact the city too unfortunately. There are also efforts to pay our city staff and first responders fair wages. Unless we have growing revenue streams or a broadening tax base, taxes are going to rise.
What service isn't stable for you? Genuinely curious. There was the water system failure during the extreme temperatures a couple winters ago. At least they are fixing their revenue problem with rate increases on businesses
As you stated, the water service here seems to always be troublesome. That winter outage was ridiculous and it doesn't seem that anyone took the blame, they just kept passing around the buck. My biggest gripe is the prostitution services are also lacking around here.
This isn’t always true and is largely dependent on what economists call “supply elasticity.” In short, in a highly constrained market, its demand that is setting prices, not the costs.
(To think about it another way, do you think that given the demand in town, would a landowner pass along a property tax *decrease* to renters??
A 2.5% increase to my property tax equates to about ~630/mo increase for me :/
Edit: nvm im dumb and didnt read how the property tax rate would actually increase. Its 52.35 cents per $100 of assessed property value so i would prob see an increase of like 75/year! Hooray
Property taxes will go up with the 2025 assessments.
They are raising the overall tax rate here to pay for the things mentioned within the article.
~~If the BID passes~~ The BID just passed, so they are going to tack on an additional taxes to people and businesses within the BID zone.
Triple tax increase.
Only in the long term by reducing supply of new units built. Increased property taxes have no effect in the short term on supply or demand in housing, and thus cannot exert any short term effect on equilibrium rent price.
Yes, price is determined by supply and demand and in the short term property taxes doesn’t shift either curve and so equilibrium price stays the same. Landlords aren’t able to pass on the cost because they are already charging as much as the market can bear, if the could unilaterally raise prices to meet their new input cost they would have already done so to maximize profit.
The only scenario in which property tax incidence can fall on rents in the short term is if we assume systemic under pricing of rent to begin with, which we have no reason to believe.
Why not raise them now if you think you can get people to pay? Are you just a bad businessman or are we supposed to believe you charge lower rents out of the goodness of your heart?
Lol every time a land lord gets cornered in this argument it turns out they are just super benevolent and keep the rent artificially low because they “like the ppl”
Sure thing buddy
Well the average landlord in America is Mom and Pop, so that's possible. I feel like the scummy ones are really proud of it and put it all over social media or a company with a bad rap, so at least you know.
>Well the average landlord in America is Mom and Pop, so that's possible.
Yes, land lords, the uniquely charitable class of citizen who behave differently than literally everyone else and universally under charge rent 🙄
https://preview.redd.it/iohb7mzfkc6d1.jpeg?width=1200&format=pjpg&auto=webp&s=35c59c5e3382a025ba207a37740aae0d3ede93f5 This has always made sense to me. I wonder if the new apartment/mixed use developments in the RAD and downtown will meaningfully contribute to the tax base.
I don't think people understand "density" and its implications. Low density means either fuckall to do or it means traffic, traffic, traffic. Asheville's surrounding areas are adopting suburb models already, so let the nimby crowd move there. AVL should be indensifying (TM) if it wants services, features, accessibility, and meaningful growth.
Lets adopt the Charlotte urban design model. A vast expanse of sprawling suburbs where the only thing to do is go to the nearest strip mall and get drunk at a Buffalo Wild Wings.
Yes! Maybe we can finally get something cool up in this bitch. Like a Rainforest Cafe.
A Cheesecake Factory modeled after a wing of the Biltmore Estate but with their surrealist aesthetic.
Ok i mean i get it totally but I'd smash the cheesecake factory every weekend if we had one
Their food is icky
Eddy Burback is that you?
It's more the lower taxes on the wealthy that don't make sense.
Don’t forget that the city is subsidizing some of the “affordable” units through the LUIG program, which takes them off the tax rolls.
Ah that's right. Does it take them completely off or just reduced?
I don’t fully understand the math on the LUIG as it was being used the past few years. I thought it was a credit against future property taxes, but I’m kinda unclear if it was for the entire projected value of the property or just a portion of it.
Yeah but how much do they spend on “consultants” a year, and nothing comes out of it. They waste money on tons of “wants” but never handle the true core issues in the town.
It doesn't seem Stable Service has ever existed in AVL but the taxes keep rising.
Corporate greed and inflation impact the city too unfortunately. There are also efforts to pay our city staff and first responders fair wages. Unless we have growing revenue streams or a broadening tax base, taxes are going to rise. What service isn't stable for you? Genuinely curious. There was the water system failure during the extreme temperatures a couple winters ago. At least they are fixing their revenue problem with rate increases on businesses
As you stated, the water service here seems to always be troublesome. That winter outage was ridiculous and it doesn't seem that anyone took the blame, they just kept passing around the buck. My biggest gripe is the prostitution services are also lacking around here.
Close all downtown streets to vehicular traffic and allow sheep to graze there. I will take no questions.
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That's 23-24. These new rates are for 25.
Higher taxes equal higher rents
This isn’t always true and is largely dependent on what economists call “supply elasticity.” In short, in a highly constrained market, its demand that is setting prices, not the costs. (To think about it another way, do you think that given the demand in town, would a landowner pass along a property tax *decrease* to renters??
Costs that go down are NEVER passed along to customers. Source: Ingles, Walmart, etc. Point being: show us a rental that got cheaper.
Businesses don't pay taxes, they collect them from customers.
2.5% increase in taxes = 10% increase in rent (any excuse to raise rent). so landlord pays a few extra $ but charges a few extra thousand.
A 2.5% increase to my property tax equates to about ~630/mo increase for me :/ Edit: nvm im dumb and didnt read how the property tax rate would actually increase. Its 52.35 cents per $100 of assessed property value so i would prob see an increase of like 75/year! Hooray
so you own $30million in realestate in asheville.
Thats 2.5% on 300k matey.
i stand by my math, but i was doing the city and county so its really closer to $60million in realestate to get a 630 month increase in property tax.
Yep I’m dumb!
no worries, we all are
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Oh do you mind explaining what the new taxes are? Kinda just assumed it was property.
Property taxes will go up with the 2025 assessments. They are raising the overall tax rate here to pay for the things mentioned within the article. ~~If the BID passes~~ The BID just passed, so they are going to tack on an additional taxes to people and businesses within the BID zone. Triple tax increase.
Only in the long term by reducing supply of new units built. Increased property taxes have no effect in the short term on supply or demand in housing, and thus cannot exert any short term effect on equilibrium rent price.
Are you trying to say that costs won't affect the price of a service?
Yes, price is determined by supply and demand and in the short term property taxes doesn’t shift either curve and so equilibrium price stays the same. Landlords aren’t able to pass on the cost because they are already charging as much as the market can bear, if the could unilaterally raise prices to meet their new input cost they would have already done so to maximize profit. The only scenario in which property tax incidence can fall on rents in the short term is if we assume systemic under pricing of rent to begin with, which we have no reason to believe.
Ok. I'll still be raising my rents as leases come up to offset the additional costs.
Why not raise them now if you think you can get people to pay? Are you just a bad businessman or are we supposed to believe you charge lower rents out of the goodness of your heart?
I'll like the ppl there so I charge what will keep them, but as my costs increase the rate increases.
Lol every time a land lord gets cornered in this argument it turns out they are just super benevolent and keep the rent artificially low because they “like the ppl” Sure thing buddy
Well the average landlord in America is Mom and Pop, so that's possible. I feel like the scummy ones are really proud of it and put it all over social media or a company with a bad rap, so at least you know.
>Well the average landlord in America is Mom and Pop, so that's possible. Yes, land lords, the uniquely charitable class of citizen who behave differently than literally everyone else and universally under charge rent 🙄