So the houses that were included in the news story yesterday, they are attractive houses in terms of style.  People would get the impression that those FEW houses are what makes up the city.

First of all, the taxes are outrageous.

Now, how about other houses that will be in the open house.

Here's one.   How about this.   DV's dem buddies, in 2011 proclaimed this house is worth $84,900.   Perhaps DV can explain to us all how his buddies arrived at that conclusion.

This house was listed for sale at a price of $64,900.   In January the asking price was dropped to $59,900.      But here's the main point.   The house has been on the market for a 597 days !!!!!!!   That is a WHOPPING 1 YEAR AND 7 MONTHS.   And STILL the house WILL NOT SELL !!!!!!!!!!!  


will NOT sell despite only a 2 yr old roof, new kitchens, new siding, new porch, etc.

Even for a super low price, and the fact it's two family which an buyer could buy and rent out the other flat and STILL the intelligent people know that the taxes mean the owner lose money.

Now, let's see if McC and company greet prospective buyers at this house


http://realtyusa.com/property/.....SearchType=openhouse


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Here's another

MLS 201202249      OK, this was just listed.

Just a year ago, in 2011 the Dems in the city proclaimed last year that this house is worth $101,000

It's listed for $77,900

Ooooh.....look!     It's got a Brady Bunch kitchen for DV!!!!

Taxes:    a WHOPPING     $4,808  !!!      YIKES


http://realtyusa.com/property/.....SearchType=openhouse



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bankruptcy is not a realistic option

getting people to buy houses is part of the solution however  there is validitybtonthevargument that not all those
houses will be easybto sell.

how to cut taxes. some stepsbthat will help down the road. tge new retirement tier for police. by the end of the
existing police contract in 2013. approximately 1/3 of the employees will be tier 5. and they have reduced the spd
workfoce from 166 to 145 authorized strength.

unfortunately the existing employees and retirees do not fall under tier5 so it will take some time to fully take
advantage of the tier 5 reductions

health insurance will certainly be a key compnent for all future contracts. it is very expensive mvp plan is
between 15k to 20k.  And it continues to go up pretty much every year.

and realistically the contracts preclude mandating all employees from moving back into the city so. more
realistic option would be to estimate how much property ax is lost due to employees not owning city homes and
trying to negotiate back those amounts thru reductions in other benefits.  

Hey, here's another one for McC's open house.

MLS 201114815       204 Green St.    1 family house     (yeah, check out the blue walls in the kitchen with the orange counters   UGH!)

It was listed for sale 4/20/11  for      $134,500

On 6/18/11, price reduction to          $120,000

On 10/11/11, yet another price reduction to     $107,000

And then on 12/8/11, how about a Christmas present.....ANOTHER price reduction, down to      $90,000


DV's dem buddy leaders in the city, proclaimed last year that the house was worth $162,500 !!!!!!!!!

The taxes on this one are........drum roll please......   Bah rum pum pum pummmmmmmmm                $ 5,852 !!!!!!!!!!!!

It has been on the market for just shy of one year and the price has been reduced to almost half of what DV's dem buddies claim it's worth!!!!!!!!!!!!!!!!


http://realtyusa.com/property/.....SearchType=openhouse



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They are lowering the asking price until it's sold then it will be reassessed for another ridiculous amount.

This one will be interesting.

MLS 201131665           1491 Dorwaldt

A year ago, the city dems proclaimed this house is worth $129,900

It show listed by realty-usa 11/23/11 for         $149,900             (funny thing though, with that date it only indicates "price change")

Then, on 1/18/12 a price reduction to              $144,900

Then on 2/9/12 (not even a full month later) yet another price reduction to              $139,900

So still asking for more than the city claims it's worth, yet as has been OFFICIALLY PROVEN, the REAL TRUE VALUES are MUCH MUCH lower than the city claims.   So we'll see how much lower this one goes.

And the taxes are.......another drum roll please...............     $5,357 !!!!!!     YIKES


And as you will note.....THE OCCUPANTS HAVE ALREADY FLED !!!!!!!!!!!!!!    They aren't even bothering with staging the house!!!!    ROFL !!!!


http://realtyusa.com/property/.....SearchType=openhouse


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And another open house

MLS 201202640      1962 The Plaza  


CIty last year claimed it's worth $129,500

Asking price is $139,900

But, ok, it was just listed.   They WILL soon learn

And the taxes......    YEP, WAY WAY UP THERE !!!!!!!!!!     $ 5,267


http://realtyusa.com/property/.....SearchType=openhouse


.

And we have here    1398 Cullen Ave      MLS 201122580

It was purchased in 2008 for $153,900

The city dems last year proclaimed it's worth $153,300

Listed for sale on 7/3/11 for     $164,900

On 8/3/11, price reduction to    $154,900

Well, for certain, the city dem leaders CLEARLY DO NOT know what they are talking about, for it didn't sell for what they claim it's worth

On 2/7/11, price reduction again, now to    $149,900

So let's have the drum roll again please........... the taxes,   RAH RAH!!!    CHEER CHEER!!!     So says DV!!!!         $5,544 !!!!!!!!!

Those who bought the house in 2008 - in just THREE SHORT YEARS, they have decided to FLEEEEEEEEEEE    !!!!       And put the house up for sale, and yet seven months later    NO BUYERS!


http://realtyusa.com/property/.....SearchType=openhouse


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Quoted from mikechristine1

Hey, here's another one for McC's open house.

MLS 201114815       204 Green St.    1 family house     (yeah, check out the blue walls in the kitchen with the orange counters   UGH!)

It was listed for sale 4/20/11  for      $134,500

On 6/18/11, price reduction to          $120,000

On 10/11/11, yet another price reduction to     $107,000

And then on 12/8/11, how about a Christmas present.....ANOTHER price reduction, down to      $90,000


DV's dem buddy leaders in the city, proclaimed last year that the house was worth $162,500 !!!!!!!!!

The taxes on this one are........drum roll please......   Bah rum pum pum pummmmmmmmm                $ 5,852 !!!!!!!!!!!!

It has been on the market for just shy of one year and the price has been reduced to almost half of what DV's dem buddies claim it's worth!!!!!!!!!!!!!!!!


http://realtyusa.com/property/.....SearchType=openhouse



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That house was owned by two sisters, I think they were twins, but I could be mistaken.  Each had their own side, but there was a doorway between the two for convenience.  They were nice old ladies - I wonder if they've passed away.

Quoted from 147

That house was owned by two sisters, I think they were twins, but I could be mistaken.  Each had their own side, but there was a doorway between the two for convenience.  They were nice old ladies - I wonder if they've passed away.

No idea, but it's not a two family house.   Not based on official records, and only has one kitchen.   Hope they agreed on the meals to be cooked and the chores   lol

It is a joke! The only folks that will even think of purchasing any of these homes will be either 'high risk' folks or 'slumlord' investors.

We personally know a family that came up here from nyc seeking a better life for them and their 8 year old son. They will NOT move to schenectady. WHY? They heard 'from the nyc city folk'...that schenectady is worse and were told to stay clear of there. YUP.....that is the word on the street in nyc!! TRUE STORY!

Look, I'd like nothing better then to post some real warm and fuzzy stories here.........but there REALLY are none!!! The city of schenectady is a corrupt, money pit, sh!thole that is spilling over into the surrounding towns!!! SCARY!!

First they have to find a City Department head that actually lives in the City. The City Engineer did and then retired. The only new applicant refuses to move in from Castleton. How bad is it? The City assessor won't move into the City. The resale prices in the City are in free fall and no new construction. On top of the sick DEM taxes you have to pay private tuition to the Catholic/Brown School. Dorwaldt Blvd is one of the nicest blocks in the City. If the house was on the Niskayuna side the price would be 3X higher. Keep the implosion going!

     The DEMS have more half baked ideas to do everything expect lower sickening taxes. Nothing else will work. No wonder there are 800 abandoned City properties and people are turning property into the City to expand nature preserves.

We'll be sure to keep track of these houses.  We'll know if they sell, how long it takes, and the sale price.

Those of us on these boards who are intelligent, we know the actual sale prices WILL be lower, if and when the houes sell.

All city homeonwers should take a look at this thread on these boards.   As we are providing the FACTS (unlike DV's lies), the homeonwers would learn that they have been way over-assessed by the city.    And they should flood the city with grievances this year

Actually, it's time for the city to reassess the WHOLE CITY !!!!!!!!!!!!!!!    Reassess DOWN!   BIG TIME REDUCTIONS


However, even though it is an absolute NECESSITY that the city reassess ALL RESIDENTIAL properties DOWNWARD, one fact remains.   The tax BILLS will STILL remain high.

Do the math using this little explanation.  

In a city there are 14 properties
2 properties are assessed for $20,000 each
12 properties are assessed at $8,000 each
Total assessed value in the city is $136,000

Follow that so far?

The two properties that are assessed for $20,000 each have been granted 100% tax exemptions from the dem leaders in this city
The other 12 properties are houses and fully taxable.
The total TAXABLE VALUE in this city is $96,000     (the total value of all the TAXABLE properties, i.e., 12 taxable properties x $8,000 assessment each = $96,000)

When the city does it's budget, it sees that it needs to raise $35,000 via property taxes, this is called the tax LEVY.
While the total assessed value of all properties is $136,000, remember, the dems exempted their millionaire & politically connected buddies, thus the two properties asssessed at $20,000 each are not subtracted in order to get the total TAXABLE value

$136,000          Total assessed value of ALL properties
-  40,000          MINUS the total assessed value of tax exempt properties
$  96,000          Total TAXABLE assessed value.

Follow that so far?

Now the city needs to determine the tax RATE, which is determined with the following     Tax LEVY / total TAXABLE value = tax RATE    
Thus:    $35,000 / $96,000 = 0.364583

So now we calculate the tax BILLS   Tax BILLS are determined/calculated using:     Assessed value x tax RATE = Tax BILL

Thus, $8,000 x 0.364583 = $2916.67     (rounded.   Very specifically the math makes it $2,916.667)

Still following that?

Now, you can check the math.  There are 12 properties that pay taxes, remember, the other two have been granted 100% tax exemptions by the dems.   To make things easy for explanation purposes, I made all 12 houses have the same assessed value, i.e., $8,000 each.    So  that means each of those 12 properties has a tax BILL of $2,916.67    The city collects $2,916.67 from each of those 12 properties and the math, therefore, is $2,916.67 x 12 = $35,000   (give or take a couple pennies for rounding).   The city collects a total of $35,000 from these 12 taxable properties.

You follow that, right?

Because of the high taxes and the 12 properties having to cover the taxes of those two exempt proerties, the property values plummet in this city.   So, let's say the property values went down by 30% each (again, just to make the example easy.

If the property values went down by 30% and the city reassesssed, then the new assessment for these 12 houses would be $5,600.  

Remember, those other two properties, regardless of the value, are tax exempt courtesy of the dems, so their value, whether up or down, does NOT factor into the mathematical equations to come up with the 1) total TAXABLE VALUE in this city, nor 2) the tax RATE, nor the tax BILLS.

Even without any increase in the budget, without any increae in the tax LEVY i.e., the tax LEVY stays the same at $35,000, see what happens.
12 TAXABLE properties at $5,600 each means a total TAXABLE value of  $67,200
So now, the city needs to determine the tax RATE for the coming year.   Once again, the math.   Tax LEVY / Total TAXABLE VALUE = tax RATE
$35,000 x $67,200 = 0.520833

Now to determine the tax BILLS resulting from the SAME LEVY but 30% assessment reduction

$5,600 x 0.520833 = $2,916.67

You follow that, right?

You see what happens, right?  Property values go DOWN, and the tax BILLS stay the same!!!!!!!!!!!!!    That's assuming the city budget results in no increase in the tax LEVY    But of course, we know the tax LEVY always goes up.   While the state came up with this thing about the so called "2% property tax cap" that really is defined as "2% tax LEVY cap"   When properties receive these tax exemptions, like Schenectady has done with most of downtown, the tax LEVY could increase, say, one percent (1%) but the tax BILLS will increase MORE THAN 2%.  I could go into more detail and provide an exemple but I'm not going to take that time


However, assuming you follow all of the above...

I'm going to provide one additional piece of information.
Go back to the original assessments.   IF the two exempt properties had their exemptions removed, then the total TAXABLE VALUE would be $136,000
Then the tax RATE would be as follows:     (Reminder   Tax LEVY / Total TAXABLE value = tax RATE)           $35,000 / $136,000 = 0.257353
So, the homeowners, with their houses assessed for $8,000 each, what would their tax BILL be?            

Assessed value x tax RATE = tax BILL    
$8,000 x 0.257353 = $2,058.82        

IF the exemeptions were movedd from those two tax exempt properties, then the financially strugging homeowner would, in this example, have a tax BILL that would be LOWER, the homeonwers would SAVE $857.85 !!!!!!!!!!

And you can check the math to make sure the city does indeed collect the full tax levy.
The two (previously exempt) properties assessed for $20,000 would have a tax bill   ($20,000 x 0.257353)  of $5,147.06 each   (remember, these two represent the downtown millionaires and politically connected who CAN AFFORD to pay their FULL property tax BILLS, they do NOT NEED, and should NOT RECEIVE tax exemptions OF ANY KIND WHATSOEVER !!!!

12 houses with tax bills of $2,58.82 each totals = $24,705.88
2 properties with tax bills of $5,147.06 each totals = $10,294.12

$24,705.88 + $10,294.12 = $35,000.   The city receives the $35,000 in property tax revenue---the tax LEVY)--- that it needs, AND the financially struggling homeonwers see a reduction in their tax burden!


You follow all that, right?         (Well, DV is now scratching his head trying to figure this out; in a few months time when he can figure out the grade school arithmetic, DV will say "no no, that can't be true"   ROFL)


The UNDENIABLE TRUTH, the WHOLE TRUTH, and NOTHING BUT THE TRUTH is that as long as the dem team (city + plex + county) insist on giving out those 100% tax exemptions to downtown, then the homeonwers are screwed!!!!

So first, the city dems MUST REMOVE ALL tax exemptions from downtown INCLUDING Proctors--- because Proctor's IS 100% A FOR PROFIT BUSINESS.

And next, the city dems MUST STOP spending money on expensive cars which the high paid cops use to take their pleasure drives home far away out of the city, out of the county.
And next, the city dems MUST MANDATE that ALL department heads, cops, and fire employees move INTO the city, not just future employees but CURRENT employees.
I would like to see ALL employees live within the city boundaries, but I'm not quite as concerned with the lower level staff, clerical, laborers, garbage pickers, and the like because they do not have any influence really.   But other staff, e.g., accountants, planners, engineers, code enforcers, asessors, human resource, etc MUST be mandated to live in the city
And next, ALL business owners WITHIN the city that get money from the taxpayers, i.e., via Metroplex projects, MUST LIVE  WITHIN the city.

These are some starting ideas

Now remember, DV claims the  city is in this great renaissance, that it is improving, getting better.

If what he says is true, then he WILL BE attending these open houses and putting his offer in this weekend.    Because IF the city was getting better, than property values would be increasing any lame brain would buy a house this weekend.