People believe what they want to believe. But when reality hits, it HAPPENS ABRUPTLY.
First it was the cost of a gallon of gas, next groceries, and now the real estate taxes on homes. The Gunnison Times and William Spicer from the County Assessor’s Office alerted us last week to expect the appraised values in Gunnison County to go up 40-70% this year as a basis to compute your taxes. Add the new school bond payments on top of the new appraisals and expect a huge increase in your tax bill next January.
Full disclosure: my property taxes increased 57% between 2017 and 2023.
If you rent, expect your landlord to increase your rent by an equal amount or greater.
Looking to buy a new home? To qualify, you must prove to the bank that you can afford a mortgage rate of 6.5%, the higher real estate taxes, and utilities that have increased 10% this past year.
Starting May 1st, a home buyer who diligently earned credit scores over 740, by paying their bills on time, will pay $40 more a month in mortgage payments for a $400,000 loan. That’s $14,000 extra over the term of the loan. Why? Joe Biden’ Federal Housing Finance agency LLPA rule mandates you to fund bad credit buyers with your contribution. Credit scores under 620 will get a 1.75% discount!
It’s like making the people who obey the speed limit pay the tickets of the violators.
Isn’t that reminiscent of the 2008 housing bubble, where the federal government promoted buyers who could not afford the loans to begin with?
Can I say this loud enough? Government overreach is controlling more of your life every day. Did you vote for this? Will you vote for this again?
It all starts so slowly, then abruptly, we get hit with it all at once!
Neil Watko
Gunnison