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Oddball · 02-19-2006, 02:24 PM

I'm the chair of a property tax reform group in South Jersey. People do it a couple of ways:

1. Mom and Dad help out or Grandpa / Grandma leave them cash from their house
2. They over extend their credit
3. Gimmick financing like interest only payments
4. 40 year mortages
5. They have equity in their "starter house" -- buying small at first to build equity before buying the "McMansion" when kids go to school. My house has ore thn doubled in value in 5 years.
6. They were really good with their money and invested / saved the little they had.
7. They make a boat-load of money

Also, that 57k is kind of bogus. The income data is probably bi-modal or even tri-modal meaning there probably "humps" in an income histogram. At the bottom end are retired who have owned their homes for 30 years and are being screwed when it comes to taxes. At this top end are two-income households making over six figures. There may be a third peak of young workers or lower "blue collar" workers. I say "low end" as in the guy turning the wrench at Jiffy Lube, not the skilled machinist or electrician who is pulling in 70 - 80k if not more.

If you are interested in learning more about the tax issues send me an email CHCPTR@comcast.net. Let me know you heard about it here.

Josh a.k.a. Oddball

02-19-2006, 02:24 PM	#4
Oddball Join Date: Aug 2004 Location: Blackwood Posts: 473 iTrader: (0)	I'm the chair of a property tax reform group in South Jersey. People do it a couple of ways: 1. Mom and Dad help out or Grandpa / Grandma leave them cash from their house 2. They over extend their credit 3. Gimmick financing like interest only payments 4. 40 year mortages 5. They have equity in their "starter house" -- buying small at first to build equity before buying the "McMansion" when kids go to school. My house has ore thn doubled in value in 5 years. 6. They were really good with their money and invested / saved the little they had. 7. They make a boat-load of money Also, that 57k is kind of bogus. The income data is probably bi-modal or even tri-modal meaning there probably "humps" in an income histogram. At the bottom end are retired who have owned their homes for 30 years and are being screwed when it comes to taxes. At this top end are two-income households making over six figures. There may be a third peak of young workers or lower "blue collar" workers. I say "low end" as in the guy turning the wrench at Jiffy Lube, not the skilled machinist or electrician who is pulling in 70 - 80k if not more. If you are interested in learning more about the tax issues send me an email CHCPTR@comcast.net. Let me know you heard about it here. Josh a.k.a. Oddball __________________ The tree on the mountain always looks taller when the grass is mowed. Daily Driver: 2011 Ford Expedition EL (4 very tall kids means suck it up for a while) Crisis Car: 1986 Chevy Camaro IROC: 5.0L 4BBL Carb, 5-speed, T-tops, "Good afternoon officer how fast was I going" red.