Welcome to the APBWeb.
Results 1 to 9 of 9
  1. #1
    TXCharlie's Avatar
    TXCharlie is offline Former & Future Reserve Officer
    Join Date
    12-29-05
    Location
    Dallas Area
    Posts
    5,528
    Rep Power
    3224964

    HGTV Dream Hounse Turns Out to be a Nightmare, Thanks to the Tax Man

    http://www.pegasusnews.com/news/2008...lock-saturday/

    Friday, January 11, 2008
    HGTV Dream Home in Tyler on the block Saturday

    By Mike Orren
    Beard Auction
    Dream Home or nightmare?

    TYLER Every year, April avidly follows and repeatedly enters the HGTV Dream Home competition. They build a ridiculously amazing house, furnish it, throw in a car and some extra prizes and give the whole thing away.

    The sad truth, though, is that seven of the nine winners have had to sell the house because they couldn't afford the tax burden. HGTV always builds these monstrosities in restricted communities that have all kinds of covenants that prevent the winners from using them for commercial purposes like Bed & Breakfasts -- eliminating any hope of holding on to the prize.

    See the original tour

    HGTV: Tyler Dream Home

    Perhaps the saddest example yet goes on the auction block in Tyler this weekend. The Tyler home, given away in 2005, was by far the biggest and nicest one yet. The Chicago family who won moved to Tyler and tried to make a go of it. But the $600k / year in property taxes and upkeep has become too much, so they went to an auctioneer to avoid foreclosure.

    By my math, since the house is expected to sell for about a third of retail, this family's going to come out behind anyway. Nice prize. I imagine HGTV makes out like a bandit on the sponsorships on this deal, excites thousands of entrants, and then this happens year in and out.

    We're probably going to go check out the house and auction tomorrow. But I'm no longer so eager to see us win such a prize.

    (\__/)
    (='.'=) This is Bunny. Copy and paste Bunny into your
    (")_(") signature to help him gain world domination.

  2. #2
    Ender's Avatar
    Ender is offline Three Sheets...
    Supporting Member Lvl 3
    Join Date
    10-21-07
    Posts
    1,956
    Rep Power
    525400
    er...50 grand a MONTH in property tax?!?!?!
    --

    Ender

    "And if the band you're in starts playing different tunes, I'll see you on the dark side of the moon..."

  3. #3
    gwebb1981 is offline Officer First Class
    Join Date
    10-29-07
    Posts
    79
    Rep Power
    359
    Next you will see this home on "Flip This House"
    Good things come to those who wait SEIZE THE DAY!!

  4. #4
    TXCharlie's Avatar
    TXCharlie is offline Former & Future Reserve Officer
    Join Date
    12-29-05
    Location
    Dallas Area
    Posts
    5,528
    Rep Power
    3224964
    Yeah, I think the reporter screwed it up on the property tax quote - $600k sounds like the IRS income tax, which is about 1/3 the value of the house. The other article was probably more correct quoting property taxes at $25k per year.

    Still, that's one of those things I'd have to sell as soon as I won it. It's bad enough to win a $30,000 car and get a $10,000 bill from the IRS, but a $600,000 bill from the IRS? No way!

    (\__/)
    (='.'=) This is Bunny. Copy and paste Bunny into your
    (")_(") signature to help him gain world domination.

  5. #5
    Lazy Fed's Avatar
    Lazy Fed is offline Curmudgeon
    Join Date
    12-07-05
    Location
    Dirtroit Michigan
    Posts
    3,000
    Rep Power
    2950575
    So all they had to pay was $25,000 a year in taxes??
    dulce et decorum est pro patria mori


    Quote Originally Posted by Resident Smart Ass
    Life is to short not to experience Lazy Fed
    ___ ___ ___
    {o,o} {-.-} {0,0}
    |)__) |)_(| (__(|
    -"-"- -"-"- -"-"-
    O RLY?? YA RLY NO WAI!!!!

    The incoherent statements given in my posts DO NOT reflect the opinions, views, policies, and/or procedures of my employing agency or any other person for that matter. They are MY PERSONAL DELUSIONAL FANTASIES and I accept sole responsibility as such as I am either drunk or stressed out of my mind.

  6. #6
    hush29's Avatar
    hush29 is offline Corporal
    Join Date
    10-08-07
    Location
    Rapid City, South Dakota
    Posts
    534
    Rep Power
    57235
    Quote Originally Posted by Lazy Fed View Post
    So all they had to pay was $25,000 a year in taxes??

    "all they had to pay" f**k that noise!
    It's better to be judged by 12 than carried by 6.

  7. #7
    Willowdared's Avatar
    Willowdared is offline Bendy not Breaky
    Join Date
    04-26-06
    Location
    San Diego
    Posts
    6,177
    Rep Power
    1401350
    People always forget about the taxes.

    Living here in SoCal, I have lots of friends that have gone up to LA to be on game shows. You have to pay taxes on those prizes before you can even get them!

    I think almost all sweepstakes these days include a cash buy-out, if you don't want the big prize.

    Take the cash!
    Molly Weasley makes Chuck Norris eat his vegetables.

    Do not puff, shade, skew, tailor, firm up, stretch, massage,
    or otherwise distort statements of fact.
    FBI Special Agent Coleen Rowley

  8. #8
    bayern's Avatar
    bayern is online now Officer First Class
    Verified LEO
    Join Date
    04-19-06
    Location
    Dixie
    Posts
    1,765
    Rep Power
    1392797
    Quote Originally Posted by PDawg View Post
    People always forget about the taxes.

    Living here in SoCal, I have lots of friends that have gone up to LA to be on game shows. You have to pay taxes on those prizes before you can even get them!

    I think almost all sweepstakes these days include a cash buy-out, if you don't want the big prize.

    Take the cash!
    Not only that, but think of the College kids on those shows. They win LARGE, there goes their student loans, etc, that ae based on income (theirs or their families). Nice car - sorry, your loan is not renewed, your income is to high.

  9. #9
    Morris is offline Chief Wheaties Pisser
    Verified LEO
    Join Date
    10-24-07
    Location
    Just outside Latteland
    Posts
    1,391
    Rep Power
    970812
    There has also been a real problem with those houses you see in the Makeover:Home Edition homes you see. In many cases, after the homes are built, they are reassessed at a much higher value and the poor family already now pays a significantly higher bill for taxes, one that exceeded their old mortgage in some cases.

    We had a house done in Western Washington in which the mother was nearly forced out of it due to the new "assessment" and subsequent higher taxes.

    There is something terribly wrong with our current tax system.

 

 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •