Jackson County Property Tax Hike Disregards Crashing Used Car Prices

Earlier this year our blog community warned of a Jackson County personal property tax spike that's now underway.

However, there's an important trend that the courthouse is overlooking which contradicts exorbitant fees imposed on car owners . . . 

RIGHT NOW USED CAR PRICES ARE CRASHING WHILST PERSONAL PROPERTY TAXES FOR CARS HAVE INCREASED OVER LAST YEAR!!!

Check the trend . . .

Sky-high used car prices are losing altitude fast. The Manheim Used Vehicle Value Index, a gauge of wholesale market prices for used vehicles, dropped for the fifth-straight month.

Prices are down more than 15% since they peaked in January at an average of nearly $24,000. Wholesale prices are typically a leading indicator of the prices consumers pay, so this suggests better deals on vehicles could be coming to auto lots soon.

Overall Missouri drivers are complaining of rate hikes as high as 30%. 

However . . . 

In Jackson County this issue hits home harder than most other places . . . Here's what one insider says:

"Frank White is targeting the working poor with this tax increase. This will hit low-wage workers harder than anyone else and the Executive isn't doing anything to push back against it. These assessments deserve scrutiny because they're not in line with market values. Cars depreciate over time and there's no reason used cars taxes are dramatically increasing now that the chip shortage and supply chain issues are over. It's nothing less than a war on the working-class and as usual the County Executive has remained silent on this issue."

Read more via www.TonysKansasCity.com links . . .

You're going to see cheaper used car prices in the coming months

Sky-high used car prices are losing altitude fast. Why it matters: The remarkable climb in used vehicle prices was an early and ultra-visible driver of COVID-era inflation. State of play: The Manheim Used Vehicle Value Index, a gauge of wholesale market prices for used vehicles, dropped for the fifth-straight month.

Carvana's unwinding triggers a cascade of warnings on Wall Street - Autoblog

As online used-car dealer Carvana Co.'s share price unwinds at a fever pitch, Wall Street analysts are slashing targets and warning conditions could worsen. With the company's shares spiraling down a staggering 97% this year, analysts' average price targets struggled to keep pace, despite coming down sharply.

J.P. Morgan Expects Used Car Prices To Drop 10-20% Next Year

Used car prices have skyrocketed 42.5% in a little over two years, but relief could be on the horizon. According to a J.P. Morgan Research report, used car prices "seemingly peaked" earlier this year and could fall 10-20% in 2023.

Developing . . .