The Official September 2017 Study Group

Prepare for the LSAT or discuss it with others in this forum.

Are you ready for tomorrow?!?!?!

FUCK YES
20
44%
Yeah, kind of
8
18%
Ehh, hoping for the best
6
13%
Not prepared but screw it
3
7%
HAHAHA I'M NOT EVEN TAKING THE LSAT, SUCKS FOR YOU GUYS
8
18%
 
Total votes: 45

Alexandros

Platinum
Posts: 6478
Joined: Thu Jun 09, 2016 4:46 am

Re: The Official September 2017 Study Group

Postby Alexandros » Tue Apr 25, 2017 11:45 am

dj9i27 wrote:
Alexandros wrote:
TWiiX wrote:

Hey, you can't do that. Heresy!!

im actually cool with this.

There can only be one rubber-band ball.

dj9i27

Gold
Posts: 4367
Joined: Thu Aug 18, 2016 2:37 pm

Re: The Official September 2017 Study Group

Postby dj9i27 » Tue Apr 25, 2017 11:46 am

Alexandros wrote:
dj9i27 wrote:
Alexandros wrote:
TWiiX wrote:

Hey, you can't do that. Heresy!!

im actually cool with this.

There can only be one rubber-band ball.

You can buy them in packs of 2 tho

User avatar
oopsu812

Silver
Posts: 881
Joined: Mon Mar 20, 2017 7:59 pm

Re: The Official September 2017 Study Group

Postby oopsu812 » Tue Apr 25, 2017 11:47 am

dj9i27 wrote:
Alexandros wrote:
dj9i27 wrote:
Alexandros wrote:
TWiiX wrote:

Hey, you can't do that. Heresy!!

im actually cool with this.

There can only be one rubber-band ball.

You can buy them in packs of 2 tho

Sweettort evil twin confirmed.

Alexandros

Platinum
Posts: 6478
Joined: Thu Jun 09, 2016 4:46 am

Re: The Official September 2017 Study Group

Postby Alexandros » Tue Apr 25, 2017 11:48 am

dj9i27 wrote:
Alexandros wrote:
dj9i27 wrote:
Alexandros wrote:
TWiiX wrote:

Hey, you can't do that. Heresy!!

im actually cool with this.

There can only be one rubber-band ball.

You can buy them in packs of 2 tho

... Only one who can bend the rubberbands to his will. And he does share power.

User avatar
twiix

Silver
Posts: 858
Joined: Mon Feb 01, 2016 12:41 pm

Re: The Official September 2017 Study Group

Postby twiix » Tue Apr 25, 2017 11:49 am

oopsu812 wrote:
TWiiX wrote:
Alexandros wrote:
TWiiX wrote:

Hey, you can't do that. Heresy!!


damn.. alex is already schwasty. enjoy the natty splats.

What language is that?


It's my natural tongue, frat. I developed a fluency in it during my UG tenure.

dj9i27

Gold
Posts: 4367
Joined: Thu Aug 18, 2016 2:37 pm

Re: The Official September 2017 Study Group

Postby dj9i27 » Tue Apr 25, 2017 11:50 am

oopsu812 wrote:
dj9i27 wrote:
Alexandros wrote:
dj9i27 wrote:
Alexandros wrote:
TWiiX wrote:

Hey, you can't do that. Heresy!!

im actually cool with this.

There can only be one rubber-band ball.

You can buy them in packs of 2 tho

Sweettort evil twin confirmed.

Alexandros

Platinum
Posts: 6478
Joined: Thu Jun 09, 2016 4:46 am

Re: The Official September 2017 Study Group

Postby Alexandros » Tue Apr 25, 2017 11:52 am

Heathens.

User avatar
34iplaw

Gold
Posts: 3379
Joined: Wed May 04, 2016 2:55 am

Re: The Official September 2017 Study Group

Postby 34iplaw » Tue Apr 25, 2017 11:57 am

chargers21 wrote:Yeah, I'm against taxes in a utopian type of way. I know it's unrealistic. I am for "use" taxes, like gasoline, sales taxes, etc. I'm just really against standard income taxes and property taxes because of what they stand for and how wastefully they are allocated. I am admittedly a big public education guy, so I'm not into 0 taxes. It's mostly the coercive nature of taxes that make me see them as theft. Like, the fact that not paying them can put you in jail.


100% agree on property taxes. I disagree with them on a deep level, but I understand their importance to create a stable tax base for localities. At a basic level, it slowly chips away at your equity bit by bit when asking you to pay #% of the property value to the government. Furthermore, they can be pretty outrageous in the amount, and I suppose one could argue that using property taxes to fund local activities - including school - is a large driver of an educational gap between wealthy and poor communities.

User avatar
twiix

Silver
Posts: 858
Joined: Mon Feb 01, 2016 12:41 pm

Re: The Official September 2017 Study Group

Postby twiix » Tue Apr 25, 2017 12:01 pm

34iplaw wrote:
chargers21 wrote:Yeah, I'm against taxes in a utopian type of way. I know it's unrealistic. I am for "use" taxes, like gasoline, sales taxes, etc. I'm just really against standard income taxes and property taxes because of what they stand for and how wastefully they are allocated. I am admittedly a big public education guy, so I'm not into 0 taxes. It's mostly the coercive nature of taxes that make me see them as theft. Like, the fact that not paying them can put you in jail.


100% agree on property taxes. I disagree with them on a deep level, but I understand their importance to create a stable tax base for localities. At a basic level, it slowly chips away at your equity bit by bit when asking you to pay #% of the property value to the government. Furthermore, they can be pretty outrageous in the amount, and I suppose one could argue that using property taxes to fund local activities - including school - is a large driver of an educational gap between wealthy and poor communities.


Definitely. The problem is that the wealthy will be taking away their "advantages" over lower income districts. Who would willingly change that knowing that it will lessen the opportunities, and equal the playing field for their own offspring? I wouldn't.

Alexandros

Platinum
Posts: 6478
Joined: Thu Jun 09, 2016 4:46 am

Re: The Official September 2017 Study Group

Postby Alexandros » Tue Apr 25, 2017 12:02 pm

Speaking of property taxes, do lawl schools take them into consideration when estimating the value of your real estate (for asset calculations for need-based aid purposes)?
Asking for a friend.

User avatar
34iplaw

Gold
Posts: 3379
Joined: Wed May 04, 2016 2:55 am

Re: The Official September 2017 Study Group

Postby 34iplaw » Tue Apr 25, 2017 12:06 pm

Alexandros wrote:Speaking of property taxes, do lawl schools take them into consideration when estimating the value of your real estate (for asset calculations for need-based aid purposes)?
Asking for a friend.

Property taxes are directly related to the value of your home. In every place that I'm familiar with, it's a straight percentage of the assessed value. I imagine they use the assessed value.

TLDR; I doubt it directly impacts it, but it is indirectly considered (if that makes sense). High taxes = comparatively valuable home: Low taxes = comparatively un-valuable home.

Alexandros

Platinum
Posts: 6478
Joined: Thu Jun 09, 2016 4:46 am

Re: The Official September 2017 Study Group

Postby Alexandros » Tue Apr 25, 2017 12:09 pm

34iplaw wrote:
Alexandros wrote:Speaking of property taxes, do lawl schools take them into consideration when estimating the value of your real estate (for asset calculations for need-based aid purposes)?
Asking for a friend.

Property taxes are directly related to the value of your home. In every place that I'm familiar with, it's a straight percentage of the assessed value. I imagine they use the assessed value.

TLDR; I doubt it directly impacts it, but it is indirectly considered (if that makes sense).

I mean do they base their calculation for "assessed value" on property taxes at all / Do they base their "assessed value" on what the assessed value was when your property tax amount as assigned? Or is their "assessed value" based on something you self-report? Or something else / some combo of that?

User avatar
oopsu812

Silver
Posts: 881
Joined: Mon Mar 20, 2017 7:59 pm

Re: The Official September 2017 Study Group

Postby oopsu812 » Tue Apr 25, 2017 12:11 pm

A house isn't a home, stay blessed.

User avatar
twiix

Silver
Posts: 858
Joined: Mon Feb 01, 2016 12:41 pm

Re: The Official September 2017 Study Group

Postby twiix » Tue Apr 25, 2017 12:12 pm

Alexandros wrote:
34iplaw wrote:
Alexandros wrote:Speaking of property taxes, do lawl schools take them into consideration when estimating the value of your real estate (for asset calculations for need-based aid purposes)?
Asking for a friend.

Property taxes are directly related to the value of your home. In every place that I'm familiar with, it's a straight percentage of the assessed value. I imagine they use the assessed value.

TLDR; I doubt it directly impacts it, but it is indirectly considered (if that makes sense).

I mean do they base their calculation for "assessed value" on property taxes at all / Do they base their "assessed value" on what the assessed value was when your property tax amount as assigned? Or is their "assessed value" based on something you self-report? Or something else / some combo of that?


Sell that shit. I'm moving all of my liquid assets into bitcoin. I'm aiming for <$0 to my name to help my case as much as possible

Alexandros

Platinum
Posts: 6478
Joined: Thu Jun 09, 2016 4:46 am

Re: The Official September 2017 Study Group

Postby Alexandros » Tue Apr 25, 2017 12:13 pm

TWiiX wrote:
Alexandros wrote:
34iplaw wrote:
Alexandros wrote:Speaking of property taxes, do lawl schools take them into consideration when estimating the value of your real estate (for asset calculations for need-based aid purposes)?
Asking for a friend.

Property taxes are directly related to the value of your home. In every place that I'm familiar with, it's a straight percentage of the assessed value. I imagine they use the assessed value.

TLDR; I doubt it directly impacts it, but it is indirectly considered (if that makes sense).

I mean do they base their calculation for "assessed value" on property taxes at all / Do they base their "assessed value" on what the assessed value was when your property tax amount as assigned? Or is their "assessed value" based on something you self-report? Or something else / some combo of that?


Sell that shit. I'm moving all of my liquid assets into bitcoin. I'm aiming for <$0 to my name to help my case as much as possible

I'll let my parents know I'll be selling their house.

User avatar
twiix

Silver
Posts: 858
Joined: Mon Feb 01, 2016 12:41 pm

Re: The Official September 2017 Study Group

Postby twiix » Tue Apr 25, 2017 12:16 pm

Alexandros wrote:
TWiiX wrote:
Alexandros wrote:
34iplaw wrote:
Alexandros wrote:Speaking of property taxes, do lawl schools take them into consideration when estimating the value of your real estate (for asset calculations for need-based aid purposes)?
Asking for a friend.

Property taxes are directly related to the value of your home. In every place that I'm familiar with, it's a straight percentage of the assessed value. I imagine they use the assessed value.

TLDR; I doubt it directly impacts it, but it is indirectly considered (if that makes sense).

I mean do they base their calculation for "assessed value" on property taxes at all / Do they base their "assessed value" on what the assessed value was when your property tax amount as assigned? Or is their "assessed value" based on something you self-report? Or something else / some combo of that?


Sell that shit. I'm moving all of my liquid assets into bitcoin. I'm aiming for <$0 to my name to help my case as much as possible

I'll let my parents know I'll be selling their house.


Hahaha completely misunderstood. In that case. Just start subletting a bedroom in your local crack house. I'm sure that will lead to an interesting PS.

User avatar
34iplaw

Gold
Posts: 3379
Joined: Wed May 04, 2016 2:55 am

Re: The Official September 2017 Study Group

Postby 34iplaw » Tue Apr 25, 2017 12:19 pm

Alexandros wrote:I mean do they base their calculation for "assessed value" on property taxes at all / Do they base their "assessed value" on what the assessed value was when your property tax amount as assigned? Or is their "assessed value" based on something you self-report? Or something else / some combo of that?


No - property taxes are derived from assessed value. The thing is that property taxes are simply a percentage of the home value, so it'd be easy enough to derive one before the other. I don't know the exact method they use to calculate it and assign. I think they base it off home sales in the area and it is adjusted for lot size, number of rooms, square footage of house, luxury finishes, etc. There's actually an area of real estate law where people basically focus on this - both commercial and residential. All that said, you can get your house reassessed if you think the value is too high. Also, I think purchasing a house generally locks in a market value to derive the property tax.

User avatar
34iplaw

Gold
Posts: 3379
Joined: Wed May 04, 2016 2:55 am

Re: The Official September 2017 Study Group

Postby 34iplaw » Tue Apr 25, 2017 12:20 pm

TWiiX wrote:Definitely. The problem is that the wealthy will be taking away their "advantages" over lower income districts. Who would willingly change that knowing that it will lessen the opportunities, and equal the playing field for their own offspring? I wouldn't.


Agreed - I also think it wouldn't be immensely popular, as we aren't talking a benefit limited to the super rich. Here we are talking about the upper middle class (or upper-upper maybe, given that middle class usually seems to be used to describe people in the 60-80% of income earners) which is an actually achievable aspiration for many.

Alexandros

Platinum
Posts: 6478
Joined: Thu Jun 09, 2016 4:46 am

Re: The Official September 2017 Study Group

Postby Alexandros » Tue Apr 25, 2017 12:22 pm

34iplaw wrote:
Alexandros wrote:I mean do they base their calculation for "assessed value" on property taxes at all / Do they base their "assessed value" on what the assessed value was when your property tax amount as assigned? Or is their "assessed value" based on something you self-report? Or something else / some combo of that?


No - property taxes are derived from assessed value. The thing is that property taxes are simply a percentage of the home value, so it'd be easy enough to derive one before the other. I don't know the exact method they use to calculate it and assign. I think they base it off home sales in the area and it is adjusted for lot size, number of rooms, square footage of house, luxury finishes, etc. There's actually an area of real estate law where people basically focus on this - both commercial and residential. All that said, you can get your house reassessed if you think the value is too high. Also, I think purchasing a house generally locks in a market value to derive the property tax.

Wait - No to which? I understand that property taxes derive from the official assessed value. I'm wondering how law schools calculate their version of assessed value (for determining assets) - Do they go off of the official assessed value or something self-reported?

User avatar
twiix

Silver
Posts: 858
Joined: Mon Feb 01, 2016 12:41 pm

Re: The Official September 2017 Study Group

Postby twiix » Tue Apr 25, 2017 12:29 pm

Alexandros wrote:
34iplaw wrote:
Alexandros wrote:I mean do they base their calculation for "assessed value" on property taxes at all / Do they base their "assessed value" on what the assessed value was when your property tax amount as assigned? Or is their "assessed value" based on something you self-report? Or something else / some combo of that?


No - property taxes are derived from assessed value. The thing is that property taxes are simply a percentage of the home value, so it'd be easy enough to derive one before the other. I don't know the exact method they use to calculate it and assign. I think they base it off home sales in the area and it is adjusted for lot size, number of rooms, square footage of house, luxury finishes, etc. There's actually an area of real estate law where people basically focus on this - both commercial and residential. All that said, you can get your house reassessed if you think the value is too high. Also, I think purchasing a house generally locks in a market value to derive the property tax.

Wait - No to which? I understand that property taxes derive from the official assessed value. I'm wondering how law schools calculate their version of assessed value (for determining assets) - Do they go off of the official assessed value or something self-reported?


Alex is getting nervous that his parents' tax evasion and money laundering schemes are going to be uncovered, spoiling any chance of attending yehl.

User avatar
34iplaw

Gold
Posts: 3379
Joined: Wed May 04, 2016 2:55 am

Re: The Official September 2017 Study Group

Postby 34iplaw » Tue Apr 25, 2017 12:32 pm

Alexandros wrote:
34iplaw wrote:
Alexandros wrote:I mean do they base their calculation for "assessed value" on property taxes at all / Do they base their "assessed value" on what the assessed value was when your property tax amount as assigned? Or is their "assessed value" based on something you self-report? Or something else / some combo of that?


No - property taxes are derived from assessed value. The thing is that property taxes are simply a percentage of the home value, so it'd be easy enough to derive one before the other. I don't know the exact method they use to calculate it and assign. I think they base it off home sales in the area and it is adjusted for lot size, number of rooms, square footage of house, luxury finishes, etc. There's actually an area of real estate law where people basically focus on this - both commercial and residential. All that said, you can get your house reassessed if you think the value is too high. Also, I think purchasing a house generally locks in a market value to derive the property tax.

Wait - No to which? I understand that property taxes derive from the official assessed value. I'm wondering how law schools calculate their version of assessed value (for determining assets) - Do they go off of the official assessed value or something self-reported?


Apologies. I didn't know who you referring to with 'they.' Regarding LSs, I have no idea. I cannot imagine they come up with their own base values, so I imagine they use either what you report or the amount determined by the municipality. Any form of their own calculation would be as simple as taking 50-80% of the reported value because they understand a home isn't a true liquid or investment asset.

Alexandros

Platinum
Posts: 6478
Joined: Thu Jun 09, 2016 4:46 am

Re: The Official September 2017 Study Group

Postby Alexandros » Tue Apr 25, 2017 12:34 pm

.

User avatar
34iplaw

Gold
Posts: 3379
Joined: Wed May 04, 2016 2:55 am

Re: The Official September 2017 Study Group

Postby 34iplaw » Tue Apr 25, 2017 12:42 pm

Alexandros wrote:.


PS - what happened to yo avi?

User avatar
twiix

Silver
Posts: 858
Joined: Mon Feb 01, 2016 12:41 pm

Re: The Official September 2017 Study Group

Postby twiix » Tue Apr 25, 2017 12:43 pm

Alexandros wrote:.

Expected Parental Contribution Calculation

The expected parental contribution is calculated based on the information in the FAAST application. The FAAST methodology for measuring parents' relative financial position is based on the concept of "available income." Available income is defined as that income available to the family to meet its economic needs after deductions from the parents' total taxable and nontaxable income for the following: U.S. income and social security (FICA) taxes; state and other taxes; medical and dental expenses; employment allowance (if appropriate); elementary and secondary tuition expenses; and minimum living expenses.

The remaining income is considered available for the family's discretionary use, and a percentage of this available income is calculated as a reasonable contribution toward educational expenses. This calculation of available income also takes into account a number of factors like parental income, age, retirement needs, home equity, assets, family size, and whether both parents are working. As the amount of available income rises, the percentage considered available for education expenses also increases. This amount is then divided among family members enrolled in full-time higher education programs to determine the expected parental contribution.
Last edited by twiix on Tue Apr 25, 2017 12:52 pm, edited 1 time in total.

User avatar
twiix

Silver
Posts: 858
Joined: Mon Feb 01, 2016 12:41 pm

Re: The Official September 2017 Study Group

Postby twiix » Tue Apr 25, 2017 12:49 pm

https://bigfuture.collegeboard.org/pay- ... calculator

Obviously this isn't LS specifically, but according to this website, it values your home as the value it holds "today".

First, determine the amount any other real estate you own is worth today. Add it to the value of your investments. Include stock options, savings bonds, mutual funds, money market accounts, Certificates of Deposit, Coverdell Education Savings accounts, college savings plans and prepaid tuition plans (for both the student and siblings), commodities, precious and strategic metals, installment and land sale contracts, and any other investments.



Return to “LSAT Prep and Discussion Forum?

Who is online

Users browsing this forum: No registered users and 6 guests