TL;DR - direct evidence of municipal governments in Texas ignoring real property values and making up false valuations/comps in order to meet a predetermined budget objective. Reports of this same thing happening in 47 other states. Real home prices may be only a fraction of the official figures. Possibility this will be headed to SCOTUS. Due to these local governments having no money, they are pushing for an end to property taxes as reparations for years of fraud.
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I bought my house in June of 2019. At the time, I was fortunate enough to be able to buy my interest rate down to a 30-year fixed at only 2.125%. I was pretty happy with that.
At the beginning, my total mortgage payment for principal, interest, taxes, and insurance (P.I.T.I.) was $1,300.11.
In the five years since buying my house, my P.I.T.I. has risen to $1,872.57. The monthly amount for principal and interest hasn't changed. What I pay for taxes and insurance, however, sure has. It has increased from $320.89/month, to a current amount of $760.66. Again, this is in only 5 years. IMO, that's outrageous.
Of course, I live in Tim Walz's home state of Minnesota, which certainly isn't helping.
Just call it what it is
Money laundering via extortion
Agree. It is outrageous how our home value is inflated and criminal that it is allowed and minimal adjustment is made if we argue their assessment.
But it's for the children. School budgets make up a large percentage of property taxes. How many children of the illegals have been brought into the school system.
I cringe at what my tax bill will be for my house. I took all of my 401k and used it to build purchase the materials. Over 200k for lumber, concrete, electrical...everything. The acre lot was only 9k which was nice. Four years later we just finished building it. It's a second tier lake lot. My neighbors have fancier houses with less land. I don't know what the pay for taxes, but I do know of a million dollar house in the neighborhood that has a 7k tax bill. Ugh. I cannot afford that, yet I fear me house might be valued at 800k. If so I might have to sell the house to afford the tax bill. I didn't know house prices in my area would skyrocket when I began building.