My property taxes went up $1200 this year. All for renovations in the schools. The people have voted against the referendums the town put out for years. Last spring election they gave us 2 options to spend money. We voted for the “less expensive” option.
Now we have to deal with mill rates, assessed rates, and market value rates. My property taxes cost more than my mortgage.
This actually is something that is extremely important to me. Florida has a max cap of 3 percent and you can’t tax higher even if the value goes up.
Even in Florida with the cap what ends up happening is that property taxes ends up outpacing a lot of people's original mortgage loan principle and interest.
Just wild to think that property taxes are going to be higher than interest paid on a 30 year home loan.
Ten years ago when I bought my home the property taxes were 1/3 the value of total interest paid for the year on my home year 1. Fast forward to today and right now at this pace by the middle portion of my 30 year home loan it is projected to be flipped. To the point that my property taxes are projected to climb to be two times higher or three times higher than the total interest I paid on mortgage for the year as I near pay off my home loan.
My (Ohio) taxes were recently reassessed using current market value rather than what we originally paid, because the real estate prices had risen so much. It is no different than "unrealized capital gains." I think if they are going to force you to pay property tax, it should not be assessed for more than it was when you purchased it and can only be adjusted downward. (Edit: to be clear, I'm all for abolishing it).
Exactly...in PA over here and every couple years they go up...now more than my mortgage payment. Doesn't matter if we vote against referendums they still go up.
I think Trumps plan to audit the government is the tip of the iceberg...I see it tricky down to state and local municipalities and we will uncover the true amount of waste and laundering that goes on.
My property taxes went up $1200 this year. All for renovations in the schools. The people have voted against the referendums the town put out for years. Last spring election they gave us 2 options to spend money. We voted for the “less expensive” option.
Now we have to deal with mill rates, assessed rates, and market value rates. My property taxes cost more than my mortgage.
This actually is something that is extremely important to me. Florida has a max cap of 3 percent and you can’t tax higher even if the value goes up.
Property taxes stress so many people.
Even in Florida with the cap what ends up happening is that property taxes ends up outpacing a lot of people's original mortgage loan principle and interest.
Just wild to think that property taxes are going to be higher than interest paid on a 30 year home loan.
Ten years ago when I bought my home the property taxes were 1/3 the value of total interest paid for the year on my home year 1. Fast forward to today and right now at this pace by the middle portion of my 30 year home loan it is projected to be flipped. To the point that my property taxes are projected to climb to be two times higher or three times higher than the total interest I paid on mortgage for the year as I near pay off my home loan.
My (Ohio) taxes were recently reassessed using current market value rather than what we originally paid, because the real estate prices had risen so much. It is no different than "unrealized capital gains." I think if they are going to force you to pay property tax, it should not be assessed for more than it was when you purchased it and can only be adjusted downward. (Edit: to be clear, I'm all for abolishing it).
Exactly...in PA over here and every couple years they go up...now more than my mortgage payment. Doesn't matter if we vote against referendums they still go up.
I think Trumps plan to audit the government is the tip of the iceberg...I see it tricky down to state and local municipalities and we will uncover the true amount of waste and laundering that goes on.