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).
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).