Title says it all - my mortgage is going up $420 PER MONTH, starting in July. That's a new car payment (which we won't have the luxury of affording now). This is because of last year's property re-evaluation greedy money-grab from my state and/or county in Ohio, so I'm basically getting taxed on unrealized gains.
If this had happened to my brother, who is on a very fixed income, he'd literally be homeless (he's in TN renting from our cousin, thank God for him). How are old folks supposed to come through this? So many will lose their homes, and the real rub is that monthly rental costs are even higher than our mortgage payments so they can't count on moving into a rental rather than have their home foreclosed.
Sorry to vent. My youngest graduates from high school next spring so we'll definitely be voting with our feet.
Is this an adjustable rate mortgage ? , and have your taxes gone up with an assesment from the tax appraiser ? just asking in case we can figure out options that may help.
Not adjustable. We had a 40% increase in property value from the appraiser.
Ok, this works in your favor. These appraisals are done based on property sales over time. Sales on properties that are mortgaged include processes, fees and other items "rolled" into the financing and increase the perceived value of the appraised property. So for example, an aggressive buyer pays asking price and rolls into the mortgage : fees, title insurance, appraisals, surveys, commissions, addendum improvements (new roof) etc. , cash even. Now you have a single example. Lets remember this practice has been going on for decades and improperly escalating home prices and ultimately property taxes. The government wins because they generate more revenue. HOWEVER, this is an absolute minimum cause for your own contention of the assessed value. It also enables you to bring suit. Not just a suit a RICO suit. Because every town in every state does it, does not make it right, nor legal. Hope this helps !