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.
Heck, that's pretty bad. We received our insurance tax bill for our new house WE BUILT OURSELVES. It doubled because they say our county reevaluated the value of our house. On one hand I'm quite pleased to be a millionaire on paper, but on the other hand I cannot afford the $5k expense for county taxes and insurance premiums. I figured a thousand bucks for each would be easy to put into our budget, but this is almost three times what I had anticipated.
Not to go and cry about our situation, but just trying to help another frog see that other folks are in the same boat. Hang tight folks, we will be seeing reduced costs within a year's time. Hopefully home expenses will begin to fall too.