LOL! Hell, I probably even congratulated you back then!

Another advantage of getting old is being able to enjoy the same story every time you hear it!

Glad it's continuing to work for you.

Bot

Next year my mortgage goes away and I'll be debt free, completely. And I'll retire. Coincidence?

Congrats!

Coincidence or well played.... maybe a heaping of both.

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On some nights I still believe that a car with the fuel gauge on empty can run about fifty more miles if you have the right music very loud on the radio. - HST

1983 300SD - 305000
1984 Toyota Landcruiser - 190000
1994 GMC Jimmy - 203000

https://media.giphy.com/media/X3nnss8PAj5aU/giphy.gif

Bot- what are the property taxes like in LA? I am also debt free, and own 2 houses, but the property taxes in California are rising every year despite the drop in property values. They keep adding "fees" and I don't see how I will be able to keep up if I ever retire. I was 42 when I realized my dream of owning a home outright, and thought I would never have to worry again, but 8 years later I am not so sure. I currently pay over 8K a year in property taxes, and with the democratic majority in both houses of the Ca. legislature, it looks like the sky is the limit on new "fees". Recently we got hit with a new "fire prevention fee" of $150 per habitable dwelling for properties in rural areas. This "fee" is supposedly for "fire prevention", but it goes into the states general fund! As I am a Firefighter myself, I am fully aware that my department will never see a thin dime from this "fee", nor will any of the other rural departments in Ca. From what I can see, It is only a matter of time before the state of Ca. basically says "hand over your wallet". Other than the humidity I really liked Louisiana when I was stationed there.

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1984 300TD 1981 240D

We have what's called a "homestead exemption" which deducts the first $125k (IIRC) from taxation except within municipalities which vote to withdraw the exemption. In California exempting $125k or so may not seem like a big deal but our mean housing prices are less than half of California's. So homeowners don't pay much tax unless they live in a city.

Businesses pay the brunt of the property taxes, but not forestry or agriculture as those too have hefty deductions and exemptions.

Every couple of years some genius in the legislature suggests repealing the Homestead Exemption. Then a bolt of blue lightning strikes him dead on the floor. The other legislators walk away whistling loudly like they thought the suggestion was dumb.

Incidentally, the Homestead Exemption was instituted under Huey Long because the oligarchy that ran this state from New Orleans was bleeding the remains of the middle class and the huge number of poor people in order to pay for their bribes and kickbacks and brother-in-law projects. Long used the blatant abuse of the rich against the poor during the 1927 flood as a cause celebre in his run for governor. Long promised and delivered a lot of debt relief on the middle class and poor by shifting taxes onto the wealthy and onto major businesses.

Long built more public schools than any previous Louisiana governor and built schools for "colored" (African Americans) from public funds. He campaigned for black votes -- unheard of!

Long also built a lot of bridge and paved a lot of roads. Not a big deal in most states, but when you live in a state dissected by swamps, rivers, bayous and marshes .... bridges are a godsend to the poor people who cannot get their farm produce to market. Who got it to market before Huey Long? Why, the plantation owners.

"Plantation owners? Didn't they disappear with the Civil War?"

No. After the Civil War carpetbaggers moved south and seized the plantations from the previous owners. Particularly hard hit were the plantations owned by the "Creoles of Color".

The carpetbagger plantation owners were some of the biggest proponents of Jim Crow. Their descendents' depredatious behavior brought Louisiana Huey Long.

But I digress.

Louisiana taxes are burdensome to business, heavy on wealthy and light on the poor. The current governor is arguing to do-away with income tax and go to some sort of VAT. To me, a VAT is thoroughly disingenuous -- the buyer never knows the true cost of the tax. But that's a story for another time.

Interesting.... I always marveled at the amount of bridges etc in the Louisiana highway system. Personally, I would have come to the conclusion that it was way too much trouble to build roads in the swamps and left it to the boats!
The 125K homestead exemption sounds interesting. What does a 40 or so acre piece with a usable house go for these days in your area, if you don't mind me asking? So, theoretically, could you buy a property for 125k and not have any property taxes? In Ca. you get a 7k reduction in assessed value on your principle residence, which amounts to a $70 a year reduction, but that is it. I have several customers that pay over $100K a year just in property taxes.

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1984 300TD 1981 240D

Location, location, location. In the north shore parishes of Lake Ponchartrain, and easy access to a major arterial is going to be thousands per acre and hundreds of thousands for a nice house. Also, do check the FEMA flood maps. Easily a couple million bucks in a fair location. It climbs steeply in relation to good roads and interstate access.

In the piney woods of N Louisiana the same farm might go for $900/acre and the house, half the cost of the nola area. $500K? Who wants to live in the piney woods? No major cities (other than the hellish Shreveport/Bossier City -- the murder rate of NOLA with low regard for culture), few major roads, no events other than high school basketball and a rodeo. Nah, don't even think about the northern part of the state. (That's where I'm goinna retire!).

I'll be glad when the Huey P Long bridge is finally finished...

__________________
On some nights I still believe that a car with the fuel gauge on empty can run about fifty more miles if you have the right music very loud on the radio. - HST

1983 300SD - 305000
1984 Toyota Landcruiser - 190000
1994 GMC Jimmy - 203000

https://media.giphy.com/media/X3nnss8PAj5aU/giphy.gif

First time I went across it was on a passenger train. OMG.

I crossed it several years ago while towing an airboat. OMG!

The lane widening should help. I'll wait for a million or so adventurous souls to go across it.

You have to average the trend of yearly increases in your area and add on what way you think the wind will blow. This increasing property taxes tendancy in many juristictions as I have too noticed is far from funny.

That many areas have expanded their local governments or they have taken on too much debt in our names. Well aware that we property owners are a captive audiance.

You could approach the powers that be and find out if any contigency plans are in place for older or retired property owning people. Our towns locally are being hit hard. Out in the county where we live increases are very moderate. For us retired folk all personal property assesments are capped for years now until the next purchaser gets the properties.

The mill rate can move around but so far is staying pretty stable in our county. We pay less than twenty percent of the towns taxes. Perhaps three miles down the road. The town tried to annex this area but failed. It is felt they would like to try again but at the same time would still expect to fail again now. The county put up a real battle to keep our tax base area. The town is now fully cognizant that the battle would occur again.

The other obvious solution is to find a way to increase your retirement income. Or move to an area that you would feel more financially comforatable in. This problem that has errupted has far from run it's course in my opinion. If our house was inside the local towns limits we would give serious consideration to selling it.

Voter..."enticement"...has a cost!

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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)

Congrats! Even if it is 5 years late. I work as a credit analyst for a large bank reviewing credit reports all day and the amount of debt out there is staggering.

That was 3 years ago. Next year I'm clear.

Congratulations. You will remember that day for years.

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Happy Benzing
Darryl, Hill
2005 SL55 AMG Kleemanized
1984 500 SEC
1967 W113 California Coupe
[SIGPIC]
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I'd sell the house tomorrow. I'm ready to move!