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#1
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Mortgage vs tax
In our current state of financial institutions bending over backwards to allow debt-ridden homeowners to stay in their homes, which were too expensive for them to begin with, I'm just wondering if municipalities are doing the same when it comes to property tax burden. Or do they simply kick you out even if you own your home outright while having trouble paying property tax?
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Don't Chrome them; polish them |
#2
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You have to pay your taxes; that's rather simple. Chances are, if you own your home without debt, then you shouldn't have any trouble paying the tax. But, if you're one of those idiots who makes $50,000 a year and bought a $1.3m home on an ARM note, then paying the taxes is the least of your worries. But, I have more fear of the taxman than I do a bank; a bank will negotiate if it has to.
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- Brian 1989 500SEL Euro 1966 250SE Cabriolet 1958 BMW Isetta 600 |
#3
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Exactly my point. With the feds giving away obscene amounts of money to many who don't appear to even deserve it, one would think they would want to stimulate the economy at the the main-stream level by helping older folks who have worked and contributed most their lives, own their homes but are strapped for cash while living on fixed income.
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Don't Chrome them; polish them Last edited by 280EZRider; 07-18-2009 at 09:39 PM. |
#4
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Most seniors have a real estate tax exemption if over 65. This usually eliminates the school tax from the equation (the largest usually).
As far as coming to get your house for misbehaving, a mortgage company is #3 in line, behind the local tax authority, and then a HOA. And all of those are unrelated to each other.
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MB-less |
#5
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Typically, the taxing authority will sell tax liens and the land owner has a period of time to pay the delinquent taxes together with interest and penalties. After a eriod of time, sauy three years, the property will usally go to auction. The lien holder earns very nice interest on his investment, typically in the range of 18 percent. Varies by state.
Ohio basics. http://books.google.com/books?id=3DQgvfwCDwkC&pg=PA181&lpg=PA181&dq=ohio+delinquent+real+estate+tax+liens&source=bl&ots=ucIGOGFle1&sig=xMfVF0s_DTw6dGgqH2PPkUpdxU4&hl=en&ei=ygJjSsHjMtKJtgf5n5j6Dw&sa=X&oi=book_result&ct=result&resnum=11 Google is your friend. |
#6
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Property taxes are INSANE in my area. Its sad really a few years ago when they reavaluated a lot of older people on fixed incomes had to sell their homes they had for 50-60+ years. Since now they were worth $1m even though when they bought them they were cheap houses, they got nailed with massive tax bills. When your 80 on a fixed income you can't afford to pay $1k a month in property taxes.
Waterfront is tough to, if your on the water its going to cost you $20k a year. Even on normal houses if its totaly paid off you can spend $500-$1k a month just on property taxes. Milford is getting a bit out of hand with the taxes, although they are lowering the mill rate. So at least they are not being total jerks about it.
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1999 SL500 1969 280SE 2023 Ram 1500 2007 Tiara 3200 |
#7
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I had a tool rental business in Syosset, Long Island. Property taxes on 7/8 of an acre were 40K/year. A starter home that needs work adjacent to the property (50x80 lot) is listed for $350 (cheapest house in Syosset). Taxes are 8K per year. Keep in mind also that the local school superintendent makes $485K per year.
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#8
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Quote:
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Strelnik Invest in America: Buy a Congressman! 1950 170SD 1951 Citroen 11BN 1953 Citroen 11BNF limo 1953 220a project 1959 180D 1960 190D 1960 Borgward Isabella TS 2dr 1983 240D daily driver 1983 380SL 1990 350SDL daily driver alt 3 x Citroen DS21M, down from 5 3 x Citroen 2CV, down from 6 |
#9
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Quote:
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MB-less |
#10
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Yes, but they can't drive.
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