Most mortgages have their property included in their monthly payments. PITI. Principal, Interest, Taxes and Insurance.
And property taxes WOULD not increase, that much. As your home gets older, the taxes will not increase. Is your home paid off? Then you need to pay your own, quarterly taxes. Since you aren't paying any mortgage, I am sure you can afford to pay only property tax. An average yearly property tax is about, $1,000.00 dollars. If you are in California, it may be $3,000.00 + a year, but it also means you have an expensive home. I don't 'see' an increase in property taxes, as being a hardship on homeowners, that it will make them, lose their homes. I used to be a realtor too, besides doing 1040 taxes and working for CPA firm and banks in the past. You must, HAVE some equity in your home too, if paid off. That is not a valid argument about property taxes.
Quote from: libertybele on Today at 03:12:08 PM
Prices are already skyrocketing. Food prices have gone up significantly in the past several months. Taxes will increase, it's just a matter of time. Let's see ... all kinds of people are being given mortgage and rent forgiveness...so who is going to pay the property taxes?? No worries for them. Worries for anyone able to pay their mortgage or own their homes outright as their property taxes will skyrocket. Ours has already gone up for the year. Property taxes will skyrocket forcing many out of their homes.
As I stated, this scenario is not sustainable. People really need to stop and think of what all this "free" money is really going to cost us.
SKEETER;
What do you tell people whom government covid policy has thrown out of work?