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Property owners

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Con_Alma

Senior Member

12,198 posts
Apr 17, 2012 12:00 PM
They don't take your property away from you if you don't pay taxes on it do they? I thought they simply put a lien on it.

In addition, ownership has some legal ramification associated with it. You do own your property whether you are taxed on it or not.
Apr 17, 2012 12:00pm
Cleveland Buck's avatar

Cleveland Buck

Troll Hunter

5,126 posts
Apr 17, 2012 2:08 PM
Con_Alma;1145914 wrote:They don't take your property away from you if you don't pay taxes on it do they? I thought they simply put a lien on it.

In addition, ownership has some legal ramification associated with it. You do own your property whether you are taxed on it or not.
If you don't pay your property taxes they foreclose on the property.
Apr 17, 2012 2:08pm
hoops23's avatar

hoops23

Senior Member

15,696 posts
Apr 17, 2012 4:23 PM
You have to pay income tax. Does that mean your income isn't yours?

You have to pay tax on registration every year for your vehicle... Does that not belong to you either?

Edit, I just saw your previous post and how you claim we don't own our income or anything basically.
Apr 17, 2012 4:23pm
sleeper's avatar

sleeper

Legend

27,879 posts
Apr 17, 2012 4:29 PM
CB makes a good point. Why should the government get any of our money? They just end up wasting it on things we don't need for people who are too lazy to work or do anything.
Apr 17, 2012 4:29pm
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queencitybuckeye

Senior Member

7,117 posts
Apr 17, 2012 4:30 PM
Cleveland Buck;1146005 wrote:If you don't pay your property taxes they foreclose on the property.
If you don't pay your bills in general, the creditors can take stuff away from you, possibly including your house. That somehow means you don't own it? Of course not.
Apr 17, 2012 4:30pm
hoops23's avatar

hoops23

Senior Member

15,696 posts
Apr 17, 2012 4:35 PM
sleeper;1146118 wrote:CB makes a good point. Why should the government get any of our money? They just end up wasting it on things we don't need for people who are too lazy to work or do anything.
His overall point I agree with. But to say we don't own these things is a little far fetched and out there.

We are taxed way too much. Our forefathers are probably rolling in their grave on a daily basis.
Apr 17, 2012 4:35pm
W

WebFire

Go Bucks!

14,779 posts
Apr 17, 2012 6:26 PM
Paying a property tax is part of the ownership. I understand the point he is trying to make, but I don't go so far to say we don't own it.
Apr 17, 2012 6:26pm
killer_ewok's avatar

killer_ewok

iRep

11,379 posts
Apr 17, 2012 6:39 PM
Homepwner
Apr 17, 2012 6:39pm
C

cat_lover

Senior Member

2,388 posts
Apr 17, 2012 7:14 PM
Own my house.
Apr 17, 2012 7:14pm
C

Con_Alma

Senior Member

12,198 posts
Apr 17, 2012 8:45 PM
queencitybuckeye;1146120 wrote:If you don't pay your bills in general, the creditors can take stuff away from you, possibly including your house. That somehow means you don't own it? Of course not.
Agreed. The owner have responsibilities and benefits that no one else has as they relate to being the "owner". Just becasue there are responsibilities attached to the property doesn't mean they are not an owner.
Apr 17, 2012 8:45pm
dwccrew's avatar

dwccrew

Not Banned

7,817 posts
Apr 17, 2012 10:25 PM
Con_Alma;1145914 wrote:They don't take your property away from you if you don't pay taxes on it do they? I thought they simply put a lien on it.
You've never heard of a tax foreclosure or tax auctions? Yes, they put a lien against it and if you don't pay they foreclose on the property.
Apr 17, 2012 10:25pm
S

Sonofanump

Apr 17, 2012 10:27 PM
gut;1145721 wrote:Time to refinance. It's a good savings vehicle for people whom money burns a whole in their pocket, but at these rates and this point in your mortgage life @2/3 of your payment is going to equity. After-tax you're getting basically 2% return on your money (savings after mortgage tax shield). Have the discipline to put that into the market and I bet over the next 14 years you at least triple that 2% return.

If it were me, I'd be looking to get into an 5-7yr interest only ARM - leave 30% equity in (@min qualifying for interest only) and put the rest to work for you.
I should refinance my 3.5% fixed loan? Interesting. Tell me more.
Apr 17, 2012 10:27pm
G

gut

Senior Member

15,058 posts
Apr 17, 2012 10:29 PM
Sonofanump;1145774 wrote:I should refinance my 3.5% fixed loan? Interesting. Tell me more.
Well, you can get a 5/1 or 7/1 arm for less, even a 10-yr interest only for less. All the equity you have in your house currently, plus what you will continue to pump-in, is earning about 3% for you (basically the after-tax savings on the interest). By plowing more equity into your home, you're saying you're happy with a 3% return. That kind of a shitty return makes me want to puke.

Or use that money to pick youself up a short-sale for investment...Ultimately finance it at 4% and rent it at 10% yield.
Apr 17, 2012 10:29pm
C

Con_Alma

Senior Member

12,198 posts
Apr 18, 2012 7:09 AM
dwccrew;1146531 wrote:You've never heard of a tax foreclosure or tax auctions? Yes, they put a lien against it and if you don't pay they foreclose on the property.
I guess not. I mean who doesn't pay there taxes? I was under the impression that those auctions were seized property from people trying to sell or deaths and the first lien holder being the gubment.

Are there really that many people out there just not paying their property taxes? It's pretty sad.
Apr 18, 2012 7:09am
dwccrew's avatar

dwccrew

Not Banned

7,817 posts
Apr 18, 2012 10:28 PM
Con_Alma;1146691 wrote:I guess not. I mean who doesn't pay there taxes? I was under the impression that those auctions were seized property from people trying to sell or deaths and the first lien holder being the gubment.

Are there really that many people out there just not paying their property taxes? It's pretty sad.
LOL, yeah....there is, is it really that unbelievable? Plenty of people own their house with no mortgage but can't afford the property taxes, so they don't pay them and ultimately get foreclosed on. The property than goes to Sheriff's sale as a property tax foreclosure.
Apr 18, 2012 10:28pm
G

gut

Senior Member

15,058 posts
Apr 18, 2012 10:53 PM
dwccrew;1147590 wrote:LOL, yeah....there is, is it really that unbelievable? Plenty of people own their house with no mortgage but can't afford the property taxes, so they don't pay them and ultimately get foreclosed on. The property than goes to Sheriff's sale as a property tax foreclosure.
While it might be an impressive number in absolute terms, as a % of homeowners it has to be tiny. Unless you inherited the home, which even then is probably only a fraction of these, it really has to be a case of simply choosing not to pay the taxes rather than unable to afford them. Even people who lost their jobs, it usually takes years for the govt to seize for back taxes so they weren't paying even when they should have been able to afford it. There's always exceptions, but it's almost inconceivable to me that someone could have saved up the cash to buy outright or eventually pay off a mortgage and then not be able to find the 2% (which is probably a decent bit above average) to pay property tax.

There's a reason the govt takes FICA and income tax directly from our wages. They know if they didn't they'd have to hunt down a whole lot of people to pay.
Apr 18, 2012 10:53pm
C

Con_Alma

Senior Member

12,198 posts
Apr 19, 2012 5:16 AM
gut;1147610 wrote:While it might be an impressive number in absolute terms, as a % of homeowners it has to be tiny....
I sure hope it's a tiny percentage. There just can't be that many people having their house taken for not paying re taxes.
Apr 19, 2012 5:16am