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.

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.

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.

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.

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.

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.

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.

Homepwner

Own my house.

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.

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.

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.

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.

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.

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.

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.

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.