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I also have never heard off $2k property tax increase. You own a $1M plus home?
Appeal.
Take out a $10k tax free equity loan
WookieMan says
Take out a $10k tax free equity loan
Why would anyone do that unless they are cash poor? My cash in the bank earns about 4% while equity loans are around 6%. "Tax free" has nothing to do with it.
Why spend your after tax dollars or capitals gains??? I think my point is obvious. I'm taxed around 20% federal alone. Varies year to year. The spread is 16% and I still get to keep the cash in the bank. Not sure what's confusing here. I'm losing 14-16% if I just pay the property as normal income. That $2k increase is costing you 3-4 times more than borrowing it and planning.
When you make payments on that loan, aren't you paying each installment with "after tax income?" Still cheaper to pay the $2k with "after tax income" up front than to make a series of "after tax income" payments that amount to the that $2k plus added interest.
Lol why not get 0% CC offers or take an emergency 401k loan.
Sure, but you invest the next 4 years of future taxes payments.
Either way, I'll state again $2k is trivial.
Oh yeah? Name them. I would be glad to take cash money out of my 4% and 5% accounts to put in a higher return.
Well now you have. My neighborhood is full of $1M plus homes who all got the $2k or so increase. Thing is, just 3 years ago these same homes were not $million homes. Now we are taxed like million-dollar homes. The mil rate here is 83 cents per hundred and I suspect the mil rate where you live is much higher.
From about 1870-1910, inflation in the US was minimal despite a boom in industrial capacity, population, etc.
Taxes on a 500K house in San Antonio is nearly 12K. In the county. It's a lot worse in the city limits.
Ultimately you need to move if they're bumping annual tax payments $2k. That's not normal at all unless in a $2-3M neighborhood in almost any state.
Oh yeah?
Here is where the `the taxes went up $1,131 per six months or $2262 per year:
HeadSet says
Oh yeah?
Here is where the `the taxes went up $1,131 per six months or $2262 per year:
That's not normal. Can you verify if there was a referendum? Most people fall asleep at the wheel in non-POTUS election cycles. The school probably had a referendum on the ballot in the spring likely.
This is why local politics far outweigh national politics. Your local school district is likely getting a building expansion with a bunch of useless shit.
Can you verify if there was a referendum?
SoTex says
Taxes on a 500K house in San Antonio is nearly 12K. In the county. It's a lot worse in the city limits.
Mine will be about $16,000 out the gate after a $650k build
Well, my $2k increase does not seem bad at all compared to that. At least Texas has no state income tax.
Yeah, Texas is one of the worst property tax states but no income tax. Older folks can freeze rate increases with some type of exception, I forgot what it's called. Homestead something something. So that helps some oldsters from getting thrown out on the street. But it's still BS if you ask me to tax people's homes. Rentals I could see maybe but not basic homeowners.
Each of my rentals went up about 2K over the past couple of years, similar to your situation.
So far, all is proceeding as I have forseen...
AmericanKulak says
So far, all is proceeding as I have forseen...
...but not according to the Housing Experts of PatNet.
The path is not pleasant. You have a decade before you realize how fucked you are.
Wookie, please clarify and expand. What do you mean about "dip shit areas" and "year 5" ? ? ?
https://www.reddit.com/r/RealEstate/comments/1gg3k7r/looking_for_encouragement/
Bought a house in late 2021 for $365k, harder in conversations with realtors we will be lucky to sell our house between $345-$375k according to comps.
We need to move so badly to get back near family but can’t fathom taking that kind of financial hit.
I don’t want to lose money on our first house, we don’t need the funds to move but it would make a sizable difference to help with moving costs and our next down payment.
This is seriously depressing that everyone’s value has increased and ours has flatlined or fallen off the cliff. I’m so stressed and really need some words of encouragement.
Bought a house in late 2021 for $365k, harder in conversations with realtors we will be lucky to sell our house between $345-$375k according to comps.
The effect of ending the federal income tax would be the same as the government printing a bunch of money and spending it...INFLATION. That's all that would happen. Adding $$ doesn't add supply. If we want America to prosper, we need more supply of more things. It's as simple as that.
Now selling for $331,000 which was close to "peak price or all time high price" set in early 2022: https://www.zillow.com/homedetails/1741-Annabellas-Dr-Panama-City-Beach-FL-32407/121153821_zpid/
It was bought by a Sweethome Properties LLC for $217,900 within the last couple of months through a foreclosure process.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.