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Your House will Never be "Free and Clear"

By
Real Estate Agent

Even if you are wise (or lucky) enough to have a property with a paid-up mortgage, it's never free and clear as long as homeowners are required to pay property taxes and/or any new assessment or requirement the local and/or federal government comes up with. And they can foreclose your property if you can't/won't pay the tax. 

This may not be a problem for those with a steady income that's enough to cover their needs, but may be a challenge to those who are without sufficient income due to retirement, illness, death, or some other catastrophe.  Should our primary residence be tax free?  I would certainly vote for that and favor a consumption tax over property taxes.

Comments(2)

David Miller
Seacoast Realty, Inc - Melbourne, FL

It would make perfect sense since homeowners are penalized for their decisions, but it will never happen.

Apr 25, 2011 02:16 PM
Randy Ostrander
Lake and Lodge Realty LLC - Big Rapids, MI
Real Estate Broker, Serving Big Rapids and West Central MI

Property taxes are getting insane for a lot of homes. I had a log home listed on a local lake and the taxes were nearly as much as the payment. Yikes. Do that on a retirement fixed income.

Apr 25, 2011 02:20 PM