β² 136 βΌ In the USA, can you lose your home even after it is 100% paid off? (lemmy.ml) submitted 2 years ago by Confidant6198@lemmy.ml to c/asklemmy@lemmy.ml 110 comments fedilink hide all child comments Letβs say that you buy a home in cash and have 100% paid off. Could you still lose it somehow?
[β] Confidant6198@lemmy.ml [S] 2 points 2 years ago (3 children) How much is the property tax? permalink fedilink source parent hideshow 6 child comments replies: [β] calypsopub@lemmy.world 5 points 2 years ago (3 children) This is Texas which has no income tax, so they have high property tax. It's about 1% per annum based on the appraised value of the property. Plus if it's a newer neighborhood, you pay an extra amount for the cost of infrastructure until it's paid off, usually called a MUD (municipal utility district) tax. Mine is an extra 1.2% so I'm paying roughly $1200/month in property taxes for my residence. permalink fedilink source parent hideshow 6 child comments replies: [β] Mr_Blott@lemmy.world 5 points 2 years ago (2 children) Christ on a bike, do they at least lube the dildo they fuck you with?!? π³ permalink fedilink source parent hideshow 4 child comments replies: [+] metallic_substance@lemmy.world 1 point 2 years ago [deleted] permalink fedilink source parent [β] galloog1@lemmy.world 1 point 2 years ago Americans ultimately do pay a lot of taxes in the end. It does towards all sorts of stuff at multiple levels but the greatest impact on individual lives is at the state level. permalink fedilink source parent [β] octobob@lemmy.ml 1 point 2 years ago (1 child) Brother my entire mortgage is 834/mo including escrow and I bought in a city in 2020 Remind me to never move to texas permalink fedilink source parent hideshow 2 child comments replies: [β] calypsopub@lemmy.world 1 point 2 years ago I like to say that in Texas, you never actually own your home. permalink fedilink source parent [β] HaoBianTai@lemmy.dbzer0.com 1 point 2 years ago (1 child) 1% is a pretty normal amount for an urban area, but it's usually a combination of county and city. If the state of Texas has a 1% tax on top of county and city taxes, that'd be pretty high. permalink fedilink source parent hideshow 2 child comments replies: [β] calypsopub@lemmy.world 1 point 2 years ago No, that's county, city, and school district permalink fedilink source parent [β] brianorca@lemmy.world 3 points 2 years ago The property tax is based on the assessed value of the property. (Which can change over time, even if you bought it years ago.) And the tax ranges from 0.28% in Hawaii up to 2.49% in New Jersey. Most states are around 1%. There may also be local taxes from a county or city, which is typically a small fraction of the above. permalink fedilink source parent [β] Sunforged@lemmy.ml 3 points 2 years ago Depends on where you live. Here in Washington state we don't have an income tax, so our property taxes are one of the few ways the government has to collect taxes. For that reason our property taxes are much higher than states that have multiple ways to collect. permalink fedilink source parent
[β] calypsopub@lemmy.world 5 points 2 years ago (3 children) This is Texas which has no income tax, so they have high property tax. It's about 1% per annum based on the appraised value of the property. Plus if it's a newer neighborhood, you pay an extra amount for the cost of infrastructure until it's paid off, usually called a MUD (municipal utility district) tax. Mine is an extra 1.2% so I'm paying roughly $1200/month in property taxes for my residence. permalink fedilink source parent hideshow 6 child comments replies: [β] Mr_Blott@lemmy.world 5 points 2 years ago (2 children) Christ on a bike, do they at least lube the dildo they fuck you with?!? π³ permalink fedilink source parent hideshow 4 child comments replies: [+] metallic_substance@lemmy.world 1 point 2 years ago [deleted] permalink fedilink source parent [β] galloog1@lemmy.world 1 point 2 years ago Americans ultimately do pay a lot of taxes in the end. It does towards all sorts of stuff at multiple levels but the greatest impact on individual lives is at the state level. permalink fedilink source parent [β] octobob@lemmy.ml 1 point 2 years ago (1 child) Brother my entire mortgage is 834/mo including escrow and I bought in a city in 2020 Remind me to never move to texas permalink fedilink source parent hideshow 2 child comments replies: [β] calypsopub@lemmy.world 1 point 2 years ago I like to say that in Texas, you never actually own your home. permalink fedilink source parent [β] HaoBianTai@lemmy.dbzer0.com 1 point 2 years ago (1 child) 1% is a pretty normal amount for an urban area, but it's usually a combination of county and city. If the state of Texas has a 1% tax on top of county and city taxes, that'd be pretty high. permalink fedilink source parent hideshow 2 child comments replies: [β] calypsopub@lemmy.world 1 point 2 years ago No, that's county, city, and school district permalink fedilink source parent
[β] Mr_Blott@lemmy.world 5 points 2 years ago (2 children) Christ on a bike, do they at least lube the dildo they fuck you with?!? π³ permalink fedilink source parent hideshow 4 child comments replies: [+] metallic_substance@lemmy.world 1 point 2 years ago [deleted] permalink fedilink source parent [β] galloog1@lemmy.world 1 point 2 years ago Americans ultimately do pay a lot of taxes in the end. It does towards all sorts of stuff at multiple levels but the greatest impact on individual lives is at the state level. permalink fedilink source parent
[β] galloog1@lemmy.world 1 point 2 years ago Americans ultimately do pay a lot of taxes in the end. It does towards all sorts of stuff at multiple levels but the greatest impact on individual lives is at the state level. permalink fedilink source parent
[β] octobob@lemmy.ml 1 point 2 years ago (1 child) Brother my entire mortgage is 834/mo including escrow and I bought in a city in 2020 Remind me to never move to texas permalink fedilink source parent hideshow 2 child comments replies: [β] calypsopub@lemmy.world 1 point 2 years ago I like to say that in Texas, you never actually own your home. permalink fedilink source parent
[β] calypsopub@lemmy.world 1 point 2 years ago I like to say that in Texas, you never actually own your home. permalink fedilink source parent
[β] HaoBianTai@lemmy.dbzer0.com 1 point 2 years ago (1 child) 1% is a pretty normal amount for an urban area, but it's usually a combination of county and city. If the state of Texas has a 1% tax on top of county and city taxes, that'd be pretty high. permalink fedilink source parent hideshow 2 child comments replies: [β] calypsopub@lemmy.world 1 point 2 years ago No, that's county, city, and school district permalink fedilink source parent
[β] calypsopub@lemmy.world 1 point 2 years ago No, that's county, city, and school district permalink fedilink source parent
[β] brianorca@lemmy.world 3 points 2 years ago The property tax is based on the assessed value of the property. (Which can change over time, even if you bought it years ago.) And the tax ranges from 0.28% in Hawaii up to 2.49% in New Jersey. Most states are around 1%. There may also be local taxes from a county or city, which is typically a small fraction of the above. permalink fedilink source parent
[β] Sunforged@lemmy.ml 3 points 2 years ago Depends on where you live. Here in Washington state we don't have an income tax, so our property taxes are one of the few ways the government has to collect taxes. For that reason our property taxes are much higher than states that have multiple ways to collect. permalink fedilink source parent