Quote:
Originally Posted by garysanfran
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Not necessarily true. I have seen many neighbors who can no longer afford their property tax and have had to sell their property and move. You can't pay your taxes with equity, unless you go into debt by borrowing against it. Lots of people are paper rich and cash-flow poor.
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Yes, they will sell, pocket a nice profit and move to a house they CAN afford the taxes on. I have friends who did exactly that. I did exactly that as well. The house sale funded my retirement. My friends are happy and I am happy.
Someone else who CAN afford to pay the taxes AND the higher value to purchase the house will buy the house.
Again, I'm not saying it's a perfect tax structure but it is the one we have lived with for quite a while. Anyone that owns property should know that they have to pay property tax and that tax is likely to grow over time. If you are lucky enough to have a valuable (high tax) property that doesn't excuse your responsibility for paying taxes on it any more than you having to repair the roof or paint it or put a new septic system in. It's a known cost of ownership and all the other costs increase over time as well.