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Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 Likes: 2 |
It's really going to get interesting when the old folks have to choose between eating and paying the property tax on their house that's been paid off for 25 years.
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Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Some are at or near that point now.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Nov 2003
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Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
There are certainly more causes than docs and insurance companies.The American people's insistance that the goverment provide for their every need is the leading cause.
Politicians who dangle the carrot of new social programs, faux stimulus programs and more handouts to their constuituents is a leading cause.
Our continued refusal to face the fact that we have bankrupted our nation by instituting wasteful programs, the toleration of corruption and special interest groups will just lead to a deepening debt, until the bubble bursts and every one is asking what the [bleep] happened?
JM Was jokin, John.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Posts: 62,043
Campfire Kahuna
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Campfire Kahuna
Joined: Jul 2006
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It's really going to get interesting when the old folks have to choose between eating and paying the property tax on their house that's been paid off for 25 years. ================= I guess they could buy food with their SS checks if they were hungry.
The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
William Arthur Ward
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
As in satisfied and homeless.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Jul 2006
Posts: 62,043
Campfire Kahuna
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Campfire Kahuna
Joined: Jul 2006
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Reverse mortgages or equity lines,baby!! Pull out 80% equity and then default.
The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
William Arthur Ward
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Joined: Oct 2005
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Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 Likes: 2 |
It's really going to get interesting when the old folks have to choose between eating and paying the property tax on their house that's been paid off for 25 years. ================= I guess they could buy food with their SS checks if they were hungry. ,...and ignore their propery taxes? With the inflation rate that's brewing as a result of the Fed's reckless ways, not to mention the upcoming tax increases, fixed income people are going to feel the cold very sharply.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Property owners and 401k folks are on the short lists for getting zapped.
Issac is right about reverse and bail.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Posts: 62,043
Campfire Kahuna
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Campfire Kahuna
Joined: Jul 2006
Posts: 62,043 |
What is the approximate math on real estate taxes? I should know this...is it approximately 1 1/4% percent on the current FMV,current FMV less cost basis or the original sale's price?
I pay 4500 per year on our home. Not enough to starve over,B!
The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
William Arthur Ward
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Joined: Nov 2005
Posts: 54,284
Campfire Kahuna
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Campfire Kahuna
Joined: Nov 2005
Posts: 54,284 |
It would take Mom and Dad over two months to garner that much from BOTH their SS checks. That's a long time to go hungry.
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Joined: Nov 2003
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Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Wonder what folks in Illinausea think about that?
Lots of places in Tx. are limited to 5%/yr increases - even - in the face of declining values.
Louisiana is cheap and we get our money's worth. heh.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Jul 2006
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Campfire Kahuna
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Campfire Kahuna
Joined: Jul 2006
Posts: 62,043 |
How many months to actually pay their actual real estate taxes, though?
I feel sorry for folks who planned to survive their later years on SS alone.
The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
William Arthur Ward
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Campfire 'Bwana
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Campfire 'Bwana
Joined: Apr 2009
Posts: 33,971 |
I feel sorry for folks who planned to survive their later years on SS alone.
There's a bunch of them for sure. Not going to be pretty.
Proud to be a true Sandlapper!!
Go Nats!!!!
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Campfire Kahuna
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Campfire Kahuna
Joined: Nov 2005
Posts: 54,284 |
How many months to actually pay their actual real estate taxes, though?
I feel sorry for folks who planned to survive their later years on SS alone. taxes as opposed to yours? Prolly about one of their two monthly checks. But they live in semi-shixthole, Kansas and not Georgetown bro. 
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Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 Likes: 2 |
I feel sorry for folks who planned to survive their later years on SS alone. There's really no way for working class people to "plan" for an intentional debasement of the currency.
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Joined: Jul 2006
Posts: 62,043
Campfire Kahuna
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Campfire Kahuna
Joined: Jul 2006
Posts: 62,043 |
Agreed but, if you're sitting on a paid off home and not letting that equity work for you, you've missed your turn along the way!
The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
William Arthur Ward
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Planning is easy. Doing is another thing.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2007
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Reverse mortgages or equity lines,baby!! Pull out 80% equity and then default. with a reverse mortgage, you might see 50% of whatever the bank determines your home is worth and that's if you hold a free and clear title. The bank can also make a laundry list of items they want fixed before you get the money. As for a line of equity, a person on a fixed income will have a hard time qualifying based on their debt to income ratio. A person making $1,500 a month in SS isn't going to be able to borrow very much even if they have no other debt. I understand the need for some taxes but I'll never agree with property taxes.
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Joined: Aug 2007
Posts: 12,071
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2007
Posts: 12,071 |
I feel sorry for folks who planned to survive their later years on SS alone. There's really no way for working class people to "plan" for an intentional debasement of the currency. I also don't see how a person was suppose to foresee the skyrocketing property taxes they'd face once they retired.
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Joined: Oct 2005
Posts: 79,321 Likes: 2
Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 Likes: 2 |
Agreed but, if you're sitting on a paid off home and not letting that equity work for you, you've missed your turn along the way! Discussion of the matter is academic. The reality is,.. the country's economic woes are going to force a huge number of retirees to default on their property taxes. How will the public handle it when old, virtually helpless people are being put out of their paid for homes by the tax man? Like I said,..it's going to get interesting.
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