I think this is only true in markets that are have increasing populations, and especially in BC where easily buildable land is rare, or in southern ontario where easily commutable vacant land is running out.
This^
I lived in Charlotte NC at the time. They "froze" the assessments. There was a big legal fight with people saying there assessment should go down. Was finally settled 5 years later, and the vast majority of properties they still raised the tax value - in 2009,10,11. I sold my house there in 2013 (after renting it to some friends for several years). Didn't even live in the state. They found me and send me retroactive tax bills for 5 years. Mine totaled less than a grand so I just paid it. I read about people owing tens of thousands of back taxes.
This is exactly how it's supposed to work. Properties should be assessed at their actual value and the mill rate is then set at the rate that collects the required taxes.
Maybe it is throwing away money. All I know is I’d rather have a fat bank account and less expenses than more expenses and a small bank account. The latter is her situation and probably many others as well.
That's why you invest for the long term. A big fat portfolio consisting of various assets including living conditions.
She did not plan appropriately so the fat portfolio idea is out of the picture at this point. I very much learned from her mistake and will not be in the same situation.
That amount of risk is highly dependent on the property condition. Yes, sometimes it is better to cut bait and run.
I appreciate the kind words but it won’t happen. I live too far away and my older sibling who is closer flat refuses to help. I don’t want the property to be honest. It’s just dirt and a box made of bricks and wood. I want her to be happy and healthy and enjoying her twilight years. The home is dragging her down, not helping her out. She refuses to see it though.
I know what that is like. My mother won't leave her house. Its not a cost thing - its the maintenance, etc. She lives alone - its a long ways from town. She lived there with my dad in that house for near 40 years, but on that property for 50 (they built a new house when I was a small child). I think part is memories, and part is the fear of giving up independence. We really have no idea what to do. My sister is local and does all the work but I can tell that is getting old quickly. Dad took care of most everything, but he passed suddenly 18 months ago.
I have looked into this - and there is no free lunch.
Perhaps. Lots of those in California parked along local roads.Maybe the folks driving around in RV's figured it out
The problem with this is that the government is taxing the inflated value of your home, a home that you haven’t sold and profited from. Equity is nothing more than a mirage until the asset is sold, but the government is allowed to tax that mirage.
And for the last month we’re starting to see where our money was going. And that’s just a tiny tip of that giant iceberg.
Maybe or maybe not. If you rent and pay no property taxes you still get police/fire service, social services, public schools for the renter's kidlets, public parks, things like libraries etc. OTOH the property owners pay for that but get the same services in quality and quantity.
I have also. Why I still believe there is no free lunch. You get to choose which problem(s) you want to manage.
