Any home owner know insurance and real estate taxes go up pretty much every year so it’s not a hidden cost but it is an unknown rising cost. My taxes have gone from 1800 to 3400 in 6 years... completely asinine.
“Any home owner know(s) insurance and real estate taxes go up pretty much every year so it’s not a hidden cost but it is an unknown rising cost.”
I live in Montana and we have a very unusual situation in our state: for most of it’s history Montana always had Democrat Senators and Reps, with rare exception. Conrad Burns was the first Republican Senator ever to be reelected in ‘94.
Currently both houses of the state government are in Republican control, we have a GOOD Republican Governor, we expanded from one US Rep to two and they are both Republicans and we have two Republican Senators!
A few years ago the state legislator passed a bill to ‘reassess property’ every two years and have the assessed value the ACTUAL RETAIL VALUE (sounds scary) — however during this process the value of all ‘mils’ assessed to property were to be lowered accordingly...
This year our property taxes were lowered 5% while our home increased 20% (I know this to be true because I have the 4 x 6 assessment cards from the state from 2 1/2 years ago and our recent one from two months ago). It’s good to live in a sane state.
As for insurance it keeps ticking up,..we have car and home insurance via Costco and have been with them for 15 years. This company gives us discounts and has lowered our insurance (while increasing the value of our structure) about 10% this last year. We have excellent credit, no accidents and no home ‘incidents’ which helps. Last summer we removed our shake roof and replaced it with a very high end asphalt roof — that increased our home insurance $20.00.
I feel bad for the folks in Florida and other southern states with the huge weather issues...
The rise in insurance and tax escrow lags the increase in the sale value of your property.
There is no way to affect the tax escrow but you can maintain a constant value of the insurance escrow by under insuring
In the 25 years I’ve owned my home the taxes have increased about $200-$300. Not that bad. The homeowners insurance however has about doubled.