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To: sarcasm
Just out of curiosity, if the value of the house decreases then shouldn't your property taxes also decrease?

Besides, why would anyone want an adjustible rate mortgage?

Interest rates are about to start going upward sometime next year after the election, and wouldn't a fixed rate be better?
69 posted on 01/29/2004 7:10:59 AM PST by Chewbacca (I want to be Emperor of Mars.)
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To: Chewbacca
RE taxes are not pegged to the market but to the perceived value of the property at the time it is assessed. The tax rate may change but unless another assessment is made the value of the property, for this purpose, will remain the same.
73 posted on 01/29/2004 7:27:49 AM PST by wtc911 (Rocky Sullivan died a coward)
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To: Chewbacca
"Just out of curiosity, if the value of the house decreases then shouldn't your property taxes also decrease?"

Yes, there are procedures for getting your taxes lowered to reflect the true market value of your real property.

We went through the 90's depression here in California. At that time we lost all of our equity when the housing market went into a tailspin. In addition to losing the equity, I was lost my job as an engineer involved in designing new housing developments. On the surface it looked like a total disaster! We applied to the county tax appraiser to have our taxes lowered, and he complied with our request.

Since then, things have gotten out hand in just the opposite direction. We cannot design and construct enough new home sites to keep up with the demand. That situation has resulted in the price of both new and resale homes to skyrocket. As an example, we just sold the home I mentioned above for a price which amounted to an increase in our initial down payment of 1,033%.

I retired last year. This summer, we plan to use one third of our new found money to construct another home on some acreage we were fortunate enough to acquire several years ago. The rest of the money we are going to put someplace safe where we can enjoy the interest and later pass it on to our children.

Semper Fi

91 posted on 01/29/2004 9:09:25 AM PST by An Old Man (USMC 1956 1960)
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