I have stable work.....unless I am injured....
we have a HELOC...we have no other payments except we do run a credit card but pay it off each month....not a lot in ready savings but a cd and some other stock if I got really desperate....the 401 has taken a hit but I won't touch that yet....
you know what I worry about?...if all hell breaks loose like Glenn Beck insinuates is coming, what about property taxes?....ours are huge...it would almost be like working only to pay the taxes....
and if the economy goes depression/deflation....nobody will buy our house....
its the taxes that scare me....
If your house becomes worth significantly less theoretically your property taxes will go down with it.
These taxes are unAmerican. They make you a co-owner with the state. Look, schools and sewers (redundant, I know) could find funding somewhere else- without putting someone's hard earned property at risk.
This is the first tax that should be repealed by the people. It isn't necessary as it could be replaced by some other tax that wouldn't put homes at risk. It's a sovereignty thing.
Perhaps a surcharge at the time of building to establish an escrow account for future needs could be done. But not an unending scheme with untold increases in it's design.
The state has no more valid claim to a tax on your house than the clothes you wear. Yet, acquiesence to such an act has led to services provided by the state that hold little if any value to 'free' and self-sufficient people. It allows the state the luxury to breed parasitism and collectivism beyond what might be possible otherwise.