Let’s say that you buy a home in cash and have 100% paid off. Could you still lose it somehow?

  • @[email protected]
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    57 months ago

    This is Texas which has no income tax, so they have high property tax. It’s about 1% per annum based on the appraised value of the property. Plus if it’s a newer neighborhood, you pay an extra amount for the cost of infrastructure until it’s paid off, usually called a MUD (municipal utility district) tax. Mine is an extra 1.2% so I’m paying roughly $1200/month in property taxes for my residence.

      • @[email protected]
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        17 months ago

        Americans ultimately do pay a lot of taxes in the end. It does towards all sorts of stuff at multiple levels but the greatest impact on individual lives is at the state level.

    • @[email protected]
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      17 months ago

      Brother my entire mortgage is 834/mo including escrow and I bought in a city in 2020

      Remind me to never move to texas

    • @[email protected]
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      17 months ago

      1% is a pretty normal amount for an urban area, but it’s usually a combination of county and city. If the state of Texas has a 1% tax on top of county and city taxes, that’d be pretty high.