Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Are there any places that don't assess a property tax?
This isn't an anti-tax or political rant. I don't object to paying taxes to support government, essential services, and social services. I object to property taxes on a homestead because as long as the government can tax or seize your home, in essence, it means you can never really fully own your home free and clear for life. This is especially important to seniors whose homes are paid for but have contracting or fixed incomes, or unforseen health care costs. Miss that $100/week avg property tax for a few quarters and there will be a taking, lien, eventual foreclosure, and eviction.
Are there localities in the USA without local property taxes where you can pay for your home and you're done paying, you own it for life?
Seniors who are house-rich but cash poor can get a reverse mortgage and thus guarantee they can continue to live in their own homes. Sure, by the time they die there may be zero equity left in the home, but that is only a problem if one of their primary goals was leaving an inheritance for children and/or grandchildren.
I think the real problem with property taxes is in communities which can raise them soley on a vote of the governing body (city council, county board of supervisors, or whatever). A tax payer vote should be required so people can say, "enough is enough". In many localities, that is a requirement.
Even with a reverse mortgage, you are required to pay taxes, property insurance, etc., as well as a payment on your loan. A reverse mortgage is a loan. You are also required to have a cosigner on that loan in most instances.
In most localities, property tax exemptions are available for anyone over 65, on permanent disability, and some Veterans exemptions will apply.
RaceLady gave the only factual answer to "no property taxes" applicable to the OP's question.
Tunica County Mississippi has so much money from the casinos there, that they have very low property taxes. They would seem 'free' compared to a lot of the country. i.e a few hundred/yr. on a $200k property vs. a few thousand/yr. in many areas.
Even with a reverse mortgage, you are required to pay taxes, property insurance, etc., as well as a payment on your loan. A reverse mortgage is a loan. You are also required to have a cosigner on that loan in most instances.
In most localities, property tax exemptions are available for anyone over 65, on permanent disability, and some Veterans exemptions will apply.
RaceLady gave the only factual answer to "no property taxes" applicable to the OP's question.
Maybe this is not applicable to the OP's question, but you do not make payments on the reverse mortgage if you selected the option where you are getting monthly payments from the bank. (The bank recoups its money upon eventual sale of the property and if there is negative equity the feds insure the banks against that. Yes, you have to keep up the insurance and the property taxes, but you can pay these out of the monthly income from the reverse mortgage, which is secured by the property without a cosigner in most instances.
You are right, the reverse mortgage is off topic, but you brought it up. The subject is property taxes and there is no "get out of jail free card" for property taxes. Regardless of your financing or owning outright.
You are right, the reverse mortgage is off topic, but you brought it up. The subject is property taxes and there is no "get out of jail free card" for property taxes. Regardless of your financing or owning outright.
I don't think the poster was implying reverse mortgage gets you out of property taxes. Just that it could be a solution for a senior citizen who had low income and rising property taxes, which the OP brought up. So it kind of wasn't that off topic
OP, no I am not aware of any jurisdiction that doesn't charge property taxes and I'd be shocked if one existed.
Perhaps some extremely "rural" land in Alaska has either extremely low or no property taxes. Of course you'd need your own airplane to access it. I've heard that but not sure. Otherwise, I think Louisiana has the lowest property tax.
ALL land is sold and held in ownership as a "bundle of rights", and ALL land is generally subject to taxation and other governmental police powers such as eminent domain. Doesn't mean you don't "own" it. Just means that the government has a right to put their nose in your business, no matter what. Sucks but that's our system.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
