Building tips for LOOOOOOOOOWWWW Property Taxes
Michael Payne
5 years ago
last modified: 5 years ago
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bry911
5 years agoRelated Discussions
a deal? I pay taxes & I'm on the deed.
Comments (6)Oooo. Tempting, but likely very very complicated. Just for starters: 1) You would need to structure this arrangement clearly and legally, to protect your 'investment', to address liability etc, (You need a laywer consult). 2) Without a formal trust, there is a real chance his property could be liquidated to fund his future care needs - regardless of his intent to will it to you. (Again, lawyer needed) 3) Your 'inheritance' tax bill in assuming ownership of the property could be a huge, huge tab. (You need a tax accountant/attorney consult) 4) Florida taxes on a property skyrocket when ownership changes hands. Essentially this is a crisis there now pitting longer term owners against newer owners, and pretty much a big mess as I understand it. (Again, tax accountant/attorney needed). No answer for you, but this is where my questions would start. Good luck!...See MoreTax Appraisal on pool???
Comments (12)We live in Tarrant County Texas too and I did not think about the tax issue. We talked to our insurance carrier and all was well-no increase and covers diving boards. How does the tax man know you have a pool? Do they actually come out to your house and look? Nearly 3 years ago, we had a washing machine malfunction and flooded the whole house. Our taxes did go up the exact amount the insurance paid to fix it all. This year, they raised it 40K for no reason. We have a protest date this next week. In 10 years, my taxable value is double what I paid to build the house-I know, I digress. Since we did not finance the pool, how does the appraisal district tax you on your pool?...See More28 Tips To Save Money
Comments (5)On #s 15 & 16, I think it's important to point out that often the alternative to refi and the like is simply pay down the principle! Especially if you're early in the mortgage, every nickel you pay toward the principle means the balance of the loan's interest on that nickel goes into your pocket. Ol' Joyful, I'll need some of your expertise here, but could you figure a rough calculation of an average type house loan, average refi costs applied to the current loan and how that would compare in the end? I think it'd be interesting. Also, said before, but often people think they "need" a new car and don't consider if they put some money into the old one, it'd save in the long run. Remember, new cars have higher insurance and license costs so there's more than the initial price to consider. I would take a bit of issue too with the convenience store avoidance. You could actually save money if wise. Often, convenience stores sell eggs, milk, bread etc at very low prices, often far less than the markets. Plus it's not a special trip, saves time plus there can be (tho not guaranteed - it's up to you) fewer impulse buys. The longer you're in the grocery store, stats say you'll spend more. Again, it's how savvy you are, but be careful. #18 (Shudder) Buyer's Brokers are seldom a good thing. Let's face facts, no real estate agent/realtor or the like works FOR the buyer! Who pays them? The seller. How do they get paid more? By "benefitting" the seller. There's no way the buyer benefits from realtors. The fewer the better in most cases. Why? Because you can often negotiate the realtor fees. If you have one realtor taking the entire commission, it's far easier to negotiate them down than to negotiate with multiple agents and try to negotiate down when they're getting 1/4 or less of the commission. Beware of this statement and check into these claims. You're far better off to have a good real estate attorney on your side. S/He'll be working for YOUR benefit. Mine found problems in the paperwork and embarrassed the daylights out of the stack of realtors, closers and the like at my closing! It was hilarious! Now as for the inspector, yes, that can be worthwhile, but don't use one recommended by the realtor (kickbacks) and make sure you know what they're inspecting, their qualifications and the like. A good alternative can be a trusted friend with qualifications. Hire like any professional. Realize, though, that the inspectors DO NOT GUARANTEE the house! So if they overlook something, it's not their fault or responsibility and they won't be doing anything for you so know what you're getting. A title examination, especially of abstract properties, can be very important especially if you don't know how to read an abstract. Torrens is less problematic. Buying a home brings up a pandora's box of potential problems and far too many to go into here, but there's some things to be careful of. #21 Consumer Reports is a pet peeve of mine. They're often very biased in their reporting. Plus, keep in mind that they do not "test" ALL models and versions, even of similar products! Do you realize that the washer you buy at Home Depot is different than the one you buy at Best Buy and they're both different than the one you buy from a mom-n-pop dealer? That can have significant differences in the specs and needs. One can have cycles and features the other doesn't. Don't get caught up in the CR myth. Read their magazine with a shaker full of salt and do far more research than CR. You'll be doing yourself a favor. That's enough for now. There's more opinions coming, I'm sure! :) Happy saving all! Enjoy the frugal season!...See MoreIs modernizing a old existing home worth it? And taxes..
Comments (30)Rerod, it seems like you're not finding the information/opinions you need here to help you make your decisions, and it sounds like you ran into a similar situation on the manufactured housing board you tried. I think that's because as much as people really want to help, you are dealing with a niche issue that most of us haven't experienced. We welcome new and different dilemmas, but you may be frustrated because most of us lack the expertise you need. I wonder if you've looked for any forums for the homesteading/back-to-the-land/prepper lifestyle. That lifestyle might be a little more hardcore than you're interested in, but I would bet those folks have wrestled through a lot of the decisions and issues you are currently considering. I wish I knew of a forum like that to recommend to you, but maybe someone else here does? If I were searching one of the places I'd look is Reddit. There are subreddits on just about everything, and I wouldn't be surprised if there's one for homesteading. Anyway...just throwing that out for your consideration. I wish you all the best with getting settled on your property, and I hope you'll share your progress with us as you go along....See MoreMichael Payne
5 years agojust_janni
5 years agoMichael Payne
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5 years agoMichael Payne
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5 years agoaviastar 7A Virginia
5 years agoMountainView
5 years agoB Carey
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5 years agoVirgil Carter Fine Art
5 years agoMrs Pete
5 years agolast modified: 5 years agoShadyWillowFarm
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