Rockford, IL
Quoted from swinks:Our local government charges land rates (based on your land value) which here in my area varies depending how close you are to the lake or ocean but generally $1.5-$3k a year over 4 installments with mine being $1.6k a year = $133 a month. Our land rates contribute to the roads and infrastructure of the area. I think it would be very extreme to be kicked out in our circumstances and would be denied services like weekly rubbish pickups etc.
Australia's average mortgage repayment varies between $1500 to $3000 per month for an average house so not having to pay amotgage allows you to then get toys and put some into savings.
Wow! Those taxes sure would be nice. Losing the property tax deduction was a huge deal to me. I pay over $11,000 a year just on my primary residence which is nice but not a castle. Our city has some of the highest property taxes in the country and that is partially responsible for my home not appreciating in value over the past 25 years that we have owned it. We own three houses and a business building and and pay over $30K a year in property taxes. Owning property here is really just renting with a huge upfront payment. Why I own so much real estate and live here is another story.
That said, our mortgages are all paid off. I did sell a number of my pins a few years ago in order to pay off a final mortgage.
Pins have been a much better investment where I live than real estate. Though I don't see them growing in value that much any more.
Tom
