Are you on your way to finally paying off your white picket fenced home and being able to call it 100% yours? Well, I’m afraid I’ve got some bad news. You’re actually never going to really own your home. The “American Dream” is actually a nightmare, if you’re someone who wishes for a bill-free life after working for decades.
You could be the most successful business man/woman in the country & you’ll still never own your own home. It’s actually your state that will forever own your home. Property taxes, which can be very expensive in some parts of the country, are what keeps you from owning your home. Even after your long 30 year journey of paying off your home, your home related costs will continue. Even if you powered your home with solar, and take baths with well water, you’re home is still not entirely yours.
What happens if you decide “eh, I paid off my mortgage, I’m not paying any more bills related to my property”? The state will take your house & put it up for auction. Doesn’t matter how much you owe. You could owe $6.30, like a woman from Pennsylvania did, and you’ll still lose “your” home. That’s right, a woman who had paid off her entire mortgage, lost her home over a property tax bill of $6.30.
Even if you pay your bills and play by the rules 100%, your property is still at the mercy of eminent domain. The government can take your home, without your permission. All they have to do is pay you the value of the home. They don’t have to care about the blood, sweat & tears you might have put into making that spot your dream spot.
“Well, I’ll just live in an RV, that’ll show the state”. Well, you’ll still need to register your RV, which can be expensive in some states. You’ll also need to park on a plot of land, that you can bet has a property tax associated with it, which you’ll contribute towards in some fashion.
“There’s gotta be some way around this?”. Sure, join a tribe. Indian reservations are tax free. Although I’m not sure how welcoming they’ll be to you.
On that note, enjoy the rest of your day!