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In the USA, can you lose your home even after it is 100% paid off? (lemmy.ml)

submitted 9 months ago by [email protected] to c/[email protected]

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

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[–] calypsopub 5 points 9 months ago (3 children)

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.

[–] Mr_Blott 5 points 9 months ago (2 children)

Christ on a bike, do they at least lube the dildo they fuck you with?!? 😳

[–] galloog1 1 points 9 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] 1 points 9 months ago (1 children)

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

Remind me to never move to texas

[–] calypsopub 1 points 9 months ago

I like to say that in Texas, you never actually own your home.

[–] [email protected] 1 points 9 months ago (1 children)

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.

[–] calypsopub 1 points 9 months ago

No, that's county, city, and school district