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It’s crazy, for sure, Kenneth!
Thanks for sharing. 👍
John
Never have I ever, thought that my property would be owned by me. *property tax must be paid* Even with my death, the taxes will be paid, or it’ll be turned back over to the state. Insane, isn’t it?
The indigenous people, call them Natives if you must, but even they came from somewhere else yes even knew they didn’t own the land.
I will own my home in just 4 short years – but the land… No.
Well said, John! 🙂👍
LOVE:
“Yeah, we are just passing through this realm. The life experiences we garner are the tangible, permanent possessions we get to take with us, not the material ones people spend lifetimes accumulating and obsessing over.”
The real treasures in our lives are the people we encounter, and our life experiences!
However, having a roof over our heads is always good thing, too! 🤣
Lisa
True! We do need some material things to navigate successfully through our journey here. 😀
I have had an interesting life, Lisa, filled with crazy twists and turns. 😂 Lots of highs and lows have found me this time around!
Yeah, we are just passing through this realm. The life experiences we garner are the tangible, permanent possessions we get to take with us, not the material ones people spend lifetimes accumulating and obsessing over.
John
You are a realtor, too, John! You are just full of surprises! 🙂
But, yes, it would appear that we are all paying rent to be in our homes through property taxes.
And if we don’t pay, it’s ‘adios amigo’!
And it’s interesting to learn that a portion goes over seas to the British Crown. It figures that the vermin royalty would get a piece of the pie!
Lisa
Thanks for sharing, Lisa! 🙂
In 1996, I got interested in real estate and began buying a few homes and condos for investment purposes. I bought the properties in South Carolina and Florida. While dabbling in the landlord business, I met a real estate agent who said I could work with him if I got my real estate license. So, I went to real estate school, took the exam, and became a realtor. I was practicing chiropractic and real estate at the same time.
It was during my time in that industry I learned that when you buy any US property, you never own the land or the improvements you make to it.
When you buy a parcel of land, you are transferred a bundle of rights upon receiving the property deed. That bundle of rights allows you the quiet enjoyment of the land and also permission to improve the land by adding structures to it. You must, however, always pay rent (property taxes) to the real owners (the US government). If you don’t, the property and its bundle of rights will be taken from the deed holder and transferred to another buyer who is willing to pay the government the rent (taxes) owed.
By the way, another deep rabbit hole explains that a portion of all US property taxes go across the pond to the British Crown. Did we really believe that America won its independence from England?
John
I live in the state of Wisconsin. And when I googled “What happens if you own your home, but you don’t pay your property taxes?” I got the following information.
“In Wisconsin, you could lose your your home to the county if your property taxes are delinquent. The county will eventually sell the home to a new owner.
The Department of Revenue work with the taxpayer to help voluntarily pay their taxes to the state. If a business or or individual is delinquent and fails to pay over a period of time, state law says their property can be relinquished to the agency to satisfy the debt.
Most people in Wisconsin get TWO YEARS to pay the delinquent taxes, penalties, interest, and other costs before the county can start the process to get title to the property.
In some circumstances, however, the redemption period is limited to one year, for example, if the county incurred expenses bringing the property to an erosion free condition, the redemption period is one year.”
Well, that sucks, John! You think that you finally own your home after many years of making hefty payments, but there is always the possibility that it could be taken away from you if you go through rough times, and are unable to your pay your property taxes.
Lisa