Property Taxes in the Coming Depression

[rvkpa]

If you own your home but lose your job will the government be in the business of ceasing houses for back taxes no one can pay? If so what is your recourse other than hanging on to FRN for that specific purpose?

 

[Dr.3D]

This is a very good question. I pretty much doubt there is anybody here who can really honestly answer this.

It seem to me though, if the value of housing is going down, then the property taxes are also going down. I have no idea as to what is really going to happen though.

 

[vote4ronpauleeze]

Tax Lien Certificates... there will always be a market for these.

 

[gonegolfin]

If you own your home but lose your job will the government be in the business of ceasing houses for back taxes no one can pay? If so what is your recourse other than hanging on to FRN for that specific purpose?

This is why I keep ...

1) Plenty of liquid cash in the event of a massive deflation
2) Gold and Silver in the event of serious inflation

... to ensure that my property taxes can be paid for many years into the future.

Brian

 

[gaazn]

Depending on the state, the govt will take the tax payment upfront from investors who buy up the tax certificates. For the risk, you pay the interest to the investors. The govt handles the transaction. Some places, it could be several years of delinquency before they move to actually seize the house.

 

[Matt Collins]

If you own your home but lose your job will the government be in the business of ceasing houses for back taxes no one can pay? If so what is your recourse other than hanging on to FRN for that specific purpose?

In Florida I don't believe they can take your house (but I think that might just refer to bankruptcy).

But property taxes are especially insidious (much like income taxes) because property taxes violate your property rights.

If you truly own something, why should have to pay taxes just to posses it?

 

[Matt Collins]

Depending on the state, the govt will take the tax payment upfront from investors who buy up the tax certificates. For the risk, you pay the interest to the investors. The govt handles the transaction. Some places, it could be several years of delinquency before they move to actually seize the house.

Tax Lien Certificates... there will always be a market for these.

From my understanding there is no risk, but because so many people try to buy these things they are often bid down to almost no gain either.