fdic ?--protecting bank accounts ?
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Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date
fdic ?--protecting bank accounts ? ryker 03-09-2007
Posted by Rich Carreiro on March 23, 2007, 11:34 am

> Again, these laws have nothing to do with bankruptcy laws or a law where a
> person can exempt his/her house from foreclosure after the spouse has died.
> In California, property taxes are deferred, meaning they are still due and
> payable upon sale. This deferral is available to ALL persons 65 and over,

But that doesn't invalidate what Dave Meyers said. Regardless of what
the term actually used in the laws may be, *colloquially* at least,
"homestead exemption" means both "that portion of the assessed value
of the primary residence which is exempt from property tax" and "that
portion of the equity in the primary residence which can't be seized
by creditors".

The latter use was constantly used by the press when it was reporting
on the federal bankruptcy law reform a couple of years ago. And the
former is used quite often in many states. It is certainly the term
used in MA and RI.

--
Rich Carreiro rlcarr@animato.arlington.ma.us


Posted by Don on March 12, 2007, 6:34 pm

> You've got that permanent rent payment to make the rest of your life
> (barring some oddball "homesteading" exemptions) that we call Property Tax
> or Real Estate tax.

> Our local auctions are filled
> with homes where the owners simply couldn't keep up with the
> tax obligations, and therefore they're watching their homes
> go on the auction block.

True, it is not a sure thing, but no investment is a sure thing. It seems to
me the problems in having to come up with a big mortgage or rent payment
month after month for the rest of your life are much greater than the ones
that come from having to pay property tax once a year. But I would never
suggest investing everything in real estate, no more than I would recommend
investing exclusively in stocks or mutual funds.


Posted by Justin on March 13, 2007, 5:09 am
Sgt.Sausage wrote on [Mon, 12 Mar 2007 16:19:07 -0500]:
>
>
>> One big safety measure that should not be overlooked is to be sure you own
>> your home free and clear at the time of retirement. Then, whatever
>> happens, you will not have to worry about making mortgage or rent
>> payments.
>
> You've got that permanent rent payment to make the rest of your life
> (barring some oddball "homesteading" exemptions) that we call Property Tax
> or Real Estate tax.
>
>> And nobody will drive you out of your home,
>> not even in an economic downturn
>
> Not so fast on that one. Our local auctions are filled
> with homes where the owners simply couldn't keep up with the
> tax obligations, and therefore they're watching their homes
> go on the auction block.
>
> Happens every day 'round here.
>
> It's good advice -- pay off your home prior to retirement,
> but that still doesn't make it a "sure thing". Them taxes
> take plenty of elderly folks on a fixed-income right out
> of the equation.
>
> Think about this: We're now paying more (on average)
> in property/real-estate taxes than our parents paid on
> actual mortgage payments (we being my wife and I -- and

Really? Property tax in this area is under 1000 a year


Posted by bo peep on March 13, 2007, 10:12 am
> > Think about this: We're now paying more (on average)
> > in property/real-estate taxes than our parents paid on
> > actual mortgage payments (we being my wife and I -- and
>
> Really? Property tax in this area is under 1000 a year

He is correct - my parent's 1968 mortgage was $102/month, including
property tax. My property tax alone runs $1200/year, on a small, low-
end house, in the same city.

John Cowart


Posted by Justin on March 13, 2007, 1:00 pm
bo peep wrote on [Tue, 13 Mar 2007 09:12:41 -0500]:
>> > Think about this: We're now paying more (on average)
>> > in property/real-estate taxes than our parents paid on
>> > actual mortgage payments (we being my wife and I -- and
>>
>> Really? Property tax in this area is under 1000 a year
>
> He is correct - my parent's 1968 mortgage was $102/month, including
> property tax. My property tax alone runs $1200/year, on a small, low-
> end house, in the same city.

Ah, my parents bought housing much more recently than 1968.

What was the property tax in 1968 and what is it now?


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