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If his plan does succeed and he does end up with the title, won't the taxes on the house be an enormous burden? I wonder what his plan is for that.
by city41 15y ago
If his plan does succeed and he does end up with the title, won't the taxes on the house be an enormous burden? I wonder what his plan is for that.
- daydream 15y agoTake the $330k house, sell it for $270k, and go pay cash for another house in a different neighborhood where you're more welcome. EDIT: and where the tax rate/appraised value is such that you can continue to afford it.
- anamax 15y ago> If his plan does succeed and he does end up with the title, won't the taxes on the house be an enormous burden? Enormous relative to what? The taxes may be less than low-end rent. > I wonder what his plan is for that. His plan better be to be paying the taxes now. If no one is paying the taxes, the folks who want taxes are going to foreclose and boot the guy out. His "squatters rights" won't help him against that.
- gregpilling 15y agoCorrect. I have a friend that invests heavily in real estate tax liens and the foreclosure period is usually within 3 years and takes first position - ahead of any mortgage claims.
- ahlatimer 15y agoTexas property taxes are the third highest in the nation [1]. About 1.81% of the property value annually, or $5,430 in this case with a home value of $300,000. That's about $450/mo., which seems reasonable for low end rent in some parts of Texas. Property taxes vary by county, so Denton may have a higher or lower property tax than the average in Texas. [1]: http://dallasdirt.dmagazine.com/2010/10/05/texas-property-taxes-third-highest-in-nation-percentage-of-median-value/ http://dallasdirt.dmagazine.com/2010/10/05/texas-property-ta...
- kragen 15y agoGenerally you have to be paying taxes during the period of adverse possession.