http://abcnews.go.com/print?id=10287763
In several states, there has been a big delay in tax assessments of the value of people's homes, so homeowners are still paying property taxes on property that was last assessed during the "boom" times, as early as 2003. Unbelievable. It's obvious why this is happening, as sales and income taxes have been flat or declining.
It also bugs me when I think of stories like this and see commercials from organizations like the National Association of Realtors touting the virtues of "home ownership." To me, there is no such thing. If a sickness or some other emergency befalls you and you can't pay your property taxes, than the state can seize your home. And property taxes are mandatory. So one can never really own their property, can they?
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