Why Does Everyone Hate Property Taxes?Published:
There are not too many people who enjoy paying property taxes.
In fact, you will probably be hard pressed to find one person who likes giving their money to local government.
That being said, paying property tax is a way of life in the United States. If you are going to buy a home, no matter what kind it may be, you should get used to paying property taxes.
But why do so many people hate property taxes?
Here are just a few reasons:
1. It makes your mortgage payment bigger. Buying a home is expensive enough. Not only do you have to pay for the home, but taking out a mortgage means that you will get hit with a lot of interest over the years.
When you add in property taxes, the overall amount of your monthly mortgage payment can quickly increase.
2. It never goes away. At some point in time you may pay off your home. But guess what? You will be paying property taxes until the day that you die.
There is no way of hiding from this. You either pay your taxes or deal with the consequences, which can be quite severe.
3. Your property taxes can increase if you make improvements to your home. This alone is one of the biggest reasons why people hate property taxes.
You are trying to do a good thing by upgrading particular aspects of your home. Soon enough you find that not only do you have to pay for the project, but that it led to an increase in your home’s value and in turn an increase in your property taxes.
4. Your municipality can decide to increase your property taxes. Is the local school district in need of additional funds to construct a new building? It is changes like this that can quickly lead to a spike in property taxes.
While you can have your say, in the long run it may not mean much to those in charge.
Are you starting to get a better idea of why everybody hates property taxes?
Above all else, this hatred stems from the fact that there is no way out. If you want to own a home you are going to pay property tax, regardless of whether or not you like it.
You can hate property tax, but it is probably something you will have to learn to live with.