Just paid off our home today - Page 6

maestra · ‎03-09-2010

@SeaMaiden wrote:
It is a good feeling after making payments for 26 years. Property taxes are very high in Washington State where I live as is the cost of living....that is the only bummer. We pay about $5000 a year in property taxes and they have been steadily rising every year. Our house is modest and was built in 1981. Probably why many retirees move away from this area... the property tax rate. We are not sure what we plan to do, but for now we plan to stay put.

Property taxes and ridiculous cost of living drove us from CT. Best of luck to you and congratulations! @SeaMaiden

sandraskates · ‎06-26-2014

Just adding my congratulations to the pile of well wishers! Good for you; that must be a great feeling of freedom. I hope you celebrate!

NickNack · ‎03-10-2010

Congratulations! My house is paid off, too. It's a great feeling.

The Bluebird Carries The Sky On His Back"
-Henry David Thoreau

pitdakota · ‎03-16-2010

Congratulations! It is a wonderful feeling.

I will pass on a piece of sage advice my father (now gone) passed on to us when we paid off our home. He encouraged us to set up a separate savings account and make the house payment to that account to total 2 years worth of property taxes and homeowners insurance. And then deposit enough to keep that 2 year amount as you pay one year's expenses and/or accomodate when taxes and insurance go up.

It really isn't that hard to do since you are used to making a house payment and it does provide a safety net to know you have that amount in the account to more than cover the one year's expenses for insurance and taxes.

In the meantime, enjoy the sense of freedom and accomplishment!

* Freedom has a taste the protected will never know *

Mominohio · ‎08-08-2010

@tansy wrote:
@Mominohio wrote:
Congrats! This is one of the most wonderful days of life! Knowing that bill is gone for good should make you sleep better at night!!

But as my mom always says, "they make sure you never really own your home, because the taxes can cause you to loose it, if you can't keep up with them".

Why are property taxes so high in Washington? Do you all get better than average services from the state, or what leads to that above average tax bill?
I live in the OP's general area, @Mominohio. There is no state income tax at present so our sales tax and property taxes (depending on county) are pricey. There is some talk about initiating a state income tax. That would be okay if the other taxes were reduced but I doubt that would happen. 😏

@tansy

Thanks for that reply and information! I guess they are gonna get us one way or another (or six or seven ways or another!!! LOL)

september · ‎03-09-2010

Congrats! That's quite an accomplishment. I may or may not try to do this at some point.

there are some reasons to continue to make monthly payments and claim the interest on my tax return. I re-evaluate this every year.

aubnwa01 · ‎03-09-2010

Congrats, that's awesome!

My property taxes on my home in King Co. WA were over $4,000 a year when I sold it in 2006 when I retired, so I can only imagine what they'd be by now. I'd bought my home there in 1983 & only owed $29K on it when i sold it (I had refi-ed twice over the years for remodeling & to get a 15 year mortgage), so lots of equity. I paid all cash for my house here in AZ with $$ left over & my property taxes are less than half what they were in WA.