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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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23 comments:
Now it's cheaper to retire in taxachusetts than in florida. hahaha What a joke that state is now, with their high taxes and high insurance and over priced houses..
Yup, this is one of the issues I have tried to pound into the heads of my clueless sheeple peers who naively thought they were getting rich as the "value" (actually price) of their houses went up and up during the boom.
When I pointed out, via a very detailed spreadsheet, that over time they would be literally dirven from their homes via higher:
1. Taxes
2. Insurance
3. Upkeep
...of course the standard response was always "We'll just sell it and move".
And my response to that was:
"Oh yeah, move WHERE? To a smaller house? Right, you and seventy-million OTHER Boomer idiots are all gonna sell your houses to whom?"
(This is the same stupid "logic" these sheeps also cling to in their 401(k)s stuffed with stocks that pay no dividends, but that the sheeps believe they will just sell to the next GF when it is time to retire.)
Finally, when I ask the sheeps what if they wanted to, like many of our parents, simply live in the same house until they die, how they will be able to afford the taxes, insurance and upkeep bills that will be HIGHER than their original mortgage payment on thier now-fixed income, I am met with a stony silence.
Luckily for the sheeps, they now will not have to face this. At this juncture they are far more vulnerable to losing the house to foreclosure as they are HELOC'd to death...
100% correct Butch, People have the mentality of, I only hear what i want to hear, everything else is illrelevant. And if you offer a little advice you are shunned in a corner or look at with that crazy look
like " are you nuts enjoy life"
I do Debt free :)
That cartoon should have "FLORIDA" written across the paperwork. It's exactly what people are doing / experienceing here and what is driving people out of the state.
The property taxes will kill you, even if you are not living directly in a bubble area. All powerful state/county employee unions control the state/county execs, and the teachers union and administrator’s assoc control the spineless, weak-kneed school boards in this state and are NEVER denied. Oh, we have a very few random school boards that own their own souls, and are making news lately by standing up to the teachers union, to try and hold the line on taxes, but they are a very, very small minority here in PA.
One thing that has puzzled me is that in the Bill Of Rights of the Constitution there is found: THE RIGHT OF THE PEOPLE TO BE SECURE IN THEIR PERSONS, HOUSES, PAPERS, AND EFFECTS, AGAINST UNREASONABLE SEARCHES AND SEIZURES, SHALL NOT BE VIOLATED.
We all familiar with the eminent domain b.s. where the government can seize your property for the 'reasonable' public good ,as long as you are fairly compensated(HAH!): new school, new freeway bypass, new condo development proposed by one of the county exec's main campaign contributors, that sort of thing. (Thank you Supreme Court)
My property taxes pay for services and the people that run them. The fact that I may or may not want those services, support the creation of those services, see a need for those services, or even be able to legally USE those services, matters not.
Where did the property tax first start? Who first decided to tax homes in the U.S. to support the special interest groups and kick people out of their homes when they would not or could not pay the bill. Who first decided that this sham was REASONABLE and not in violation of the Constitution's safeguard that we be: SECURE IN OUR...HOUSES.
Anybody Know?
I just love the bunch that will go out buy a house way out of their league, mortgaged to the hilt, cars, pool, bling.....but when property tax time rolls around they Freak! Like taxes are a surprise. They sure seem to afford everything else!
December is the BIG property tax time in California, followed by the second payment in April. . .I have been a voice in the wilderness for months, warning that when people who still own 3 condos have to come up with huge property taxes $8000 a year on a 500K place, they will be forced into foreclosure!!
All taxation is extortion at gunpoint.
"For what are states but large bandit bands, and what are bandit bands but small states?"
-St. Augustine of Hippo
It's funny because it is true. (Sadly)
Where do most of the property taxes go to? The school system. What is the huge expense of the school system – about 70% goes towards salaries and benefits. So when you can’t pay your property taxes - you can thank the gold plated pensions the teachers are getting and their great medical coverage (not to mention they only work 2/3 a year for a full year of pay).
the power to tax is the power to destroy
Smug
"I just love the bunch that will go out buy a house way out of their league, mortgaged to the hilt, cars, pool, bling.....but when property tax time rolls around they Freak! Like taxes are a surprise. They sure seem to afford everything else!"
people's complete inability to forsee things amazes me, especially for astounding amounts of money like housing. i knew guys back in high school (late 80s) who spent more time researching stereo systems than most people do now studying the finances of a home purchase. Especially with the internet making research so easy. For Christ sake, spend one evening googling "how to buy a house" or maybe "home/purchase/afford".
A few years ago I almost went in with two other guys on a 36' sailboat. One of them had a complete spreadsheet of costs worked up ahead of time: payments,insurance, dock fees, expected maintenance, slush fund for extra sails,etc. It was a list about 50 items long. He though of everything. and hey, now that i think of it, he's a renter ;)
Property taxes have soared and so have "Non Advaloram" taxes in Marion County Florida(Ocala).
These "non advaloram" taxes are added by the county on top of your property taxes to every residence in the county and are itemized for fire protection, landfill and garbage revenue, etc.
They are just property tax increases by another name.The county cant raise taxes fast enough on homes protected by the Save our Homes limits so they just invent new taxes and call them non advalorum taxes instead of property taxes!
Add to this tax abuse runaway impact fees which on Jan 1 will be 10 grand on a single wide trailer even in rural areas where you put in your own well and septic!
Add 100 percent bubble assesments on all comercial property, vacant lots and non homesteaded property and new homes and Marion County is one of the worst Tax Hells in the country!
One more thing. Marion County is a conservative Republican stronghold!
Donno wut happened!
I was lucky enough to get into a housing association back in 1994. At that time my payment was just $150 a month. It's now $250 which still makes me laugh. This includes water, sewage, garbage pickup. My elec and nat gas usage averages $30 and $48 respectively due to the size of the place.
My monthly fee of $250 also includes maintenance on my unit such as new windows, roof, furnace, water heater etc. If I have a clogged drain the associations staff fixes it for $5, yes five dollars.
The place is small with 500 sq ft, but it serves my purposes. Plus I'm not getting reamed on taxes, high utility bills, maintenance/upkeep. 70% of my net goes toward savings which is mostly cash. I still invest in the 401K Ponzi scheme just in case.
My instincts tell me that once pensions and social security begin to fail (which has already begun), the markets will be adversely impacted as will the mighty dollar. Boomers will increase the rate of their withdrawals on their 401Ks and IRAs in an effort to preserve what little they have left. Seeing the catastrophic declines in the market, the younger generation will opt out of their IRAs and 401Ks, causing these schemes to fail at an even faster rate. This has the potential to be a very wicked ride, that's for sure. Who knows, maybe globalization will shore-up the foundation of the market-based ponzi schemes a little longer?
No one over 62 should have to pay school tax anymore. I am 39 house paid, no kids, no bills, went to private school and resent paying school tax for other peoples children. Private school you pay once. Public school you pay forever.
Yeah, if you're 62 or older, let's make it so you don't have to pay taxes for schools. Who cares if the next generation of kids get an education or not. It's not like they'll be paying taxes later in life, or joining the armed services to protect our asses, or pay into social security, or make cool things like iPods and DVD players and hybrid cars that require some brains to make and we'll want to buy.
Now that I think about it, my house has never caught on fire, so why the hell do I have to pay taxes to support the fire department? And I bury all my trash in my backyard, so why do I have to pay for landfill? And finally, I never go to the public parks around here, so I shouldn't have to pay for that either.
shakster,
You can have a 401k that invests in bank CDs backed by FDIC insurance or U.S. Treasury-based money market accounts that carry very low risk. You can also buy bonds that offer a little higher return for a little more risk. But you don't have to hold any stocks in your 401k if you're worried about the market. Chances are, your employer is going to match some of your 401k contributions. That's free money. Yes, FREE MONEY. Since you don't understand what your investment choices are, you're being a dummy here.
shakster
my opinion is open the account and stay conservative in your investment choices. the risks that are everywhere in the stock and below investment grade bond markets today are not worth taking given comparable rates of return and given my assumption that your contributions are not going to be gigantic sums of money - no slight intended, just most regular people out there put less than $10000 of their own money into a 401k per year. If you've got huge tolerance for risk or just independently wealthy, then good for you and sometimes fortune does favor the bold. A little more than two years ago, stable money market funds (like Vanguard Fed. MM) were paying 1% (thank you Alan Greenspan you shriveled up old hump - but I digress) - today that same fund is paying over 5%. Liquidity is being wrung out of the system and credit defaults are going to accelerate that trend (IMHO). Not a great world beater rate at 5.03% but tomorrow, that fund will have a principle value equal to today's value (unless the whole currency goes up in smoke and we get third world style inflation and if that's the case all bets are off and head for the hills and hone your shooting skills - ha). Make no mistake, stocks will again be a good investment but it will be when the risks are lower and the dividends paid quarterly are in good old fashioned Yankee dollars and the CEO and his cronies aren't paid 400x the wages of his lowest paid employee. In the mean time, watch out on the risk / reward ratio.
Smug Bastard
That is actually happenning in PA.
Pretty sad - we aren't allowed to vote on property tax increases like the rest of you. We have a school board who has complete control. No checks or balances. And those board members are often the parents of the teachers - raising their salaries to almost 100K per year. No poor teachers here. Just poor quality.
In York Co. PA you get NOTHING for your property taxes. You don't even get a paid fire dept, a dog catcher, or a quick responding police dept if you are in State Police area - thanks to our gov who will not increase the State Police compliment. Guess you have the crappy schools covered. There is no checks / balances system. Voters should decide tax increases, rather than schools boards running the show.
that stuff is all over. i moved from a high tax district and i saw news that they had yet another property tax increase last year, sold bonds and had a fund raiser so the local police department could buy a $15,000 police dog - all this in a white bread suburbia area outside St. Louis. ludicrous, so glad i'm not part of that clusterf*ck anymore.
Keep school taxes off my property. I never attended public schools in the first place, nor would I send my children to public schools. If you have kids, then you should pay for them. Fire dept, police, etc, we may have use. But some of us will never have a use for public schools, so why should we have to pay!
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