Let’s say that you buy a home in cash and have 100% paid off. Could you still lose it somehow?

  • calypsopub@lemmy.world
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    11 months ago

    This is Texas which has no income tax, so they have high property tax. It’s about 1% per annum based on the appraised value of the property. Plus if it’s a newer neighborhood, you pay an extra amount for the cost of infrastructure until it’s paid off, usually called a MUD (municipal utility district) tax. Mine is an extra 1.2% so I’m paying roughly $1200/month in property taxes for my residence.