Four Dollar Mortgage, $111 in taxes

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Four Dollar Mortgage, $111 in taxes

Postby Patrick Bateman » Sat Aug 20, 2011 10:30 am

Here's a bizarre preview of where prices could go if things REALLY went sideways. This house, priced at $4900, would have a four dollar mortgage payment, but the taxes are $111 a month.

http://www.zillow.com/homedetails/1240- ... 946_zpid/#{scid=hdp-site-map-list-address}

What's interesting is that the taxes have gone up over 400% in under five years. So the property value is falling, but the taxes are rising.

I have a couple houses, and I've been working furiously to pay them off. But I'm a bit nervous that we could experience something similar, where taxes are raised dramatically to compensate for a lack of homeowners.

In other words, what would Seattle look like if your property taxes eclipsed your mortgage?
Patrick Bateman
Bubble Watcher
 
Posts: 4
Joined: Thu Jul 21, 2011 8:58 am

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