Last house payment

[ma96782]

Whew, thats a relief. Now you own it and can stop paying those pesky property taxes.

Awwwww.....Not so fast.
I receive a Property Tax Bill every six months (here in WA).
Yup.....some amount of discipline is needed to be sure that I have the payment in my checking account.


Aloha, Mark

PS......same for the homeowner's insurance cost. I manage......with a monthly payment, which also includes my car insurance and umbrella coverage.

 

[DivCurlGrad72]

Whew, thats a relief. Now you own it and can stop paying those pesky property taxes.

AKA rent payments to the government.

 

[DivCurlGrad72]

Paid my home off in January 2018 after 12½ years on a 30-year note. At Dave Ramsey's suggestion, I took a picture of my bare feet in my freshly paid-off lawn. Like he says, the grass really does feel better when it's your own...

View attachment 2169223

It feels even better in a free state.

 

[ruger45blackhawk]

 

[2ndtimer]

After further research ( I called my friend who is a mortgage lender) in Oregon all you receive is a letter from the lender that the loan is paid off(satisfied). The official letter has other fancy verbiage but I kept it simple.
No Deed is passed on the to the home owner.

Actually Oregon is similar to Washington in their use of a note and deed of trust for home loans. Upon the loan being paid off, the Trustee executes a full reconveyance of the deed of trust, records it with the county auditor where the deed of trust was recorded, thereby clearing the lien from the property.

 

[Pete F]

I don't remember what we got when we paid off the mortgage on our house, but you never quite own you home as long as there are property taxes Our Oregon taxes are absurdly high and constantly rising. It works out to about $250 a month. That is more than I paid for my rent on my first home.

If there are more people and houses in Oregon, there doesn't seem a reason for property taxes to increase other than inflation. The extra Oregonians should make up any shortfall.

I am all for decreasing property taxes once you retire. No kids in school, and generally less of a burden on the State.

 

[sobo]

It feels even better in a free state.

I'll bet it does! That's why I'm sellin' the damned place and moving to Idaho...

 

[wired]

I don't remember what we got when we paid off the mortgage on our house, but you never quite own you home as long as there are property taxes Our Oregon taxes are absurdly high and constantly rising. It works out to about $250 a month. That is more than I paid for my rent on my first home.

If there are more people and houses in Oregon, there doesn't seem a reason for property taxes to increase other than inflation. The extra Oregonians should make up any shortfall.

I am all for decreasing property taxes once you retire. No kids in school, and generally less of a burden on the State.

Where are you going to get property taxes lower than that? Oregon his slightly higher property taxes than the lower tier states but there is no sales tax so it kind of comes out in the wash. Oregon's property taxes are about the same as places like Kansas and Iowa etc. I mean Im in South Carolina , not generally considered a high tax area and your property taxes are about 15% higher than ours but we have a higher income tax and we have sales tax.

Contrast that to places like Pennsylvania where youre going to get hit with state income tax, county income tax, city income taxes, personal property taxes and $10,000 a year property tax on a $400K home. I had a coworker who lived on a fairly crummy area of Long Island in New York paying $14K a year in property tax on a house that quite frankly I wouldnt even want to go in much less live in.

 

[ruger45blackhawk]

Where are you going to get property taxes lower than that? Oregon his slightly higher property taxes than the lower tier states but there is no sales tax so it kind of comes out in the wash. Oregon's property taxes are about the same as places like Kansas and Iowa etc. I mean Im in South Carolina , not generally considered a high tax area and your property taxes are about 15% higher than ours but we have a higher income tax and we have sales tax.

Contrast that to places like Pennsylvania where youre going to get hit with state income tax, county income tax, city income taxes, personal property taxes and $10,000 a year property tax on a $400K home. I had a coworker who lived on a fairly crummy area of Long Island in New York paying $14K a year in property tax on a house that quite frankly I wouldnt even want to go in much less live in.

My way of thinking, there is no free lunch anywhere!

 

[Medic!]

Couldn't you save and invest the money you once used to pay the mortgage?
Use a portion of the interest erned to pay the yearly taxes?

Paid off house. And commitment to property tax taken care of?



Never mind. It could never work.

 

[Hawaiian]

Same here in OR. When we paid off the house, we just got a letter, not an actual Deed.
However, we filed for a 'Transfer on Death Deed' naming our son. This allows him to avoid probate when we pass. And the County did send us an actual Deed stating this.