Comment on ‘My Property Tax Went From $15K to a Life-Altering $91K a Year’
bizarroland@lemmy.world 1 day agoI don’t know. I mean, there’s a good chance that the original purchase price of the house is almost paid off, but having a sudden $76,000 increase in your bills is going to be tough on anybody. Unless they have made some very bad financial decisions outside of this, that probably is more than double their monthly mortgage.
And as somebody who has an inordinate amount of equity in a house they purchased far too recently for the amount of equity that I have, it is not exactly easy to pull money out of a house as a homeowner, And even if they do take loans to pay the tax burden, that doesn’t mean that the money has been handled. It just has taken today’s problem and pushed it off for tomorrow.
I’m not attempting to justify them. I’m just examining their side with the slightest benefit of the doubt.
SchmidtGenetics@lemmy.world 1 day ago
They just did an expensive Reno…. None of your comment makes any logic given that they just did an expensive Reno, they could afford to throw money around.
DontTreadOnBigfoot@lemmy.world 1 day ago
Maybe, maybe not.
Renovation loans exist, and are often secured against the property (backed by the increased value).
So there’s a real possibility that they only increased their debt without having the liquid capital
darkdemize@sh.itjust.works 1 day ago
Sucks to suck if that’s the case. If they truly couldn’t afford this, they should have been more diligent about researching the potential ramifications of making these renovations. That goes even more so for someone with experience in the field of real property.