A question by steve : Everybody who owns property in the US has to pay property taxes. Failure to pay these taxes will ultimately result in the loss of the property itself. Doesn’t this imply that any property “owner” is in fact nothing more than a renter of the property from the true owner….the U.S.?
Answers
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Yes, most people will say they are the property’s owners. But in actuality, there are a variety of reasons why the state could seize the property. everything, including eminent domain and unpaid property taxes.
You do own a home if you purchase one. That ownership does, however, come with restrictions. Property taxes are typically a requirement, and if they are not paid, an implied lien is placed on the property. Other requirements, such as Home Owners’ Association (HOA) covenants, might apply in some circumstances.
The majority of people have a mortgage on their home, which effectively makes the bank the legal owner. If you pay off your mortgage, you will receive a Deed of Re-conveyance and will be the legal owner of your home,
Vaor
“You can’t really own it, in a sense, because you’re always liable for property tax.
but to purchase real estate, you either contact the owner directly or use a real estate agent.”
Anonymous
“In the United States the United States government do not collect property taxes. The local county government collect property taxes, for the cities in the county to pay for the local school districts and other county government expenditures.”
Anonymous
“No, property tax goes to the location of the property, not the U.S. Government. It is used to pay for local teachers, police, firemen, elected officials, town property, public works dept etc. My mortgage is retired and my property tax is less than a rent in any nearby town. When I sell my.”
Anonymous
“Not really…property taxes go to finance the government true but usually that is set out by law. And when I sell my property I get the money, not the government…although I pay taxes on that too. Taxes are a way of life if you want to live in a decent country.”
Anonymous
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