BYMPOTW: You Don't Own Your Home or Real Property, Even If It's Paid Off

[ak15]

Quote from ByLoSellHi:


I have less problem with private contracts between free and willing parties, however, no matter how bad the terms of the relationship or agreement, than I do with involuntary governmental (by definition, inefficient, onerous and dis-incentivizing) tariffs, taxes and perpetual extraction of wealth, especially in the context of an allege right of outright ownership, in an alleged free market - give me the right to opt out of fire, police, public school etc. services (especially the public school tax, since it's much of the total cost, and public schools suck in most areas, and I may not even have children to "benefit" from that governmental "benefit"), at least, before slapping ridiculous taxes on my property that MUST be paid continuously.

All of us have been religiously paying our property taxes over the years including those of us that have completely repaid our mortgages and don't owe a single penny to the lender. We have been doing this for ages. Property taxes are the oldest form of taxes known dating back to approximately 6000 BC.

 

[omegapoint]

Quote from ak15:

Without amortization:
How would you pay off a debt in regular installments over a period of time, calculate periodic amounts breaking down principal and loan payments, thereby enabling the loan to be paid off at the end of its term? How woud you allocate a loan to different time periods? How would you write-off intangible assets over their estimated useful life? I'm just scratching the surface here.
The Bank doesn't own the house. You own the house. However, the Bank has a lien on your property to secure its loan. You owe money to the Bank. Why should the Bank pay a portion of the property taxes for you? It didn't pro-actively go out seeking property. You did. The Bank doesn't live in the house, you do. All the Bank did was enable you to buy property with its money through a mortgage and it is your responsibility to fulfill your obligaton by fully repaying the loan extended by the Bank.

Those melting clocks you painted; did you find those in nature or did they come out of your imagination.

 

[ak15]

Quote from omegapoint:

Those melting clocks you painted; did you find those in nature or did they come out of your imagination.

I didn't paint any "melting clocks." I depicted reality as it exists today.