So we got our quarterly property tax bill, and the assessed value of our home dropped yet again. I thought it would decrease our property taxes, but instead they raised the rates of our property taxes so it turns out, it's a wash.
We used to pay $9.33/$1000 of assessed value. Now it's $9.70/$1000 assessed value. So basically if your house dropped more than $35k the taxes were lowered a bit, if not it's a wash.
Should I be worried about our house value dropping? Yes and no. We're not moving so everything right now is on paper. Until you realize the loss or gain, all home values are relative. This means that it's only on paper you are rich. If not it's lost opportunity cost. Whether you rent or own you still need a place to live.
So should we be worried? I think if we were going to sell maybe. But the longer you stay put, the better the odds of breaking even. Now the likelyhood of us losing money is NIL. I know we're in a unique scenario, but one of the job perks is not losing money in real estate
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