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BertogliatBertogliat
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@HockeyBum wrote:

@HockeyBum wrote:

Our PMI should be dropping off in the next month or two, as we’re getting really close to that 20% mark.

We hit the magic number on our balance with the last mortgage payment, and received a confirmation letter from the bank today saying the PMI will be removed on our next payment. That will cut our mortgage payment by about a hundred dollars a month (at least for a year or two, until rising property taxes cancel out those savings).

Speaking of which… my property taxes have gone up by 90% since 2003. I very much doubt my home’s value has increased that much in the same time period. I understand a few school levys have passed since then, but the amount we’re paying in property taxes on our house is insane.

Property taxes aren’t dictated by the value of your home, they are dictated by how much money your local government needs to spend. That pool is then divvied out amongst the property owners based on property value.

So if your government doubles spending next year your property tax may double despite a similar property value. And if your particular property increases in value relative to your neighbors (say you build and addition that increases the footprint) you’ll pay a larger portion of the pie.

A lot of government spending is not noticed by most. Need a new fire truck? Did your city buy a bunch of property to reroute sewer lines? Legal settlement? New roads?