Property Taxes will be Your Next Mortgage

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You’ve worked very hard and scrimped and saved to pay your mortgage. Eventually, say, 25 years from when you first bought your house, it will be paid off. But wait a minute, a new mortgage payment just arrived for $2,000 a month on your $500,000 valued home. What is this about?

I’ve ranted and raved about this in my podcast. Municipal governments are your next mortgage holder, asking you for more money as time passes. Each year, the tax increase is COMPOUNDED. Like an investment, a 9% tax increase over time results in tens of thousands of dollars taken out of your pocket.

I’ve written and spoken about this many times, but it must be repeated as it is a great risk to your investments and quality of life.

To add insult to injury, 40% to 50% of your tax dollars are wasted.

This happens in the community where my family home and our Wildflower Bee Farm exist. The tax bill is approaching 2% of the appraised value of properties. That is like a 100% mortgage on the value of your home at 2%. You can never pay it off, and it continues to grow.

This municipality has wasted millions of dollars pretending it can be “investors” in real estate. It purchased an old theatre, resulting in tens of millions of overruns. It also bought an abandoned railroad, thinking it could be made operational, losing taxpayers millions of dollars.

They are spending over 100 million dollars to convert a dilapidated shopping mall into an office building. Just this week, we learned that they are also purchasing abandoned schools for significantly more than they are worth so that they can apply for housing grants when they become available. But don’t worry, the incompetent Administration indicated that the property could be sold for a profit should none of the plans for affordable housing be made possible. It’s not true; the person making the statement has no clue.

So, what can we do?

Report any sign of municipal fraud or theft to your Provincial or State police. It’s your money, and if you have evidence that someone is stealing it, they must be prosecuted.

Choose to invest or live in areas where Municipal governments are not bloated and people have a say. In one area where we have investments and a home, the tax rate is .69% of appraised value, not the 2% in Chatham Kent.

Trying to get involved in local government is not helpful. The machines running most Municipalities are not the people you elect. They are incompetent Administrators who could never work in the private sector. They have never signed the front of a check for an investment or risked hiring employees to start a business. They are a waste heap of professionals who can only move from one government job or post to another. In the end, it’s our fault. We blindly believed that our elected officials would watch over our communities. We now know that was also a lie. There is nothing we can do. As the honeybees teach us, it’s time to move when significant threats exist that we can’t contain. Simple.

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