Quote:
Originally Posted by FurnaceFace
I haven't read all the pages on this, so perhaps it's been discussed already. However, I haven't benefited from this yet. I bought my house 10 years ago, in that time the assessment has nearly tripled. I still own the house and while on paper I have a great investment, it's only great if it's actually sold. Selling my house means I have to buy another which means I'm paying the inflated prices everyone else is.
The only time I will benefit is if I move to a cheaper location or use the value of the house for retirement purposes. The only benefit I've seen to date is as my assessment value has gone up the amount of taxes I pay has also gone up.
I have no problem contributing my share to infrastructure projects in the city just like I have no problem with a part of my taxes going to the school board even though I will not be having kids. It's part of belonging to the community. I only ask the city to be pragmatic in how they spend the money. If they aren't meeting my needs my recourse is to move away.
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You missed one huge benefit of tripling house value. You can obtain a 2nd mortgage on said home at miniscule rates, invest the money, and write off the mortgage interest as an invesment expense... So, to say that you derive no benefit from the theoretical value of your home without selling it is not correct - you are just too conservative to take advantage of it.
