Author Topic: Jumping Jehoshaphat - I own a house!  (Read 3673 times)

Offline denny

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Re: Jumping Jehoshaphat - I own a house!
« Reply #30 on: October 08, 2010, 11:07:32 AM »
Keep it as a guest house and I'll be right there.... :-*
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Offline bluesman

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Re: Jumping Jehoshaphat - I own a house!
« Reply #31 on: October 08, 2010, 11:40:23 AM »
Keep it as a guest house and I'll be right there.... :-*

Party at Drew's house.  ;D
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Re: Jumping Jehoshaphat - I own a house!
« Reply #32 on: October 08, 2010, 02:20:51 PM »
Looks like you need to paint a big gold G on the front gable end of the house.

Offline Pawtucket Patriot

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Re: Jumping Jehoshaphat - I own a house!
« Reply #33 on: October 08, 2010, 03:36:02 PM »
Congrats, Drew!  I became a first-time homeowner in August of this year. So far, it hasn't been too much of a headache. But I'm sure my perfectionist nature can change that:). Enjoy it, it's nice to have a slice of land you can call your own!
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Offline capozzoli

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Re: Jumping Jehoshaphat - I own a house!
« Reply #34 on: October 08, 2010, 04:14:33 PM »
Did you know that you can never actually "own" the land. You can own the house and you can own the deed but you can never actually own the land. Its a sort of strange thing no one ever tells you.

I think that is how they so easily apply eminent domain in forced evictions to make way for highways and shopping malls and stuff. . .
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Offline tschmidlin

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Re: Jumping Jehoshaphat - I own a house!
« Reply #35 on: October 08, 2010, 11:15:15 PM »
Did you know that you can never actually "own" the land. You can own the house and you can own the deed but you can never actually own the land. Its a sort of strange thing no one ever tells you.

I think that is how they so easily apply eminent domain in forced evictions to make way for highways and shopping malls and stuff. . .
I don't think that's how it works exactly, but I think I know what you mean.  You own it, but there are ways around that.  :-\

I "own" my land, but not the mineral rights, those belong to Weyerhauser.  If I ever discover gold in my backyard I've got to keep it on the DL or they'll just come and take it. :)
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Offline euge

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Re: Jumping Jehoshaphat - I own a house!
« Reply #36 on: October 08, 2010, 11:17:29 PM »
Did you know that you can never actually "own" the land. You can own the house and you can own the deed but you can never actually own the land. Its a sort of strange thing no one ever tells you.

I think that is how they so easily apply eminent domain in forced evictions to make way for highways and shopping malls and stuff. . .
I don't think that's how it works exactly, but I think I know what you mean.  You own it, but there are ways around that.  :-\

I "own" my land, but not the mineral rights, those belong to Weyerhauser.  If I ever discover gold in my backyard I've got to keep it on the DL or they'll just come and take it. :)

I own my land but not the sky above. ::) Ever heard of a Homestead?
The first principle is that you must not fool yourself, and you are the easiest person to fool. -Richard P. Feynman

Offline tschmidlin

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Re: Jumping Jehoshaphat - I own a house!
« Reply #37 on: October 08, 2010, 11:23:54 PM »
I own my land but not the sky above. ::) Ever heard of a Homestead?
In a vague sort of "how the west was settled" historical Homestead Act sense, and other less precise colloquial usage.  I don't really know the legalities around it though . . .
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Offline euge

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Re: Jumping Jehoshaphat - I own a house!
« Reply #38 on: October 08, 2010, 11:50:23 PM »
I own my land but not the sky above. ::) Ever heard of a Homestead?
In a vague sort of "how the west was settled" historical Homestead Act sense, and other less precise colloquial usage.  I don't really know the legalities around it though . . .

I guess it has it's roots in that. In short- it protects the home owner from losing their property due to debt and even unpaid taxes in some circumstances. I get a discount on my property tax since my property is a "homestead" and is a distinct advantage to living where I do.

Not sure about California though. I think they've foregone property taxes in favor of income taxes.  ???
The first principle is that you must not fool yourself, and you are the easiest person to fool. -Richard P. Feynman

Offline tschmidlin

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Re: Jumping Jehoshaphat - I own a house!
« Reply #39 on: October 09, 2010, 12:36:41 AM »
I guess it has it's roots in that. In short- it protects the home owner from losing their property due to debt and even unpaid taxes in some circumstances. I get a discount on my property tax since my property is a "homestead" and is a distinct advantage to living where I do.

Not sure about California though. I think they've foregone property taxes in favor of income taxes.  ???
The homestead thing sounds cool, does that mean you have 160 acres?   :)

I don't know anything about California, but in Washington we've got our property taxes, boy howdy.  But no income tax.  So I've got that going for me, with my grad student salary.   :-\  ;D
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Re: Jumping Jehoshaphat - I own a house!
« Reply #40 on: October 09, 2010, 12:53:17 AM »
Haha no I'm on my 0.19 of an acre. I'd hate to pay the taxes on a house valued at what Drew's property is appraised! :o  But he has a lovely looking/sounding house. And to live on the West Coast in LA? Awesome!

Ten years ago I would never thought I would own a home. So blessed now. Drew's gotta be excited (and nervous) with this major step. They say the first three houses are the hardest...
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Offline capozzoli

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Re: Jumping Jehoshaphat - I own a house!
« Reply #41 on: October 09, 2010, 05:33:36 AM »
When we went to closing the banker explained it to us. He called it a "dirty little secret" That even when you have the mortgage of your home paid off and have the deed in your hand you still don't  "truly" own the land.

For that you would have to hold alloildal title. (forgive me for misspelling that word) In order to have alloidal title the land would have to be removed from the tax records. Not sure if that is possible.

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Offline Pawtucket Patriot

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Re: Jumping Jehoshaphat - I own a house!
« Reply #42 on: October 09, 2010, 05:36:47 AM »
Did you know that you can never actually "own" the land. You can own the house and you can own the deed but you can never actually own the land. Its a sort of strange thing no one ever tells you.

I think that is how they so easily apply eminent domain in forced evictions to make way for highways and shopping malls and stuff. . .

Maybe you're referring to the ability of government to exercise its taking power?  In that sense, while you own the land, it can be taken for "just compensation" by the government.

edit:  Right, I just saw you post directly above.  The reason the U.S. doesn't recognize alloidal title -- opting instead for feudal title -- is so the government can exercise its taking power, aka eminent domain.
« Last Edit: October 09, 2010, 05:39:57 AM by Pawtucket Patriot »
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Offline capozzoli

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Re: Jumping Jehoshaphat - I own a house!
« Reply #43 on: October 09, 2010, 06:19:51 AM »
So feudal title means that the government truly holds the ownership? And we are all basically renters?

Its so confusing. Would it be safe to say- that if someone can come and legally take it away without your consent you dont truly own it?

I guess we cant talk about a one time tax on prperty or a tax on appreciation vs an on going tax (rent) cause of breaking the no politics rule. 
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Offline beerocd

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Re: Jumping Jehoshaphat - I own a house!
« Reply #44 on: October 09, 2010, 06:54:27 AM »
I guess we cant talk about a one time tax on prperty or a tax on appreciation vs an on going tax (rent) cause of breaking the no politics rule. 

If you can talk about it without taking a side I don't think it matters. For example Obama is half Nigerian is not political even though he is a political figure. It's just fact.

I think California bases your property tax on purchase price. I met an old woman who could sell her house for millions, she was working a kiosk at an outdoor mall. I asked how she can afford to live there, and she said she bought like forty years ago the house was paid off and the taxes were dirt cheap because it's based on her purchase price. The next guy to buy the house for millions will have a much higher tax bill.
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