The Clark Howard Podcast 12.09.24 The Property Tax Problem / The Decision to “Unretire”
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Dec 9, 2024 Rising property taxes are putting financial strain on homeowners across the country, with North Dakota's recent tax elimination failure highlighting the issue. The conversation also dives into the trend of 'unretiring,' encouraging a smoother transition to part-time work for many. Listeners are cautioned about the risks of buying rental cars, emphasizing the importance of checking maintenance history. Additionally, advice on gifting vehicles and managing negative equity offers practical tips for navigating personal finance.
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Property Tax Problem
- Rising home values have caused property taxes to increase significantly, creating financial strain.
- North Dakota voters rejected eliminating property taxes due to lack of a replacement funding plan.
Mortgage Assumption Advice
- Carefully review your loan documents to determine if your mortgage is assumable.
- Don't rely solely on lender information; consult a real estate attorney if needed.
Equity Payment
- Prioritize determining mortgage assumability before deciding how to pay your spouse's equity share.
- If assumable, use a home equity line of credit; if not, explore cash-out refinancing or selling.