How will you pay for property taxes?
Similar plans, but the problem I have is that property taxes are onerous anywhere near a population center.
The food you grow can likely sustain you depending on where you are in the country, you can dig a well for water, and you can buy solar panels for power. But the taxes never go away.
I think you can apply for an ag exemption depending on location
Where I am, the ag exemption barely blunts the taxes. You can claim the exemption on the land on which your house does not sit, but the house itself and the 1 acre around it is not exempt. Anywhere near a major population center, a house + 1 acre can be thousands, if not tens of thousands, per year in property taxes.
Ag exemptions vary, but it usually ends up that you still owe a significant amount. Usually it's something like you get a break on the tax on the land/barn/etc,but still owe all or most of the amount on the house.
Our property tax is right at $250/yr. It’s the home insurance that terrifies me, went from $1300/yr to $2300 last year, and I’m waiting get the new increase in August.
That doesn't seem to add up. Even .5% on a $150k house should be 3x that tax. $2300 in insurance on a $150k house is outrageous.
You seem to be familiar with the situation. What are the property tax laws and insurance risk where the commenter lives?
I'd like for them to explain it. The data I have shows .5% tax is one of the lowest values, with $2300 insurance being the national average for a $300k dwelling. Based on this data, the numbers don't add up. Maybe they can explain so we can learn.
Rural Louisiana and a Homestead Exemption on a house that I bought for $85k.
Yep the escrow for taxes and insurance is the biggest part of my mortgate payment by far.
> you can dig a well for water
You can pay someone upwards of $10,000 to drill a well for you. FTFY!