Is the house you live in an asset?

[Being]

I pay about 1.2 %.

[GGT]

I pay about 1.2 %.

In a state where a 2 bedroom bungalow goes for over $600,000, I can see why you guys balked at Arnold's attempt to raise property taxes....

[Hazir]

Hmm.. maybe this is my answer; real estate you live in is barely taxed in this country.

[Being]

In a state where a 2 bedroom bungalow goes for over $600,000, I can see why you guys balked at Arnold's attempt to raise property taxes....

My $600,000 bungalow has 3 bedrooms, 2.5 baths (not counting the pasture), family room, living room, laundry room as big as a bedroom, and a two story barn. But it's only worth about $475,000 now. But I've been here for 12 years and payed much less than that for it.

[GGT]

As far as taxes go, which house "value" are you paying on?

[Hazir]

Market value, re-assessed every year on the basis of actual sales of similar places in my neighbourhood.

[Being]

As far as taxes go, which house "value" are you paying on?

Me? I'm paying on the appraised value from when I refinanced in 2002. Less than today's appraised value by at least 100K.