Double the Property Tax?

[Terrel L. Shields]

If you bought a house in CA in 1976, homes there have appreciated twice as much as homes in Arkansas and Oklahoma.

I don't view housing as the best investment. I doubled my money once on Casey General Stores and a year later bought it back and sold it again soon for about 20% profit. And what did that house in CA cost in insurance. My home insurance covers my house, garage, 3 barns, 80 acres gen. liability and all for $890 a year. My auto (3) cost me $1,040 and my personal and home property taxes are about $1010.

My home is not "investment" property. That's something else.

 

[Fernando]

I don't view housing as the best investment. I doubled my money once on Casey General Stores and a year later bought it back and sold it again soon for about 20% profit. And what did that house in CA cost in insurance. My home insurance covers my house, garage, 3 barns, 80 acres gen. liability and all for $890 a year. My auto (3) cost me $1,040 and my personal and home property taxes are about $1010.

My home is not "investment" property. That's something else.

You're right. A home should not be considered as "investment" since you can't get rent and deductions from insurance and depreciation but it's nice when it appreciates.
And CA appreciates much faster than other states in the long run.

 

[Fernando]

I have three less and counting, but, my checking account is huge.

Since you don't have children, it would make sense that you sell and enjoy the profits while you and your wife are alive.
For me, to give the most to my children, I have to keep the properties until my wife and I pass away.
This way with the step up basis, my heirs can sell and don't have to pay any capital gain taxes to the government.

 

[Terrel L. Shields]

it's nice when it appreciates.

only if it sells. For farmers and people who have owned the land for generations (my place was in one family member or another since 1854) the best value would be $1. If I sell, guess what my capital gains will be? While many of the transactions were between family members the most expensive land on the place was $1,100 an acre when we bought 20 acres off my uncle. But the property I inherited my cost basis is less than $500 an acre, dad paid $110 an acre and part of the place grandad bought for my father for $10 an acre in 1941 before dad was 21. Many of the legacy farms here were purchased in the depression for less than $20 an acre. There are two more generations following me so far, and they can stay as long as they want. Eventually, they will be forced to sell as our county is hellbent upon paving every acre and renaming the county WalmartParkingLot.

 

[Joe Flacco]

Just hold it until the datacenters come to Arkansas and sell it for $5 million per acre.