"What if you cant/dont pay your property taxes??? I believe after 5 yrs in Calif. the state comes in and takes your place..So it got me thinking-for those who have paid off their house/land (am talking in the US) do you really own your place???"
If you can't or don't pay your property taxes the state will put a lien on your property. They won't evict you or "take it" I don't believe but the lien will be on the title making it pretty impossible to sell. At least I think that's what they do in Sonoma County.
And the answer is a resounding YES of course you own your property. I owe money on my house but I take complete ownership, not for a second do I even think the bank owns it. As I mentioned I have a ton of equity in it. Plus, because of where I live my property taxes are less than $5,000/year.
Ras, I'm still not understanding what you mean by folks who do not "plan" becoming a burden on the system. I don't see how that is true, the US makes no provisions for senior citizens other than social security and medicare, both of which the individual pays into their entire working life. AND...you NEVER get back what you put in.
You do realize that those that planned, many had their retirement funds wiped out with the financial crisis and stock market crashes of 2001 and 2008? If I were one of them I'd be in the "f*ck planning" club. You do realize how many lost their jobs, were unemployed for 2 or more years and now simply do not have the money to "put away" because they need every penny just to survive? You do know how many people lost their homes because of the criminal activity of the mortgage lenders? Not everyone is fortunate to be gainfully employed with a pension waiting for them - fortunate to have worked hard and bought a piece of real estate that by sheer luck turned out to be the best investment they'd ever make - fortunate enough to have had an inheritance that was able to offer them a step up, a savings account a home, whatever. The economic health of the US is still pretty darn bad, unemployment is still really high and the gap between the "haves" and the "have nots" is widening to Jamaican proportions! Sadly, the folks who had and lost and at a time in their lives where recouping is impossible - besides some meager check from the government and meager healthcare - they could very well be living in a van down by the river with no other means of societal support.
