In a TOTAL banking meltdown..............

[k0xxx]

At the moment, the only "debt" other than utilities, is our property taxes ($60 +/- per year, you gotta love Arkansas!).

I bet you have more land than we have too. I don't even want to tell you how much we pay in property tax, but it is in the thousands per year.

We have 15 acres, a 1300 sf home, and a couple of out buildings. The actual assessed tax is about $360, but we have a $300 exemption for it being our primary residence. Arkansas taxes you on almost any improvement, including out buildings, and even tax you on standing timber or if you have a paved driveway. I have a 24x60 ft cement slab that is not used, and they even tax it. The taxes are pretty darn low though. Of course, don't expect much in the way of services (and that's pretty much the way we like it out here in the sticks).

 

[DrakeMaiden]

Ah . . . does Arkansas also have a homesteading type law where they cannot tax you if it is your main residence? Washington State has some sort of homesteading act, but it is hard to qualify for it, if I remember. Our assessed value has been going down the last few years, but the taxes themselves just keep going up!

 

[rebecca100]

Yes we have a homestead tax break. Our taxes for 10 acres and a mobile home were only 40 something dollars when we lived there. Now that I have my dad's lot with a mobile home we don't qualify anymore and our taxes are over $200 on just the 10 ac. since the mobile is now destroyed. And that doesn't include the lot where we are now living. It won't count until next year. Fortunately we have everything paid off other than $6,000 on the 10 acres. We own our 3 vehicles, a backhoe, a camper, and a few other things that I think might come in handy in an emergency. We don't have much money but we don't have much debt either. The other day I was talking to a friend and realized that with a family of 5 that we would qualify for food stamps, and she was quite shocked when I refused to apply. Like I told her, we don't need them. Take care of yourself now and be able to take care of yourself later applies in more ways than one.

 

[THEFAN]

Yes we have a homestead tax break. Our taxes for 10 acres and a mobile home were only 40 something dollars when we lived there. Now that I have my dad's lot with a mobile home we don't qualify anymore and our taxes are over $200 on just the 10 ac. since the mobile is now destroyed. And that doesn't include the lot where we are now living. It won't count until next year. Fortunately we have everything paid off other than $6,000 on the 10 acres. We own our 3 vehicles, a backhoe, a camper, and a few other things that I think might come in handy in an emergency. We don't have much money but we don't have much debt either. The other day I was talking to a friend and realized that with a family of 5 that we would qualify for food stamps, and she was quite shocked when I refused to apply. Like I told her, we don't need them. Take care of yourself now and be able to take care of yourself later applies in more ways than one.

I love your last statement. That is so true. So many people say the same thing to us and I can I just can't and won't. Good for you. Great to know there are others thinkng the same way

 

[SKR8PN]

Back about...........15 or 16 years ago, I got divorced and was forced to refinance the mortgage to remove the "X"s name. At that time the new payment was 504.40 per month on a 30 year mortgage.
The very first payment, and the majority of them after that, I paid $600.00 per month, instructing the bank tellers to deduct the extra amount from the principle only. (It is very important to tell them that!) If business had been extra good, I would bump my payment up to $1000.00 per month, if not, the minimum I tried to pay every month was the $600.00 amount. I paid that mortgage off in just over 11 years and the HELOC got paid off last spring!
Both cars, well 3 when the convertible is completed, are paid for.
The only bills we have now are ONE credit card, the utilities, insurance and property taxes.

 

[k0xxx]

Bernanke delivers blunt warning on U.S. debt

"With uncharacteristic bluntness, Federal Reserve Chairman Ben S. Bernanke warned Congress on Wednesday that the United States could soon face a debt crisis like the one in Greece, and declared that the central bank will not help legislators by printing money to pay for the ballooning federal debt."

And the good news just keeps on coming. I'm glad that we will be plowing the garden area this week. I think that we are going to need that garden more than ever.

 

[ohiofarmgirl]

i'm going outside to make some of those hens set nests. now.
;-)

 

[Wifezilla]

I already told hubby to say goodbye to the lawn

 

[SKR8PN]

I already told hubby to say goodbye to the lawn

The Wife and I were just discussing how much bigger to make the garden this spring.
That is, IF spring ever GETS here.

 

[kcsunshine]

My husband plows up a little more every year. Might just have to take an extra big chunk this year. A lawn is highly overated!