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Allodial title (en.wikipedia.org).
From the WIKI---The state treasurer then determines the amount which is required to be paid by the property owner to establish allodial title. This is done by using "a tax rate of $5 for each $100 of assessed valuation on the date of the application". The treasurer must calculate, separately, the amount that must be paid in a lump sum, and for the payment in instalments over a period of not more than 10 years. These "amounts must be calculated to the best ability of the state treasurer so that the money paid plus the interest or other income earned on that money will be adequate to pay all future tax liability of the property for a period equal to the life expectancy of the youngest titleholder of the property".[
I have researched (barely read) articles about allodial title before. IF (big IF) my house is worth $200,000 X .05 dollars that = $10,000. This a pretty good deal. I pay right now $1,000 a year property tax. SO in 10 years I could be free of all that/just pay $10K out of pocket right now. I wonder how much $ for Lawyers fees and such to make this happen? Also have no clue about the State I'm in, wiki didn't talk about my State. Thanks for info, I'll be searching more now.
EDIT----MY MATH IS WRONG---how much $ would it take at 5 per 100 dollars for a $200,000 house?
wiki didn't talk about my State.
I spent some time in a blue state, and the property tax was through the roof. The kicker was that, when the state was still owned by a Euro king as a colony, the king's annual property tax on the holder of the colony was non-monetary. So a king demanded zero dollars for a yuge swath of land, but my "representative" government demanded that I pay thousands annually for a tiny speck of it.
If they do allodial title out there, my relatives holding down the fort there would jump on it right quick. Though I doubt that they do as the local government out there makes beaucoup bucks off of property tax.
From the Wiki:
>Most property ownership in common law jurisdictions is fee simple. In the United States, the land is subject to eminent domain by federal, state and local government, and subject to the imposition of taxes by state and/or local governments, and there is thus no true allodial land. Some states within the U.S. (notably, Nevada and Texas) have provisions for considering land allodial under state law, and the term may be used in other circumstances.
I didn't know about this law term. thanks for sharing.
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