(edit title) Paying off mortgage Is there a property tax involved thereafter? Options

[thanasisk]

Hi everyone.

Long time lurker in these forums, but first time poster. I was wondering if someone could shed some light as to what happens when a mortgage is paid off. Is there a property tax, and if so, how much is it?

I am trying to work out if it's beneficial for me to pay off my mortgage. Thanks so much!

[john.boy]

If your property is currently liable for property tax, then it will continue to be liable for property tax. Having a mortgage or not does not change the fact a property is taxed or not.

[nativeswedishengineer]

Hi everyone. Long time lurker in these forums, but first time poster. I was wondering if someone could shed some light as to what happens when a mortgage is paid off. Is there ... (show full quote)

Hi everyone.

Long time lurker in these forums, but first time poster. I was wondering if someone could shed some light as to what happens when a mortgage is paid off. Is there a property tax, and if so, how much is it?

I am trying to work out if it's beneficial for me to pay off my mortgage. Thanks so much! ... (hide full quote)

You het to deduct a certain percentage of the interest on the mortage from your taxable income but that is about it.

[Mrs Robinsson]

Congrats on paying off your mortgage!! This is very admirable.

Sweden is set up for the vast majority to NEVER pay of their mortgages, just pay interest only and a tiny slice of principle. Plus, taxes are so high that most will never even contemplate owning their homes.

I hope you enjoy being a real homeowner, instead of renting from the bank.

[thanasisk]

Thanks everyone - from what I gather from the responses, it wouldn't cost more that what we currently pay in taxes. @Mrs Robinsson, thanks, you should have seen the bank guys face when I told him that we would pay off the mortgage - he was definitely not expecting it