You take your car in for service and see your doctor for a physical -- Is it time for an equity check on your home? The headlines are filled with news about how a majority of homeowners in some areas owe more on their mortgage than their property is worth. What the headlines do not trumpet, however, is that 35 percent of all U.S. homeowners own their property free and clear.While you may not be considering selling your home, it is still extremely important that you know how much equity you have (or don't have) in your home. For most people, the home is the most valuable asset that they own. The current market has depleted that value almost everywhere in the country. Here are three reasons for tracking this very important number. 1. Falling values can mean a reduction in your property taxes Depending on how your state or local taxing district sets property tax values, you may qualify for a property tax reduction if property values in your area have declined. There are a numb...
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