How much do you pay in property taxes per year?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.

How much do you pay in property taxes per year?

Poll ended at Thu Mar 18, 2010 7:28 am

Less than $2,000
50
21%
Less than $2,000
50
21%
$4,000 - $6,000
52
22%
$6,000 - $8,000
30
13%
$8,000 - $10,000
16
7%
$8,000 - $10,000
16
7%
$10,000 +
23
10%
 
Total votes: 237

Topic Author
TRC
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How much do you pay in property taxes per year?

Post by TRC »

We're thinking of relocating to a town with a better school system for our two children. The towns we're targeting means our property taxes will nearly double. We currently pay about $5,500 per year in property taxes for a 4BR 2.5BA 2,500 SQ Ft Colonial on 3/4 of an acre. Many of the houses we're looking at show annual property taxes between $8,000 and $10,000 for a similar sized house. We could stay put and send our children to private school, but tuition is about $5,000 per year (x 2 kids), so paying more property taxes is the cheaper route. These property taxes are on top of the 5.3% MA state income tax we pay each year. I'm curious to see how this compares to other people out there and if the property taxes I'm seeing are high, average, or low (doubt it's the last one!).
Ron
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Re: How much do you pay in property taxes per year?

Post by Ron »

TRC wrote:We currently pay about $5,500 per year in property taxes for a 4BR 2.5BA 2,500 SQ Ft Colonial on 3/4 of an acre.
Same home size with a bit over an acre of land in Eastern PA = $4,800 in total annual property taxes.

- Ron
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mikestorm
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Post by mikestorm »

Montgomery County PA 2450 SQ. Ft. Colonial: $4900.

I live right on the edge of my township. If I could uproot/move my house 50 yards north, property taxes would drop to $2500 :cry:
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Hexdump
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Taxes last year were

Post by Hexdump »

County = $380.00
School District = $1,705.00
MUD = $1,523.00 (MUD is Municipal Utility District, water & sewer)
I qualify for a homestead exemption so the county tax is less.

No state income tax
Sales tax is 8.25

Assessed valuation = $225,000
Houston TX, suburb
3,000 sq ft, 4br, 2.5 bath, 2 story, 1/4 acre, built in 1993, terrific school district.
Sconie
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Post by Sconie »

Wisconsin primary homestead=2,000 sq. ft. colonial. Valuation is $186,500. Annual property taxes=$4,400.
rokid
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Post by rokid »

We pay $5K a year in property taxes on a similar sized colonial located on a 1/2 acre lot in Northern Virginia. ----Jim
sambuca08
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Post by sambuca08 »

MUD 4,340
ISD 4,330
County 1,700

So just over 10,000 total (which is deductible). 315k house @ 3500 sf, relativly lower cost on the house and no state taxes now going toward property taxes. I thought it would be silly to pay school taxes and pay for public school closer in to the city, and we liked the exemplary rated public schools (although they came at a higher tax rate)...
MnD
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Post by MnD »

~$1900 for an older $300K value home on 1/2 acre in suburban Denver Colorado. State income taxes are a flat 4.75% of federal taxable income.
Sales tax is around 8% and lower (3.75%) on food.
Daughter is in a top-rated public high school and IB program. Suburban public schools overall are variable - you have to shop around.
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soaring
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Post by soaring »

Private school expenses are only as long as they are in private school. Property taxes are forever.
Desiderata
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Dynastar
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Location: Montana

Post by Dynastar »

A bit under $2000 for a 3000sq ft craftsman on a small-ish city lot. No sales tax, and very little state income tax thanks to being employed by a Uniformed Service. No, we don't pay our fair share.
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Sammy_M
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Post by Sammy_M »

If the quality of the public schools in the nicer area is equivalent to the quality of private schools in other areas, I'd probably go with the higher taxes/public school option.

In terms of home value appreciation, it is likely that the home in the better area is going to appreciate more than one in a lower quality school district.

The best option would be to move to a town with great public schools (and higher taxes) when you have younger kids and then downsize once the kids are out of the house.
KyleAAA
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Post by KyleAAA »

Wow, I only pay something like $850.
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Sammy_M
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Re: How much do you pay in property taxes per year?

Post by Sammy_M »

TRC wrote:These property taxes are on top of the 5.3% MA state income tax we pay each year. I'm curious to see how this compares to other people out there and if the property taxes I'm seeing are high, average, or low (doubt it's the last one!).
This is dated but might be useful for comparing nonetheless.
Boston.com list and 2007 mass.gov listing
jonmmonson
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Post by jonmmonson »

Move to WA state!

We pay about 4500 per year for a 5300 SF home on 11 acres. We also have no state income tax.
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3CT_Paddler
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Re: Taxes last year were

Post by 3CT_Paddler »

Hexdump wrote:County = $380.00
School District = $1,705.00
MUD = $1,523.00 (MUD is Municipal Utility District, water & sewer)
I qualify for a homestead exemption so the county tax is less.

No state income tax
Sales tax is 8.25

Assessed valuation = $225,000
Houston TX, suburb
3,000 sq ft, 4br, 2.5 bath, 2 story, 1/4 acre, built in 1993, terrific school district.
Texas doesn't have a state income tax?!

Assessed valuation = $197,000 (I wish :? )
Property tax total = $2,000

I can't imagine having to pay $10k+ annually in property taxes... kind of ridiculous if you ask me.
Gus
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Post by Gus »

This year's property taxes will be around $7,300. Our house in a suburb of Boston is assessed at around $510,000. We moved here for the schools. We plan to sell the house and move somewhere cheaper when the kids finish school, but I'm guessing that my wife won't want to leave her friends behind.
Topic Author
TRC
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Post by TRC »

Sammy_M wrote:If the quality of the public schools in the nicer area is equivalent to the quality of private schools in other areas, I'd probably go with the higher taxes/public school option.

In terms of home value appreciation, it is likely that the home in the better area is going to appreciate more than one in a lower quality school district.

The best option would be to move to a town with great public schools (and higher taxes) when you have younger kids and then downsize once the kids are out of the house.
My thinking as well.
neverknow
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Post by neverknow »

..
Last edited by neverknow on Mon Jan 17, 2011 9:55 am, edited 1 time in total.
64415
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Post by 64415 »

10.5 K property taxes . Assessed value around 600 K

state income tax high 8%

sales tax 7%

capital gains tax 10%

We home schooled for this year. Previously went to a private school. Our public schools have outstanding teachers and great results(in particular at the high school level, some mediocre teachers in the elementary schools, mediocrity isn't tolerated in the high schools here). Main problem in our area is the recent influx of parentless gangsters from Chicago. Some of the elementary schools have 1/3 of the class from such "families". A friend at church substitute teaches in one of the public elementary schools. She had to have police take a 8 year old out of class after he threatened to "F*** you up". Not an isolated instance.

Needless to say we are leaving the state very soon. I am well trained and in demand and will not pay such onerous taxes for so little in return.
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Tyrobi
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Post by Tyrobi »

$1100 property tax for an assessed valuation at around $182,000. Property tax is cheap here in Louisiana, but my wife and I are not too happy with the public school system. We are contemplating on moving once my 1-year-old daughter enrolls in school.
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Sheepdog
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Post by Sheepdog »

$912 per year. for a 2000 sq. ft. 4 bedroom, 2 bath, with patio and other amenities on a half acre wooded lot in a top rated school district.
Yes, I knew our taxes were low compared to other areas, but had no idea how low until I read those here. And, the residents here complain!!!???
Jim
Last edited by Sheepdog on Mon Mar 15, 2010 11:02 am, edited 1 time in total.
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Goldfinger
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Post by Goldfinger »

Assessed value: $393,000
Home: 4,483 sq feet (5/4.5/3)
Lot: 11,300 sq feet
No state income tax (Texas)
Pre-Homestead: Annual taxes $8,200
Post-Homestead: Annual taxes $6,600

Excellent school district for my 4 children (I teach high school in this district, so I should know!)

Sammy_M's 3rd statement is spot on.

--Goldfinger
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JDaniels
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Post by JDaniels »

$5,500
4br, 3.5 bath
2,800 sq ft
100' x 100' lot. Preserve on 2 sides
1 mile from the beach :)
Ponte Vedra Beach, FL
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wisdom
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Property Taxes

Post by wisdom »

2400 sq. ft.
4BD,3BTH
1/2 mile from beach in Central NJ
$7,000 on $620K assesed value.
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Snoopy
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Post by Snoopy »

Boy, reading this post sure makes me feel better!

Louisiana
2,700+ sq. ft.
10 yr. old house
16 acres of land
3 BR, 2 BA
most amenities
$960 per year

:D
Ron
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Post by Ron »

For the OP. If you didn't know, you can get realty taxes on any property listed on:

www.zillo.com

By selecting any home on the map, it will show you realty taxes paid (as reported, through the local tax agency).

Here's a small place with RE taxes of $62,832 (2009), to make you feel better...

http://www.zillow.com/homedetails/901-F ... 2541_zpid/

- Ron
Tom_T
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Post by Tom_T »

New Jersey: $6800 on a four-bedroom house. And that's cheap -- I know people in higher-income towns who pay $15,000 or more. But New Jersey is fairly well-known for its high property taxes.

Here's a good Forbes article from last year about property taxes.

http://www.forbes.com/2009/01/23/taxes- ... state.html
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Random Musings
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Post by Random Musings »

OP,

I would compare to people in MA first. Perhaps some data can be obtained for that state. Location always has some bearing.

With regard to taxes (ex-federal), states have various ways to extract their money - I always look at the overall tax rate.

Property Taxes
School Taxes
Personal Property Taxes (for cars, boats, some states have this)
and so on (sales tax, gasoline tax)......

States have many ways to get your money. And then they'll spend a little bit more to boot.

RM
jhh9327
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Post by jhh9327 »

Western New York
3,250 sq. ft.
10 yr. old house
5 acres of land
Assessed at $383,500
Just under $13K in property/school tax in 2009

Bonus - Just received a letter on Saturday that my assessment is going up 10% for 2010 to $421,900. Not happy at all.
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Sheepdog
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Post by Sheepdog »

This link shows a 2009 listing ranking the states total tax burden. It lists for each state the per capita income, state and local taxes per capita and the total tax rate. New Jersey (surprise, surprise) with a per capita income of $56,116 with total state & local taxes per capita of $6,619, or a 11.8% rate has the highest burden..

http://money.cnn.com/2009/04/10/pf/taxe ... /index.htm

My state, Indiana, is ranked 28th. I would have thought it would have been more like 40 or so.
Jim
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chaz
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Post by chaz »

Ron wrote:For the OP. If you didn't know, you can get realty taxes on any property listed on:

www.zillo.com

By selecting any home on the map, it will show you realty taxes paid (as reported, through the local tax agency).

Here's a small place with RE taxes of $62,832 (2009), to make you feel better...

http://www.zillow.com/homedetails/901-F ... 2541_zpid/

- Ron


Great links.
Chaz | | “Money is better than poverty, if only for financial reasons." Woody Allen | | http://www.bogleheads.org/wiki/index.php/Main_Page
ThatGuy
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Post by ThatGuy »

Don't own, but looked up a friend's old house.

$41,905
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DaleMaley
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Post by DaleMaley »

I live in Central Illinois, where property tax is basically 3% of assessed value.

My 10 year old 2800 sq ft house is assessed at $330K and my property tax is $10,000.

Illinois state income tax is 3%........but so far they haven't figured out to tax pensions yet. No state income tax on pensions.
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stratton
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Post by stratton »

This really isn't a great poll.

Government needs a certain amount of money to run. All property tax shows is one area where they get some money. The rest comes from other taxes such as sin, sales, income etc.

Paul
gml1998
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Post by gml1998 »

I own a 1488 sq.ft. ranch with a full basement .Lot size is 85 ft. x 135 ft.Home was built in 1973.
I think the property taxes in my area are outrageous
ychuck46
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Property Taxes Part of the Last Straw

Post by ychuck46 »

Upstate NY: 2500 sq ft, 4 bds, 2-1/2 baths - $7000

In two years my wife and I will sell our house and furnishings, move a few possessions into storage, and take off in a truck and trailer with our two motorcycles. Currently it is costing me (and I have no mortgage!) about $15-20K per year just to sit in our house. That includes taxes, utilities, maintenance, and so forth. I can rent homes for $1K+ per month, see the country, and not have to worry about things like property taxes. We will have access from the road and homes/hotels to the Internet so I can do some day trading and so forth. All taxing authorities, whether Federal, state or local, will have a rude awakening when they begin to see what people are going to do to escape ever higher taxes.

In two years we will have decided where we want to place our roots, and we'll buy a condo. But we will have two years of adventures many can only dream about.
kiligi
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Post by kiligi »

Townhouse in western suburbs of Chicago, 2200sq ft, excellent school district - 8500 property tax. But, then - I look at taxes as what needs to be paid to enjoy civilization, so I pay relatively happily. I like potable running water, firehouses, police protection, maintained roadways, etc.
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Tortoise
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Post by Tortoise »

1370 sq ft house with 4 small bedrooms, 2 baths on 5660 sq ft lot. 11 year California Prop 13 limited increase. Property tax: $5,775.

Brother bought 2040 sq ft house with 4 beds, 2.5 baths on 6572 sq ft lot with backyard on freeway sound wall in nearby location 4 years ago. Property tax: $10,560.

Good schools, and hey, the weather's nice.
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celia
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Post by celia »

Our property tax will soon be up to our square footage (~3,000) in SoCal. We also have negligible winter heating bills. However, we had to work to get prop 13 passed 32 years ago, which is about how long we've lived in the house. This has helped keep yearly increases to 2%.

But we have a horrid state income tax of ~ 10%.
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celia
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Post by celia »

soaring wrote:Property taxes are forever.
No, until you sell the house.
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stratton
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Post by stratton »

celia wrote:
soaring wrote:Property taxes are forever.
No, until you sell the house.
You're still paying property taxes if you rent. It's in there some place.

Paul
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soaring
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Post by soaring »

stratton wrote:
celia wrote:
soaring wrote:Property taxes are forever.
No, until you sell the house.
You're still paying property taxes if you rent. It's in there some place.

Paul
Yes but if you don't move to that expensive tax area then the taxes are less. Which was the point of paying for private school and staying where taxes are lower.
Desiderata
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Dale_G
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Post by Dale_G »

Wooster Ohio - good schools - college town - gastronomic wasteland. Property tax $6,000 for a 4,000 sq. ft home = $1.50. sq. ft. Plus a 5.45% state income tax + 1% city tax. I pulled up stakes and moved.

Central FL- decent schools - gastronomic wasteland. Property tax $3,100 for a 2,600 sq. ft home + pool = $1.20/ sq. ft. Zero income tax.

Is it any surprise that the north eastern states are generally losing enlightened population to the south?

Dale
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letsgobobby
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Post by letsgobobby »

a $$ amount without the market value of the home as a comparison is meaningless. I don't need to know your s.f., your bathrooms, your acreage. Just tell me your true market value and your property tax $$.

For me, $280k home = $2800 total prop taxes. 1%.
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OAG
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Post by OAG »

$344,000 = RE Taxes $7,704 (Including 2.5% reduction for Residential and about an additional 4% for Homestead). Central Ohio (Dublin). Paying for great schools but no kids since 1984 when last left the nest.
OAG=Old Army Guy. Retired CW4 USA (US Army) in 1979 21 years of service @ 38.
superthan34
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Post by superthan34 »

$137,000 Assessed Value=$900 Prop. taxes after all exemptions.
gouldnm
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Post by gouldnm »

My house in Maryland is about $280,000. My propery taxes are about $2800 a year.
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R-Man
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Post by R-Man »

4100 sq ft home in Atlanta area has $5500 in property tax including the homestead exemption.
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FinanceGeek
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Post by FinanceGeek »

As a prior poster noted, govt has to get its money somewhere. In places that rely heavily on property taxes, one problem is that it makes it very difficult to retire there. You can stop w***ing but you still gotta cough up that $10k / year tax just to keep living in your house.
dorokhin
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Re: How much do you pay in property taxes per year?

Post by dorokhin »

TRC wrote:We're thinking of relocating to a town with a better school system for our two children. The towns we're targeting means our property taxes will nearly double. We currently pay about $5,500 per year in property taxes for a 4BR 2.5BA 2,500 SQ Ft Colonial on 3/4 of an acre. Many of the houses we're looking at show annual property taxes between $8,000 and $10,000 for a similar sized house. We could stay put and send our children to private school, but tuition is about $5,000 per year (x 2 kids), so paying more property taxes is the cheaper route. These property taxes are on top of the 5.3% MA state income tax we pay each year. I'm curious to see how this compares to other people out there and if the property taxes I'm seeing are high, average, or low (doubt it's the last one!).
Rent in Acton, Concord, Weston, or Newton for 4 years. Then buy a house elsewhere.
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