How much do you pay in property taxes per year?
How much do you pay in property taxes per year?
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!).
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Re: How much do you pay in property taxes per year?
Same home size with a bit over an acre of land in Eastern PA = $4,800 in total annual property taxes.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.
- Ron
Taxes last year were
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.
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.
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)...
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)...
~$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.
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.
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.
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.
Re: How much do you pay in property taxes per year?
This is dated but might be useful for comparing nonetheless.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!).
Boston.com list and 2007 mass.gov listing
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- 3CT_Paddler
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- Location: Marietta, GA
Re: Taxes last year were
Texas doesn't have a state income tax?!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.
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.
My thinking as well.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.
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.
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.
$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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$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
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.
Unless you try to do something beyond what you have already mastered you will never grow. (Ralph Waldo Emerson)
- Goldfinger
- Posts: 142
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- Location: Sugar Land, Texas
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
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
"At cocktail parties lovely ladies would corner me and ask my opinion of the market, but alas, when they learned I was a bond man, they would quietly drift away." -- Sidney Homer/Salomon Bros
Property Taxes
2400 sq. ft.
4BD,3BTH
1/2 mile from beach in Central NJ
$7,000 on $620K assesed value.
4BD,3BTH
1/2 mile from beach in Central NJ
$7,000 on $620K assesed value.
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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
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
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
Here's a good Forbes article from last year about property taxes.
http://www.forbes.com/2009/01/23/taxes- ... state.html
- Random Musings
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- Location: Pennsylvania
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
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
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
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
Unless you try to do something beyond what you have already mastered you will never grow. (Ralph Waldo Emerson)
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 |
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http://www.bogleheads.org/wiki/index.php/Main_Page
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.
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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Property Taxes Part of the Last Straw
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.
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.
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.
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.
"Always do right. This will gratify some people, and astonish the rest." --Mark Twain
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%.
But we have a horrid state income tax of ~ 10%.
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.stratton wrote:You're still paying property taxes if you rent. It's in there some place.celia wrote:No, until you sell the house.soaring wrote:Property taxes are forever.
Paul
Desiderata
- Dale_G
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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
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
Volatility is my friend
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Re: How much do you pay in property taxes per year?
Rent in Acton, Concord, Weston, or Newton for 4 years. Then buy a house elsewhere.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!).