What are your property taxes?

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Raybo
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What are your property taxes?

Post by Raybo » Sat Jun 30, 2018 7:53 pm

In this thread on tax unfriendly states, viewtopic.php?f=10&t=252761, there is lots of talk of high property taxes in California. In California, the property tax is limited to 1% of the purchase price of the home, with a 2% escalation each year.

In other states, the property taxes aren’t limited as such. So, as a further metric on state taxes, I thought I’d ask what people’s property taxes are.

I’ll start. I live in San Francisco and my property taxes are about $6,500/year. In addition, sales taxes are 9% on everything except food.
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hicabob
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Re: What are your property taxes?

Post by hicabob » Sat Jun 30, 2018 8:09 pm

Santa Cruz Ca, $8400/yr prop tax on 1.4M home, 9% sales tax. The CA state income tax on long term cap gains (taxed as ordinary income) is what gets me ... but it is nice here in many respects.

Gill
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Re: What are your property taxes?

Post by Gill » Sat Jun 30, 2018 8:13 pm

How meaningful is this survey? Real estate taxes generally have some relation to the value of the property and vary widely by municipality. How much anyone pays while knowing nothing else has no significance.
Gill

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TxAg
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Re: What are your property taxes?

Post by TxAg » Sat Jun 30, 2018 8:14 pm

Texas: My county taxes and school district taxes are separate. It totals around 2.8% of "value." A homestead exemption helps reduce the "value" by 20% (so we're taxed on 80% value). It also keeps the "value" from escalating more than 10% per year.

In a lot of ways it's a sham, but at least we don't have state income taxes.

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Re: What are your property taxes?

Post by Grt2bOutdoors » Sat Jun 30, 2018 8:19 pm

Some states rely on other types of taxes to pay for municipal services including school costs, others rely on property taxes to pay for those same services. Example, state of Delaware can charge no income tax and low property taxes because corporation tax helps fill the gap. Then you have states where there are high taxes like New Jersey, you can have a home that is valued at $450,000 and it will have taxes of $15K, go to another part of the state and same valued home will have taxes of $10K. What does the state do with the other taxes it collects, especially income and sales taxes? Beats me. That makes California look like a low tax state when that is hardly the truth.
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tim1999
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Re: What are your property taxes?

Post by tim1999 » Sat Jun 30, 2018 8:46 pm

Grt2bOutdoors wrote:
Sat Jun 30, 2018 8:19 pm
What does the state do with the other taxes it collects, especially income and sales taxes? Beats me.
Public employee pensions.

livesoft
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Re: What are your property taxes?

Post by livesoft » Sat Jun 30, 2018 9:00 pm

Texas $8340
Sales tax 8.5%.
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LadyGeek
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Re: What are your property taxes?

Post by LadyGeek » Sat Jun 30, 2018 9:02 pm

This thread is now in the Personal Finance (Not Investing) forum (property taxes).
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runner3081
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Re: What are your property taxes?

Post by runner3081 » Sat Jun 30, 2018 9:04 pm

Arizona
Prop Tax $1,900
Salex Tax - 7.95%
Income Tax - 2.59% to 4.54%

runner3081
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Re: What are your property taxes?

Post by runner3081 » Sat Jun 30, 2018 9:05 pm

Gill wrote:
Sat Jun 30, 2018 8:13 pm
How meaningful is this survey?
It isn't.

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Smorgasbord
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Re: What are your property taxes?

Post by Smorgasbord » Sat Jun 30, 2018 9:33 pm

In Indiana, property taxes are capped by the state at 1% with state/local income taxes running about 4%, but we also have a generous 20% tax credit on the first $5k contributed to a 529 plan per year.

mrsbetsy
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Re: What are your property taxes?

Post by mrsbetsy » Sat Jun 30, 2018 10:29 pm

California. House worth 1.3M. Property tax about $7600/year.

Thank you Prop 13.

AlohaJoe
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Re: What are your property taxes?

Post by AlohaJoe » Sat Jun 30, 2018 10:37 pm

My property tax is $50 on a $450,000 house.

There's talk about increasing it to 0.4% in a few years but the last time it was brought up the outrage caused the government to drop discussion and say it was just exploring potential future changes. Still, I wouldn't be surprised if 10 years from now they've instituted the 0.4% property tax.

Glockenspiel
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Re: What are your property taxes?

Post by Glockenspiel » Sat Jun 30, 2018 10:40 pm

$4514 this year. Home value is around $375-400k. School taxes are the largest portion of this.

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Toons
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Re: What are your property taxes?

Post by Toons » Sat Jun 30, 2018 11:07 pm

Tn.
home 1500 sq ft
3/4 acre land.
675.00 a year.

:mrgreen:
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Cyclesafe
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Re: What are your property taxes?

Post by Cyclesafe » Sat Jun 30, 2018 11:14 pm

Cali

Thanks to Prop 13, paying 0.66% property tax due to ridiculous and IMHO unsustainable appreciation of the numerator. 9.3% marginal tax on income and LTCG's; no state income tax on social security. 7.75% sales tax. High cost of housing raises the cost of services waaay beyond those of LCOL areas.

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Sandtrap
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Re: What are your property taxes?

Post by Sandtrap » Sat Jun 30, 2018 11:35 pm

Toons wrote:
Sat Jun 30, 2018 11:07 pm
Tn.
home 1500 sq ft
3/4 acre land.
675.00 a year.

:mrgreen:
Incredible!
j

hmw
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Re: What are your property taxes?

Post by hmw » Sat Jun 30, 2018 11:37 pm

Texas, $7980
Sales tax: 8.25%

The biggest break is no state income tax, which makes all the difference to me.

3504PIR
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Re: What are your property taxes?

Post by 3504PIR » Sun Jul 01, 2018 12:00 am

$1300 pa in North Carolina

GaryEsq
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Re: What are your property taxes?

Post by GaryEsq » Sun Jul 01, 2018 12:46 am

Just got my property tax bill this week.
Connecticut 2,000 sq/ft colonial on 1/4 acre of land.
FMV $250,000.00
Annual taxes $8,340.00

That's on top of 6.35% sales tax, state income tax, and every other tax you could possibly imagine.

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Lucky Lemon
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Re: What are your property taxes?

Post by Lucky Lemon » Sun Jul 01, 2018 1:56 am

$4,400 per year on home that would likely sell for $325k.

No sales tax or income tax.
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randomizer
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Re: What are your property taxes?

Post by randomizer » Sun Jul 01, 2018 1:58 am

About a grand on a half-mill house.
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S&L1940
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Re: What are your property taxes?

Post by S&L1940 » Sun Jul 01, 2018 2:32 am

Florida, no income tax, sales tax recently raised, get homestead deduction
this is not even apples to oranges; there gotta be a dozen variables involved
We are good with 1900 sq ft, zero lot, gated community, many amenities, value probably $325K - $350K, 15 year old home, prop tax $3500
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HEDGEFUNDIE
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Re: What are your property taxes?

Post by HEDGEFUNDIE » Sun Jul 01, 2018 2:39 am

I'm on the other side of the California Prop 13 coin. Just bought a house for $1.8M (1600 sqft) and now pay $20k/yr taxes on the reassessed value. Which is more than all of my neighbors on my block pay combined.

Subsidizing the whole neighborhood, and no one even offered me a freshly baked pie upon moving in... :?

mouses
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Re: What are your property taxes?

Post by mouses » Sun Jul 01, 2018 4:37 am

HEDGEFUNDIE wrote:
Sun Jul 01, 2018 2:39 am
I'm on the other side of the California Prop 13 coin. Just bought a house for $1.8M (1600 sqft) and now pay $20k/yr taxes on the reassessed value. Which is more than all of my neighbors on my block pay combined.

Subsidizing the whole neighborhood, and no one even offered me a freshly baked pie upon moving in... :?
Some people were losing their homes before Prop. 13. Property taxes were doubling each year in some cases. Let's pause to consider geometric projections. The legislature did nothing about it so the initiative process hit it with a broad axe. That's what happens when legislators are corrupt and irresponsible. At least CA has an initiative process so taxpayers have some recourse.

RI, house about $450,000, property taxes about $11,000, I think the sales tax is about 7%, and state income tax.

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stickman731
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Re: What are your property taxes?

Post by stickman731 » Sun Jul 01, 2018 4:49 am

In NJ (Monmouth County), my taxes are ~$10,000/yr. I was recently hit with a $2,000 increase in 2017. In NJ, there is a law on the books that the "rate" can only increased no more than 2% annually without special approval by the state. However, in my area they actually re-accessed the land and structure value thus effectively give me a 20% increase in one year. In my 14 years, the taxes increased from $4,200/yr to $10,000/yr.

Approximately 72% go to the school district, good school system = better home resell potential - so I cannot complain. I have no children in the school system.

The other driving factor is that with the low interest rates allowed people to overpay for homes or remodel their existing home - driving prices up. Since the assessment is done on comparable sales, taxes increased.

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jharkin
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Re: What are your property taxes?

Post by jharkin » Sun Jul 01, 2018 4:58 am

Rather than some anecdotal info, all the answers you seek are here:

https://taxfoundation.org/publications/tax-maps/

dziuniek
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Re: What are your property taxes?

Post by dziuniek » Sun Jul 01, 2018 5:58 am

Connecticut:

$7,800 Property Tax - Value approx $350k.

... leaving CT ...
- was it something we taxed?

TheOscarGuy
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Re: What are your property taxes?

Post by TheOscarGuy » Sun Jul 01, 2018 6:07 am

Raybo wrote:
Sat Jun 30, 2018 7:53 pm
In this thread on tax unfriendly states, viewtopic.php?f=10&t=252761, there is lots of talk of high property taxes in California. In California, the property tax is limited to 1% of the purchase price of the home, with a 2% escalation each year.

In other states, the property taxes aren’t limited as such. So, as a further metric on state taxes, I thought I’d ask what people’s property taxes are.

I’ll start. I live in San Francisco and my property taxes are about $6,500/year. In addition, sales taxes are 9% on everything except food.
Unless it is a percentage how useful is this survey? $6500 on what? Maybe ask taxes per $1000 of RE property to make it comparable.

kmurp
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Re: What are your property taxes?

Post by kmurp » Sun Jul 01, 2018 6:44 am

Upstate NY. Just under 3% combined school/property.

jwfails
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Re: What are your property taxes?

Post by jwfails » Sun Jul 01, 2018 6:54 am

Texas

property tax 2.59%
sales tax 8.25%
no state income tax
home value $225k
property tax $5800

abner kravitz
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Re: What are your property taxes?

Post by abner kravitz » Sun Jul 01, 2018 6:59 am

Property taxes for me are a little over .4% of value. Very weird system in South Carolina (or parts of it at least). Second-home and investment property owners pay the school taxes, while full-time residents do not.

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midareff
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Re: What are your property taxes?

Post by midareff » Sun Jul 01, 2018 7:07 am

Property tax is $3600 on a $550K condo which includes fire and school tax as well as local municipal. 7% sales tax, no state income tax ... warm sunny Florida.

carolinaman
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Re: What are your property taxes?

Post by carolinaman » Sun Jul 01, 2018 7:11 am

$2100 on 2000 sq ft ranch with 2+ acres. State and local govts tax us in various ways. The total tax per state is a much better gauge of taxes in your area. Other major taxes for us are: sales tax: state 4.75%, county 2.50%. State income tax is 5.49% and excludes SS income.

SQRT
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Re: What are your property taxes?

Post by SQRT » Sun Jul 01, 2018 7:24 am

Varies quite a bit.
Toronto condo about .5% of value:
Ontario lake house about .8% of value:
House in Alberta about .6% of value:
Arizona house about .4% of value.
Last edited by SQRT on Sun Jul 01, 2018 7:32 am, edited 3 times in total.

livesoft
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Re: What are your property taxes?

Post by livesoft » Sun Jul 01, 2018 7:28 am

TheOscarGuy wrote:
Sun Jul 01, 2018 6:07 am
Unless it is a percentage how useful is this survey? $6500 on what? Maybe ask taxes per $1000 of RE property to make it comparable.
I think rate per $1000 or per any dollar value is also not a good comparison. Homes cost much less in my part of Texas than they do in San Francisco and the SF Bay area in general.

What I usually see is that property taxes are mostly a reflection of how the local voters feel about government services and who is supposed to pay for them. If the state or national government collects money and gets it back to the local government, then the local government doesn't need to collect some of its own taxes. But if the state or national government stiffs the local costs, then money has to come from somewhere else or voters get no fire, police, decent roads, decent traffic lights, decent schools, decent trash pick-up, decent parks, and sometimes decent health care. Infrastructure doesn't grow on trees.
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Olemiss540
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Re: What are your property taxes?

Post by Olemiss540 » Sun Jul 01, 2018 7:31 am

I rent, so property taxes = $0.
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TnTWalter
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Re: What are your property taxes?

Post by TnTWalter » Sun Jul 01, 2018 7:50 am

N of Indianapolis.
$2500 property taxes. Could sell for $275k.

neilpilot
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Re: What are your property taxes?

Post by neilpilot » Sun Jul 01, 2018 7:50 am

Olemiss540 wrote:
Sun Jul 01, 2018 7:31 am
I rent, so property taxes = $0.
A bit like saying "my monthly mortgage payment includes an escrow payment that covers tax and insurance so my property tax = $0"

Dantes
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Re: What are your property taxes?

Post by Dantes » Sun Jul 01, 2018 8:10 am

Maine. A bit over 2% of assessed value. Property values are low.

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dwickenh
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Re: What are your property taxes?

Post by dwickenh » Sun Jul 01, 2018 8:19 am

Toons wrote:
Sat Jun 30, 2018 11:07 pm
Tn.
home 1500 sq ft
3/4 acre land.
675.00 a year.

:mrgreen:
I love Tennessee :sharebeer Can't wait to get there!!!
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Broken Man 1999
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Re: What are your property taxes?

Post by Broken Man 1999 » Sun Jul 01, 2018 8:20 am

RE taxes $1678, home worth $260K - $290K. Held in check by increase max of 3% or inflation rate, whichever the least.

Sales tax 7%.

Florida.

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dwickenh
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Re: What are your property taxes?

Post by dwickenh » Sun Jul 01, 2018 8:21 am

In Illinois, 8.5% sales tax and 5400.00 Property tax on 235,000 home with .63 acres of land.
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dwickenh
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Re: What are your property taxes?

Post by dwickenh » Sun Jul 01, 2018 8:25 am

jharkin wrote:
Sun Jul 01, 2018 4:58 am
Rather than some anecdotal info, all the answers you seek are here:

https://taxfoundation.org/publications/tax-maps/
Those are statistics.... It means so much more to hear it from real people paying the taxes.

You people are real...... aren't you?

Dan
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” | — Warren Buffett

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FrugalInvestor
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Re: What are your property taxes?

Post by FrugalInvestor » Sun Jul 01, 2018 8:26 am

A little under 1% of market value.

Our system for assessed values is very odd so percent of market is more meaningful.
Last edited by FrugalInvestor on Sun Jul 01, 2018 8:29 am, edited 1 time in total.
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Olemiss540
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Re: What are your property taxes?

Post by Olemiss540 » Sun Jul 01, 2018 8:27 am

neilpilot wrote:
Sun Jul 01, 2018 7:50 am
Olemiss540 wrote:
Sun Jul 01, 2018 7:31 am
I rent, so property taxes = $0.
A bit like saying "my monthly mortgage payment includes an escrow payment that covers tax and insurance so my property tax = $0"
Except in one scenario the property taxes are paid by me, and the other they are not. Pretty much the same though.

This thread seems kind of pointless anyhow.
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dm200
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Re: What are your property taxes?

Post by dm200 » Sun Jul 01, 2018 8:34 am

Arlington Vrginia - 1% of assessed value - BUT values are very, very high - meaning taxes are high. Very small single family home - over $6,000/year.

cutterinnj
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Re: What are your property taxes?

Post by cutterinnj » Sun Jul 01, 2018 8:59 am

New Jersey
Main house:
~5000 sq ft on an acre; probably around $500k value
taxes: 15k/year

house down the street:
~1500 sq ft in retirement community, probably around $250k value
taxes: 8k/year

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Sheepdog
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Re: What are your property taxes?

Post by Sheepdog » Sun Jul 01, 2018 9:20 am

$1112 property tax after deductions (was $1510 before deductions) Deductions are homestead. supplemental, and over 65
2052 sq ft home on half acre wooded lot in a nice suburban subdivision Indiana

Indiana's property taxes are capped at 1% of property values for homesteads (owner occupied), 2% for other residential property and farmland and 3% for all other property.
Last edited by Sheepdog on Sun Jul 01, 2018 9:35 am, edited 2 times in total.
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pshonore
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Re: What are your property taxes?

Post by pshonore » Sun Jul 01, 2018 9:30 am

dziuniek wrote:
Sun Jul 01, 2018 5:58 am
Connecticut:

$7,800 Property Tax - Value approx $350k.

... leaving CT ...
- was it something we taxed?
Lets remember that states with high per capita income (NJ, MA, CT, etc), pay out high salaries to public employees and provide very lucrative pensions and benefits. Average teachers salary in CT is approaching 100K. How many of those teachers would want to move to AZ or OK where teachers make $35K according to news reports.

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