What are your property taxes?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
neilpilot
Posts: 1740
Joined: Fri Dec 04, 2015 1:46 pm
Location: Memphis area

Re: What are your property taxes?

Post by neilpilot » Sun Jul 01, 2018 9:36 am

Olemiss540 wrote:
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.
In my case they are paid by me, thru my escrow banker.
In your case, they are paid by you thru your landlord.

bgf
Posts: 483
Joined: Fri Nov 10, 2017 9:35 am

Re: What are your property taxes?

Post by bgf » Sun Jul 01, 2018 9:41 am

Georgia
$242000 purchase price. 2750sq ft.

~$3400 in property taxes.

we have a property tax freeze in place, so people with very large expensive homes who have owned them for 20+ years pay far less in taxes than they should. my home was purchased only a few years ago...
Last edited by bgf on Sun Jul 01, 2018 9:44 am, edited 1 time in total.
“TE OCCIDERE POSSUNT SED TE EDERE NON POSSUNT NEFAS EST"

Xrayman69
Posts: 29
Joined: Fri Jun 01, 2018 8:52 pm

Re: What are your property taxes?

Post by Xrayman69 » Sun Jul 01, 2018 9:43 am

Milwaukee WI
Condo
About 2.6% of assessed value
Sales tax +6%
State income tax 4-6%

Condo assessed about 285K, taxes about 7.5K
State income tax paid for 2018 will be over 2.5K
Interest paid for mortgage will be over 2.5K

Total deduction for federal taxes for property, state income taxes, and home mortgage will be capped at 10K.


High tax city

Gnirk
Posts: 818
Joined: Sun Sep 09, 2012 3:11 am
Location: Western Washington

Re: What are your property taxes?

Post by Gnirk » Sun Jul 01, 2018 9:59 am

Assessed value, which in our state of Washington is supposed to be market value, is $578,000. This is a 2800 SF two story house on a golf course, not in a large city.
Annual property taxes are $7,525.
No income tax.
Sales tax average around 9%, depending upon the locale.
Gas tax second highest in the nation, I believe. Total state and federal gas tax is 67.8 cents per gallon.
There have been pushes for state income tax on incomes over $250,000 in some cities, including Seattle and Olympia.

Colorado13
Posts: 748
Joined: Thu Apr 07, 2011 4:58 pm
Location: Colorado

Re: What are your property taxes?

Post by Colorado13 » Sun Jul 01, 2018 10:05 am

Colorado/Denver suburb property tax: $1,900
Income tax: 4.63%

MathWizard
Posts: 2919
Joined: Tue Jul 26, 2011 1:35 pm

Re: What are your property taxes?

Post by MathWizard » Sun Jul 01, 2018 10:08 am

County property taxes at 1.5% of assessed value.

Half goes to schools in the county.

User avatar
Flobes
Posts: 971
Joined: Tue Feb 16, 2010 12:40 am

Re: What are your property taxes?

Post by Flobes » Sun Jul 01, 2018 10:20 am

Colorado.

Property tax:
$300k home. $1,283.20; senior citizen exemption ($546.36); paid $736.84.
Statewide Taxpayer Bill of Rights (TABOR); tax increases must be approved by voters.

Income tax: flat for all @4.63%.
$24k/yr/person of retirement income (incl pensions, SS, IRA distributions, Roth conversions) exempted from income tax.
Charitable contributions >$500 deductible for federal non-itemizers.

Sales tax 8.4%:
2.9% State; 3% Town; 0.5% Recreation; 1% pubic transportation; 1% County.
Senior citizens 65+ ride the bus free.

Small Law Survivor
Posts: 491
Joined: Tue Nov 17, 2015 5:36 pm

Re: What are your property taxes?

Post by Small Law Survivor » Sun Jul 01, 2018 10:26 am

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

:mrgreen:
Mass. (Boston suburb)
Home: ~3,000 sq. ft., 1 acre land
Zillow estimate: ~$800,000
Prop. taxes: ~$10,000 a year

Thinking of moving to TN 8-)

vested1
Posts: 1519
Joined: Wed Jan 04, 2012 4:20 pm

Re: What are your property taxes?

Post by vested1 » Sun Jul 01, 2018 10:39 am

Gill wrote:
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
Pretty meaningful in my opinion. My property tax is .45% of current assessed value due to prop 13 in California. My State taxes are relatively low at an effective rate of 2.7% in 2017 in retirement on about 90k of income. Next year our State taxes will drop even further because of the initiation of SS, which isn't taxed on the State level. Municipality based property tax increases in Ca are not as much of an issue as they are in some other States, like Washington where you pay a premium for living on a lake or next to the Sound. That kind of information can be valuable to those contemplating a move.

The downsides for California? High sales taxes which do vary by municipality. Bad roads and mostly sub-standard public schools, making you wonder where all the taxes are going. Good private schools if you have an extra 20 to 35k per year laying around per elementary school child. High gasoline prices but clean air, except for LA and SF. Don't even think of selling and moving to a comparable home in the State due to 1% property tax on a ridiculous purchase price.

LT cap gains and interest income taxes don't affect us much, so we don't feel as bitter about that as others. No inheritance tax and high limits on estate taxes (11.2m per individual, 22.4m for a couple).

delamer
Posts: 5487
Joined: Tue Feb 08, 2011 6:13 pm

Re: What are your property taxes?

Post by delamer » Sun Jul 01, 2018 11:08 am

Grt2bOutdoors wrote:
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.
Delaware has a state income tax. What it does not have is a state sales tax.

We pay (not in Delaware) about 10% of our gross income in property tax, state/local income tax, and sales tax. Like most, I wish it was lower. But I can live with it. Our schools and services are good.
Last edited by delamer on Sun Jul 01, 2018 11:29 am, edited 1 time in total.

Mighty-Tonka
Posts: 1
Joined: Sun Jul 01, 2018 11:01 am

Re: What are your property taxes?

Post by Mighty-Tonka » Sun Jul 01, 2018 11:09 am

State Pa. (Phila. Suburb)
House 3100 Sq. ft. 1.5 acre lot.
Zillow est. $506,000
Property tax $8000. Includes garbage collection
State Income tax 3.07%
Sales tax 6%. (0% on clothes and groceries)

S&L1940
Posts: 1578
Joined: Fri Nov 02, 2007 11:19 pm
Location: South Florida

Re: What are your property taxes?

Post by S&L1940 » Sun Jul 01, 2018 11:13 am

dwickenh wrote:
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
I used to be
Don't it always seem to go * That you don't know what you've got * Till it's gone

GoldenFinch
Posts: 1580
Joined: Mon Nov 10, 2014 11:34 pm

Re: What are your property taxes?

Post by GoldenFinch » Sun Jul 01, 2018 11:18 am

dwickenh wrote:
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
We are Bogleheads here. You mean you are a real person?!

GoldenFinch
Posts: 1580
Joined: Mon Nov 10, 2014 11:34 pm

Re: What are your property taxes?

Post by GoldenFinch » Sun Jul 01, 2018 11:21 am

We pay just under 15k on a 300k house in the Midwest rust-belt area of the country. Most of our property taxes go to the schools.

User avatar
dm200
Posts: 17251
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

Re: What are your property taxes?

Post by dm200 » Sun Jul 01, 2018 11:25 am

GoldenFinch wrote:
Sun Jul 01, 2018 11:21 am
We pay just under 15k on a 300k house in the Midwest rust-belt area of the country. Most of our property taxes go to the schools.
Some jurisdictions have two property taxes - one for general jurisdiction and another for school taxes.

danaht
Posts: 493
Joined: Sun Oct 18, 2015 11:28 am

Re: What are your property taxes?

Post by danaht » Sun Jul 01, 2018 11:26 am

stickman731 wrote:
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.
Wow, I thought TX was high. After reading this - I am glad I am in TX and not NJ.
My current property tax in the Dallas/Ft Worth area (TX) is about $8,000 on a $260,000 house. When I first bought my house in 2002 - the tax payment was about ~$5000. - so it's roughly inline with inflation.

GoldenFinch
Posts: 1580
Joined: Mon Nov 10, 2014 11:34 pm

Re: What are your property taxes?

Post by GoldenFinch » Sun Jul 01, 2018 11:33 am

dm200 wrote:
Sun Jul 01, 2018 11:25 am
GoldenFinch wrote:
Sun Jul 01, 2018 11:21 am
We pay just under 15k on a 300k house in the Midwest rust-belt area of the country. Most of our property taxes go to the schools.
Some jurisdictions have two property taxes - one for general jurisdiction and another for school taxes.
Our taxes are high because our city is almost purely residential so we have very little corporate tax base to help us out. Plus we have excellent city services and people seem to like that and are willing to pay. However, our housing values don’t appreciate very much as fewer people want to move here and pay the high taxes.

User avatar
HueyLD
Posts: 5861
Joined: Mon Jan 14, 2008 10:30 am

Re: What are your property taxes?

Post by HueyLD » Sun Jul 01, 2018 11:41 am

If you are a teacher, you do not want to practice your craft in AZ because AZ teachers' pay is at or near the bottom. In addition, retirement benefits are also very poor.

However, a retired teacher with a good pension can move to AZ and live a comfortable life.

invst65
Posts: 627
Joined: Thu Nov 27, 2014 11:04 am

Re: What are your property taxes?

Post by invst65 » Sun Jul 01, 2018 11:43 am

danaht wrote:
Sun Jul 01, 2018 11:26 am
stickman731 wrote:
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.
Wow, I thought TX was high. After reading this - I am glad I am in TX and not NJ.
My current property tax in the Dallas/Ft Worth area (TX) is about $8,000 on a $260,000 house. When I first bought my house in 2002 - the tax payment was about ~$5000. - so it's roughly inline with inflation.
Didn't you get any benefit from the 2008 financial crisis? Here in Florida I was paying about $4800 but it eventually fell to about $2500 which is where it sits right now. This was due to the lowering of property values and a state law which prohibits counties from raising rates by more than 3% / year.

pshonore
Posts: 6419
Joined: Sun Jun 28, 2009 2:21 pm

Re: What are your property taxes?

Post by pshonore » Sun Jul 01, 2018 11:50 am

invst65 wrote:
Sun Jul 01, 2018 11:43 am
danaht wrote:
Sun Jul 01, 2018 11:26 am
stickman731 wrote:
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.
Wow, I thought TX was high. After reading this - I am glad I am in TX and not NJ.
My current property tax in the Dallas/Ft Worth area (TX) is about $8,000 on a $260,000 house. When I first bought my house in 2002 - the tax payment was about ~$5000. - so it's roughly inline with inflation.
Didn't you get any benefit from the 2008 financial crisis? Here in Florida I was paying about $4800 but it eventually fell to about $2500 which is where it sits right now. This was due to the lowering of property values and a state law which prohibits counties from raising rates by more than 3% / year.
If they cut everyone's tax bill by 50%, did they also cut services by a like amount since they evidently had far less income? My guess is that FL has incredible income from tourism taxes (hotels, restaurants, air travel, taxes on Disney admissions, etc)

mpsz
Posts: 279
Joined: Sat Jan 09, 2016 7:11 pm

Re: What are your property taxes?

Post by mpsz » Sun Jul 01, 2018 11:53 am

GaryEsq wrote:
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.
Ouch!

I also live (rent) in CT and I was surprised to see that my model year 2015 car decreased in assessed value by 23% since last year... but yet I owe more in taxes on the car this year than I did last year due to cars no longer being capped at 32 mills. Thanks Dannel

Ron Ronnerson
Posts: 903
Joined: Sat Oct 26, 2013 6:53 pm
Location: Bay Area

Re: What are your property taxes?

Post by Ron Ronnerson » Sun Jul 01, 2018 12:57 pm

pshonore wrote:
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.
I'm a mid-career teacher in the Bay Area. I make $105k and my pension should be about $90k/year around age 60. I work at a school that is in the top 1% in the state of California based on test scores. The principal and parents are wonderful and supportive. The students are motivated and hard-working. I'm on summer break now and don't have to be back to work again for another 2 months. It is a terrific environment. However, there is a giant teacher shortage as no one these days will sign up for this deal.

Here's the other side that needs to be taken into consideration too (at least in the large school district where I work):
The median home value is right around $2M where I work (and rents are nothing to sneeze at either). We don't get health insurance benefits at all. 10.25% of salary goes toward pension contributions. Starting salary is in the 60k range. Don't forget to subtract taxes and deduct for medicare and union dues. Net income is much smaller than one might expect glancing first at the gross income figure.

Here's a newspaper article from a week ago about what is considered low income in my area: https://www.mercurynews.com/2018/06/25/ ... ses-again/

And now to answer the OP's question:
Property taxes are $10k/year (home value is around $850k)
Combined income is around $115k (we're low income per the article above)
Federal tax: $4k (12% bracket)
State tax: about $1400 (4% bracket)
sales tax rate: 8.25%

TravelforFun
Posts: 1382
Joined: Tue Dec 04, 2012 11:05 pm

Re: What are your property taxes?

Post by TravelforFun » Sun Jul 01, 2018 1:05 pm

Not a meaningful survey. We all pay for services provided by the state and the city in the form of taxes. States that don't have state income taxes would get that revenue by having high sales taxes and or property taxes.

TravelforFun

theplayer11
Posts: 424
Joined: Tue Jul 22, 2014 8:55 pm

Re: What are your property taxes?

Post by theplayer11 » Sun Jul 01, 2018 1:07 pm

RI coastal town-$3,700 on $675k home

Magruder
Posts: 77
Joined: Sun Mar 04, 2007 1:30 am
Location: White Mtns of NH

Re: What are your property taxes?

Post by Magruder » Sun Jul 01, 2018 1:11 pm

New Hampshire
Prop tax 1.45% of value
Sales tax 0%
Income tax 0%

corgimom11
Posts: 68
Joined: Fri Jul 03, 2015 8:46 pm

Re: What are your property taxes?

Post by corgimom11 » Sun Jul 01, 2018 1:14 pm

I live in Texas (Dallas/Ft Worth Area). $4,700 this year in property taxes. Assessed at $257K (but market value is around $280K).

Annual property taxes have gone up almost 40% in the 4 years we've lived in the home given the appreciation (purchased at $195K).

User avatar
munemaker
Posts: 3289
Joined: Sat Jan 18, 2014 6:14 pm

Re: What are your property taxes?

Post by munemaker » Sun Jul 01, 2018 1:20 pm

We pay 1.6% of the value of our home (used the Zillow estimate - have no idea of its value). In addition, we pay 1.5% local earned income tax, 3.07% state income tax (excludes pensions, SS and IRAs) and 6.0% sales tax (not on clothing or food you eat at home).
Last edited by munemaker on Sun Jul 01, 2018 1:23 pm, edited 3 times in total.

runner540
Posts: 694
Joined: Sun Feb 26, 2017 5:43 pm

Re: What are your property taxes?

Post by runner540 » Sun Jul 01, 2018 1:21 pm

invst65 wrote:
Sun Jul 01, 2018 11:43 am
danaht wrote:
Sun Jul 01, 2018 11:26 am
stickman731 wrote:
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.
Wow, I thought TX was high. After reading this - I am glad I am in TX and not NJ.
My current property tax in the Dallas/Ft Worth area (TX) is about $8,000 on a $260,000 house. When I first bought my house in 2002 - the tax payment was about ~$5000. - so it's roughly inline with inflation.
Didn't you get any benefit from the 2008 financial crisis? Here in Florida I was paying about $4800 but it eventually fell to about $2500 which is where it sits right now. This was due to the lowering of property values and a state law which prohibits counties from raising rates by more than 3% / year.
Dallas did not experience the same magnitude of housing bubble increases or decline as Florida. However, DFW has increased ~50% in the last 5 years - making up for lost time!

London
Posts: 25
Joined: Sun Dec 11, 2016 11:50 am

Re: What are your property taxes?

Post by London » Sun Jul 01, 2018 1:34 pm

I'm also in Monmouth County, NJ. My property taxes are about $30k on an assessed value of just under $2m. A conversation easement on some of the land helps keep them "down".

I live in a great town with awesome schools. While I'd love to pay less, I accept this as the cost to live this lifestyle. I have no interest in moving due to property taxes. Income taxes on the other hand...

User avatar
Flymore
Posts: 195
Joined: Tue May 31, 2016 1:31 pm

Re: What are your property taxes?

Post by Flymore » Sun Jul 01, 2018 1:35 pm

Paying 8666 on 290k house in NE Ohio.
Just built a new library and school expecting taxes to continue to climb.
New levy for park expansion just failed, they're doing a recount till it passes. :shock:

mancich
Posts: 367
Joined: Fri Sep 05, 2014 2:05 pm

Re: What are your property taxes?

Post by mancich » Sun Jul 01, 2018 1:43 pm

NYS here (not NYC)
House is worth about $460,0000 yearly taxes about $10,000.
Income taxes 7% +
Sales tax 8.125%

Too much :oops:

DVA79
Posts: 21
Joined: Sun Apr 06, 2014 1:06 pm

Re: What are your property taxes?

Post by DVA79 » Sun Jul 01, 2018 1:51 pm

Chicago suburbs
3000 sqft home assessed at about $365k.
Property tax: $10,700
Excellent schools, parks, services.

Great place to raise a family. Not a great place to retire if you don’t like high property taxes.

I could move to a lower tax area in Wisconsin but I would also be limiting my income potential and/or significantly increasing my commute. I have friends in Wisconsin who brag about their lower property taxes (and not that much lower) but then they also shell out 10k a year for private schools since the public schools in their area are less than stellar and bleeding good teachers every year.
Last edited by DVA79 on Sun Jul 01, 2018 1:58 pm, edited 3 times in total.

User avatar
Nestegg_User
Posts: 982
Joined: Wed Aug 05, 2009 1:26 pm

Re: What are your property taxes?

Post by Nestegg_User » Sun Jul 01, 2018 1:52 pm

currently: about $3200 for 2300 sqft on 3+ acres valued about $430k (and a LOT better views!!)
—0— sales tax :D , up to 9% income tax (but no tax on SS, reduced tax on my pension; our effective tax is closer to 5%)

was at state prior to retirement with property tax of $6400 on equivalent value , ~8% sales tax, 6% state income tax + 1% city tax : we paid MORE tax in a supposedly “cheaper state tax” state- - they have to get the money somewhere

wootwoot
Posts: 127
Joined: Tue Jan 27, 2009 7:37 pm

Re: What are your property taxes?

Post by wootwoot » Sun Jul 01, 2018 1:57 pm

HueyLD wrote:
Sun Jul 01, 2018 11:41 am
If you are a teacher, you do not want to practice your craft in AZ because AZ teachers' pay is at or near the bottom. In addition, retirement benefits are also very poor.

However, a retired teacher with a good pension can move to AZ and live a comfortable life.
Between the 20% raise for teachers and low cost of living / very low tax situation teachers in AZ are doing just fine. Here in AZ we pay ~2400 in property tax on a 500k home.

User avatar
goingup
Posts: 3152
Joined: Tue Jan 26, 2010 1:02 pm

Re: What are your property taxes?

Post by goingup » Sun Jul 01, 2018 1:57 pm

King County, WA (Seattle area): $7800 on assessed value $635K, market value $850K. No state income tax. Sales tax 10%.

obgraham
Posts: 1101
Joined: Mon Jan 28, 2013 7:30 pm

Re: What are your property taxes?

Post by obgraham » Sun Jul 01, 2018 2:02 pm

E. Washington:
~$4k tax on about 375k home
8.6% sales tax
No state income tax (so far)
High business taxes.

donaldc
Posts: 8
Joined: Sun Jun 11, 2017 3:30 pm

Re: What are your property taxes?

Post by donaldc » Sun Jul 01, 2018 2:12 pm

$11,000 down from $13,000 as my Mello Roos expired.

Thanks to Prop 13, I'm not paying $35,000 like my immediate neighbor.

Orange County, California

obgraham
Posts: 1101
Joined: Mon Jan 28, 2013 7:30 pm

Re: What are your property taxes?

Post by obgraham » Sun Jul 01, 2018 2:14 pm

TravelforFun wrote:
Sun Jul 01, 2018 1:05 pm
States that don't have state income taxes would get that revenue by having high sales taxes and or property taxes.
Not the whole story. Washington State has no state income tax, and its sales and property taxes are in line with most other states. Washington is the only state with a "Business and Occupations Tax", which brings in as much as an income tax would. But it's hidden from the consumer, and somebody else has to pay it, so folks think it's a good deal.

2015
Posts: 1705
Joined: Mon Feb 10, 2014 2:32 pm

Re: What are your property taxes?

Post by 2015 » Sun Jul 01, 2018 2:34 pm

donaldc wrote:
Sun Jul 01, 2018 2:12 pm
$11,000 down from $13,000 as my Mello Roos expired.

Thanks to Prop 13, I'm not paying $35,000 like my immediate neighbor.

Orange County, California
Yep. Thanks to 13, I'm paying several thousand less than just about everyone around me in this VHCOL area of LA.

delamer
Posts: 5487
Joined: Tue Feb 08, 2011 6:13 pm

Re: What are your property taxes?

Post by delamer » Sun Jul 01, 2018 2:51 pm

Ron Ronnerson wrote:
Sun Jul 01, 2018 12:57 pm
pshonore wrote:
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.
I'm a mid-career teacher in the Bay Area. I make $105k and my pension should be about $90k/year around age 60. I work at a school that is in the top 1% in the state of California based on test scores. The principal and parents are wonderful and supportive. The students are motivated and hard-working. I'm on summer break now and don't have to be back to work again for another 2 months. It is a terrific environment. However, there is a giant teacher shortage as no one these days will sign up for this deal.

Here's the other side that needs to be taken into consideration too (at least in the large school district where I work):
The median home value is right around $2M where I work (and rents are nothing to sneeze at either). We don't get health insurance benefits at all. 10.25% of salary goes toward pension contributions. Starting salary is in the 60k range. Don't forget to subtract taxes and deduct for medicare and union dues. Net income is much smaller than one might expect glancing first at the gross income figure.

Here's a newspaper article from a week ago about what is considered low income in my area: https://www.mercurynews.com/2018/06/25/ ... ses-again/

And now to answer the OP's question:
Property taxes are $10k/year (home value is around $850k)
Combined income is around $115k (we're low income per the article above)
Federal tax: $4k (12% bracket)
State tax: about $1400 (4% bracket)
sales tax rate: 8.25%

You are a public school teacher in a well-regarded achool district and you don’t get subsidized health insurance?

That really surprises me.

craiggsean
Posts: 113
Joined: Wed Nov 27, 2013 5:47 pm

Re: What are your property taxes?

Post by craiggsean » Sun Jul 01, 2018 3:23 pm

Here're some NY data points of neighbors
26K prop tax on 750K (1500sqft) prop
32k prop tax on 1.1M prop
so count your blessings.

User avatar
stickman731
Posts: 265
Joined: Sun Jan 01, 2012 10:42 am
Location: New Jersey

Re: What are your property taxes?

Post by stickman731 » Sun Jul 01, 2018 3:29 pm

danaht wrote:
Sun Jul 01, 2018 11:26 am
stickman731 wrote:
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.
Wow, I thought TX was high. After reading this - I am glad I am in TX and not NJ.
My current property tax in the Dallas/Ft Worth area (TX) is about $8,000 on a $260,000 house. When I first bought my house in 2002 - the tax payment was about ~$5000. - so it's roughly inline with inflation.
My assess value is $360,000 with homes currently selling in the $450-500K range. I do not know who has it worse. In NJ, you can see what everyone pays with the Open Public Record System - http://oprs.co.monmouth.nj.us/oprs/External.aspx?iId=13

bac
Posts: 23
Joined: Sun Apr 01, 2018 6:19 pm

Re: What are your property taxes?

Post by bac » Sun Jul 01, 2018 3:39 pm

New Jersey for 2017 calendar year: $6768 on an 1800-square-foot house that Zillow values at $378,000. This is after a $343 homestead rebate credit for 2014 (the state is way behind).

There are separate rates for municipal, municipal open space, county, county open space, schools, library and fire district, and the figure above reflects the total. Hey, but at least our trash collection is included.

mary1969
Posts: 15
Joined: Sun Jul 01, 2018 3:34 pm
Location: IL

Re: What are your property taxes?

Post by mary1969 » Sun Jul 01, 2018 3:42 pm

$13k on around $770k 3.2k sq ft home in western suburbs of chicago

Ron Ronnerson
Posts: 903
Joined: Sat Oct 26, 2013 6:53 pm
Location: Bay Area

Re: What are your property taxes?

Post by Ron Ronnerson » Sun Jul 01, 2018 4:06 pm

delamer wrote:
Sun Jul 01, 2018 2:51 pm
Ron Ronnerson wrote:
Sun Jul 01, 2018 12:57 pm
pshonore wrote:
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.
I'm a mid-career teacher in the Bay Area. I make $105k and my pension should be about $90k/year around age 60. I work at a school that is in the top 1% in the state of California based on test scores. The principal and parents are wonderful and supportive. The students are motivated and hard-working. I'm on summer break now and don't have to be back to work again for another 2 months. It is a terrific environment. However, there is a giant teacher shortage as no one these days will sign up for this deal.

Here's the other side that needs to be taken into consideration too (at least in the large school district where I work):
The median home value is right around $2M where I work (and rents are nothing to sneeze at either). We don't get health insurance benefits at all. 10.25% of salary goes toward pension contributions. Starting salary is in the 60k range. Don't forget to subtract taxes and deduct for medicare and union dues. Net income is much smaller than one might expect glancing first at the gross income figure.

Here's a newspaper article from a week ago about what is considered low income in my area: https://www.mercurynews.com/2018/06/25/ ... ses-again/

And now to answer the OP's question:
Property taxes are $10k/year (home value is around $850k)
Combined income is around $115k (we're low income per the article above)
Federal tax: $4k (12% bracket)
State tax: about $1400 (4% bracket)
sales tax rate: 8.25%

You are a public school teacher in a well-regarded achool district and you don’t get subsidized health insurance?

That really surprises me.
You are not alone in being surprised by this. It’s the case, though. Health insurance was bargained away in the 90s in exchange for a higher salary. It was hard to see at that time what would happen to health insurance costs in the years ahead. The district I work for is not alone. Quite a few districts in the Bay Area, including other excellent ones, also provide no health insurance. We have the option to obtain health insurance through the district but the entire cost is shouldered by the employee. To insure my family of three (2 people in their mid 40s and a child) would cost $24k/year. Some employees have insurance through a spouse. Others purchase it independently either on or off the exchange. A few have decided that insurance is unaffordable and have no coverage. Most who purchase on the exchange don’t qualify for a subsidy. The district has been paying a penalty for those who get a subsidy due to the district not providing “affordable coverage” as defined by the Affordable Care Act. However, since that figure is a relatively small part of the district’s annual budget, they’ve just paid the penalty and moved on.

Atilla
Posts: 1230
Joined: Tue Feb 09, 2010 7:44 pm

Re: What are your property taxes?

Post by Atilla » Sun Jul 01, 2018 4:18 pm

Around here property taxes are $4600 on a property assessed at $200,000. We do have income tax pretty flat at 6 percent. Breaks for the poor. Homestead exemption. We don't tax food on sales tax.

The streets in our city should be paved in gold. Can't hardly buy a decent place in an ok neighborhood for under $300k.
The Village Idiot - here for your entertainment.

delamer
Posts: 5487
Joined: Tue Feb 08, 2011 6:13 pm

Re: What are your property taxes?

Post by delamer » Sun Jul 01, 2018 4:31 pm

Ron Ronnerson wrote:
Sun Jul 01, 2018 4:06 pm
delamer wrote:
Sun Jul 01, 2018 2:51 pm
Ron Ronnerson wrote:
Sun Jul 01, 2018 12:57 pm
pshonore wrote:
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.
I'm a mid-career teacher in the Bay Area. I make $105k and my pension should be about $90k/year around age 60. I work at a school that is in the top 1% in the state of California based on test scores. The principal and parents are wonderful and supportive. The students are motivated and hard-working. I'm on summer break now and don't have to be back to work again for another 2 months. It is a terrific environment. However, there is a giant teacher shortage as no one these days will sign up for this deal.

Here's the other side that needs to be taken into consideration too (at least in the large school district where I work):
The median home value is right around $2M where I work (and rents are nothing to sneeze at either). We don't get health insurance benefits at all. 10.25% of salary goes toward pension contributions. Starting salary is in the 60k range. Don't forget to subtract taxes and deduct for medicare and union dues. Net income is much smaller than one might expect glancing first at the gross income figure.

Here's a newspaper article from a week ago about what is considered low income in my area: https://www.mercurynews.com/2018/06/25/ ... ses-again/

And now to answer the OP's question:
Property taxes are $10k/year (home value is around $850k)
Combined income is around $115k (we're low income per the article above)
Federal tax: $4k (12% bracket)
State tax: about $1400 (4% bracket)
sales tax rate: 8.25%

You are a public school teacher in a well-regarded achool district and you don’t get subsidized health insurance?

That really surprises me.
You are not alone in being surprised by this. It’s the case, though. Health insurance was bargained away in the 90s in exchange for a higher salary. It was hard to see at that time what would happen to health insurance costs in the years ahead. The district I work for is not alone. Quite a few districts in the Bay Area, including other excellent ones, also provide no health insurance. We have the option to obtain health insurance through the district but the entire cost is shouldered by the employee. To insure my family of three (2 people in their mid 40s and a child) would cost $24k/year. Some employees have insurance through a spouse. Others purchase it independently either on or off the exchange. A few have decided that insurance is unaffordable and have no coverage. Most who purchase on the exchange don’t qualify for a subsidy. The district has been paying a penalty for those who get a subsidy due to the district not providing “affordable coverage” as defined by the Affordable Care Act. However, since that figure is a relatively small part of the district’s annual budget, they’ve just paid the penalty and moved on.
I am not surprised that there is a giant teacher shortage in your area, given the above.

The teacher’s in my county (HCOL) have OK pay but excellent benefits.

User avatar
John151
Posts: 367
Joined: Fri Mar 02, 2007 6:03 pm

Re: What are your property taxes?

Post by John151 » Sun Jul 01, 2018 5:46 pm

My Illinois condo is taxed at about 2% of estimated market value. There’s no cap on how high it can go. This year’s tax went up 12% to pay for improvements in local schools. State and local sales taxes are 9%. State income tax is 4.95%. Last year I spent more on federal, state, and local taxes than I spent on myself.

likegarden
Posts: 2638
Joined: Mon Feb 26, 2007 5:33 pm

Re: What are your property taxes?

Post by likegarden » Sun Jul 01, 2018 5:51 pm

New York State. Sales tax is 7%, we pay state tax.
School tax is $2,700, is reduced from 4,300 or so because we are retired.
Town Property Tax $1,400.
Property is worth around $300,000. for a 2500 sqft house on 0.45 acres.

Jags4186
Posts: 2262
Joined: Wed Jun 18, 2014 7:12 pm

Re: What are your property taxes?

Post by Jags4186 » Sun Jul 01, 2018 5:56 pm

NJ $11,310 for 1400sqft on 1/4 acre.

People who pay significantly less, do you have local professional police/fire? Also curious if you have things like 2x weekly garbage and recycling pickup that’s included.

Post Reply