tgrimes
Diamond
Posts: 27,588 Likes: 138,013
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Post by tgrimes on Jul 20, 2017 5:38:40 GMT -6
tgrimes explain property tax to me. We have something like this, but it's called 'transfer tax' which is a certain percentage of the sale price of your house and is tax deductible the next year, if that makes sense. Property tax differs between states on how they handle it. It's usually a yearly tax and the percentages can change each year by taxing jurisdiction. For instance, I pay county, city & school taxes. Each of this entities have their own tax rate that gets decided on after they do their budgets each year, usually around September. The percentages are then multiplied by the appraisal value of your property. Now, depending on the location of your property, these taxes could also include water control improvement districts, levee improvement districts, municipal utility districts, emergency service districts, etc. It can add up quickly. There are also business personal property taxes, mineral taxes, mobile home taxes.... I could go on but I'm pretty sure everyone has fallen asleep while reading this.
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yummeecookee
Sapphire
Maker of November Babies
Posts: 3,133 Likes: 19,748
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Post by yummeecookee on Jul 20, 2017 6:04:50 GMT -6
I just gave H some options to choose between and the first thing she said, before seeing anything was "I want the one with all the princesses". I showed her the catalogue like a month ago. Of course she remembers. I ordered M's PBK backpack last Friday. They had just started a sale, and with monogramming it was still more than what I wanted to pay. He starts in 3 weeks so I just said F* it and ordered it. The very next day I get a 20% off order coupon in my email. I tried to call and cancel my order, but it was too late. I was bummed. I'm all about saving some dollars. That is just cold that they wouldnt honor it!
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yummeecookee
Sapphire
Maker of November Babies
Posts: 3,133 Likes: 19,748
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Post by yummeecookee on Jul 20, 2017 6:06:37 GMT -6
I have no idea what my property taxes are
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nam2013
Emerald
Posts: 13,437 Likes: 68,023
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Post by nam2013 on Jul 20, 2017 6:12:43 GMT -6
tgrimes so the 40.000 is yearly?! My goodness! Property tax is once when you buy the house (2% of sales price) and yearly based on current house value, but that includes garage disposal, water tax and something else I can't remember, adds up to roughly €1000 euro per year.
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Post by peachsmama on Jul 20, 2017 6:37:30 GMT -6
$30K????? Ours are high for our area because of our school, I'm dreading seeing what ours will be for 8 acres and a 2500 square foot house.. We actually lowered our acreage because of the property taxes. Do they not offer agricultural exemptions where you live? Yes. But the acerage has to be a certain number to get the big breaks. And our farm isn't big enough to split so we get it twice. There used to be one for 10+ acres but they've changed it and now it's some kind of application process and the break isn't enough to make it worth it. We'll pay more on our 8 acres than we pay on the rest of the farm, which is over 50.
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Post by SweetPotato on Jul 20, 2017 7:08:09 GMT -6
You and me can split a case of wine and talk shop. It's my hill that once I start, I can't stop. Try to find some time between all the trips you have planned to come to Houston. We can drool over SweetPotato's new house and bond over wine & property taxes. I will gladly bitch about property taxes and keep the wine coming! There are a few houses for sale in my new neighborhood and I have everything crossed that they have to lower the prices drastically. Otherwise I'll be looking at 30k a year and sobbing 😭
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joelies
Sapphire
You must chill
Posts: 4,686 Likes: 33,805
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Post by joelies on Jul 20, 2017 7:42:32 GMT -6
Most 4 bedroom homes (on 1+ acres) in my town are around $15K a year in taxes. Great school district but that's really all you get for your money. The fire department and EMT are strictly volunteer-based, we have no sewers/sidewalks/street lights, and we're a few towns off the coast and train line. We actually have one of the worst mill rates in CT but housing is far more affordable here than in lower Fairfield County. We would have paid significantly more for a small tear down on the side of the highway in a town like Westport than we paid for our house, which has an awesome yard and had been recently renovated. It's crazy to me that there aren't similar options near other HCOL areas.
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Cher
Global Moderator
BMB, GD, Special Interests
Posts: 57,562 Likes: 442,342
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Post by Cher on Jul 20, 2017 7:49:13 GMT -6
You and me can split a case of wine and talk shop. It's my hill that once I start, I can't stop. Try to find some time between all the trips you have planned to come to Houston. We can drool over SweetPotato's new house and bond over wine & property taxes. We can walk around, touch her stuff and say, "what are your property taxes like?"
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Cher
Global Moderator
BMB, GD, Special Interests
Posts: 57,562 Likes: 442,342
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Post by Cher on Jul 20, 2017 7:51:31 GMT -6
Most 4 bedroom homes (on 1+ acres) in my town are around $15K a year in taxes. Great school district but that's really all you get for your money. The fire department and EMT are strictly volunteer-based, we have no sewers/sidewalks/street lights, and we're a few towns off the coast and train line. We actually have one of the worst mill rates in CT but housing is far more affordable here than in lower Fairfield County. We would have paid significantly more for a small tear down on the side of the highway in a town like Westport than we paid for our house, which has an awesome yard and had been recently renovated. It's crazy to me that there aren't similar options near other HCOL areas. Our lower cost option is moving to Fairfield County. Seriously. The taxes there are so much less than Westchester that that's what we would have to do. But we don't want to go that much more north.
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joelies
Sapphire
You must chill
Posts: 4,686 Likes: 33,805
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Post by joelies on Jul 20, 2017 7:56:05 GMT -6
Most 4 bedroom homes (on 1+ acres) in my town are around $15K a year in taxes. Great school district but that's really all you get for your money. The fire department and EMT are strictly volunteer-based, we have no sewers/sidewalks/street lights, and we're a few towns off the coast and train line. We actually have one of the worst mill rates in CT but housing is far more affordable here than in lower Fairfield County. We would have paid significantly more for a small tear down on the side of the highway in a town like Westport than we paid for our house, which has an awesome yard and had been recently renovated. It's crazy to me that there aren't similar options near other HCOL areas. Our lower cost option is moving to Fairfield County. Seriously. The taxes there are so much less than Westchester that that's what we would have to do. But we don't want to go that much more north. Yikes. But the mill rates in those towns (Westport in particular) are amazing. We'd pay the same in property taxes on a $1mil house there that we pay on our house in podunk. Of course you couldn't actually find a decent house there for $1mil, so it's kind of a moot point.
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Cher
Global Moderator
BMB, GD, Special Interests
Posts: 57,562 Likes: 442,342
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Post by Cher on Jul 20, 2017 7:59:50 GMT -6
Our lower cost option is moving to Fairfield County. Seriously. The taxes there are so much less than Westchester that that's what we would have to do. But we don't want to go that much more north. Yikes. But the mill rates in those towns (Westport in particular) are amazing. We'd pay the same in property taxes on a $1mil house there that we pay on our house in podunk. Of course you couldn't actually find a decent house there for $1mil, so it's kind of a moot point. MH and I were talking about this last night. We decided $3M is the sweet spot in the Westchester/Fairfield area. $3M gets you a nice house, in a good school district, that doesn't need work. Our budget is ... not $3M. But, at least we decided what our imaginary budget would be.
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Post by snoopmommymom on Jul 20, 2017 8:02:15 GMT -6
Most 4 bedroom homes (on 1+ acres) in my town are around $15K a year in taxes. Great school district but that's really all you get for your money. The fire department and EMT are strictly volunteer-based, we have no sewers/sidewalks/street lights, and we're a few towns off the coast and train line. We actually have one of the worst mill rates in CT but housing is far more affordable here than in lower Fairfield County. We would have paid significantly more for a small tear down on the side of the highway in a town like Westport than we paid for our house, which has an awesome yard and had been recently renovated. It's crazy to me that there aren't similar options near other HCOL areas. Our lower cost option is moving to Fairfield County. Seriously. The taxes there are so much less than Westchester that that's what we would have to do. But we don't want to go that much more north. Come over here across the bridge! Although our taxes are also high.
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guster
Emerald
Posts: 11,521 Likes: 67,086
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Post by guster on Jul 20, 2017 8:26:39 GMT -6
Most 4 bedroom homes (on 1+ acres) in my town are around $15K a year in taxes. Great school district but that's really all you get for your money. The fire department and EMT are strictly volunteer-based, we have no sewers/sidewalks/street lights, and we're a few towns off the coast and train line. We actually have one of the worst mill rates in CT but housing is far more affordable here than in lower Fairfield County. We would have paid significantly more for a small tear down on the side of the highway in a town like Westport than we paid for our house, which has an awesome yard and had been recently renovated. It's crazy to me that there aren't similar options near other HCOL areas. Our lower cost option is moving to Fairfield County. Seriously. The taxes there are so much less than Westchester that that's what we would have to do. But we don't want to go that much more north. This. Bethel, New Fairfield, Newtown and Brookfield are all on our list. All close enough for work across the NY borderline, but significantly less in taxes.
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cagoldi
Opal
Vegan Demon
Posts: 8,349 Likes: 53,471
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Post by cagoldi on Jul 20, 2017 10:22:21 GMT -6
tgrimes so the 40.000 is yearly?! My goodness! Property tax is once when you buy the house (2% of sales price) and yearly based on current house value, but that includes garage disposal, water tax and something else I can't remember, adds up to roughly €1000 euro per year. This is similar to CA. We have Prop 13 that capped the rate at which the assessment could increase annually. So your initial tax basis is 1% of the sale price, then it increases at a maximum of 2% of the initial rate each year. Sent from my iPhone using Tapatalk
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cagoldi
Opal
Vegan Demon
Posts: 8,349 Likes: 53,471
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Post by cagoldi on Jul 20, 2017 10:27:27 GMT -6
Everyone can move to CA. My condo is small but I only pay around 3,000 in taxes.
My dad's house in Yorba Linda is in a great neighborhood with excellent schools and he pays less than $5,000.
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vino
Opal
Posts: 9,054 Likes: 56,450
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Post by vino on Jul 20, 2017 10:41:34 GMT -6
Our taxes are $3672 per year, they go up about $20-30 per year. I'd say it is average for this age of homes(2001). There has been a bit of an increase as we are getting a community rec centre built and a transit line out to the burbs because this side of the city has grown so much.
We looked at moving a couple years ago, but new build=new area=higher taxes=less savings and/or disposable $. No thanks.
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joelies
Sapphire
You must chill
Posts: 4,686 Likes: 33,805
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Post by joelies on Jul 20, 2017 12:10:42 GMT -6
Our lower cost option is moving to Fairfield County. Seriously. The taxes there are so much less than Westchester that that's what we would have to do. But we don't want to go that much more north. This. Bethel, New Fairfield, Newtown and Brookfield are all on our list. All close enough for work across the NY borderline, but significantly less in taxes. Yaaaaas!! The Newtown line is just over a mile from my house.
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jewels
Opal
Posts: 8,254 Likes: 43,762
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Post by jewels on Jul 20, 2017 12:58:58 GMT -6
I always thought NJ had high taxes, but reading your rates, I don't feel so bad! All you NY people should move here!! Still a fairly easy NY commute, but way less in taxes!
I live in a pretty middle class town with decent schools (not top rated, but pretty darn close) and I pay 12K for .5 acre. A few towns over in a more affluent suburb it's probably double that, but definitely nothing approaching 40K around this area. Unless you are in a 2 mill house with lots of property.
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