Author Topic: How much do you pay in property taxes?  (Read 24902 times)

Typhoid Mary

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How much do you pay in property taxes?
« on: June 25, 2016, 09:15:25 AM »
It has come to my attention recently that other places aren't forced to pay the exorbitant amount of property taxes that we are in The New City.

My property taxes are 0.0275, or 2.75% of the purchase price annually. 

We give the city $5000 annually in property taxes, approx. $416 monthly. 

This just seems crazy high.  Not much I can do about it, but if we ever consider moving I'd like to know what property taxes are like in other areas. We have a very LCOL but even in FIRE we'd have to pay $416/mo  until we die, plus $200/homeowners insurance.

What are your annual property rates?


Edited to fix a spelling error.
« Last Edit: June 25, 2016, 10:37:50 AM by Typhoid Mary »

hoodedfalcon

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Re: How much do you pay in property taxes?
« Reply #1 on: June 25, 2016, 09:25:28 AM »
$678 a year.

My home is zoned for the county, even though I am 2 miles from downtown. Zoning snafu. I don't mind.
Columbia, South Carolina
House cost $72500 14 years ago.

Typhoid Mary

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Re: How much do you pay in property taxes?
« Reply #2 on: June 25, 2016, 09:27:39 AM »
$678 a year.

My home is zoned for the county, even though I am 2 miles from downtown. Zoning snafu. I don't mind.
Columbia, South Carolina
House cost $72500 14 years ago.



I audibly gasped and nearly spit out my coffee.

$678 A YEAR???

Spork

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Re: How much do you pay in property taxes?
« Reply #3 on: June 25, 2016, 10:11:46 AM »
Put down your coffee.

Ours was right around $550 last year.  Like previous poster, the county is just not paying attention.  We have about 8 acres, zoned agricultural.  They are taxing us on the value of my workshop out back.  We built a house about 5 years ago and they haven't figured it out yet.  (They will, eventually!)  They have pretty decent online software that does identify new structures and draw neat little perimeter lines around it... but even with that, they still haven't noticed our house.

Typhoid Mary

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Re: How much do you pay in property taxes?
« Reply #4 on: June 25, 2016, 10:37:00 AM »
Put down your coffee.

Ours was right around $550 last year.  Like previous poster, the county is just not paying attention.  We have about 8 acres, zoned agricultural.  They are taxing us on the value of my workshop out back.  We built a house about 5 years ago and they haven't figured it out yet.  (They will, eventually!)  They have pretty decent online software that does identify new structures and draw neat little perimeter lines around it... but even with that, they still haven't noticed our house.


This causes me physical pain.


Now to research of there is actually anything I can do about this other than move.

FerrumB5

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Re: How much do you pay in property taxes?
« Reply #5 on: June 25, 2016, 10:44:50 AM »
Naperville, IL, DuPage county. $8,298.44/yr

redbird

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Re: How much do you pay in property taxes?
« Reply #6 on: June 25, 2016, 10:53:12 AM »
Now to research of there is actually anything I can do about this other than move.

A lot of places charge property tax based on current value of the house. This means that your property tax can actually be adjusted up or down, depending on what the value does. If you were in that situation, and your house was now considered underwater (worth less than the value you paid), you could look into getting the value readjusted and your taxes would go down.

If your part of Nebraska charges property taxes based on purchase price, I don't think there *is* anything you can do other than move. Either to another house in your part of Nebraska with a smaller purchase price, or perhaps to another area or state.

msilenus

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Re: How much do you pay in property taxes?
« Reply #7 on: June 25, 2016, 10:55:06 AM »
Our townhome runs about $15k/yr for the property taxes.

Rocket

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Re: How much do you pay in property taxes?
« Reply #8 on: June 25, 2016, 11:08:40 AM »
$4500 a year in Los Angeles, which is based on sale price and not on evaluation.   If not for prop 13 it would be twice that.

Cycling Stache

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Re: How much do you pay in property taxes?
« Reply #9 on: June 25, 2016, 11:28:58 AM »
$10,200 per year in Miami.  And it readjusts each year with property values, although limited as to how much it can increase each year.

This is one of the line items I consider as a potential massive reduction in early retirement (at least when the kids move out) when we relocate to a different city and a smaller house.  I also factor in the equity that will be unlocked when we downsize as well. 

But between property tax, condo dues, and insurance (the whole hurricane thing), it's probably $14k per year in costs related directly to where we live.  For me, this is a cost of earning HCOL salaries, but something I would definitely knock out once we retire.

And of course I hope to sell before all of Miami is under water!

Cassie

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Re: How much do you pay in property taxes?
« Reply #10 on: June 25, 2016, 11:33:53 AM »
700/year in NV. They can only rise a tiny amount and also is based on how old your home is. Ours is valued at about 250k now and was built in 1950. When we lived in a 20yo home we paid 1100/year. However, we also don't have the services that other states have.

FerrumB5

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Re: How much do you pay in property taxes?
« Reply #11 on: June 25, 2016, 12:15:25 PM »
$10,200 per year in Miami.  And it readjusts each year with property values, although limited as to how much it can increase each year.

This is one of the line items I consider as a potential massive reduction in early retirement (at least when the kids move out) when we relocate to a different city and a smaller house.  I also factor in the equity that will be unlocked when we downsize as well. 

But between property tax, condo dues, and insurance (the whole hurricane thing), it's probably $14k per year in costs related directly to where we live.  For me, this is a cost of earning HCOL salaries, but something I would definitely knock out once we retire.

And of course I hope to sell before all of Miami is under water!

10k in Miami? My inlaws pay 1200 in Ft. Myers area, LeHigh Acres to be exact. Yeah, not so touristy and high value small town but close enough to Ft Myers beach and stuff

gggggg

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Re: How much do you pay in property taxes?
« Reply #12 on: June 25, 2016, 12:23:09 PM »
$1200.00 a year, townhome on the outskirts of Raleigh NC

geekette

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Re: How much do you pay in property taxes?
« Reply #13 on: June 25, 2016, 12:48:01 PM »
Just under 1% per year, based on assessed value, in Cary, NC.  About 2/3 of that is county, the other third is for the town.  Houses in our area tend to be about $200k and up (way up).

Sofa King

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Re: How much do you pay in property taxes?
« Reply #14 on: June 25, 2016, 12:57:39 PM »
Very small yard and house (980sf) 60miles outside NYC, school and property tax $3,300 per year and we are much cheaper than most around here. Gets much more expensive the close you get to NYC.

Spork

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Re: How much do you pay in property taxes?
« Reply #15 on: June 25, 2016, 01:02:13 PM »
Put down your coffee.

Ours was right around $550 last year.  Like previous poster, the county is just not paying attention.  We have about 8 acres, zoned agricultural.  They are taxing us on the value of my workshop out back.  We built a house about 5 years ago and they haven't figured it out yet.  (They will, eventually!)  They have pretty decent online software that does identify new structures and draw neat little perimeter lines around it... but even with that, they still haven't noticed our house.


This causes me physical pain.


Now to research of there is actually anything I can do about this other than move.

One day in the future, a guy with a name tag will knock on my door and say he's from the tax assessor and wants to assess the value of the house.  My taxes won't stay this low.  It's likely to be about $5k (based on taxes of friends/family in the area).

gggggg

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Re: How much do you pay in property taxes?
« Reply #16 on: June 25, 2016, 01:05:44 PM »
Just under 1% per year, based on assessed value, in Cary, NC.  About 2/3 of that is county, the other third is for the town.  Houses in our area tend to be about $200k and up (way up).

Jeez you guys in Cary are lower than mine in Garner, I would have figured the opposite; mine is over 1%.

Elle 8

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Re: How much do you pay in property taxes?
« Reply #17 on: June 25, 2016, 01:13:33 PM »
Put down your coffee.

Ours was right around $550 last year.  Like previous poster, the county is just not paying attention.  We have about 8 acres, zoned agricultural.  They are taxing us on the value of my workshop out back.  We built a house about 5 years ago and they haven't figured it out yet.  (They will, eventually!)  They have pretty decent online software that does identify new structures and draw neat little perimeter lines around it... but even with that, they still haven't noticed our house.


This causes me physical pain.


Now to research of there is actually anything I can do about this other than move.

One day in the future, a guy with a name tag will knock on my door and say he's from the tax assessor and wants to assess the value of the house.  My taxes won't stay this low.  It's likely to be about $5k (based on taxes of friends/family in the area).

Spork - Any idea if you're in danger of them trying to collect the ~$5K/yr retroactively from when you built the house?

wenchsenior

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Re: How much do you pay in property taxes?
« Reply #18 on: June 25, 2016, 01:15:11 PM »
No income tax in Texas, so property tax is one of the state's main funding mechanisms. We paid ~$3720 last year on two houses with combined value of ~200K. This is going up notably this year, to >$4000.

Elle 8

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Re: How much do you pay in property taxes?
« Reply #19 on: June 25, 2016, 01:22:47 PM »
I pay a little over $3,000 for a <800 sf home on a 9,000 sf lot in suburban Boston.  The Zillow value of the house is $302K, and the average property taxes in my city are about $5400 (I just looked it up).

ZiziPB

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Re: How much do you pay in property taxes?
« Reply #20 on: June 25, 2016, 01:25:29 PM »
$9120 for a modest townhouse (1600 sq ft) in central CT. I'm definitely moving when I FIRE.

MilesTeg

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Re: How much do you pay in property taxes?
« Reply #21 on: June 25, 2016, 01:26:59 PM »
0.5%

Spork

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Re: How much do you pay in property taxes?
« Reply #22 on: June 25, 2016, 01:34:43 PM »
Put down your coffee.

Ours was right around $550 last year.  Like previous poster, the county is just not paying attention.  We have about 8 acres, zoned agricultural.  They are taxing us on the value of my workshop out back.  We built a house about 5 years ago and they haven't figured it out yet.  (They will, eventually!)  They have pretty decent online software that does identify new structures and draw neat little perimeter lines around it... but even with that, they still haven't noticed our house.


This causes me physical pain.


Now to research of there is actually anything I can do about this other than move.

One day in the future, a guy with a name tag will knock on my door and say he's from the tax assessor and wants to assess the value of the house.  My taxes won't stay this low.  It's likely to be about $5k (based on taxes of friends/family in the area).

Spork - Any idea if you're in danger of them trying to collect the ~$5K/yr retroactively from when you built the house?

I guess I don't know for sure, but I don't think they can. 

We actually had the same thing happen with the workshop.  It was built before we bought the place.  We lived out of town and we used it at first as a weekend getaway.  We eventually moved into the workshop and lived there a while.  Someone knocked on the door and asked us if we'd just built it.  Um... no.  Been here at least 5 years.... maybe more.  The next year it was reflected on our taxes.

It's pretty stupid.... we'd been claiming a homestead exemption (as was the guy before us).  No one checked to see if there was a "home" attached to it.

To my knowledge, we've done everything above board.  There are no required inspections/permits out here other than for septic.  We got that one.

mskyle

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Re: How much do you pay in property taxes?
« Reply #23 on: June 25, 2016, 01:39:19 PM »
Wow, this is so interesting. I rent, so don't pay property taxes directly, but we're looking to buy sometime in the next year or two. We live sort of right in the corner of a bunch of cities/towns (in the suburbs of Boston) and they all have very different property tax rates.

If we bought a $500K place in City A, property tax would be ~$2000 a year (including a residential exemption - more if we were buying it to rent).
In City B: $3600 (also including a residential exemption)
In City C: $5500! (no residential exemption here)

And these places would be extremely similar in terms of neighborhood and type of home and within 3/4 of a mile of each other. Not very big differences in the quality of the schools, etc., either (if anything, City A probably has the best schools of the bunch). Crazy!

geekette

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Re: How much do you pay in property taxes?
« Reply #24 on: June 25, 2016, 02:05:12 PM »
Just under 1% per year, based on assessed value, in Cary, NC.  About 2/3 of that is county, the other third is for the town.  Houses in our area tend to be about $200k and up (way up).

Jeez you guys in Cary are lower than mine in Garner, I would have figured the opposite; mine is over 1%.
Cary is the lowest in Wake (unless you live outside a municipality).

Rates

MMM98

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Re: How much do you pay in property taxes?
« Reply #25 on: June 25, 2016, 02:30:49 PM »
1100 annually, 350k home.  Alabama.

1 acre, 3200 square feet, two story, all brick. Tech based city, considered desirable.
« Last Edit: June 25, 2016, 06:44:49 PM by Toymiester »

Spiffy

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Re: How much do you pay in property taxes?
« Reply #26 on: June 25, 2016, 02:59:20 PM »
Here in the heart of Texas we paid $2368 for 2015. It goes up or down a couple of hundred each year.

dudermcgee

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Re: How much do you pay in property taxes?
« Reply #27 on: June 25, 2016, 03:00:12 PM »
$5,500/yr on $380,000 home. Suburb of Minneapolis, MN.

Jtrey17

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Re: How much do you pay in property taxes?
« Reply #28 on: June 25, 2016, 03:55:00 PM »
$3800 for a 2500 sq ft house in Door County Wi.

Choices

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Re: How much do you pay in property taxes?
« Reply #29 on: June 25, 2016, 04:01:38 PM »
$2800 in Phoenix, based on appraised value according to the city, but limited to a certain % increase each year.

Cranky

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Re: How much do you pay in property taxes?
« Reply #30 on: June 25, 2016, 05:25:25 PM »
I pay under $1000/year, though we do pay both city and state income taxes.

I always wonder if you really get more for all that tax money in Connecticut or New York.

ender

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Re: How much do you pay in property taxes?
« Reply #31 on: June 25, 2016, 05:32:30 PM »
We're going to pay about 1.5% of purchase value for the house we're in the process buying.

It feels like percentages here really matter, not absolute values.

Cyaphas

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Re: How much do you pay in property taxes?
« Reply #32 on: June 25, 2016, 05:41:43 PM »
Texas, one of the more expensive counties, we pay 2.4%. Homestead knocks roughly $60k off the assessed property value and limits how quikly they can rais eyour assessed value.

Usually it's not that bad, less than a year ago getting a decent 3-2 1200sqf was less than 100k. Now it's gotten pretty insane.

No income tax makes me smile every time I look at a property tax bill. I lived in CA for 3 years... never again.

lazysundays

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Re: How much do you pay in property taxes?
« Reply #33 on: June 25, 2016, 05:41:58 PM »
$8000 for a starter house in northern NJ.

clarkfan1979

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Re: How much do you pay in property taxes?
« Reply #34 on: June 25, 2016, 05:55:57 PM »
I am currently visiting my parents in Lake County, IL (about 45 minutes NW of Chicago). In the newspaper there is a 280K house for sale in Libertyville, IL and the taxes are listed at $9,350.

Typhoid Mary

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Re: How much do you pay in property taxes?
« Reply #35 on: June 25, 2016, 06:02:46 PM »
Thanks for all the replies.  I live in Lincoln, Nebraska so the median income is $50k and the median house price is $175K for 3br/2ba ranch with double stall garage and a nice yard.

I just feel like 2.75% is crazy high but other Lincolnites are almost of proud of this "highest in the nation!"    "Gotta support the schools!"   Etc


In previous county we paid $800/year so I'm still getting sticker shock and it's definitely something to consider in the future. I'm a noob, so this wasn't on my radar when we bought this house a couple months ago. Now I'm thinking clearer and kicking myself. 

Hind site is always 20/20......


nottoolatetostart

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Re: How much do you pay in property taxes?
« Reply #36 on: June 25, 2016, 06:04:43 PM »
1.4% of purchase price

Mtngrl

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Re: How much do you pay in property taxes?
« Reply #37 on: June 25, 2016, 06:54:24 PM »
Western Colorado. $2100 on a house on two acres valued at app. $500 thousand.

Rhoon

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Re: How much do you pay in property taxes?
« Reply #38 on: June 25, 2016, 07:34:00 PM »
Old house  in New Hampshire was $5500/yr

Current place in Davenport, FL is $2600/yr with the homestead exemption, about $3200 without it. Thank you tourists.

Teachstache

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Re: How much do you pay in property taxes?
« Reply #39 on: June 25, 2016, 07:42:53 PM »
Thanks for all the replies.  I live in Lincoln, Nebraska so the median income is $50k and the median house price is $175K for 3br/2ba ranch with double stall garage and a nice yard.

I just feel like 2.75% is crazy high but other Lincolnites are almost of proud of this "highest in the nation!"    "Gotta support the schools!"   Etc


In previous county we paid $800/year so I'm still getting sticker shock and it's definitely something to consider in the future. I'm a noob, so this wasn't on my radar when we bought this house a couple months ago. Now I'm thinking clearer and kicking myself. 

Hind site is always 20/20......

I am a fellow Lincolnite. The taxes here increase if your annual assessed value increases, which ours has. We purchased a 3 br 3 bath one story ranch with double car garage in 2012. Since that time, our assessed value has increased by $40k and our taxes have increased by $1,300 over the past four years.

Where did you move from?

Feel free to contact me if you need any Lincoln specific info, or if you have any Lincoln specific questions.

CheapScholar

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Re: How much do you pay in property taxes?
« Reply #40 on: June 25, 2016, 08:19:43 PM »
About $1,400 annual on a $180,000 house in northern Indiana.  Great schools too!  Moving out of Illinois was the smartest decision of my life.  State is an economic house of cards and those suckers already pay out the nose.

MoneyCat

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Re: How much do you pay in property taxes?
« Reply #41 on: June 25, 2016, 08:42:44 PM »
I own a modest 1500 sq ft house on 0.17 acre of land in New Jersey, so, of course, I pay $8000/year in property taxes. When I retire, I'm moving to a Southern state where nobody cares if their children are dumb, so I can pay lower taxes.

tobitonic

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Re: How much do you pay in property taxes?
« Reply #42 on: June 25, 2016, 08:50:41 PM »
Thanks for all the replies.  I live in Lincoln, Nebraska so the median income is $50k and the median house price is $175K for 3br/2ba ranch with double stall garage and a nice yard.

I just feel like 2.75% is crazy high but other Lincolnites are almost of proud of this "highest in the nation!"    "Gotta support the schools!"   Etc


In previous county we paid $800/year so I'm still getting sticker shock and it's definitely something to consider in the future. I'm a noob, so this wasn't on my radar when we bought this house a couple months ago. Now I'm thinking clearer and kicking myself. 

Hind site is always 20/20......

Definitely not the highest in the nation; Nebraska overall is just the 6th or 7th highest, depending on your source. We're in Illinois and pay significantly more than your 2.75%.

https://smartasset.com/taxes/nebraska-property-tax-calculator


HPstache

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Re: How much do you pay in property taxes?
« Reply #43 on: June 25, 2016, 08:57:11 PM »
$2350/yr house valued at $260K

COEE

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Re: How much do you pay in property taxes?
« Reply #44 on: June 25, 2016, 09:01:31 PM »
$1600 on a 1900 sq ft house in Longmont, CO recently appraised at $330k.  Or about 0.5% of current value.  Tax assessor only has it appraised at $220k.  So I do expect my taxes to go up about $700/year anytime.

GuitarBrian

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Re: How much do you pay in property taxes?
« Reply #45 on: June 25, 2016, 11:06:33 PM »
Several houses to add. First 2 are mine. Then brothers, parents, and grandparents.

#1 Mesa, AZ $1,012. current value, $186,000 (paid 79,100 in 2010)

#2 Phoenix, AZ $396. Current value, $60,000 (paid 18,500+5k repairs in 2011)

#3 Tempe, AZ $1,210. Current value, $165,000 (paid $54,000 in 2011)

#4 Phoenix, AZ $888. Current value, $141,000 (paid 49,000+4k repairs in 2011)

#5 Loveland, CO $1,336. Current value, $246,000 (paid 53,000 in 1981)

#6 Fort Collins, CO $1,252. Current value, $283,000 (paid 46,000 in 1982, sold for 190,500 in 2014, missed the last two years of market boom)

#7 Loveland, CO $1,139. Current value, $~750,000+ (grandparents built house in 1962)

My dad is always going on about taxes increasing to NJ/IL type levels... Some of the numbers here are crazy, yikes!

h82goslw

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Re: How much do you pay in property taxes?
« Reply #46 on: June 26, 2016, 05:34:55 AM »
$400K house about 2.5 hours north of NYC.  Property/school taxes of $11K this year (School tax portion is about $7500).
This is a 110% increase since we built the house 13 years ago. Of course this will continue to go up year after year.  I look forward to moving when my last child graduates HS in 5 years. 

eyePod

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Re: How much do you pay in property taxes?
« Reply #47 on: June 26, 2016, 05:41:58 AM »
Ours is $2500 (about 1% of townhome value). We are just outside of the city due to some history of when our community was built vs the newer one about .3 miles away. We pay another 1k in HOA, but it's totally worth it. Community pool, 4 parks, walking path, landscaping of common areas.

misshathaway

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Re: How much do you pay in property taxes?
« Reply #48 on: June 26, 2016, 05:50:57 AM »
$4309 for a 3 bedroom house on a 1,520 sf lot in west suburban Boston area. House value is $586,000 according to Zillow.

clarkm04

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Re: How much do you pay in property taxes?
« Reply #49 on: June 26, 2016, 06:28:49 AM »
Quote
Warren Buffet still lives in the house he bought for around $30k in Omaha and now pays $14k in annual property taxes. If that house was in Calif he'd pay maybe $1000/year on a house that would be valued much higher in Cali then it would be in Nebraska. Must be hard for older retirees on a fixed income to continue living in their homes forever.

He must have done some serious upgrades or own a lot of property.  I live in Omaha, property taxes $2650 for ~ $150 K home.

NE has a generous Homestead exemptions for elderly. The previous owner paid no property taxes despite living comfortably.

 

Wow, a phone plan for fifteen bucks!