taxes,taxes,taxes
#1
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taxes,taxes,taxes
Been traveling alot recently on buisness.It seems the hot topic around the country is property taxes.Until recently I thought the only place with outrageous taxes was the northeast.But talking with people in ohio,virginia,florida,texas,it seems like its happening there too.Sooner or later it seems something has to give.The price of homes is soaring everywhere,taxes are going through the roof,inflation on the rise.Yet you here work is being outsourced,benefits cut,illegal immigrants taking away jobs at alarming rates.I have relatives in florida who recently have been talking about moving because their taxes have doubled in 3 years.If this keeps up who is going to be able to stay in their home?Just curious to find out what people around the country are paying for property taxes?Mine in N.Y.are $6600.00 per year for 3 bdr.ranch 1600 sq.ft.
#2
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On my house of 25+ years in Dallas (city, county) and RISD (school), the $9,000. + property taxes on appraised $332,500. forced me to sell and move to Central Mexico. I paid $136.65 US annually (2000ft2 3 BRM 3 BA LR DR Sun Porch 2 nice patios and small garage) in the Centro here the last two years.
I imagine I'll pay $500 - $600. for my new McMansion.
M
M
I imagine I'll pay $500 - $600. for my new McMansion.
M
M
#3
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Here in CA, taxes will depend on the year of purchase and the purchase price.
Many are paying 1.25% of the current median price of $714,000. Many more are paying on a reduced rate grandfathered in from the days before the rate increase.
Not uncommon for people to freak out over the $10,000/year property taxes for their proposed "next house" and then not "trade up" to an equal-zized home in a neighborhood nearer to their employer.
You have people in identical homes in the same tract paying 1/4 or 4x what the neighbor is $paying. Causes minor rifts that are nulled by a BBQ or cookout invite!!
Many are paying 1.25% of the current median price of $714,000. Many more are paying on a reduced rate grandfathered in from the days before the rate increase.
Not uncommon for people to freak out over the $10,000/year property taxes for their proposed "next house" and then not "trade up" to an equal-zized home in a neighborhood nearer to their employer.
You have people in identical homes in the same tract paying 1/4 or 4x what the neighbor is $paying. Causes minor rifts that are nulled by a BBQ or cookout invite!!
#4
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I pay a total of $302 per year. Three bed, two bath, brick barn, large out-buildings, ten acres, partially wooded, lake side. Living in a rural area in MN has some disadvantages but the cost of living is low.
The down side. The school board wants to more than double my taxes but we have the highest rating for schools K thru 12 in MN. Go figure.
The down side. The school board wants to more than double my taxes but we have the highest rating for schools K thru 12 in MN. Go figure.
#5
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Property taxes in NYC are actually quite low. We pay $1300/year for our 1400 SF luxury condo. A 4-story Brooklyn brownstone in a nice neighborhood - which is usually divided into two apartments or more - has total property tax of about $2700/year.
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"I have relatives in florida who recently have been talking about moving because their taxes have doubled in 3 years."
I'm not sure how that's possible unless they have moved to a different house. We are limited here to increases of not more than 5% per year. My property taxes are very low. However if I sold my place and someone else bought it, their taxes would probably be three times what I'm paying.
I'm not sure how that's possible unless they have moved to a different house. We are limited here to increases of not more than 5% per year. My property taxes are very low. However if I sold my place and someone else bought it, their taxes would probably be three times what I'm paying.
#11
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Most of my friends pay between $15,000 on a smaller older home to $50,000+ for a larger new home (combined property taxes) in our vicinity here in Houston. That said you don't have any other taxes to speak of except sales tax (8.25%). I do not find property taxes "too high" given that there is no state income tax, and one can choose not to live the McMansion life if you don't want the higher taxes; it is your choice, unlike an income tax (then again I suppose you could choose not to earn an income!) I am constantly amazed by with high-flying lifestyles who complain about property taxes. Get a clue, you are not paying income tax and you can live in a less expensive house! The tax burden here is low on a national basis. I also think that the high property taxes have kept a lid on dwelling prices here, which are much more reasonable than many areas of the country.
BTW many of the immigrants, illegal or otherwise, do work that our citizens will not or do not do anymore! It seems to be unheard of for anyone to mow their own yard, wash their own car, string thier own holiday lights, paint thier own fence, do thier own nails, cook their own meals, clean their own house, do thier own laundry, etc. This applies not only to parents, but to children. Usually these jobs pay the minimum wage, which we all know has been stagnant for a long time and won't support the lifestyle many Americans are accustomed to by birth and good fortune.
BTW many of the immigrants, illegal or otherwise, do work that our citizens will not or do not do anymore! It seems to be unheard of for anyone to mow their own yard, wash their own car, string thier own holiday lights, paint thier own fence, do thier own nails, cook their own meals, clean their own house, do thier own laundry, etc. This applies not only to parents, but to children. Usually these jobs pay the minimum wage, which we all know has been stagnant for a long time and won't support the lifestyle many Americans are accustomed to by birth and good fortune.
#12
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Just to clarify the deal with Florida taxes, if you homestead in Florida your homes assessment is frozen for about five years or so and it can only rise a small percentage (that must be the 5% Patrick mentioned). But if you don't homestead, then your assessment rises (and falls supposedly) based on the sales prices of neighboring homes. And what's happening is that real estate is appreciating here in Florida. When your $200,000 home is all of a sudden worth $500,000 because that's what your neighbors house (similar to yours) sold for, then your assessment rises and you will pay more taxes. The taxes are still the same percentage but the house is assessed higher.
#13
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Our bill came last week, and I believe it was $152, with the new increase, so to answer your question, we in AL will be able to keep our homes for alittle longer!
The home is about 3,500 sq. ft. with almost 2 acres adjacent to a pond.
So, you see, there is at least ONE advantage to living in the ('backward') South!
Belle
The home is about 3,500 sq. ft. with almost 2 acres adjacent to a pond.
So, you see, there is at least ONE advantage to living in the ('backward') South!
Belle
#17
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When considering taxes you have to look at the whole pictere - not just property tax.
For our apartment in NYC we pay property taxes of about $3200 (but they get that from every one of the six apartments in our line) - but we also pay substantial state and city income tax - as well as more than 8% in sales tax.
For our apartment in NYC we pay property taxes of about $3200 (but they get that from every one of the six apartments in our line) - but we also pay substantial state and city income tax - as well as more than 8% in sales tax.
#18
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I cannot imagine why anyone would pay $15,000. to $50,000 in property taxes a year to live in Houston, Texas.
That said, when my (Class 2) medical liability insurance premiums went from $10.6K in '01 to $18.3K in '02 to $37.K in '03 per year in Dallas for less than 1040 hours of practice per year - never had a complaint/charge/claim in 40 years - and I realized it cost nearly $100K/year to continue to work and live in D, I retired, sold the 3500 ft2 4/4/ 40K gal pool/spa house on 2/3rds heavily wooded acre in Northwood Hills and moved to MX.
M
That said, when my (Class 2) medical liability insurance premiums went from $10.6K in '01 to $18.3K in '02 to $37.K in '03 per year in Dallas for less than 1040 hours of practice per year - never had a complaint/charge/claim in 40 years - and I realized it cost nearly $100K/year to continue to work and live in D, I retired, sold the 3500 ft2 4/4/ 40K gal pool/spa house on 2/3rds heavily wooded acre in Northwood Hills and moved to MX.
M
#19
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M:
It makes sense if you are working and have earned income, just as it must have made sense at one time in Dallas. If I earned the same income in, say California or Maryland (where I spent my childhood) I would have a cascade of state and local income tax that would outweigh my property taxes.
I understand what you are saying about part-time practice. You are the last person to be paid, and paid only after overhead is covered with some fixed costs being high. We are happy to live here as life is incredibly convenient (probably due to the lack of zoning) and have opted to structure our housing expenses in such a way as to minimize the burden (i.e. we don't have the largest house on the block with the highest assessment, only what house we need which coincidentally is all that we want). We don't try to keep up with the Jones; in fact we make them nervous!
With kids in school and being midcareer we can't just pick up and move to MX, although we travel about 4 to 5 weeks a year. Of course we love Mexico: I took the family to Oaxaca and Huatulco this summer. Speaking of taxes isn't there a 15% IVA you pay there? I suppose our greatest concern about living outside the US in retirement has to do with healthcare in the acute setting, especially an MI or major trauma. Beyond that it is having something we want to do, vocation or avocation.
It makes sense if you are working and have earned income, just as it must have made sense at one time in Dallas. If I earned the same income in, say California or Maryland (where I spent my childhood) I would have a cascade of state and local income tax that would outweigh my property taxes.
I understand what you are saying about part-time practice. You are the last person to be paid, and paid only after overhead is covered with some fixed costs being high. We are happy to live here as life is incredibly convenient (probably due to the lack of zoning) and have opted to structure our housing expenses in such a way as to minimize the burden (i.e. we don't have the largest house on the block with the highest assessment, only what house we need which coincidentally is all that we want). We don't try to keep up with the Jones; in fact we make them nervous!
With kids in school and being midcareer we can't just pick up and move to MX, although we travel about 4 to 5 weeks a year. Of course we love Mexico: I took the family to Oaxaca and Huatulco this summer. Speaking of taxes isn't there a 15% IVA you pay there? I suppose our greatest concern about living outside the US in retirement has to do with healthcare in the acute setting, especially an MI or major trauma. Beyond that it is having something we want to do, vocation or avocation.
#20
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What I find most interesting is how much noise the people, many of whom probably never had to work for the so-called 'minimum wage', who want that "cheap labor" to mow their lawns and put up thier holiday lights make about how much of a "burden" the folks who survive by doing these jobs are placing on our society.