How much are your property taxes compared to your household income/FIRE budget?

[Corporateburnout]

Quote:

Originally Posted by BTravlin Our condo is valued at $332k and property taxes are $250/yr or .45% of our annual budget.

Where do you live?

[nico08]

Quote:

Originally Posted by james7 I feel your pain. I'm in Philadelphia and properties are being reassessed. We don't know what the new figures will be yet, but real estate taxes could be as much as 35% of a retirement budget. We won't be staying in this house, but we also don't want to leave the area as we can be in Midtown Manhattan or the Jersey Shore in under ninety minutes. The PA suburbs have high taxes, and the NJ suburbs taxes are the highest in the nation. Have you or any senior citizens groups in your area spoken with your elected representatives about this problem?

I am not a senior, but I have not addressed this with any legislator because I feel it would be futile.

[SumDay]

2% on w*rking income, pretty good sized house and lot.

[brewer12345]

Quote:

Originally Posted by nico08 What is BLM land?

Bureau of Land Management. It holds gazillions of acres of feddle gubmint owned land, much of it in the western US and just about all of it in the middle of nowhere. It is generally open to the public for camping, hunting, hiking, etc.

[Fermion]

Quote:

Originally Posted by nico08 What is BLM land?

Bureau of Land Management

264 million acres with free camping (can stay up to 14 days before you need to move a few miles).

[nico08]

Quote:

Originally Posted by retire2020 nico..I too live in NJ and pay ridiculous amount in property taxes. It's about 7% of my current salary. It'll be close to 11-12% of my FIRE withdrawal rate.

Do you think you will stay in NJ when you FIRE? If not, where will you go? I have thought about Delaware or parts of Pennsylvania perhaps.

[martyp]

I am ER'd and DW is still working but our property taxes in CA are 2% of our income. We bought our house 30 yrs ago and Prop 13 has kept the taxes low.

[SJ1_]

6.5% of our retirement budget (both retired)
1.7% of pre retirement salary (same budget just made a lot more)

Properties here in Atl. in town are up about 20% so next yr....

At 65 we get a large tax break on property taxes. At 61 and 56 we have not looked into the details yet.

[nico08]

Quote:

Originally Posted by martyp I am ER'd and DW is still working but our property taxes in CA are 2% of our income. We bought our house 30 yrs ago and Prop 13 has kept the taxes low.

Yes, I think NJ has some kind of property tax freeze for seniors as an incentive to keep them in the state after they retire. At some point, based on age and income level, their property taxes no longer increase. I am many years away from being eligible for anything like that.

[JOHNNIE36]

Florida:

Current taxes are about $2300/year. It's hard to put a number on the taxable value that anyone out there would understand. We get a $50K homestead exemption off the assessed value which has nothing to do with the value of the property. That exemption saves us about $450/year. House value is probably $275K. In Florida, your property taxes cannot go up more than 3% per year. We don't operate on a budget so I can't tie those taxes to a percentage of a budget. Our budget works as follows:
1. Receive bills.
2. Pay bills.
____________________
= Hope there is something left over.

[mountaintosea]

Due to Prop 13 property taxes are low about .777% of my AGI last year. But I've lived in this small cabin for almost 36 years. Although state income tax is high in Ca.

[BobMax]

3.5% of retirement budget. Plan to sell the house and rent in a few more years. Once we factored in the total cost of home ownership, it does not pay. Also, I'm just getting tired of maintaining the thing.

[jon-nyc]

Unfortunately I'm going to lose this contest. My property taxes are $26,800. That's not a typo. My annual expenses here should be ~120-150k, so that's somewhere near 20%.


I live in the county with the highest property taxes in the country.


Basically its as if I rent the house from Westchester County.

[HF63]

Property taxes is one of the main reasons that I'll be moving when the time comes.
We been on the same house for 22 years and taxes have gone from 800 to 4,000.
I get to think where they will be in the next 20 years. It might take my whole social security check just to pay them. Much easier to skip town and move to warmer climate!!!!!

[M Paquette]

I am a California resident. We have a cap on our residential tax rate, and have been in the same place for decades.

3.1% of the annual budget goes to property taxes.

State Income tax grabs about 1% of the budget.

Federal taxes take 0% of the budget (Tax credits offset any minimal tax obligation).

[Bikerdude]

Around 14.5% of normal living budget. I live in CT and with all that tax money we were just voted #2 in unfunded state employee pensions.

[pb4uski]

9.7% of budget excluding mortgage payments, 7.5% of budget including mortgage payments

[hornet99]

I live in upstate NY and I believe we have the highest property tax as a percentage of assessed value (roughly equal to market value). My $170k, 1800 sq ft home comes with an unbelievable $7k per year in property taxes. My home is paid off, but doesn't feel like it, given the ~600 per month tax bill. As a percentage of my ER budget in a few years, it'll be about 12%.

If I can convince my wife we'll be headed to TN after the kids are out of the house. We'll get an instant $5.5k "raise" based on purchasing similarly valued home.

[ocdokie]

We're retired and property taxes are 3.2% of our annual budget for a 940 SF co-op.

South Orange County, CA -- inland 7 miles from beautiful Laguna Beach!

[kjpliny]

NY here also...property taxes are $14,400 on $550k home, recently grieved down from $17k. No mortgage though, so it's doable.