How much do you spend on your home?

[REWahoo]

Quote:

Originally Posted by MrsHaloFIRE Some places, Texas for example, locks in your prop tax amount once you hit a certain age 65 or 70 or some such. So the tax goes up on paper but the current owner occupant wont ever pay more in their lifetime.

I wish that was 100% accurate, but unfortunately it isn't. I'm 72 and pay more in property tax each year.

Yes, there is an age 65 ceiling on property taxes charged by school districts:

Quote:

If you qualify your residence homestead for an age 65 or older or disabled person homestead exemption for school district taxes, the school district taxes on that homestead cannot increase as long as you own and live in that home.

There is also an additional $10,000 homestead exemption applied to school tax, but school taxes are only part of the story.

There is no freeze on taxes for 65 or older for the many other entities who levy property taxes, including the city, county, Hospital Districts, Water Districts, Emergency Service Districts, Road Districts, Hospital Districts, etc, etc, etc. Those entities have the local option of giving 65 or older residents a break, but not many do.

Bottom line, property taxes in TX for 65 or older continue to increase every year - ours went up 6.4% in 2018.

[MRG]

Quote:

Originally Posted by nobody 400k house in KC and I pay 6500 for property tax a year, I need to move so I can get an instant raise.

Jackson county? That's what we paid on a similar price home.

Johnson county, MO is much cheaper. We moved out of state and pay $2200 for a similar price home.

[Music Lover]

I can't believe how high some people's property taxes are.

I pay about $3000 a year for taxes and insurance, or $250 a month on a house worth well over $300k. I do my own shoveling and yard work and have no HOA fee.

[lakerunner]

It is amazing the difference in taxes depending on where you live. Our main house is close to Atlanta and costs over $6,000/year in taxes. We also have a house on a lake in North Georgia and only pay $1200 a year. Yes, the main house is worth close to double the lake house, but not fie times.

We will be selling the main house within the next 5 years. (No mortgage on the lake house.)

[gayl]

Well if you're just talking taxes, insurance, HOA then prop taxes $3200, insurance 189m = 2268 (inc earthquake/ umbrella), no HOA so 455m. Seems high but ya gotta pay

Also 130m for 2×m gardener

[Big_Hitter]

Quote:

Originally Posted by Music Lover I can't believe how high some people's property taxes are. I.

ours are over $13K a year......

and we have a 7% state income tax

[W2R]

Quote:

Originally Posted by REWahoo Quote: Originally Posted by MrsHaloFIRE Some places, Texas for example, locks in your prop tax amount once you hit a certain age 65 or 70 or some such. So the tax goes up on paper but the current owner occupant wont ever pay more in their lifetime. Probs arise when they get helpful and gift the house to children to get it out of their name thinking they are gaming medicare assets testing. Suddenly equally poor adult child owes a goctha amount of prop taxes once that lock is removed I wish that was 100% accurate, but unfortunately it isn't. I'm 72 and pay more in property tax each year.

Maybe she was thinking about Louisiana. Here, if you are over 65, and your AGI is less than a certain amount, you can apply to have your assessment frozen. If the millage rates go up, your taxes do go up, but at least your assessment remains the same. And millages seldom go up here.

At my old house, I had the assessment frozen like that. But with the bull market, and SS, I no longer have low enough income to qualify. Oh well. I see no reason to whine or complain about an increase in income.

Assessments here don't change often, although they always revise the assessment to the selling price when a house sells. Mine is still at the price I paid for my Dream Home back in 2015, even without having my assessment frozen.

Quote:

Originally Posted by Music Lover I can't believe how high some people's property taxes are.

+1
It amazes (and impresses) me that those people can afford to stay retired with such very high property taxes.

My own annual property taxes went up from $956 at the old house, to $1,701 at the "Dream" house I bought three years ago, so my present property taxes seem fairly high to me. But really, in comparison to some others here, I am very fortunate. Also, it helps that I feel like those in our Parish (=County) get value for the money we pay in property taxes.

[jkern]

Single Family Home purchased 30 years ago in the SF Bay Area.

Property tax: 525
Insurance: 95
HOA: 50
Maintenance: 50 (minor repairs)

total: $720/month

[Dtail]

About 5k property taxes in Tampa, FLA on a 325k house. We are renters currently, but looking to buy this year.

[exnavynuke]

$12,720/year including the mortgage. Will be nice when that drops to less than $3k/year once the mortgage is paid off.

[MarieIG]

[+1
It amazes (and impresses) me that those people can afford to stay retired with such very high property taxes.

Part of our plan will be to relocate after retirement.

We pay high property tax, high school tax, high income tax, expensive utilities, expensive auto insurance, high sales tax etc. And there are always some sneaky extra taxes rearing their heads. My DH went to a Walmart and got hit with I think it was - he never went back) an additional 2% sales tax on his bill. Apparently, there was a special tax for being in the vicinity of a railroad.

Now, I have to remember to stop and buy a parking sticker tomorrow, so I can park at the railroad that charges $300 a month to travel into the city.

[gcgang]

We own two places. Probably about $5k/mo, excluding "special" stuff.

In the last 3 months we've had special stuff of: house washer $1,000; House painter $9,000; tree trimmer $3,000; carpenter $2,000; plumber $1,000; electrician and roofer coming up. Old house with 2 acres is getting to be too much. All above is to get house ready to sell, as daughter goes to college, and we won't need to live by her high school. Condo and travel budget here I come!

[HI Bill]

$950 per year, for $300k condo in Hawaii. Guess that’s cheap!

[Blue Skies]

Property taxes $210 per month
Insurance (with quake coverage) $140
Water, sewer, trash, gas, electric - average about $180 to $220 per month depending on time of year
Monthly HOA $205
No mortgage

[Mango1956]

No mortgage
Property taxes 2400 per year
Insurance 512 per year.
House purchased 1994 in northern California for 135K
Prop 13 keeping taxes low, thank goodness.

[gayl]

I read about everyone's HIGH property taxes and I am really glad that I live in California where they tax income not property. Enables us to retire (as income decreases but property increases in value which is meaningless until sold)

[Freedom56]

The numbers for 2018 were:

California:
No Mortgage
Property tax: $5960
Home Insurance: $1550
Earthquake Insurance: $1120
Electricity: -$146 per year (solar panels cover our consumption)
gas: $236 per year
water: $1026 per year (includes $42 per month for water softening)
garbage collection: $234
Security Monitoring: $180
Pool and garden: $1432

Grand total: $11,592 per year or $966 per month which is not bad for a modern updated 5 bedroom 3 bath home with a pool and outdoor living area. Proposition 13 keeps our property taxes relatively low. A home similar to ours down the street is renting for $4800 per month without a pool.

Florida

No Mortgage
Property Taxes $4834 (2018) was $1892 in 2011
Condo Fees $564 per month (includes building insurance, maintenance, cable TV, high speed internet, pool, fitness center, 24/7 security, water)
Electricity $262 per year.

Grand total: $11,864 annually or $987 per month for a 2 bedroom 2 bath condo in a modern upscale intra-coastal high rise building in West Palm Beach Florida. Units similar to ours rent for $2400 per month unfurnished.


Switzerland

No mortgage
Rental income from two apartments covers all expenses including maintenance and renovations.

California is a relatively inexpensive place to retire if your home is paid off. But only 18% of homeowners in Los Angeles County own their homes free and clear. Many use their homes as ATM machines and carry large mortgages and complain about the high cost of housing. Go figure!

[gayl]

Quote:

Originally Posted by Freedom56 California is a relatively inexpensive place to retire if your home is paid off. But only 18% of homeowners in Los Angeles County own their homes free and clear. Many use their homes as ATM machines and carry large mortgages and complain about the high cost of housing. Go figure!

Can't cure stupid!

[imoldernu]

No mortgage
$2540 taxes
$810 Insurance
$1800 Landscape/snow HOA
$2800 Water, Electric, trash, gas
$150 minor repairs /yr

$8100

Per OP w/o utilities $5100

[Offgrid Organic Farmer]

Quote:

Originally Posted by gayl I read about everyone's HIGH property taxes and I am really glad that I live in California where they tax income not property. Enables us to retire (as income decreases but property increases in value which is meaningless until sold)

California taxes property.

I am from California. When I retired, I moved to a low COL region instead of trying to stay in California.

Ask any home-owner in California about how much they are paying in property taxes.