Property taxes by region

[2017ish]

Versus % of home value, as assessed or market value, isn't the real issue of taxes of any kind the percent of living expenses? Market/assessed value for the same house in various locations can be 5x, 10x different. So percent of value becomes rather meaningless imo.

There is no perfect standard of measurement. Say I live in new subdivision of cookie cutter homes; unlike my median income neighbors, I choose to have very high living expenses due to extensive international travel, weekly purchases of $5000 handbags for DW, cocaine for breakfast, and $800 wines each lunch and dinner. By your metric, my [property] taxes are far less than theirs, even though we are paying the same amount....

(Of course, the bigger question would be whether I'd die quickly enough to maintain that spend rate!)

E.T.A. bracketed word.

 

[gerntz]

By your metric, my [property] taxes are far less than theirs, even though we are paying the same amount....

Yes, they are far less. Same amount is meaningless relative to % of expenses as I see it.

 

[RobbieB]

This survey may be of interest to people considering moving.

Good info in any respect, it's the real deal from real people.

 

[FUEGO]

About 1% here. $1500 on our $147k house. That's fair market value as of the last assessment on Jan 1 2016. We lucked out because the market in our neighborhood is on fire and the house is probably worth closer to $180-200k today (yay gentrification!!). No readjustment for 8 more years

It's been pretty steady at 1% of appraised value for the past 13 years. We're in the city, so we're paying more than county residents that pay closer to .6-.7%. Of course we get water, sewer, trash, paved streets, fast police and fire response times, parks and recreation facilities (including discounted user fees), etc. Can't say I'm sad to pay that $600 in city taxes.

 

[panacea]

Oops, I voted for 2% and then recalculated... guess my property tax bill has decreased a bit more than I thought. Actually closer to 1.8% in Waukesha Cty, WI. Can I vote twice for this poll and skip the presidential election??

 

[ugeauxgirl]

I selected .05 but ours is much lower than that- we pay $561 for a $300k house in lower Alabama

 

[Lucantes]

1.8% ($10,420.37 on an assessed value of $577,040.00 for 2015) in Brevard County FL.
6.5% Sales Tax (6% FL and .5% County).

Looks like our 2016 will be increasing to 2.16% ($14,040 on an assessed value of $648,780.00) based upon the 2016 Proposed Property Tax notice I received!

 

[pb4uski]

Oops, I voted for 2% and then recalculated... guess my property tax bill has decreased a bit more than I thought. Actually closer to 1.8% in Waukesha Cty, WI. Can I vote twice for this poll and skip the presidential election??

Just vote twice in both.

 

[rodi]

I wonder what the impact of Prop 13 has been on property values. Always got to be wary of those pesky unintended consequences.

At first blush it seems that Prop 13 would discourage people from selling, restricting supply and given the same demand prices would go up.

You would think it would prevent bubbly prices... but nope - housing costs are outrageously high - and there are plenty of buyers.

There are some ways to transfer your prop13 tax rate:

- if you are over 55, you can move to a lower priced property - transferring your rate. Note - not smaller SF (which is what you typically think about in downsizing when you become an empty nester.) If you move to another CA county - you need to be careful - only some counties allow intra-county transfers.

- you can generationally transfer the rate. So a parent or grandparent can sell to their child or grandchild and transfer the rate. You cannot do it for nephews/nieces/siblings/cousins... it has to be a straight line generational transfer. I took advantage of this when I bought the house I grew up in, from my father. He was ready to downsize and this worked for everyone involved. There are 5 other houses on my block (it's a long block) that have taken advantage of this... We have a lot of second generation owners - folks I went to grade school with. 2 of those 5 inherited rather than purchased.

 

[Trooper]

0.8% in Maricopa County, AZ: $3300 on $392K of assessed value.

 

[kgtest]

1.25% on $357k assessed in Ramsey Co MN. We pay dearly for our schools, roads and EMS but they area all top notch. I suppose you get what you pay for.


7.125% sales tax

 

[kgtest]

I selected .05 but ours is much lower than that- we pay $561 for a $300k house in lower Alabama

I would love to use that extra $3900 to place some limits. We have some incredible parks up here, when I lived down in MS I realized I had been so fortunate.

 

[upset264]

I think property taxes based on arbitrary property values is a terrible system. Paying a revaluation company hundreds of thousands of dollars to reappraise properties is a huge expense and the assessor maintaining and dealing with the records is another big cost. The results are arbitrary, get ten appraisals and you'll get ten different opinions. In Connecticut we have revaluation every five years.


In every revaluation there are winners and losers. The winners smile and throw the notice in the drawer, the losers freak out and look to appeal. I have been in both camps.


Here in Connecticut the assessment is 70% of the appraised value. I have wondered why. I say its because a substantial portion of the population will look at the tax bill for their $300,000 house and see they're being taxed on $210,000 and think they're getting off cheap. All that matters is your assessment relative to others, if the budget stayed the same and everyone's assessment doubled (or was cut in half) their tax bill would not change.


By the way here in CT we also pay property tax on our motor vehicles. The tax on my 2013 Honda Ridgeline for 2013 was $542.10.

 

[38Chevy454]

About 0.80% here based on real value, or around 0.95% based on assessed value. I am in the county so I get out of some of the city's taxes.

 

[Helena]

.

In Texas property taxes are high. I pay about 2.4%... but that rate varies by city, county and school district and there are exemptions to the amount taxed.

But in Texas there is no state income tax or state personal property tax.

 

[Helena]

By the way here in CT we also pay property tax on our motor vehicles. The tax on my 2013 Honda Ridgeline for 2013 was $542.10.

This is the point I made in my post above. Texas has expensive real estate taxes... but no state income tax and no state personal property taxes [taxes on cars, household items, jewelry, etc.]

This is one of the reasons I have not retired to Arkansas like the rest of my family. While Arkansas real estate taxes are low... it also has a state income tax and a state personal property tax and higher sales tax.

Just the hassle of keeping track and filing all those other types of state taxes would be a headache.

 

[jon-nyc]

Mine are close to 3.5% in Westchester County, NY.


According to the Tax Policy Center, Westchester has the highest property taxes of any county in the US.

Residential Property Taxes in the United States | Full Report | Tax Policy Center

 

[Fermion]

We live in South Florida. The proposed 2016 property tax will be 1.6% of the assessed value (after homestead). The assessed value is about 62% of the market value, so the proposed tax is about 1% of the market value.

Do I understand it correctly that if you were able to buy a $50,000 house in rural Florida (not near the coasts for sure to get that cheap) you would pay $0 in property tax?

 

[Lakedog]

2.2% of assessed value (1.75% of market value) - FL condo east coast.

Previous lake house in AL was 0.25% (assessed and market values very close).

 

[W2R]

Do I understand it correctly that if you were able to buy a $50,000 house in rural Florida (not near the coasts for sure to get that cheap) you would pay $0 in property tax?

In Louisiana, we have a $75,000 homestead exemption. You could find a $75K home in Louisiana without too much effort, and if you bought a home for that price there would be $0 in property tax.

Even better, although re-assessments are supposed to be done every 4 years, in practice one's assessment seldom goes up until the home is sold.

Many/most older couples that I know pay no property taxes, because they bought their homes years ago for less than $75K even though today these homes are probably worth $200K or so.

 

[Fermion]

You could find a $75K home in Louisiana without too much effort, and if you bought a home for that price there would be $0 in property tax.

Yeah, but you would still be in Louisiana.

 

[FANOFJESUS]

In Louisiana, we have a $75,000 homestead exemption. You could find a $75K home in Louisiana without too much effort, and if you bought a home for that price there would be $0 in property tax.

Even better, although re-assessments are supposed to be done every 4 years, in practice one's assessment seldom goes up until the home is sold.

Many/most older couples that I know pay no property taxes, because they bought their homes years ago for less than $75K even though today these homes are probably worth $200K or so.

That neat to bad some of the other states don't do that.

 

[doneat54]

Prop 1.57% on assessed valued that is probably around 80% of actual market value
Sales tax 6.25% (not on food and clothes however)

 

[Koolau]

I voted >0.5% but it's more like 0.3% and that's without any of the age exemptions. It's one of the "bargains" in Paradise. In fact, we will soon get our second age exemption which will put it at more like 0.2%. YMMV

 

[W2R]

That neat to bad some of the other states don't do that.

And, if you are over 65 and have a moderate to low income, they will freeze your assessment so you will never have property taxes!

They really try to help low income older people here. The state doesn't tax SS either.