View Poll Results: Property taxes as percentage of primary home assessed value
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> 0.5%
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25 |
14.88% |
> 1%
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57 |
33.93% |
> 1.5%
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34 |
20.24% |
> 2%
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18 |
10.71% |
> 2.5%
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16 |
9.52% |
> 3%
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4 |
2.38% |
> 3.5%
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3 |
1.79% |
> 4%
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1 |
0.60% |
> 4.5%
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2 |
1.19% |
> 5%
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0 |
0% |
> 5.5%
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0 |
0% |
> 6%
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1 |
0.60% |
> 6.5%
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0 |
0% |
> 7%
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2 |
1.19% |
< 8%
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1 |
0.60% |
< 9%
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0 |
0% |
< 10%
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1 |
0.60% |
< 11%
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2 |
1.19% |
< 12%
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0 |
0% |
12 or more%
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1 |
0.60% |
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10-18-2016, 05:47 AM
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#81
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Thinks s/he gets paid by the post
Join Date: Jan 2016
Location: Rural Alabama
Posts: 1,359
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I selected .05 but ours is much lower than that- we pay $561 for a $300k house in lower Alabama
__________________
Projected retirement--2020 at age 48 (done!)
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10-18-2016, 05:53 AM
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#82
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Recycles dryer sheets
Join Date: Jul 2013
Location: Cocoa Beach
Posts: 414
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10-18-2016, 06:04 AM
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#83
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,375
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Just vote twice in both.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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10-18-2016, 09:32 AM
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#84
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,212
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Quote:
Originally Posted by pb4uski
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.
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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.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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10-18-2016, 09:56 AM
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#85
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Full time employment: Posting here.
Join Date: Dec 2012
Location: Chandler, AZ
Posts: 747
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0.8% in Maricopa County, AZ: $3300 on $392K of assessed value.
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10-18-2016, 02:37 PM
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#86
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Location: North
Posts: 4,043
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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
__________________
Time > $$$ ~ 100% equities ~ FIRE @2031
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10-18-2016, 02:40 PM
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#87
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Location: North
Posts: 4,043
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Quote:
Originally Posted by ugeauxgirl
I selected .05 but ours is much lower than that- we pay $561 for a $300k house in lower Alabama
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I would love to use that extra $3900 to place some limits. We have some incredible parks up here, when I lived down in MS I realized I had been so fortunate.
__________________
Time > $$$ ~ 100% equities ~ FIRE @2031
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10-19-2016, 07:02 AM
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#88
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Recycles dryer sheets
Join Date: Sep 2013
Posts: 106
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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.
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10-19-2016, 08:43 AM
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#89
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,373
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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.
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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10-19-2016, 11:44 AM
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#90
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gone traveling
Join Date: Aug 2006
Posts: 994
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.
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.
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10-19-2016, 11:53 AM
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#91
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gone traveling
Join Date: Aug 2006
Posts: 994
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Quote:
Originally Posted by upset264
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.
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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.
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10-20-2016, 06:28 AM
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#93
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Location: Seattle
Posts: 6,023
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Quote:
Originally Posted by MichaelB
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.
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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?
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10-20-2016, 09:52 AM
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#94
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Full time employment: Posting here.
Join Date: May 2007
Posts: 984
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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).
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10-20-2016, 09:58 AM
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#95
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,501
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Quote:
Originally Posted by Fermion
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?
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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.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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10-20-2016, 11:13 AM
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#96
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Location: Seattle
Posts: 6,023
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10-20-2016, 12:37 PM
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#97
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Quote:
Originally Posted by W2R
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.
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That neat to bad some of the other states don't do that.
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10-20-2016, 01:00 PM
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#98
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Posts: 1,018
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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)
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10-20-2016, 02:12 PM
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#99
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,930
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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
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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10-20-2016, 04:22 PM
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#100
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,501
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Quote:
Originally Posted by rec7
That neat to bad some of the other states don't do that.
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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.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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