What's Up With Property Taxes???

Dog · 06-27-2008, 10:36 PM

We live in WA state. We currently have two homes - hope to transition to one we built for our retirement in the next two years. Anyway, the homes are in two different counties and we just received new property assessments for both. Interestingly the property taxes for both went up. The values of the houses went down, but the value of the land went up. In one case, the value of the land went up 100K!!!

Anyone else seen this happen

boont · 06-27-2008, 10:51 PM

No, but that is why I live in California. As expensive as it is supposed to be, at least you know what your property taxes will be in the future.

No surprises.

boont

Spanky · 06-27-2008, 11:08 PM

No, our new property assessments (land and house) increase slightly (about 1%) even though the local housing average market value is down by more than 10%. The local school district is proposing an increase in property tax via a referendum. The likelihood of getting it to pass is pretty high.

rec7 · 06-27-2008, 11:51 PM

The states are hurting. I think this is a way to get more money from us. Ours are almost $200 more than they were in 05 at the high of the real estate market.

Helena · 06-28-2008, 01:52 AM

Don't get me started.

Texas has some of the highest property taxes in the nation.

But no income tax.

~

2B · 06-28-2008, 06:10 AM

Quote:

Originally Posted by Helena

Don't get me started.

Texas has some of the highest property taxes in the nation.

But no income tax.

~

I've decided that the high property tax in Texas makes it too expensive for retirement. I'm looking a Missouri or Oklahoma. The total tax burden for a no employment income is much lower and more predictable.

**Want2retire** · 06-28-2008, 06:30 AM

Our property taxes are some of the lowest in the nation (mine was $551 last year and lower the year before). However, the assessor sent out letters saying that assessments are going up this year and that property values here are rising (so he claims, though I disagree vehemently except for damaged homes that have been repaired).

The question is, how much will they go up? After Katrina everyone was given a lower assessment, determined by satellite views of neighborhoods

. My recent property tax has been about half what it was before the storm. I think that something not too much more than the before-storm level would be fine and quite fair (given the stagnant real estate market). It remains to be seen whether or not he plans to raise the assessments much more than that. We will find out in November.

Rustic23 · 06-28-2008, 07:30 AM

2B
You might want to check out the over 65 exemption in Texas. The basic exemption is not much, but places like Harris County have a $200,000 exemption. That with a frozen value for school tax, no income tax, and a possible lower home value, it may still be cheaper. Of course that also leads to a couple of other threads dealing with scorpions and such.

2B · 06-28-2008, 08:15 AM

Quote:

Originally Posted by Rustic23

2B
You might want to check out the over 65 exemption in Texas. The basic exemption is not much, but places like Harris County have a $200,000 exemption. That with a frozen value for school tax, no income tax, and a possible lower home value, it may still be cheaper. Of course that also leads to a couple of other threads dealing with scorpions and such.

After doing my in-laws taxes for several years, I've been well schooled in all the elder tax "benefits" in Texas. That actually made up my mind when I saw how high their property taxes were even with their over 65 expemption. School taxes were frozen at their age 65 valuation but other taxes continued.

The State of Texas has decided to put the funding of government primarily on the backs of urban homeowners. If you want to live in Texas, the best thing to do is get rural property and go for the ag exemption. Our recent 3 year statewide property tax relief seems to have been lost somewhere in the system. So far, mine hasn't shown up.

I'm also a long way from 65 so it is of minor importance for early retirement consideration. Harris County may be a good place to make money but I believe it leaves a lot to be desired as a retirement location. It's primary attribute is two airports with lots of good destinations.

Walt34 · 06-28-2008, 08:16 AM

Ours went up too, when I called the assessor's office I was told that they were basing the assessments on the previous year's values. So it should go down this year, but now they're making noises about raising rates to make up for it. Bummer.

**ziggy29** · 06-28-2008, 08:16 AM

Quote:

Originally Posted by 2B

I've decided that the high property tax in Texas makes it too expensive for retirement. I'm looking a Missouri or Oklahoma. The total tax burden for a no employment income is much lower and more predictable.

If you have a healthy income, an LBYM lifestyle and a small home, the overall tax burden is not bad at all. If you want a $300K home (a LOT of house in much of TX), yeah, the property taxes will kill you.

tightasadrum · 06-28-2008, 08:20 AM

Property tax. Ugh. In a down market I still had one of my properties go up. The county assessor claimed it was based on sales of houses in my area. I've learned that that come be next door or two miles up the road. When sales are really slow, like here, the assessor will grab onto anything to find a way to go up on values. This time residents blew a gasket over the proposed tax increase (5 mil) forcing the county commissioners to rethink their budget increase plans, cutting it to a 0.5 mil increase. Sometimes sounding off works. I was just pleased only one property increased.

wompo · 06-28-2008, 08:26 AM

Quote:

Originally Posted by Dog

We live in WA state. We currently have two homes - hope to transition to one we built for our retirement in the next two years. Anyway, the homes are in two different counties and we just received new property assessments for both. Interestingly the property taxes for both went up. The values of the houses went down, but the value of the land went up. In one case, the value of the land went up 100K!!!

Anyone else seen this happen

Same thing happend to us here in Northern Virginia. Our house value went down and our land values went up for a net increase this year.

rs0460a · 06-28-2008, 08:36 AM

Actually, our total property taxes went down this year, the first reduction due to casino's being open (with many more planned to open).

Luckly, I don't "participate", but I'm glad that others do!

- Ron

2B · 06-28-2008, 08:47 AM

Quote:

Originally Posted by ziggy29

If you have a healthy income, an LBYM lifestyle and a small home, the overall tax burden is not bad at all. If you want a $300K home (a LOT of house in much of TX), yeah, the property taxes will kill you.

I'm paying over $7K on an appraised value of $240K. I would like to downsize but the property tax would still be significant on anything DW and I found "livable" in a metro area. I used to think I wanted to retire in the area NW of San Antonio but I've become attracted to what I perceive as more recreational activities in other locations.

My current plan for the early phase of retirement is to not "own" anything but to rent while maintaining my Texas residency (to avoid state income taxes). This would give us a chance to become semi-perpetual travelers while we look the country/world over. I considered an RV but I'm pretty sure DW wouldn't be too happy with that for very long.

**ziggy29** · 06-28-2008, 08:56 AM

Quote:

Originally Posted by 2B

I'm paying over $7K on an appraised value of $240K. I would like to downsize but the property tax would still be significant on anything DW and I found "livable" in a metro area. I used to think I wanted to retire in the area NW of San Antonio but I've become attracted to what I perceive as more recreational activities in other locations.

Well, yeah -- if you're determined to live in a metro area, you're probably screwed in terms of property taxes. Not only are tax rates higher (usually there are more "taxing authorities" taking their pound of flesh), but property values tend to be higher as well -- plus, you probably have to pay up even more for a decent neighborhood in the cities, too.

You can get decent (if modest) homes out in the country for well under $150K or even less in many parts of the state, but that doesn't help someone who wants a more urban lifestyle.

happy2bretired · 06-28-2008, 09:27 AM

My house valuation stayed the same, but the taxed amount increased by $132. I'm paying $3622 on a valuation of $188K. Nebraskan's complain about high property taxes all the time, but it's my city that is really hurting for revenue right now. The city's water revenue is even lower this year since we have been having so much rain. I for one, would not mind paying just a little more to my city. My city gets a very small percentage of the property tax but everyone wants to keep the same services....doesn't work that way.

**ziggy29** · 06-28-2008, 09:30 AM

Quote:

Originally Posted by happy2bretired

The city's water revenue is even lower this year since we have been having so much rain.

If you'd build a massive pipeline into Central Texas, we'd be happy to help you dry out a bit.

happy2bretired · 06-28-2008, 09:37 AM

Quote:

Originally Posted by ziggy29

If you'd build a massive pipeline into Central Texas, we'd be happy to help you dry out a bit.

I think we'll keep it...thank you very much.

I'm getting tired of rain now, but, after the last several years, it's nice to have a little extra in storage.

Helena · 06-28-2008, 10:25 AM

Quote:

Originally Posted by 2B

I've decided that the high property tax in Texas makes it too expensive for retirement. I'm looking a Missouri or Oklahoma. The total tax burden for a no employment income is much lower and more predictable.

I'm a native Texan, so in spite of the high property taxes, I'm not leaving.

One could probably get real estate cheap in Missouri... close to the river.

06-27-2008, 10:36 PM	#1
Dog Recycles dryer sheets Join Date: Apr 2006 Posts: 235	What's Up With Property Taxes??? We live in WA state. We currently have two homes - hope to transition to one we built for our retirement in the next two years. Anyway, the homes are in two different counties and we just received new property assessments for both. Interestingly the property taxes for both went up. The values of the houses went down, but the value of the land went up. In one case, the value of the land went up 100K!!! Anyone else seen this happen

06-27-2008, 10:51 PM	#2
boont Recycles dryer sheets Join Date: May 2005 Posts: 246	Seen This? No, but that is why I live in California. As expensive as it is supposed to be, at least you know what your property taxes will be in the future. No surprises. boont

06-27-2008, 11:08 PM	#3
Spanky Thinks s/he gets paid by the post Join Date: Dec 2004 Location: Minneapolis Posts: 2,800	No, our new property assessments (land and house) increase slightly (about 1%) even though the local housing average market value is down by more than 10%. The local school district is proposing an increase in property tax via a referendum. The likelihood of getting it to pass is pretty high. __________________ May we live in peace and harmony and be free from all human sufferings.

06-28-2008, 06:30 AM	#7
Want2retire Moderator Join Date: Jan 2007 Location: New Orleans Posts: 6,411	Our property taxes are some of the lowest in the nation (mine was $551 last year and lower the year before). However, the assessor sent out letters saying that assessments are going up this year and that property values here are rising (so he claims, though I disagree vehemently except for damaged homes that have been repaired). The question is, how much will they go up? After Katrina everyone was given a lower assessment, determined by satellite views of neighborhoods . My recent property tax has been about half what it was before the storm. I think that something not too much more than the before-storm level would be fine and quite fair (given the stagnant real estate market). It remains to be seen whether or not he plans to raise the assessments much more than that. We will find out in November. __________________ Dreaming of retirement....306 days " - - my greatest skill has been to want but little - - " (Henry David Thoreau, in Walden)

06-28-2008, 08:16 AM	#10
Walt34 Thinks s/he gets paid by the post Join Date: Dec 2007 Location: WV Panhandle Posts: 1,281	Ours went up too, when I called the assessor's office I was told that they were basing the assessments on the previous year's values. So it should go down this year, but now they're making noises about raising rates to make up for it. Bummer. __________________ Retired six years ago at age 52

06-27-2008, 11:51 PM	#4
rec7 Recycles dryer sheets Join Date: Jul 2007 Location: ST LOUIS Posts: 195	The states are hurting. I think this is a way to get more money from us. Ours are almost $200 more than they were in 05 at the high of the real estate market.

06-28-2008, 01:52 AM	#5
Helena Recycles dryer sheets Join Date: Aug 2006 Posts: 411	Don't get me started. Texas has some of the highest property taxes in the nation. But no income tax. ~

06-28-2008, 07:30 AM	#8
Rustic23 Thinks s/he gets paid by the post Join Date: Dec 2005 Location: Lake Livingston, Tx Posts: 1,102	2B You might want to check out the over 65 exemption in Texas. The basic exemption is not much, but places like Harris County have a $200,000 exemption. That with a frozen value for school tax, no income tax, and a possible lower home value, it may still be cheaper. Of course that also leads to a couple of other threads dealing with scorpions and such.

06-28-2008, 08:20 AM	#12
tightasadrum Full time employment: Posting here. Join Date: Aug 2006 Location: athens Posts: 512	Property tax. Ugh. In a down market I still had one of my properties go up. The county assessor claimed it was based on sales of houses in my area. I've learned that that come be next door or two miles up the road. When sales are really slow, like here, the assessor will grab onto anything to find a way to go up on values. This time residents blew a gasket over the proposed tax increase (5 mil) forcing the county commissioners to rethink their budget increase plans, cutting it to a 0.5 mil increase. Sometimes sounding off works. I was just pleased only one property increased. __________________ Can't you see yourself in the nursing home saying, " Darn! Wish I'd spent more time at the office instead of wasting time with family and friends."

06-28-2008, 08:36 AM	#14
rs0460a Full time employment: Posting here. Join Date: Feb 2006 Posts: 987	Actually, our total property taxes went down this year, the first reduction due to casino's being open (with many more planned to open). Luckly, I don't "participate", but I'm glad that others do! - Ron

06-28-2008, 09:27 AM	#17
happy2bretired Recycles dryer sheets Join Date: Mar 2007 Location: Nebraska Posts: 482	My house valuation stayed the same, but the taxed amount increased by $132. I'm paying $3622 on a valuation of $188K. Nebraskan's complain about high property taxes all the time, but it's my city that is really hurting for revenue right now. The city's water revenue is even lower this year since we have been having so much rain. I for one, would not mind paying just a little more to my city. My city gets a very small percentage of the property tax but everyone wants to keep the same services....doesn't work that way.