How much do you spend on your home?

[lemming]

PITI P 390 I-230 T-250 ins-40
Lawn-37 for 6months/happy to pay it
Repairs actual for year 545 budget 200 month
So around 900 per month.
I include my replacement costs for patio and appliances in my total House budget of 1,000 per month so I am over budget for year since I put Interest and Principal it a different category.
I have not repaired or replaced a broken dishwasher because I am mad that it broke down so soon. I'll come down out of the tree pretty soon if I find a sale.

 

[Quantum Sufficit]

Property tax; $250
Insurance; $200
Upkeep; $200
-------------------------
Total; $650

Note; we have 5 acres, of which at least 1 full acre is landscaped and irrigated. Home value is approx $800,000

Where do you live with 3000 grand a year property taxon a 800k house?

 

[Offgrid Organic Farmer]

Where do you live with 3000 grand a year property taxon a 800k house?

Any low tax area.

I have 150 acres with river frontage and a 2400 sq ft house. My property taxes are around $850/year.

 

[bclover]

Where I live paying my property taxes protects my house from being auctioned on the court house steps.

Ain't that the truth, who knew it was optional.

anyhoo,
Insurance 2827.00
property taxes 8000.00
HOA 2160.00
home repair budget 2400

So around 1100.00 a month.

 

[indiajust]

December 2015, downtown Raleigh, 2000 sf:
Average combined monthly heat/water/sewer/phone/elec/internet $149
Insurance $136
Mortgage $1038
Taxes $310


Fixer upper, so I spent many thousands, cannot separate out maintenance

 

[meleana]

Mortgage: $1,032/month
Tax & Insurance: $337/month
Total: $1,369/month

Brick home .. maintenance free exterior .. approx. $400k 3,400 sq.ft. 5br 4bath

HOA: $60/month .. swimming pool, clubhouse, gym, tennis court, etc
Utilities: $240-$250. Electricity, gas, water.

Vacation 4 weeks Timeshare: $850 per year maintenance

Where do you live with such low property taxes (and insurance) and a low HOA fee?

 

[athena53]

Mortgage $700/month.
Insurance $125.
HOA Dues $50.
Property Taxes $350.

Total $1,225.

I accrue an additional $400/month for car and house repairs.

 

[Katsmeow]

$2340.

This does not include repairs as we moved into this house a few months ago so don't have enough history to know. I guess I would estimate about $200 a month.

Real estate taxes for next year are estimated. We didn't have a HS exemption for this year as we bought mid-year. Next year we will, but I expect the value of the house to go way up based upon our purchase. So, we'll see. If not, then cost might be about $100 less a month. Real estate taxes is estimated at $8000 a year. Rest of the amount is mortgage, insurance and HOA

 

[Franklin]

OMG!!! I gotta sell. 2 houses (1) in expensive LA and another in Coastal Ga. My RE taxes alone are $21K for LA and $18K in Ga. Shoot me now and get it over with!!!!

 

[Beer-man]

Bought in 2011 in Coastal Florida.
700 payment
150 insurance
150 taxes
65 HOA

 

[MarieIG]

Taxes are North of 12k per year; based upon three beds/ 1 1/2 baths; 1749 square feet; small piece of property.

Home owners insurance $2,300 per year. Umbrella about $500.

Maintenance is lumpy so estimating $300 per month. (This month the garage door opener and kitchen fan bit the dust). I should add that we do the lawn ourselves, remove snow ourselves when necessary, DH does a lot of the repairs himself to save money.

No mortgage.

So rough math, $1,500 a month.

Not counting utilities, of course.

Update: Just got the first property tax bill of the year. General tax, went up by 1/3. Estimate that school tax will as well. This raises 12k per year to 16k per year on property tax alone.

The size of the house - remained the same.

 

[Scuba]

OMG!!! I gotta sell. 2 houses (1) in expensive LA and another in Coastal Ga. My RE taxes alone are $21K for LA and $18K in Ga. Shoot me now and get it over with!!!!

And at the rate CA and LA County are going with approving more and more expensive bond issues, this problem is unlikely to get better. We pay almost $15K for a property we purchases in 2003.

 

[skipro33]

OMG!!! I gotta sell. 2 houses (1) in expensive LA and another in Coastal Ga. My RE taxes alone are $21K for LA and $18K in Ga. Shoot me now and get it over with!!!!

Well, at that property tax rate, the California home has gotta be worth over $2M. Oh! The humanity! Someone start a Go-Fund-Me page for this guy!

 

[Vacation4us]

That’s a bunch of $$$$ for property tax. We own 2 $800k houses in California and both remain under 5k each. Thanks to prop 13.

How do the elderly on a fixed income afford the taxes in New York, New Jersey, and other high tax states?

 

[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.

 

[FIREd]

Estimated monthly expenses for the 1-bedroom condo that I just purchased in France:

property taxes: €120
HOA: €170
Insurance: €40

Total: €330 per month ($376 at the current exchange rate)

 

[Dtail]

That’s a bunch of $$$$ for property tax. We own 2 $800k houses in California and both remain under 5k each. Thanks to prop 13.

How do the elderly on a fixed income afford the taxes in New York, New Jersey, and other high tax states?

Eventually they don't and either sell and/or move out of those states.

 

[mexexpat]

That’s a bunch of $$$$ for property tax. We own 2 $800k houses in California and both remain under 5k each. Thanks to prop 13.

How do the elderly on a fixed income afford the taxes in New York, New Jersey, and other high tax states?

FL has a similar cap for homeowners; however, the assessed value is brought up to FMV when there is a sale.

We bought in 2014 and were re-assessed at that time. Since then we have been covered by the cap. At my local assessor's website, it gives prospective buyers a pretty good estimate of the house's new FMV, based on the new sales price.

Our current taxes are 3,100. Based on a fair sales price, the new owner would pay 6,400 but could be as low as 5,700 if they qualify for homestead.

I have neighbors with homes of similar value to mine who pay 600 to 800 a year in taxes because they have owned them for decades. For them, staying put is a bargain.

We lived in Fairfax VA (one of the wealthiest counties in US) for many years pre-retirement and they (like most VA localities) have a real estate tax exemption and deferral program for low income owners, allowing them to stay in their homes. Fairly generous....income 52K or less gets 100% exemption, then 25-50% off with income as high as 72K. Assets must be below 340K, not counting house/land.

 

[Tom52]

No mortgage
property/house repairs/maintenance $250 monthly avg. (does not include big occasional hits like new roof, new hvac, water heater, etc.)
house ins. including umbrella $100 monthly avg.
property taxes $275 monthly avg.

Small town midwest USA

 

[MrsHaloFIRE]

Eventually they don't and either sell and/or move out of those states.

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

 

[REWahoo]

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:

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]

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