mountaintosea
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Due to Prop 13 property taxes are low about .777% of my AGI last year. But I've lived in this small cabin for almost 36 years. Although state income tax is high in Ca.
How much are your property taxes compared to your household income/FIRE budget?
- Thread starter nico08
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BobMax
Dryer sheet wannabe
3.5% of retirement budget. Plan to sell the house and rent in a few more years. Once we factored in the total cost of home ownership, it does not pay. Also, I'm just getting tired of maintaining the thing.
Unfortunately I'm going to lose this contest. My property taxes are $26,800. That's not a typo. My annual expenses here should be ~120-150k, so that's somewhere near 20%.
I live in the county with the highest property taxes in the country.
Basically its as if I rent the house from Westchester County.
I live in the county with the highest property taxes in the country.
Basically its as if I rent the house from Westchester County.
Property taxes is one of the main reasons that I'll be moving when the time comes.
We been on the same house for 22 years and taxes have gone from 800 to 4,000.
I get to think where they will be in the next 20 years. It might take my whole social security check just to pay them. Much easier to skip town and move to warmer climate!!!!!
We been on the same house for 22 years and taxes have gone from 800 to 4,000.
I get to think where they will be in the next 20 years. It might take my whole social security check just to pay them. Much easier to skip town and move to warmer climate!!!!!
M Paquette
Moderator Emeritus
I am a California resident. We have a cap on our residential tax rate, and have been in the same place for decades.
3.1% of the annual budget goes to property taxes.
State Income tax grabs about 1% of the budget.
Federal taxes take 0% of the budget (Tax credits offset any minimal tax obligation).
3.1% of the annual budget goes to property taxes.
State Income tax grabs about 1% of the budget.
Federal taxes take 0% of the budget (Tax credits offset any minimal tax obligation).
Bikerdude
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Around 14.5% of normal living budget. I live in CT and with all that tax money we were just voted #2 in unfunded state employee pensions.
pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
9.7% of budget excluding mortgage payments, 7.5% of budget including mortgage payments
I live in upstate NY and I believe we have the highest property tax as a percentage of assessed value (roughly equal to market value). My $170k, 1800 sq ft home comes with an unbelievable $7k per year in property taxes. My home is paid off, but doesn't feel like it, given the ~600 per month tax bill. As a percentage of my ER budget in a few years, it'll be about 12%.
If I can convince my wife we'll be headed to TN after the kids are out of the house. We'll get an instant $5.5k "raise" based on purchasing similarly valued home.
If I can convince my wife we'll be headed to TN after the kids are out of the house. We'll get an instant $5.5k "raise" based on purchasing similarly valued home.
RetireAge50
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Seattle suburb we pay $4,000 on $300,000 home.
Fermion
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Yeah that is about what we pay on a 300K home in the suburb of Seattle. We seem to have it cheap compared to the wages you can get in Seattle.
TOOLMAN
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5k here in PA for a 250k house
martyp
Thinks s/he gets paid by the post
Some of the tax rates here are crazy high but within the normal range it is also important to consider how volatile the rates are going to be. My CA property taxes are mostly independent of whatever ridiculous price my neighbor paid for the house next door. However, we both know what our rate will be for years to come.
Fermion
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Prop 13 is one reason I would never buy in CA. That and the high income tax and sales tax. I just don't think it is right that you can have identical houses next to each other, one paying half the property tax of the other.
If they passed a law that allowed for recapture of the tax when the property is sold, then I could see some fairness. You would still not be priced out of the house by high taxes, but eventually you would end up paying your fair share when you sold the house.
JakeBrake
Full time employment: Posting here.
My numbers are from Quicken. My property tax is 2% of my last 12 month's expenditures. This includes my house (3,000 sq. ft.), three old cars, one trailer and several acres of rural forest property. The $.09 per acre state tax for forest fire protection on on land classified as forest is a real killer.
Mississippi has a state income tax, but most sources of retirement income are exempt. I haven't paid any state income tax since I have been totally retired.
Mississippi has 7% baseline sales tax. Many resorts and municipalities are higher. Professional services and prescription medicine are exempt.
Mississippi has a state income tax, but most sources of retirement income are exempt. I haven't paid any state income tax since I have been totally retired.
Mississippi has 7% baseline sales tax. Many resorts and municipalities are higher. Professional services and prescription medicine are exempt.
I am in a similar situation. I had not considered relocating to TN.
rbmrtn
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In addition, for 65 and over, there is a hefty exemption on the property tax.
dm
Full time employment: Posting here.
I'm in Missouri and pay $2600 on a 2500sq. ft house. But I also pay $1000 to $1500 a year for personal property tax.
We are also thinking of relocating and trying to add up all the taxes to make sure we don't miss anything. And I guess we should also wait to see what the Obamacare rates may be at other states.
We are also thinking of relocating and trying to add up all the taxes to make sure we don't miss anything. And I guess we should also wait to see what the Obamacare rates may be at other states.
behappy
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Nico08, I can commiserate. I too live in NJ. I pay 4x more in taxes for my properties in NJ compared to my house in AZ, which is 2x bigger than the combined square footage of both NJ properties. I'm working on selling both NJ properties and leaving this bloodsucking state soon. Good luck with your plans. BTW, I hate the four seasons as they trigger all sorts of allergies for me.
here's my estimate pre-retirement:
NJ house - 6%
Jersey shore house - 2%
AZ house - 2%
and roughly 20% to 25% of my variable ER income.
here's my estimate pre-retirement:
NJ house - 6%
Jersey shore house - 2%
AZ house - 2%
and roughly 20% to 25% of my variable ER income.
Sittingduck
Recycles dryer sheets
Oh man - this thread has me thinking of overcoming the inertia of living in Illinois.
$7,800 for a $240K crappy house on 7 acres in a rural county.
Thats going to be about 12% of my RE budget. (2nd biggest expense after healthcare).
5% state income tax sure to go up drastically when the state goes kaput.
7% sales tax - see coment above
We have a long and proud tradition of getting hosed.
$7,800 for a $240K crappy house on 7 acres in a rural county.
Thats going to be about 12% of my RE budget. (2nd biggest expense after healthcare).
5% state income tax sure to go up drastically when the state goes kaput.
7% sales tax - see coment above
We have a long and proud tradition of getting hosed.
FANOFJESUS
Thinks s/he gets paid by the post
That is amazing and I thought 2k on a house worth 125k in MO was crazy.
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steelyman
Moderator Emeritus
Hopefully you will be able and willing to move.
+1. I considered getting out of IL but DW is resisting it because of the children/grandchildren.
Our (Cook County) sales tax is 9.75%.
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