LCOL discoveries

[MarieIG]

For your property taxes, we only have one house in our county for more, and it's a relatively new 28,000 square foot home on a 2,000 ft. lakefront property--$15,000 taxes. And his $25 million superyacht sitting over at the yacht club is without any personal property taxes.

But I have my 2006 Honda sitting in the driveway!

(There will be no super yachts in my future. But I should be able to spring for a rubber tube in which to float around.)

But that is why we will be looking around for a lower cost of living area after we retire. The County recently sent out letters raising the assessments on a number of homes (including mine) to be "fair". My was raised by 1/3. My taxes have been creeping up, but the raising of assessments is a prelude for a big jump in property taxes. I suspect there was a lot of screaming, because we recently received a letter that the taxes would be phased in, (instead of implemented immediately). I suspect we will be able to give that 28,000 sq ft house, a run for its money, tax wise, in the next year or two.

 

[Dtail]

But I have my 2006 Honda sitting in the driveway!

(There will be no super yachts in my future. But I should be able to spring for a rubber tube in which to float around.)

But that is why we will be looking around for a lower cost of living area after we retire. The County recently sent out letters raising the assessments on a number of homes (including mine) to be "fair". My was raised by 1/3. My taxes have been creeping up, but the raising of assessments is a prelude for a big jump in property taxes. I suspect there was a lot of screaming, because we recently received a letter that the taxes would be phased in, (instead of implemented immediately). I suspect we will be able to give that 28,000 sq ft house, a run for its money, tax wise, in the next year or two.

Yeah my taxes were 15k for a 480k house back in 2009 in the NE.
In FLA when one buys a house, the assessment is adjusted to incorporate the current price, but going forward the maximum increase is 3% a year.
Very helpful if budgeting.

 

[MarieIG]

Yeah my taxes were 15k for a 480k house back in 2009 in the NE.
In FLA when one buys a house, the assessment is adjusted to incorporate the current price, but going forward the maximum increase is 3% a year.
Very helpful if budgeting.

Yep, that's right on the money.

Yes, we will need to budget. We want to be able to travel to visit family and our income will be a fraction of pre-retirement.

 

[meleana]

Where exactly did you move?


Our taxes are almost $10,000 for a 1987 salt box house of 2500 sq feet. Rural area. 10.5 acres, but most is considered forest land so not assessed on the whole 10.5. NY is a property and school tax hell hole.

 

[Offgrid Organic Farmer]

Where exactly did you move?


Our taxes are almost $10,000 for a 1987 salt box house of 2500 sq feet. Rural area. 10.5 acres, but most is considered forest land so not assessed on the whole 10.5. NY is a property and school tax hell hole.

$10,000 on a 2500 sq ft house it really high.

$857 for a 2400 sq ft house [total footprint 4900 sq ft] on 150 acres with river frontage, here in Maine.

 

[meleana]

$10,000 on a 2500 sq ft house it really high.

$857 for a 2400 sq ft house [total footprint 4900 sq ft] on 150 acres with river frontage, here in Maine.

Love New England, though most areas are expensive. Goal is to move to NH, but also high property taxes and high cost of living. My fav is Vermont, but it taxes SS and retirement income and estates and everything. As for Mass, Connect and RI- forget about it also.

I like Maine, but the one thing I do not like about Maine is it taxes SS and retirement income. At least that is my understanding.

 

[gwraigty]

Don't forget the impact of local taxes on various types of income. I've always lived in an area where only W2 and self-employed income is taxed. I was surprised to learn that a locality in MD, where a BIL lives, taxes investment income.