Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 04-06-2019, 01:41 PM   #41
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 8,097
Quote:
Originally Posted by ShokWaveRider View Post
You have Prop 13. Here taxes are ~1% of the home price so you can work it out.
~1.5% here if one includes CDD fees.
__________________
TGIM
Dtail is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-06-2019, 01:49 PM   #42
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
imoldernu's Avatar
 
Join Date: Jul 2012
Location: Peru
Posts: 6,335
A few points....

Depending on state and local laws, two breaks for senior house taxes.
Senior Tax Freeze- into effect on the home purchase for seniors. It means that the base tax rate at time of buying, will not change. For us based, on 2004 purchase an annual saving compared to today... $1300/yr.

Homestead exemption from Nolo:
Quote:
Under the Illinois exemption system, homeowners may exempt up to $15,000 of their home or other property covered by the homestead exemption. The Illinois homestead exemption requires that you be a legal owner of record to claim the exemption, meaning your name is listed on the deed to the property.
.................................................. .......................................

When considering a relocation... some things that should be mandatory.

1. Go to City-Data to find the statistics and general rating of all homeowners considerations compared to that of the state. This is an absolute necessity, IMHO.

2. Search Google for Real Estate Dealers in the town being considered. The websites givea good picture of the age and value of the home in the interest area.

3. A long hard look at Google Maps... to check the local roads and kind of businesses that are important to you. Check the distances and type of travel that's available. Zero in on "Street View" to see the types of roads, housing and traffic. An hour on "maps: will save days of driving around.

4. Determine your own likes, which may not be those that others care about. Know what you're looking for and not be swayed... example... schools, theatre, hiking lakes and trails, big shopping centers, golf courses, sports venues, night life, 'views', hospitals and doctors, retirement communities (for later on). It's nice to say "look at where I live", but more important that the area is right for you.

5. If moving far from family, and close friends, realize that your life will change. For close families, this can be devastating.

In short, a two or three day trip to look at a town you've heard about may not be enough to pick out a home that you could be happy in, for the rest of your life.
__________________
If you want others to be happy, practice compassion. If you want to be happy, practice compassion.
--Dalai Lama XIV
imoldernu is offline   Reply With Quote
Old 04-06-2019, 01:53 PM   #43
Thinks s/he gets paid by the post
 
Join Date: Aug 2016
Location: Northern Virginia
Posts: 3,138
Quote:
Originally Posted by Souschef View Post
I was paying over $3000 on my condo. When I married DW, part of her dowry was an exemption on her old home that we could transfer to our new home. Bless her
Cool. And the rest? Negotiable instruments? Livestock?

Montecfo is offline   Reply With Quote
Old 04-06-2019, 05:53 PM   #44
Thinks s/he gets paid by the post
 
Join Date: Jul 2017
Location: Long Island
Posts: 1,564
Quote:
Originally Posted by Rianne View Post
Yikes! You can't take your property taxes as a tax deduction this year? Am I correct?
Hi Rianne, I took my property taxes as a deduction for the NYS income tax; but not for the Federal, as SALT deductions were limited to 10k - and the vast majority of my Federal deductions were SALT.
__________________
Use it up, wear it out, make it do or do without.
MarieIG is offline   Reply With Quote
Old 04-06-2019, 06:08 PM   #45
Thinks s/he gets paid by the post
 
Join Date: Jul 2017
Location: Long Island
Posts: 1,564
Quote:
Originally Posted by Scuba View Post
Property taxes on a 1,568 sq ft condo in So California are $14,350. Used to be around $10K when we bought the place in 2003, but have increased over 40% despite Proposition 13. Lots of voters in LA County and CA like to pass “improvements” that are funded by property taxes. Then they wonder why rents go up so much, and call for rent control to “strike back against greedy landlords.” The average voter here clearly didn’t take Econ 101. :facepalm
Yep, I hear ya. You condo is probably lovely; and would sell for a whole lot more than my house, but there comes a point where it just gets too painful.
__________________
Use it up, wear it out, make it do or do without.
MarieIG is offline   Reply With Quote
Old 04-06-2019, 07:19 PM   #46
Thinks s/he gets paid by the post
 
Join Date: Jul 2017
Location: Long Island
Posts: 1,564
Quote:
Originally Posted by Urchina View Post
Right there with ya, MarielG. $10,000+/year for a 1600 sq. Ft 60+ y.o. house.

It's a lot, but we're pretty happy with what we get in return -lots of great public parks, excellent public schools and libraries, responsive local government and outstanding fire, police and EMS services. All within a friendly, walkable, safe mid-sized town biking distance to the beach and with fantastic weather year-round. My kids will attend a nationally ranked public high school and the community norm is for everyone to go to public school.
Glad that you are happy with your quality of life. That is very important.

Our fire department is excellent, they are volunteers. EMS, they respond for free, but of course, if we get on an ambulance to travel to the hospital, the bill is HUGE. Police Department is great at handing out parking tickets: quotas. I got a ticket due to the placement of my GPS. There are additional assessment County fees on tickets. The police were called by one of our neighbors for a large rowdy group of high school kids, and wouldn't follow them into the woods, said it was out of their jurisdiction. After the high school kids ran down the block breaking the windshields on the majority of cars parked on the street, we eventually got a camera installed. Another neighbor was burglarized, the thieves were not caught.

I will say that the police in the neighborhood where I used to work, caught the bank robber on the block where my office was located. Third time was the charm. He kept coming back.

We have taxes, on top of assessments on top of fees. But the vast majority of the taxes based on home ownership goes to the schools, for the payment of salaries, benefits and pensions. (Of course it costs the school employees a lot to live here.)

Our roads congested, and there seems to be constant work, and constant lane closures resulting in miserable commutes. That notwithstanding, the roads are in poor shape (potholes).

We also pay high state income tax, and high sales tax. If we need to commute into the City for work, we are gouged. One of the bridges into Staten Island just obtained the dubious distinction of being the most expensive in the Country - up to $19 if you do not have a discount. I will be crossing it twice next week.

Services are also funded by State income tax, but many of the services for which we are paying, we don't qualify. Public transportation is slow, late, and expensive. On the bright side, they have very entertaining excuses as to why they are slow, late and expensive. Now NYC which itself causes a great deal of congestion, is going to be charging a congestion tax.

Car insurance is expensive, home owners insurance is expensive, and utilities are expensive.

Weather varies. Sometimes nice, sometimes not so nice. The local library is fine. We have nice parks. We can drive to the beach: and can swim three months a year. (Of course we are working 6-7 days a week to pay our bills and taxes, which doesn't leave much time for the beach.) Our neighborhood is a cute blue collar neighborhood (barring the pot holes).
__________________
Use it up, wear it out, make it do or do without.
MarieIG is offline   Reply With Quote
Old 04-06-2019, 07:21 PM   #47
Thinks s/he gets paid by the post
VanWinkle's Avatar
 
Join Date: Oct 2017
Location: Brighton
Posts: 1,753
Quote:
Originally Posted by Rianne View Post
Yikes! You can't take your property taxes as a tax deduction this year? Am I correct?
In Illinois you can take your property taxes off of your Illinois tax return. You can also take them off the federal return, but the new standard deduction is usually more than you can get by itemizing. Couple over 65 gets 26,600 standard deduction this year.
__________________
Retired May 13th(Friday) 2016 at age 61.
VanWinkle is offline   Reply With Quote
Old 04-06-2019, 07:36 PM   #48
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 7,340
Our property taxes are .3% because of Prop 13. ACA plan premiums last year were $24, so between the two it has helped keep our fixed expenses in retirement relatively low for a high cost of living area.
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
daylatedollarshort is offline   Reply With Quote
Old 04-06-2019, 08:07 PM   #49
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 4,862
Quote:
Originally Posted by MarieIG View Post
Amateur. Try $13,500 for 1750 sq ft. 59 yr old three bed, 1 1/2 bath. (That was for 2018, an increase is in the works.)
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.
Bamaman is offline   Reply With Quote
Old 04-06-2019, 08:14 PM   #50
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 12,522
Quote:
Originally Posted by Bamaman View Post
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.
Yeah, but it's ONLY lake front property, not Long Island Sound!
__________________
Everyone has a plan until they get punched in the mouth...philosopher Mike Tyson
aja8888 is offline   Reply With Quote
Old 04-07-2019, 07:28 AM   #51
Thinks s/he gets paid by the post
 
Join Date: Jul 2017
Location: Long Island
Posts: 1,564
Quote:
Originally Posted by Bamaman View Post
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.
__________________
Use it up, wear it out, make it do or do without.
MarieIG is offline   Reply With Quote
Old 04-07-2019, 07:53 AM   #52
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 8,097
Quote:
Originally Posted by MarieIG View Post
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.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 04-07-2019, 09:38 AM   #53
Thinks s/he gets paid by the post
 
Join Date: Jul 2017
Location: Long Island
Posts: 1,564
Quote:
Originally Posted by Dtail View Post
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.
__________________
Use it up, wear it out, make it do or do without.
MarieIG is offline   Reply With Quote
Old 04-08-2019, 09:20 AM   #54
Full time employment: Posting here.
 
Join Date: Jan 2016
Posts: 705
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.
meleana is offline   Reply With Quote
Old 04-08-2019, 09:27 AM   #55
Full time employment: Posting here.
Offgrid Organic Farmer's Avatar
 
Join Date: Feb 2018
Location: An Un-Organized Township of Maine
Posts: 800
Quote:
Originally Posted by meleana View Post
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.
__________________
Retired at 42 and I have been enjoying retirement for 18 years [so far].
Offgrid Organic Farmer is offline   Reply With Quote
Old 04-08-2019, 09:34 AM   #56
Full time employment: Posting here.
 
Join Date: Jan 2016
Posts: 705
Quote:
Originally Posted by Offgrid Organic Farmer View Post
$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.
meleana is offline   Reply With Quote
Old 04-08-2019, 09:42 AM   #57
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Elyria, OH
Posts: 1,937
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.
gwraigty is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
I work remotely, move to LCOL? bj345 FIRE and Money 23 03-27-2019 10:35 PM
New PC, new discoveries Lsbcal Technology, Media & e-Gadgets 12 02-15-2018 01:57 PM
Traditional to Roth: Withholding Discoveries sengsational FIRE and Money 15 12-05-2014 09:36 PM

» Quick Links

 
All times are GMT -6. The time now is 12:17 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.