 |
|
Property Taxes and Hazard Insurance
01-31-2021, 01:16 PM
|
#1
|
|
Full time employment: Posting here.
Join Date: May 2011
Posts: 770
|
Property Taxes and Hazard Insurance
The "How low can you go" thread got me thinking. I'm particularly curious about the states that have no income tax. My friend who lives in FL says he pays a ridiculous amount for hazard insurance.
If you own a home, and would like to share, what do you pay for property taxes and hazard insurance?
Please don't use your assessed value. I realize we all have different deductibles on hazard but just wanted to get a picture of different states. Let us know if you live near the coast as that will skew the hazard insurance.
Reside In
NC
Current Estimated Home value $300,000
Property Taxes
$2,612
Hazard Insurance
$715
Thanks
Kevin
__________________
you interpret daily life according to your ideas of what is possible or not possible - Seth Speaks
|
|
|
 |
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!
|
|
01-31-2021, 01:38 PM
|
#2
|
|
Recycles dryer sheets
Join Date: Jul 2008
Location: .
Posts: 398
|
Reside In
Illinois
Current Estimated Home value $600,000
Property Taxes
$14,674
Hazard Insurance
$1,430
__________________
__________________________________________
"If things go wrong, don't go with them" -Roger Babson
|
|
|
|
|
01-31-2021, 01:44 PM
|
#3
|
|
Administrator
Join Date: Apr 2006
Posts: 23,038
|
I'll play.
I live right on the coast of Connecticut. Real property tax on my house is $12,425 per year. Homeowner's insurance is $3,069 per year, with a $2000 deductible. Zillow says my house is worth $691,000.
Other potentially relevant information:
Property tax mill rates vary by town. Top CT income tax rate is 6.99% (>$1 million if MFJ) Ours is currently 5.5%. Sales tax is 6.35% We also pay property taxes on our cars at the same rate we pay on our house, which runs me about $1,000 per year
__________________
Living an analog life in the Digital Age.
|
|
|
|
|
01-31-2021, 01:49 PM
|
#4
|
|
Thinks s/he gets paid by the post
Join Date: Oct 2007
Location: Willamette Valley, Oregon
Posts: 1,979
|
Current home estimated market value $750,000
Hazard insurance: $685
Property taxes: $5340
Live in the mid Willamette Valley western Oregon
__________________
Dreams Worth Dreaming are Dreams Worth Planning For. I Spent a Career Planning for Early Retirement.
|
|
|
|
|
01-31-2021, 01:50 PM
|
#5
|
|
Thinks s/he gets paid by the post
Join Date: Oct 2007
Location: Willamette Valley, Oregon
Posts: 1,979
|
I thought my property taxes in Oregon were bad, but I see Illinois and Connecticut much higher.
__________________
Dreams Worth Dreaming are Dreams Worth Planning For. I Spent a Career Planning for Early Retirement.
|
|
|
|
|
01-31-2021, 01:51 PM
|
#6
|
|
Recycles dryer sheets
Join Date: Aug 2018
Posts: 133
|
Central Ohio. Home value 400,000 , tax 6,800 with 3 acres, insurance 875.00
|
|
|
|
|
01-31-2021, 01:51 PM
|
#7
|
|
Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
|
The house market value is $260-$280k ish.
Property taxes $1200.
Hazard insurance was $1100 last time. I'm a bit puzzled by that since there is a fire hydrant literally in the front yard and the fire department is at most two miles away. Probably time for us to go insurance shopping.
Edit to add: Deductible is $1500.
__________________
When I was a kid I wanted to be older. This is not what I expected.
|
|
|
|
|
01-31-2021, 01:55 PM
|
#8
|
|
Full time employment: Posting here.
Join Date: May 2011
Posts: 770
|
 Quote:
Originally Posted by Gumby
I'll play.
I live right on the coast of Connecticut. Real property tax on my house is $12,425 per year. Homeowner's insurance is $3,069 per year, with a $2000 deductible. Zillow says my house is worth $691,000.
Other potentially relevant information:
Property tax mill rates vary by town. Top CT income tax rate is 6.99% (>$1 million if MFJ) Ours is currently 5.5%. Sales tax is 6.35% We also pay property taxes on our cars at the same rate we pay on our house, which runs me about $1,000 per year
|
I also pay property tax on the cars.
The first half of my life I lived in FL.
I was shocked when I realized I had to pay property tax on the cars.
But the reduction in auto insurance costs more than made up property tax.
__________________
you interpret daily life according to your ideas of what is possible or not possible - Seth Speaks
|
|
|
|
|
01-31-2021, 01:57 PM
|
#9
|
|
Full time employment: Posting here.
Join Date: May 2011
Posts: 770
|
Quote:
Originally Posted by RetireeRobert
Current home estimated market value $750,000
Hazard insurance: $685
Property taxes: $5340
Live in the mid Willamette Valley western Oregon
|
Wow, only $685 on $750,000 value. Nice.
__________________
you interpret daily life according to your ideas of what is possible or not possible - Seth Speaks
|
|
|
|
|
01-31-2021, 01:58 PM
|
#10
|
|
Full time employment: Posting here.
Join Date: Jun 2015
Location: Redmond
Posts: 892
|
Near Microsoft east Redmond WA, county on 7 acres
Property taxes $11,000 (no income taxes, high sales and estate taxes)
HO Policy $1600
Market Value >$1.6M
|
|
|
|
|
01-31-2021, 01:58 PM
|
#11
|
|
Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,357
|
What exactly is meant by "hazard insurance"? I've never heard the term before.
__________________
I thought growing old would take longer.
|
|
|
|
|
01-31-2021, 02:01 PM
|
#12
|
|
Full time employment: Posting here.
Join Date: May 2011
Posts: 770
|
Quote:
Originally Posted by braumeister
What exactly is meant by "hazard insurance"? I've never heard the term before.
|
Hmmm. Maybe homeowners insurance is the correct term?
Sorry for the confusion [emoji4]
__________________
you interpret daily life according to your ideas of what is possible or not possible - Seth Speaks
|
|
|
|
|
01-31-2021, 02:01 PM
|
#13
|
|
Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
|
Quote:
Originally Posted by braumeister
What exactly is meant by "hazard insurance"? I've never heard the term before.
|
House insurance, fire insurance, etc. All the ills that may befall a residential building that is not lack of maintenance.
__________________
When I was a kid I wanted to be older. This is not what I expected.
|
|
|
|
|
01-31-2021, 02:05 PM
|
#14
|
|
Full time employment: Posting here.
Join Date: May 2011
Posts: 770
|
Quote:
Originally Posted by Happyras
Near Microsoft east Redmond WA, county on 7 acres
Property taxes $11,000 (no income taxes, high sales and estate taxes)
HO Policy $1600
Market Value >$1.6M
|
Only $1,600 hazard on 1.6mm value 
I might need to shop around as I haven't done that in awhile.
__________________
you interpret daily life according to your ideas of what is possible or not possible - Seth Speaks
|
|
|
|
|
01-31-2021, 02:07 PM
|
#15
|
|
Thinks s/he gets paid by the post
Join Date: Oct 2007
Location: Willamette Valley, Oregon
Posts: 1,979
|
Quote:
Originally Posted by 11522914
Wow, only $685 on $750,000 value. Nice.
|
The $685 looks good, but also consider I use a $5000 deductible to bring down my premium! I view insurance as "catastrophe" coverage, not as "pay me for every little thing that goes wrong" coverage.
__________________
Dreams Worth Dreaming are Dreams Worth Planning For. I Spent a Career Planning for Early Retirement.
|
|
|
|
|
01-31-2021, 02:13 PM
|
#16
|
|
Full time employment: Posting here.
Join Date: May 2011
Posts: 770
|
Quote:
Originally Posted by RetireeRobert
The $685 looks good, but also consider I use a $5000 deductible to bring down my premium! I view insurance as "catastrophe" coverage, not as "pay me for every little thing that goes wrong" coverage.
|
I have a $2,000 deductible but I completely agree with your view.
I'll have to find out how much I can save by increasing the deductible. I can't imagine it would be much as my value is 300k. But I won't know until I ask.
Thanks
__________________
you interpret daily life according to your ideas of what is possible or not possible - Seth Speaks
|
|
|
|
|
01-31-2021, 02:19 PM
|
#17
|
|
Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,357
|
In northern Kentucky, my homeowner's insurance is similar to the OP's at less than 0.3% of the home's value. But my property taxes are fairly high at nearly 1.4%.
__________________
I thought growing old would take longer.
|
|
|
|
|
01-31-2021, 02:32 PM
|
#18
|
|
Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 1,561
|
South Central Minnesota:
Home value $150,000.00
Property taxes $1400.00
Homeowners insurance $1000.00
*I have a 5k deductible & an umbrella policy that's another $250.00 per year*
__________________
"No beast so fierce but knows some touch of pity, but I know none, therefore am no beast"
Shown @ The End Of The Movie 'Runaway Train'
|
|
|
|
|
01-31-2021, 02:39 PM
|
#19
|
|
Recycles dryer sheets
Join Date: Oct 2013
Posts: 183
|
Our tiny 900 sq ft retirement house in lake community in northetn NJ, about 40 miles west of NYC.
Value approx 330K.
RE taxes 5,900
Homeowners insurance 600
|
|
|
|
|
01-31-2021, 03:07 PM
|
#20
|
|
Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: NW Pennsylvania
Posts: 1,820
|
Small city living in rural Pennsylvania.
Home Value: $175-180,000
Property Taxes: $5050
Homeowners Insurance: $650
|
|
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
| Thread Tools |
|
|
| Display Modes |
 Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|
