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Property Taxes and Hazard Insurance
Old 01-31-2021, 02:16 PM   #1
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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
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Old 01-31-2021, 02:38 PM   #2
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Location: Chicago
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Reside In
Illinois

Current Estimated Home value $600,000

Property Taxes
$14,674

Hazard Insurance
$1,430
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Old 01-31-2021, 02:44 PM   #3
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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
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Old 01-31-2021, 02:49 PM   #4
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Location: Willamette Valley, Oregon
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Current home estimated market value $750,000

Hazard insurance: $685

Property taxes: $5340

Live in the mid Willamette Valley western Oregon
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Old 01-31-2021, 02:50 PM   #5
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I thought my property taxes in Oregon were bad, but I see Illinois and Connecticut much higher.
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Old 01-31-2021, 02:51 PM   #6
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Central Ohio. Home value 400,000 , tax 6,800 with 3 acres, insurance 875.00
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Old 01-31-2021, 02:51 PM   #7
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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.
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Old 01-31-2021, 02:55 PM   #8
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Originally Posted by Gumby View Post
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.
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Old 01-31-2021, 02:57 PM   #9
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Originally Posted by RetireeRobert View Post
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.
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Old 01-31-2021, 02:58 PM   #10
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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
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Old 01-31-2021, 02:58 PM   #11
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What exactly is meant by "hazard insurance"? I've never heard the term before.
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Old 01-31-2021, 03:01 PM   #12
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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
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Old 01-31-2021, 03:01 PM   #13
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Originally Posted by braumeister View Post
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.
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Old 01-31-2021, 03:05 PM   #14
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Originally Posted by Happyras View Post
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.
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Old 01-31-2021, 03:07 PM   #15
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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.
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Old 01-31-2021, 03:13 PM   #16
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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
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Old 01-31-2021, 03:19 PM   #17
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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%.
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Old 01-31-2021, 03:32 PM   #18
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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*
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Old 01-31-2021, 03:39 PM   #19
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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
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Old 01-31-2021, 04:07 PM   #20
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Small city living in rural Pennsylvania.

Home Value: $175-180,000
Property Taxes: $5050
Homeowners Insurance: $650
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