View Poll Results: Property taxes as percentage of primary home assessed value
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> 0.5%
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25 |
14.88% |
> 1%
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57 |
33.93% |
> 1.5%
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34 |
20.24% |
> 2%
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18 |
10.71% |
> 2.5%
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16 |
9.52% |
> 3%
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4 |
2.38% |
> 3.5%
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3 |
1.79% |
> 4%
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1 |
0.60% |
> 4.5%
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2 |
1.19% |
> 5%
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0 |
0% |
> 5.5%
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0 |
0% |
> 6%
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1 |
0.60% |
> 6.5%
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0 |
0% |
> 7%
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2 |
1.19% |
< 8%
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1 |
0.60% |
< 9%
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0 |
0% |
< 10%
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1 |
0.60% |
< 11%
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2 |
1.19% |
< 12%
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0 |
0% |
12 or more%
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1 |
0.60% |
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10-16-2016, 10:06 AM
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#41
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,705
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2982 on assessed value of 194,113. Identical house but no improvements just listed at 770k sold at 800k. So actual is less than 1% but tied to 1% of sale + 2% annual increase.
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10-16-2016, 10:13 AM
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#42
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,171
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Quote:
Originally Posted by AllDone
The base rate is 1% of purchase price. It doesn't rise as house value rises.
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It can rise with time, however. I believe it can go up .25%/year.
It can also go up if you add square footage in a remodel - so if you add on that bonus room you'll pay the "current" appraised value for the new square footage.
You can also lock in a lower rate based on the previous owners prop 13 tax rate if you're purchasing from a parent, grandparent, child or grandchild.
You can transfer your prop 13 rate if you buy a home of similar or lesser value (note - it doesn't say anything about square footage) and you are over 55. Some restrictions if you're changing counties when doing this. (Not all counties recognize the transfer from other counties.
Our tax bill is significantly higher than when we bought because:
- We transferred my dad's tax rate since this was his house. (So our rate was super low compared to the market rate we paid for the house).
- We built a granny flat - which was appraised at bubble prices - but fortunately it had some handicap accessible features - so they didn't charge us for that part.... That saved us about $500/year in taxes for the wheelchair accessible bathroom with roll in shower and the grading associated with the ramp to approach the unit that was 100% ADA compliant. (You can add on accessible features like an accessible/wheelchair friendly bathroom without impacting your prop taxes.)
Our percentage of "market value" is about 0.32% - inclusive of all the bonds that are tacked on, plus trash, mosquito control, etc.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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10-16-2016, 10:34 AM
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#43
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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0.3% of market value
excludes federal state and local sales taxes and surcharge on gasoline for transit and roads and on alcohol for general purposes
__________________
For the fun of it...Keith
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10-16-2016, 10:49 AM
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#44
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,821
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Quote:
Originally Posted by braumeister
OK, I screwed up on this.
Where I have lived, the assessed value has always been at least pretty close to the market value. I forgot that this is not the case in many areas.
Sorry.
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There are often so many issues with any poll like this. As pointed out, some municipalities (ours for example), the 'assessed value' is somewhere near 1/3rd market value. I think this is done to provide different rates to property with different zoning. I'm guessing they do that so that they don't need to adjust each percentage individually, with the 'equalization factor'.
Other differences - I often hear people claim that it isn't 'fair' to have their taxes doubled (for example), just because the market/assessed value of their home doubled. Well, in many (maybe most?) places, it doesn't work that way. But many people are unaware. What happens is, they have an allowed amount of taxes they can collect, and it gets divided up based on the assessed value. So, if taxes went up 5% in a year, and if everyone's assessed value doubled, everyone's taxes would go up 5%. It gets distributed equally.
Also - in Illinois for example, much (most, I think) of the school funding is local, and collected through property taxes. The State pays a smaller amount. If your state does this differently, that tax might just be shifted from your property tax to some other tax. Kind of a shell game, but comparing property tax rates w/o knowing all these other factors gets pretty meaningless pretty quickly.
But there's still value to this exercise, we learn about all these differences!
-ERD50
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10-16-2016, 10:50 AM
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#45
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Quote:
Originally Posted by Calgary_Girl
$6700 on an assessed value of $1.03 million. Property taxes in Calgary are some of the lowest in Canada.
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Similar numbers for Canmore.
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10-16-2016, 11:25 AM
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#46
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Full time employment: Posting here.
Join Date: Feb 2008
Posts: 748
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__________________
I don't want to spend my entire life at work. I deserve more. - Want2retire aka W2R
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10-16-2016, 12:00 PM
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#47
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: North Scottsdale
Posts: 1,545
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about 1.2% of assessed value. About .6% of actual value. Fortunately the assessor has not caught up with the complete gut, reno and addition that we did last year. I bet he is coming though!
__________________
FIRE'D in July 2009 at 51...Never look back!
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10-16-2016, 12:07 PM
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#48
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,056
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In the UK houses are put into bands, A, B, C, etc, the larger the band the higher the local taxes on that property. You can easily see how much you will pay on a house by typing in the address, seeing the band and then look at a table of the annual tax for each band.
The house we are currently renting is in band E and we are paying £2,400/year for it. (in the UK the occupiers of rented houses pay the property tax). We estimate this house to be worth about £200k.
We are buying a house, have agreed a price of £285k, and will pay the same property tax as the, much larger, house is also band E. We also considered an even larger house that is £50k more and that house is also listed as band E so the annual tax would be the same (0.7%)
So, we are currently paying 1.2% of the house's value, but when we move (hopefully) to our new house we'll be paying 0.8%.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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10-16-2016, 12:17 PM
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#49
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Recycles dryer sheets
Join Date: May 2015
Posts: 244
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.52% of appraised value
9.75% sales tax
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10-16-2016, 01:19 PM
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#50
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Thinks s/he gets paid by the post
Join Date: Jul 2012
Location: Texas
Posts: 3,024
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2.5% in suburban North Texas. With our homestead exemption, it's actually 2.4%. Assessed value is very close to actual market value. We have no income tax, no personal property tax, and sales tax is 8.25%.
__________________
Retired at 52 in July 2013. On to better things...
AA: 85/15 WR: 2.7% SI: 2 pensions, SS later
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10-16-2016, 02:15 PM
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#51
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Thinks s/he gets paid by the post
Join Date: Apr 2016
Location: Dutchess County
Posts: 1,599
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1.66% school tax
1.66% property tax
8.25% sales tax
Dutchess county NY
Medium COL area, any county to the south of me taxes are at least double if not triple what I pay.
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10-16-2016, 02:28 PM
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#52
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Thinks s/he gets paid by the post
Join Date: Mar 2015
Location: philly
Posts: 1,219
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right now I'm in year 8 of a 10 year property tax rebate in Philadelphia, so my property tax is keep less than 0.5%. Tax rate is 1.39% of accessed value (750K). another Pa with 6% sales tax.
__________________
My darling girl, when are you going to realize that being "normal" is not necessarily a virtue? it sometimes rather denotes a lack of courage~Aunt Francis
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10-16-2016, 03:35 PM
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#53
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Kerrville,Tx
Posts: 3,361
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In particular this thread suggests that one should shop both by property taxes rates and home values when considering relocation. (In particular once retired why fight the big city traffic, move to a smaller city as besides taxes auto insurance may well be lower.)
Also rapidly growing areas will have big building related school taxes to pay for the new buildings, exurban areas less.
For those not from Tx a MUD is a municipal utility district that puts in water and sewer lines in a new subdivision, and taxes to pay for the bonds. An esd (Emergency Services District) is a district to pay for fire and possibly ambulance services in unincorporated areas.
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10-16-2016, 03:46 PM
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#54
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,199
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My curiosity was simply regarding forum members here.
If you want a more general look at property taxes around the US, here is a link that might perhaps be useful.
Property taxes: How does your county compare? - CNNMoney.com
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10-16-2016, 03:48 PM
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#55
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Recycles dryer sheets
Join Date: May 2014
Location: Far Hills
Posts: 51
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Morris County, NJ: 2.3% property tax rate, sales tax 7%
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10-16-2016, 06:55 PM
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#56
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Recycles dryer sheets
Join Date: Dec 2007
Posts: 249
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Quote:
Originally Posted by braumeister
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This is pretty accurate for my area of California. As others have said, thank goodness for Prop 13. We pay less than 1% of value, and closer to .5%
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10-16-2016, 07:18 PM
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#57
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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Yup. If you buy in CA and stay put you have it pretty good.
As others have said they make it up in income and sales tax.
Services cost money.
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10-16-2016, 08:29 PM
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#58
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
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Md suburbs of DC
Market Value $1
Assessed Value 0.77
Taxes 0.014
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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10-16-2016, 08:52 PM
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#59
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Location: Los Angeles area
Posts: 1,708
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Same house in CA for 29 years. Just under 0.5% of zillow value.
__________________
learn, work, save, invest, fire
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10-16-2016, 09:42 PM
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#60
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Thinks s/he gets paid by the post
Join Date: Jan 2013
Posts: 3,405
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27 years in the same house in CA and the total, including the garbage bill, is 0.55 percent of the Zillow value.
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