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Old 05-31-2020, 09:32 PM   #41
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P+I = $1,650/mo
Taxes = $3,200/yr
Ins = $2,400/yr

Gave up the lawn tools when I moved, and that's another $150/mo. to have that maintenance done. Utilities, in total, are little less than the old place at $300/mo.

Former residence in SoFla was paid off, but decided to hang on to cash and put just 20% down on the more expensive place in the Panhandle. Living within a mile of the beach has it's price compared to being 10 miles away in SoFla. But it's all in the budget, and the long term financial plan
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Old 05-31-2020, 10:13 PM   #42
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Paid cash for our home 15 years ago, property tax and insurance $135.50 a month. What do I win?
You almost win, but Organic Farmer has a lower monthly cost
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Old 06-01-2020, 10:11 AM   #43
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Living basically mortgage free for the last 1/2 dozen years. I say basically because we have a Home Equity line of Credit with zero balance due. We use the HELOC to level out major expenses, like last years kitchen remodel.

HOA: $20/month
Property Tax: $500/month
Homeowners Insurance: $300/month

Pre-retirement we looked at moving to a smaller home to reduce costs. However we have been in our house for 20+ years and property taxes are indexed to initial purchase price with a modest annual escalation percentage. Buying a smaller home would actually increase our property tax.
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Old 06-01-2020, 11:07 AM   #44
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$350/month total for property taxes,HOA fees and insurance.
Throw in another $100/month on average for maintenance (painting, etc.).
No mortgage since 1993.
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Old 06-01-2020, 11:12 AM   #45
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No Mortgage, bought for cash in 1999
RE tax $210 per month Zillow says house worth $423,000, Nevada capped RE tax
HOA $49 per month
Home owners insurance $40 per month
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Old 06-01-2020, 11:57 AM   #46
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Small suburban town in North Texas. Home is 4.5K ft2 on 2.2 acres with a pool and shared 10-acre lake. Zillow estimate is $650K.

No mortgage and no HOA.

Property tax is $12.5K/yr. Insurance is $2.1K/yr (excluding umbrella). Total $14.6K/yr or ~$1200/mo.

Texas property tax tends to be high at around 2.0-2.5% of assessed value. But we have no state income tax. So, not sure how comparable that is for those of you in other states. Insurance is high in this area due to frequent hail damage to roofs.

Umbrella is $475/yr for $1M, but that includes a rental house and 4 cars. It's also high on the main house due to the pool and lake.

It's a very old house so repair and maintenance is extremely high. We have a healthy backlog of maintenance projects but we schedule things so that it averages about $6K/yr.

All in, including utilities and home improvements, it's typically $25-30K/yr.
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Old 06-01-2020, 01:11 PM   #47
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Enlightening thread. I'm discovering that there's very few areas I could afford to move to
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Old 06-01-2020, 01:22 PM   #48
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Currently, in Cincinnati, property tax is $180/mo and property tax is $170/mo and property insurance is $70/mo. No HOA, which is heaven.

However, I’m getting a tax abatement because new houses get lower property taxes for 10 years. After next year, property taxes would go up to $1,000/mo. But I will be long gone by then, with any luck. Of course, I might be in TX, where both my property tax and insurance were very high...
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Old 06-01-2020, 03:41 PM   #49
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Quote:
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Property taxes of 4000 a year on a million $ home.
Mortgage free since 2008.
Around 600 for insurance.
Wow. Stunningly low Prop Tax vs home value.
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Old 06-01-2020, 03:49 PM   #50
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Wow. Stunningly low Prop Tax vs home value.
Insurance too. As a percentage of value, it's more than 5X lower than mine.

Same 5X difference on property tax, but with prop 13 in California, the property tax may be understandable. Not sure I understand $600/yr for insurance on a $1M house.
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Old 06-01-2020, 03:52 PM   #51
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No mortgage

RE Tax. $632/no

Insurance/mo. $80/mo

HOA/mo. $8/mo

Total/mo. $720/mo.

But we spend a great deal more per mo for, mowing/landscaping/snow removal/lawn fertilizer/weed control/irrigation/ oil/electric/sewer/water/pest control.
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Old 06-03-2020, 05:58 PM   #52
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In central Florida
No mortgage
Taxes and insurance = $525 per month
HOA fee = $150 per month
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Old 06-03-2020, 06:21 PM   #53
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360/month taxes 109/month insurance

small mortgage 870.00/month balance less than 70k
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Old 06-03-2020, 07:16 PM   #54
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I am shocked at how high property taxes are for many. In Nevada part of the tax formula is the age of the home. Ours just appraised for 371k yet our taxes are 70/month because it was built in 1950.
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Old 06-03-2020, 07:59 PM   #55
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Insurance too. As a percentage of value, it's more than 5X lower than mine.

Same 5X difference on property tax, but with prop 13 in California, the property tax may be understandable. Not sure I understand $600/yr for insurance on a $1M house.

In South Texas
No Mortgage
Property tax $9500/year
Insurance $2800/year including $500/year flood insurance
HOA $700/year
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Old 06-04-2020, 09:05 AM   #56
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I am shocked at how high property taxes are for many. In Nevada part of the tax formula is the age of the home. Ours just appraised for 371k yet our taxes are 70/month because it was built in 1950.
I find that formula kinda odd! My childhood friend lives in a house that is 270 years old. What would THAT do to her taxes?

I don't understand what the age of the house has to do with paying to provide the services funded by taxes.
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Old 06-04-2020, 10:38 AM   #57
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I find that formula kinda odd! My childhood friend lives in a house that is 270 years old. What would THAT do to her taxes?

I don't understand what the age of the house has to do with paying to provide the services funded by taxes.
A quick Google search on 'nevada property tax formula' took me to this:

Quote:
...taxable value of real property is the market value of the land and the current replacement cost of improvements less statutory depreciation.

...A depreciation factor of 1 % per year is applied to the effective age of the property, up to a maximum of 50 years...
So it sounds like taxable value in Nevada is FMV of land, plus replacement cost of improvements less 1.5% depreciation per year, to a minimum salvage value equal to 25% of current replacement cost.

I agree though... it seems highly inequitable to distribute the property tax burden based on depreciated value. One can easily envision drastically different taxable values for homes of equal market value. From further Googling, it seems that Nevada is the only state with this antiquated system. Most states use a market value appraisal approach to distribute the property tax burden.
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Old 06-04-2020, 01:37 PM   #58
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Originally Posted by Cobra9777 View Post
A quick Google search on 'nevada property tax formula' took me to this:



So it sounds like taxable value in Nevada is FMV of land, plus replacement cost of improvements less 1.5% depreciation per year, to a minimum salvage value equal to 25% of current replacement cost.

I agree though... it seems highly inequitable to distribute the property tax burden based on depreciated value. One can easily envision drastically different taxable values for homes of equal market value. From further Googling, it seems that Nevada is the only state with this antiquated system. Most states use a market value appraisal approach to distribute the property tax burden.
Hey, thanks for looking that up and explaining it so well!

I think my friend's 270-year-old house just might be fully depreciated by now (and is worth a hell of a lot more than my 90-year-old house! )
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Old 06-04-2020, 02:14 PM   #59
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Property taxes are $3064/yr = $255/mo
Insurance is $736/yr = $61/mo
No HOA.

No mortgage payment so I set aside $320/mo for these.
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Old 06-04-2020, 03:19 PM   #60
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Insurance too. As a percentage of value, it's more than 5X lower than mine.

Same 5X difference on property tax, but with prop 13 in California, the property tax may be understandable. Not sure I understand $600/yr for insurance on a $1M house.
My bad. Was doing it from memory and mixed it up with a rental worth 670K.
$823.94 on residence.

Also pay $675 on a different rental thats worth north of a million.

Properties bought between '89 and '98 and benefitting from Prop 13.
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