How much do you spend on your home?

[Big_Hitter]

I can't believe how high some people's property taxes are.

I.

ours are over $13K a year......

and we have a 7% state income tax

 

[W2R]

Some places, Texas for example, locks in your prop tax amount once you hit a certain age 65 or 70 or some such. So the tax goes up on paper but the current owner occupant wont ever pay more in their lifetime. Probs arise when they get helpful and gift the house to children to get it out of their name thinking they are gaming medicare assets testing. Suddenly equally poor adult child owes a goctha amount of prop taxes once that lock is removed

I wish that was 100% accurate, but unfortunately it isn't. I'm 72 and pay more in property tax each year.

Maybe she was thinking about Louisiana. Here, if you are over 65, and your AGI is less than a certain amount, you can apply to have your assessment frozen. If the millage rates go up, your taxes do go up, but at least your assessment remains the same. And millages seldom go up here.

At my old house, I had the assessment frozen like that. But with the bull market, and SS, I no longer have low enough income to qualify. Oh well. I see no reason to whine or complain about an increase in income.

Assessments here don't change often, although they always revise the assessment to the selling price when a house sells. Mine is still at the price I paid for my Dream Home back in 2015, even without having my assessment frozen.

I can't believe how high some people's property taxes are.

+1
It amazes (and impresses) me that those people can afford to stay retired with such very high property taxes.

My own annual property taxes went up from $956 at the old house, to $1,701 at the "Dream" house I bought three years ago, so my present property taxes seem fairly high to me. But really, in comparison to some others here, I am very fortunate. Also, it helps that I feel like those in our Parish (=County) get value for the money we pay in property taxes.

 

[jkern]

Single Family Home purchased 30 years ago in the SF Bay Area.

Property tax: 525
Insurance: 95
HOA: 50
Maintenance: 50 (minor repairs)

total: $720/month

 

[Dtail]

About 5k property taxes in Tampa, FLA on a 325k house. We are renters currently, but looking to buy this year.

 

[exnavynuke]

$12,720/year including the mortgage. Will be nice when that drops to less than $3k/year once the mortgage is paid off.

 

[MarieIG]

[+1
It amazes (and impresses) me that those people can afford to stay retired with such very high property taxes.

Part of our plan will be to relocate after retirement.

We pay high property tax, high school tax, high income tax, expensive utilities, expensive auto insurance, high sales tax etc. And there are always some sneaky extra taxes rearing their heads. My DH went to a Walmart and got hit with I think it was - he never went back) an additional 2% sales tax on his bill. Apparently, there was a special tax for being in the vicinity of a railroad.

Now, I have to remember to stop and buy a parking sticker tomorrow, so I can park at the railroad that charges $300 a month to travel into the city.

 

[gcgang]

We own two places. Probably about $5k/mo, excluding "special" stuff.

In the last 3 months we've had special stuff of: house washer $1,000; House painter $9,000; tree trimmer $3,000; carpenter $2,000; plumber $1,000; electrician and roofer coming up. Old house with 2 acres is getting to be too much. All above is to get house ready to sell, as daughter goes to college, and we won't need to live by her high school. Condo and travel budget here I come!

 

[HI Bill]

$950 per year, for $300k condo in Hawaii. Guess that’s cheap!

 

[Blue Skies]

Property taxes $210 per month
Insurance (with quake coverage) $140
Water, sewer, trash, gas, electric - average about $180 to $220 per month depending on time of year
Monthly HOA $205
No mortgage

 

[Mango1956]

No mortgage
Property taxes 2400 per year
Insurance 512 per year.
House purchased 1994 in northern California for 135K
Prop 13 keeping taxes low, thank goodness.

 

[gayl]

I read about everyone's HIGH property taxes and I am really glad that I live in California where they tax income not property. Enables us to retire (as income decreases but property increases in value which is meaningless until sold)

 

[Freedom56]

The numbers for 2018 were:

California:
No Mortgage
Property tax: $5960
Home Insurance: $1550
Earthquake Insurance: $1120
Electricity: -$146 per year (solar panels cover our consumption)
gas: $236 per year
water: $1026 per year (includes $42 per month for water softening)
garbage collection: $234
Security Monitoring: $180
Pool and garden: $1432

Grand total: $11,592 per year or $966 per month which is not bad for a modern updated 5 bedroom 3 bath home with a pool and outdoor living area. Proposition 13 keeps our property taxes relatively low. A home similar to ours down the street is renting for $4800 per month without a pool.

Florida

No Mortgage
Property Taxes $4834 (2018) was $1892 in 2011
Condo Fees $564 per month (includes building insurance, maintenance, cable TV, high speed internet, pool, fitness center, 24/7 security, water)
Electricity $262 per year.

Grand total: $11,864 annually or $987 per month for a 2 bedroom 2 bath condo in a modern upscale intra-coastal high rise building in West Palm Beach Florida. Units similar to ours rent for $2400 per month unfurnished.


Switzerland

No mortgage
Rental income from two apartments covers all expenses including maintenance and renovations.

California is a relatively inexpensive place to retire if your home is paid off. But only 18% of homeowners in Los Angeles County own their homes free and clear. Many use their homes as ATM machines and carry large mortgages and complain about the high cost of housing. Go figure!

 

[gayl]

California is a relatively inexpensive place to retire if your home is paid off. But only 18% of homeowners in Los Angeles County own their homes free and clear. Many use their homes as ATM machines and carry large mortgages and complain about the high cost of housing. Go figure!

Can't cure stupid!

 

[imoldernu]

No mortgage
$2540 taxes
$810 Insurance
$1800 Landscape/snow HOA
$2800 Water, Electric, trash, gas
$150 minor repairs /yr

$8100

Per OP w/o utilities $5100

 

[Offgrid Organic Farmer]

I read about everyone's HIGH property taxes and I am really glad that I live in California where they tax income not property. Enables us to retire (as income decreases but property increases in value which is meaningless until sold)

California taxes property.

I am from California. When I retired, I moved to a low COL region instead of trying to stay in California.

Ask any home-owner in California about how much they are paying in property taxes.

 

[Offgrid Organic Farmer]

The numbers for 2018 were:

California:
No Mortgage
Property tax: $5960
Home Insurance: $1550
Earthquake Insurance: $1120
Electricity: -$146 per year (solar panels cover our consumption)
gas: $236 per year
water: $1026 per year (includes $42 per month for water softening)
garbage collection: $234
Security Monitoring: $180
Pool and garden: $1432

Grand total: $11,592 per year or $966 per month which is not bad for a modern updated 5 bedroom 3 bath home with a pool and outdoor living area. Proposition 13 keeps our property taxes relatively low. A home similar to ours down the street is renting for $4800 per month without a pool.

I hate to break it to you.

Here in New England 12,000/ year is enough to own a new home AND to support a family, as your entire annual income.

I own a new house [built in 2005], also on solar-power, on 150 acres of forest land, with 1/4 mile of river frontage. My property taxes is $850/year.

 

[Freedom56]

I hate to break it to you.

Here in New England 12,000/ year is enough to own a new home AND to support a family, as your entire annual income.

I own a new house [built in 2005], also on solar-power, on 150 acres of forest land, with 1/4 mile of river frontage. My property taxes is $850/year.

And how cold is it there?

 

[Offgrid Organic Farmer]

And how cold is it there?

I thought the topic of this thread was:
"How much do you spend on your home?"

This is a full four-seasons region.

It gets cold enough that our rivers freeze over to allow us to drive across them and to ice fish.

Which are the same temps needed for the production of maple syrup and for our apple orchards to produce fruit.

I go through about 3 1/2 cords of firewood each year, both for heating and for cooking.

My annual heating costs around just under $800/year. I have no A/C.

How much do you spend on A/C?

As the state with the highest average age and the highest percentage of retirees, this would show that a lot of us retirees prefer cooler weather.

 

[gayl]

We have 4 seasons here too. Today its 59°.

 

[Camas Lilly]

Real Estate Tax: 2850 annual
Insurance: 1435 annual
Misc Repairs/improvements: $100 - $200 / month excluding anything major.
Add mortgage: $657 min ($750-$1470/month)

So $1114-$1214/month.

Looking forward to moving/downsizing and our tax and real estate each will be under $750 each.

 

[6miths]

Property tax $550
Insurance $80
HOA none
Maintenance episodic but do most of it myself

 

[Freedom56]

I thought the topic of this thread was:
"How much do you spend on your home?"

This is a full four-seasons region.

It gets cold enough that our rivers freeze over to allow us to drive across them and to ice fish.

Which are the same temps needed for the production of maple syrup and for our apple orchards to produce fruit.

I go through about 3 1/2 cords of firewood each year, both for heating and for cooking.

My annual heating costs around just under $800/year. I have no A/C.

How much do you spend on A/C?

As the state with the highest average age and the highest percentage of retirees, this would show that a lot of us retirees prefer cooler weather.

Skiing is just a one hour drive away for us. It's just a matter of driving up to a higher altitude. We can through 4 seasons in a day.

My panels cover the cost of the A/C. I overproduced and get a net refund annually.

Are you close to attractions? Performing Arts? Concert venues? Award winning restaurants? For us it's also about living it up!

 

[Offgrid Organic Farmer]

I moved to a state that is very rural, so I could re-invent myself to be a long hair hippy living off-grid in the woods. I can ski, sled, hunt, fish, kayak all without leaving my property.

I am about an hour from the ocean, so we can enjoy that whenever we want. But my career was spent at-sea, so I have little desire to really hang-out near the ocean in my retirement.

To me this is 'living it up'.

 

[Freedom56]

I moved to a state that is very rural, so I could re-invent myself to be a long hair hippy living off-grid in the woods. I can ski, sled, hunt, fish, kayak all without leaving my property.

I am about an hour from the ocean, so we can enjoy that whenever we want. But my career was spent at-sea, so I have little desire to really hang-out near the ocean in my retirement.

To me this is 'living it up'.

I'm in my 50's and I don't want to re-invent myself. Rural my be okay for you but it's too boring for me. I can drive 10 minutes and I'm in the woods but there's nothing there but trees, bears, deer, and the odd person looking for birds.

 

[ckelly78z]

10 acre farm in Ohio is $2400 a year for PT, and an additional $1200 for Ins.

The mortgage has been paid off for 5 years, and we burn wood for heat, so no gas, but probably $2400 for electric (all appliances, A/C, an oil heater, and a hot tub). A well, so no water, a septic tank, so no sewage, a burn barrel, and a yearly dump run, so no trash.