Quote:
Originally Posted by red-beard
My house is appraised at $415K and I pay around $8500 in taxes. Call it $700/mth. If someone bought a house for $415K, the mortgage with a 4% rate and 20% down would be just under $1600/mth.
Not sure how Rick can do a $700K house in VA for less than a 300K house in Texas.
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Well, my condo in VA is worth about $325k now and the property taxes are about $2400/yr. If it were directly proportional, a $700k house in the same area should have taxes of around $5k/yr. That's still far less than you're paying in TX.
By comparison, my house here in AZ is worth about $425k and the prop. taxes are $1600/yr.
So I'd say $8500/yr in TX for a house worth just about what mine here is, is insanely expensive. It works a lot better if you make a lot of money, since you don't pay state income tax on that.