Just curious what u pay .....

[WIL84911]

Yup.. depends where you are. I'm in the NJ suburbs getting hit with $11K for a 2400 sq ft single family home. But we've got blue ribbon schools and we have 3 kids in it. Once they're out of those schools I'm outta here.

[red-beard]

About 2.4% all combined. Of course a 3400 sq foot house in this neighborhood has a $350,000 assesment..

[strupgolf]

Originally Posted by Hugh R

1.25% of sales price of the home under Prop 13, mine is assessed about about $400K, they can raise the assessed value 1%/year, but with special assessments for roads, street lighting, etc., I pay close to $7,000. BTW, I live on a private road and get NO road, street lighting, nothing on my street for those extra assessments.

Wait Hugh, you got that "awesome" sign just down the street. That should increase your value by 25% soon. Maybe they'll bring in some lights to light it 24/7. Still there?

[peppy]

We pay about $1000 for a 3500 sq/ft home on an acre in town. I would have a stroke it we had to pay what some of y'all pay. Our home is not worth very much but the rate is pretty high.

[vonsmog]

2557 Sq. Ft. home with an assessment of $275k sitting on 5 acres. in NY and the taxes are $8326.52. Which has gone down about $800 after getting my assessment lowered.

[HHI944]

Originally Posted by jwasbury

In contrast, my mother and stepfather owned waterfront property with a deep water dock and a modest dwelling in the Low Country of South Carolina (near Hilton Head Island). They sold it for 800-900k a few years back. Property taxes were 2 or 3k a year.

I live on the island, in a plantatioin, 3rd row from the beach....I'm only renting, but I know that the propert taxes are only about 4k/yr and the house is worth 600-650...

[red-beard]

Yes, but in Texas, this and sales tax is ALL we pay.

[jorian]

North Vancouver mill rate = about .007 of assessed value.

[cstreit]

In my area it's about 2.5-3.0% of the homes sales price... ...Except for "unincorporated" like us, then it's about 1.5%

So your $1m home would be ... ...to effing much!

[Aurel]

In NJ, for a 1,800 sq ft house on 0.16 acres assessed at $499k I paid ~$8,600/yr
In NM, for a 2,500 sq ft house on 0.16 acres that I bought for $420k the taxes are $4,200/yr.

Less than half taxes for a bigger house. And the school district is excellent too.

[Evans, Marv]

In Kalifornia, we would be paying a bunch more without the passage of Proposition 13. When it passed in '78 (if I remember correctly) my former wife & I payed $870/yr. on a small, two bedroom house of probably 1,200 s.f. After the passage of Prop. 13 we payed right at $450/yr. So without Prop. 13 everyone would be paying around 1.9 times what they pay now. I'm really glad the State legislature doesn't have that extra money to devote to their pet projects & programs, although they are trying their best to squeeze iti out of us in other ways.

[Jim Richards]

We pay roughly 0.85% in DC and 1.03% in SoCal.

[Tishabet]

I still owe a home in Lowell, MA and the rate there is $14.77 per $1000 assessed, so the theoretical $500k home would be $7385/ year.

[Deschodt]

2.2% here in Tampa... Ouch, but no income tax...

Property tax -in general- and at those levels, fundamentally bothers me... You can work hard, pay off your house, and still be paying rent forever... If you should lose your source of income or want to retire, you can be forced to sell. That's not right, it should be your house and it's really not.

I wish property tax would be brought down to a way more reasonable level overall, and the difference be made up in sales tax (or whatever else makes sense) instead.

[azasadny]

We pay $3700 a year in taxes for this house in MI... 2400 sq ft

[ossiblue]

What is interesting about this thread, and what appears in nearly every response, are the words, "assessed value." It's not the percentage you pay that is such a variable but rather the assessed value the state (and local) governments assign to your property. The real question is, how is the assessment determined?

Prior to Prop 13, here in California, it was determined by bureaucrats who raised assessments when there was a need for more revenue--as determined by local and state legislatures. It was an obscure process that defied easy understanding by the general public.

One of the key elements that made the proposition so popular was that it required assessments to be a fixed percentage of an actual sales price, so you had two components that were public and open--the percentage (1%, officially but with some local additions could be a bit higher) and an actual dollar amount, the price of the sale. Further, assessments cannot increase more than 2% per year, barring improvements to the property or a resale. Now, everyone knows, up front, what property taxes will be on a given property and the governments will know the potential yearly revenue.

My interest in this thread is, how are assessments determined in the various states/locations of you guys? Is it controlled by the legislatures and local governments, or do you have statutory restrictions and concrete measures, such as here in California?

[chocolatelab]

mississippi rental property duplex worth 195k is $3400

That makes me nuts, whats worse is the insurance!

Now that might make an interesting thread. Actually it might make me sick.

[john70t]

"Dear City Assessors office, the ownership/title of this property was exchanged after being on the national MLS market for x days, and was made between parties previously unknown to each, and through third-parties.
It was an arms-length transaction made at fair market value.
Please modify the assessment to properly refect the true market value."

(other)
Hire a third-party appraiser or two.

(other)
Use statistical data of change in average area property values from media, and get neighborhood comps from the assessors office/website/other.

In Mi, first there's a local board of review(made of mostly Realtors). They can be knowlegable and fair when presented with a compelling case. Then onto a state appeal with the Michigan Tax Tribunal. Then onto court if still grossly disproportional.

My neighbor pays less than half mine and has 1/3rd more lot, but her house is small and trashed. These things count as well.