anyone know, on average, what yearly property taxes are? Is it 1% of property value? Talking residential here.
It is different in every state and it varies dramatically. The way they calculate your property tax basis is different in every state, too.
From Coldwell banker’s site- What property taxes do I have to pay? Property taxes are levied yearly in advance and generally at 1.5% of the assessed value. Assessments are usually at 10-40% of the market value. So seems like a weird thing where they value your property, take some assessment off of that, and then do taxes. 10-40% is a huge range, doesn’t really tell you much. Mine works out I think to about a half a percent or so of the actual estimate of my apt mkt value. I’m sure depending where you live that might vary.
depends greatly on where you live eg: Dallas = ~2.7% of appraised value that is reassessed about bi-annually Orange County, CA = capped at 1% and only reassessed @ sale/renovation good but dated: http://www.nahb.org/fileUpload_details.aspx?contentTypeID=3&contentID=76984&subContentID=105281
It depends where you live. If there is a tax abatement or not, if it is a condo or not. Where do you leave? Is it NYC?
In DFW area, depending on the county (since that portion varies) it can be 2-3%.
In houston its up to 3.5% of the house value in some areas
Hawaii is .35% but the state income tax is a killer (8+%) They’ll get your money somehow.
Texas is property taxes are very high. I grew up in Fort Worth and my parents had paid over 3% of the property’s value. Probably has a lot to do with why real estate is so cheap in Texas.
Yeah you can get a very nice house aboue 30 minutes away from downtown for 200K…thats like 3000 sq ft with a pool
I live in Stamford, CT and my condo is valued at 600K. I’m paying 4K annually in taxes. We currently have big corporations here (UBS, RBS, Xerox, GE), hence, the low taxes. Right across the border in Port Chester, NY (town is virtually bankrupt), a 600K house/condo will pay roughly 14-15K in taxes. Fairfield/Westchester county typically pay high taxes outside of a few cities.
In California it’s ~1% of purchase price. With an small and reasonable yearly increase. Makes it really nice when you purchased years ago. People who purchased there home in the bubble are now asking/demanding taxes on the reduced home value if below the purchase price. Colorado it’s based on assessed value. I’m paying about .00766 on assessed.
edmund_lord Wrote: ------------------------------------------------------- > Texas is property taxes are very high. I grew up > in Fort Worth and my parents had paid over 3% of > the property’s value. Probably has a lot to do > with why real estate is so cheap in Texas. It also has to do w/ the 0% TX income tax. Gotta get $ for schools and roads somewhere eh?
Thats kind of what I was thinking