Property Taxes - What Are Your Numbers ?

[Stoplight]

Interesting this showed up today:

http://finance.yahoo.com/news/how-much--100-is-worth-in-your-state-152310027.html

Interesting, and timely, Frixxxx ! Thanks for the link...

I didn't want to even try and get in the whole "cost of living" thing, but this article did it for us !!!

The maps DO generalize, though...it's no doubt a State-wide average....not broken down into smaller sub-sets. I'm sure every State has the same issue...in MD, it was more expensive to live near DC than it was on the Eastern Shore, or Western MD....I'm sure it's the same deal in VA...

Where I live in FL, we're known as "Lower Alabama" or the "Redneck Riviera", so our cost of living is probably less than say, Tampa, Orlando, Jacksonville, or Miami, etc... Thus, I'll bet our numbers are more like those of our neighbor States, AL, MS, and GA...


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[Stoplight]

My home value is valued by the taxman at 175K. In Michigan. I live in a low tax area in the country now.

My property taxes are 2K per year.

I used to live in a different area, where at 40K house had a tax of 2K per year in the city.

We have 4.1% income tax, and everything is taxed including retirement income.

Values do not change more than inflation- 2.3% next year.

6% sales tax on everything except food.

James,

Thanks for breaking the ice ! No pun intended, since you live in MI...

Man...$2K tax on a $40K house....ouch !!!

We also have a cap on the rise in home "value", although I'm not sure exactly how it works. My assessed value went up ~ 6.2%, but they deducted a sum to bring it down to ~ 4.7%

I'm just glad to see property values going up here...we're not underwater on our place, because we put enough down when we bought it. However, we also made a lot of improvements (built a pool, etc)...it's just now getting back up to our purchase price in 2009...we went into the improvements, knowing we'd never recoup their costs, but it's nice to see the "value" of the house (and our equity) rising again.


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[Frixxxx]

Interesting this showed up today:

http://finance.yahoo.com/news/how-much--100-is-worth-in-your-state-152310027.html

 

[Stoplight]

I don't mind just too lazy to go look all that up. It's better after you pass 65 years old.

I know, Nut ! The only reason I posted was because I had the paper in front of me !!!


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[Stoplight]

Interesting results...thanks, all, for sharing !

I'm surprised that the property tax rates are pretty consistent...from 0.8% (UT) to 2.8% (TX). The rest of us are 1.1 - 1.3%.

I'm also surprised that the sales tax rates are also pretty consistent.

I live in rural NW Florida, and each County sets their own prop tax rate...so my Brother, in the Clearwater area, pays ~1.7% vs. my 1.3%. Of course, his house is about as nice as mine, but is worth a lot more

Just crunching a few more numbers...said Capt Obvious ! ...from a strictly dollars and cents point of view, not having a State income tax saves me around $2400/year. I dunno...I guess I thought that other places would have lower property tax rates, since they also have a state income tax. I thought maybe FL was like TX, and had a higher rate to "make up the difference".


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[Frixxxx]

State - VA, assessment ~ $225K.
2014 Property tax for 2014 is ~$2500.
VA state income tax rate is 5.75%. Everything is taxed including retirement income.
Sales tax ~of 6% in the city I reside in.
Alcohol Sales Tax 11.5%​

 

[Lindoug]

State - VA, assessment ~ $400K.
2014 Property tax for 2014 is ~$5200.
VA state income tax rate is 5.75%. Everything is taxed including retirement income.
Sales tax ~of 6% in the city I reside in.​

 

[Cactus]

House in Utah appraised at $201K. Property tax for 2014 is $1632.
Utah income tax is a flat 5%. Everything is taxed including retirement income.
Sales tax varies by city but is somewhere in the range of 6.5% to 7% in the places I shop. Sales tax on food is about half that.

 

[WorkFE]

My home value is valued by the taxman at 175K. In Michigan.

$175K. You are in an upscale area. Wife and I have a second home in Westland. Her twin sister lives down the street, It's her alternate battle position if anything happens to me since we have no family in Kentucky. Taxes about $1.2K a year.

 

[nenabillalex]

How about this in Texas? Home appraised at 380K, Property Taxes $10,500 this year.

Sales Tax=8.125%

No State Taxes in Texas but as I tell my friends, the State gets their money one way or another. I guess the other option would be to rent?

 

[James48843]

My home value is valued by the taxman at 175K. In Michigan. I live in a low tax area in the country now.

My property taxes are 2K per year.

I used to live in a different area, where at 40K house had a tax of 2K per year in the city.

We have 4.1% income tax, and everything is taxed including retirement income.

Values do not change more than inflation- 2.3% next year.

6% sales tax on everything except food.

 

[nnuut]

I don't mind just too lazy to go look all that up. It's better after you pass 65 years old.

 

[Stoplight]

So.....you'll post your TSP balance and time in service, but you don't want to share your local tax info ?

Okay...

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[Stoplight]

Okay, so I got my preliminary estimate of my FL “property taxes” recently. I know each State and local government has different tax structures and sources of revenue... Here in FL, we’re touted as being a good place to retire, because we have no State income tax or variation thereof (“personal property tax”, etc etc), so my property tax bill is the only place I pay additional taxes, besides the State and local sales tax...I’m not counting other taxes, like gasoline, or “sin” taxes, etc.

I’ve never really compared how much I spent on taxes in Maryland (with a State income tax on both of our earnings) , vs. what I pay now in FL, when we moved back “home” in 2009 (both now retired). However, it got me thinking...I wonder how other TSP Talk member’s situation compares to mine ?

My intent is NOT to create a “b^#%h session about government, taxes, etc...save that for the “Politics” thread !!! If inclined, please join in and post what State you live in, and the following :

State income/”personal property” tax you paid last year :

Property tax you paid last year :

State and local sales tax rate :

Increase/decrease in assessed “Market Value” of your property over last year (as a percentage) :

Amount of projected “property taxes” (includes schools, water management district, fire protection district (in my case) ; also includes any homestead exemptions or the like, but excludes any early payment “discount”) :

Assessed “taxable value” of your property (after exemptions, etc) :

Just curious to see how property values are doing in other parts of the country, and what others are paying for the State and local government services they receive !!!

So I’ll start this with my info !

State income/”personal property” tax you paid last year :
None

Property tax you paid last year :
$1,582.60

State and local sales tax rate :
6.5% (7.5% the next County over !)

Increase/decrease in assessed “Market Value” of your property over last year (as a percentage) :
+6.2%

Amount of projected “property taxes” (includes schools, water management district, fire protection district (in my case) ; also includes any homestead exemptions or the like, but excludes any early payment “discount”) :
$1,641

Assessed “taxable value” of your property (after exemptions, etc) :
$125,898 (max)

Thanks for reading !!!


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