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Author: Subject: What are your real estate / property taxes looking like?

Universal Peach



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  posted on 4/6/2018 at 09:55 AM
quote:
Colorado property taxes are pretty cheap. Central Colorado, not ski area, but economy is largely centered around outdoor rec/tourism, ranching and second home/retirement area. County property valuation $383,451, assessed value $27,610 annual taxes $1489.45. That is really cheap! Only paying taxes on 7% of the appraised value! Line items are County, Fire, Library, School (65% of total tax due), Water district, Hospital, another Water district.

Property and homes in Colorado have been booming for several years now. Like crazy appreciation in value and asking prices, very low inventory, fast selling and sales over asking price.

I have a friend on the front range, will have to look to see if rural and metro Colorado have similar value. I know that Colorado does have a personal property tax on things like autos, boats, anything with a title and registration you pay some portion of estimated value when you get your annual registration, so that is a way they make some of it back. In some ways cost of living sounds higher there, but in terms of your biggest asset and tax liability, property tax payments are cheap!

I'm like damn, we're paying alot here in Ohio.



Colorado is one of my favorite places to visit. If I called my wife right now and said I'm being transferred there, half the house will be packed by the time I get home. Who knows...!

 

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Maximum Peach



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  posted on 4/6/2018 at 10:03 PM
quote:
Colorado is one of my favorite places to visit. If I called my wife right now and said I'm being transferred there, half the house will be packed by the time I get home. Who knows...!


I haven't been to CA since I was a kid and plenty of other places I haven't been yet, but so far Colorado is the best for me!

Got a reply from my friend in Broomfield. Broomfield is 18 miles north of Denver and Southeast of Boulder.

$923,230 value according to the county. A senior exemption cuts $100k off the top. $823,230 becomes an assessed taxable value of just $59,280 (7.2%)! Same taxable rate as rural Colorado! His 14 line items come to $6,179 annual tax due, but another senior exemption lowers that to $5,510 annual.


 

World Class Peach



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  posted on 4/10/2018 at 08:46 PM
I don't know about other states, but here in Georgia you can file for what is called "homestead exemption".
It lowers your assessment, thus lowering your taxes.

 

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Maximum Peach



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  posted on 4/10/2018 at 10:39 PM
We can homestead exempt in Ohio, but you have to be 65.
 

Zen Peach



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  posted on 4/11/2018 at 12:11 PM
In Illinois you can get a homeowners exemption - I think it has to be on your primary residence. Then there is an exemption for being 65 or older. Lastly there is a senior citizen assessment freeze, but you have to be over 65 and prove household income less than $65,000 to get it.
 

A Peach Supreme



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  posted on 4/11/2018 at 03:16 PM
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In California, the state property tax rate is 0.81% based on the purchase price. Counties and cities can, and do, add to that based on increases approved by taxpayers for local parks, fire districts, and schools. In general, plan on your annual property tax to be a little over 1% of the purchase price. Then, they adjust the tax for inflation at no more than 2% a year. The actual current value of the home has nothing to do with your tax rare after the purchase. This keeps people from no longer being able to afford your home due to increases of property value that you have no control over.

I purchased my current house last year for $935,000. My annual property tax was around $11,000.


Is this why CA is so screwed up? Seems like a great deal. Anyone on the east coast is paying the same for a house worth half as much.

 

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Ultimate Peach



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  posted on 4/11/2018 at 07:35 PM
quote:
In Illinois you can get a homeowners exemption - I think it has to be on your primary residence. Then there is an exemption for being 65 or older. Lastly there is a senior citizen assessment freeze, but you have to be over 65 and prove household income less than $65,000 to get it.


In California you can get a $7,000 exemption on your primary residence. This does not extend to second homes or investment properties. When you sell your home to buy a new home, you also get the exemption for either your old house or your new house for that calander year, not both.

 

Ultimate Peach



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  posted on 4/11/2018 at 08:08 PM
quote:
quote:
In California, the state property tax rate is 0.81% based on the purchase price. Counties and cities can, and do, add to that based on increases approved by taxpayers for local parks, fire districts, and schools. In general, plan on your annual property tax to be a little over 1% of the purchase price. Then, they adjust the tax for inflation at no more than 2% a year. The actual current value of the home has nothing to do with your tax rare after the purchase. This keeps people from no longer being able to afford your home due to increases of property value that you have no control over.

I purchased my current house last year for $935,000. My annual property tax was around $11,000.


Is this why CA is so screwed up? Seems like a great deal. Anyone on the east coast is paying the same for a house worth half as much.


I'd argue that California is not screwed up. The way this is set up at least you know that your property taxes won't skyrocket to a level where you can't afford it due to rise in property values. Many retirees couldn't afford their property taxes on their houses that are worth $2 million in a place like San Jose when they bought the house for $150,000 30 years ago. It makes sense.

But fear not. California also has income taxes (rates can be up to 13.3% for highest earners), sales taxes (7.25%, although cities and counties can add to it, so it could be as high as 10.5%), property taxes on vehicles, and gas taxes. I've read that California's tax burden is somewhere between the 6th to 10th highest in the country, depending on who you believe. Although California seems to have a reputation of being broke, that is kind of old news. Since the Democrats took the supermajority about a decade ago, the government has run much more smoothly without the annual threats of government shutdowns and state park closures. Governor Brown, dispite his reputation, is somewhat of a fiscal conservative and has held back some additional spending some Democrats have wanted in favor of putting away for a rainy day.

 

World Class Peach



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  posted on 4/12/2018 at 09:02 PM
http://www.canberratimes.com.au/act-news/bill-to-help-increase-act-land-tax -by-45-per-cent-over-five-years-20180412-p4z98j.html

 

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