What are your Real Estate Taxes (inspired by "What is your Income" Thread)

[pklein09]

Central Jersey...

4 br 2.5 ba 2800+ sq ft, 2.12 acres (well and septic....city water/sewer more $$$)
purchased at $270,000 6 years ago, house for sale in neighborhood listed @ $589,000
RE Taxes $11,500 and going up at least $600 this coming year

Welcome to New Jersey!!!

Top that with 6% sales tax. I'm not sure about State Taxes because DH works in NYC and we pay NY state tax and still owe NJ about $75 in income tax when all is said and done in April.

I couldn't afford to buy my house today. I couldn't afford most of the houses in this area today. Crazy real estate market....

 

[deerh]

Atlanta Area,
Taxes are $1200/yr and house is 17 years old, and priced about $190,000. I live on 3/4 acre. Houses around here are unbelievable!! Condos' 2 miles up the road for $300000-400000!! Most houses are $290,000-700,000 around here!!

Could not afford the houses around here now. Atlanta prices have really shot up in the past 5-6 years here!!

DeerH

 

[princesses2]

NW suburb of Chicago and we paid almost $8000 for our 3 bedroom house. not sure about the value of home, i think it was assessed for about $330,000 but will probably sell for about $500,000. i agree about not being able to afford my house in today's market. i paid a little over 1/2 that amount 9 years ago. i'm just thankful that we bought the house when we did.

 

[DisneyMomJen]

We pay $12,000 a year in property taxes and live in North-Central NJ. We purchased our home 8 years ago for $400,000 which is now worth a little over $800,000. It is 30+ years old, 2600 square feet on 1/2 acre (nice but nothing extravagant). New homes here which are few and far between are going for $1.3 million. Very expensive to live here, but the schools are great. As far as state taxes, my dh works in NYC so that is where our state taxes fo, except for woing about $100 every year to NJ.

 

[SleepyatDVC]

Not gonna play this game, because it seems like an incredibly naive, simplistic question to me.

What are your real estate taxes? What difference does it make?

One person may only pay $2,000 in real estate taxes, but pay $10,000 in state income tax, $3,000 in city income tax, $800 for a tag for their car, and pay 10% sales tax on everything they buy.

Another person may live in Florida and pay $4,000 in real estate taxes, zero state or local income tax, $30 for a tag, and 6% sales tax...but not on groceries or professional services.

Who pays more taxes? And does it matter? What matters is your total local and state taxes, and the value you receive for those. You may pay an arm and a leg, but if you get good value for your tax dollars, you may benefit more than someone who pays less, but gets a LOT less.

OT: Just curious, how does the personal intangible taxes work in Florida? Wouldn't a retiree with no or low income still have to pay intangible taxes on their assets (instate & out-of state?) every year even though they wouldn't owe any state income taxes in FL or elsewhere?

 

[CharlesTD]

Actually Jim we pay 15% on everything but groceries up here in Ontario and our sticker for our car is 75 dollars a year and our income tax is somewhere around 30% or higher I forget exactly.

 

[JudicialTyranny]

Location: PA, outer Phila. suburbs (Northern Chester County)
(4 br. 2.5 ba. ~2800 sqft. 2.1 acres)
Market Value: approx. $400,000 (value at last assessment was around $230,000)
Property Tax: $5100 (school), $800 (county), $200 (local) = $6100

 

[Stimpy]

Another Long Islander here!

$14,000 in taxes a year and going up!
House is worth about $550,000 ......and no it is not a mini-mansion in the Hamptons LOL Not sure of the square footage but it's somewhere around 2000. Less than 1/3 acre of property.

It does depend on where you live here too.....our old house was in a different town (still a great area though) and taxes were about $5000 a year.

We consider our taxes "school tuition" for our kids, we live in one of the best school districts in the area.

 

[JimMIA]

Florida repealed the personal intangible tax several years ago. Then, when the economy turned south, they delayed implementation of the repeal. If I am not mistaken, this last session of the Legislature finally repealed it once and for all.

Even when we had the tax, it only applied to true intangibles, and then only that portion above $600,000. That threshhold was raised a little each year and I don't know what the final number was. In any event, it's gone now.

We still have intangible tax on businesses, which - with typical politician logic - applies only to tangible assets.

 

[andriade]

I'm in sourthern california and ours are currently $4400 but we are moving soon to a new house where our taxes will be $6500. It kills me to think about it! We are paying $611,500 for the house and it is 1919 sqft. We lose about a third of our paycheck to taxes. Our car tags are at LEAST $200 a year.

 

[rayelias]

Florida repealed the personal intangible tax several years ago. Then, when the economy turned south, they delayed implementation of the repeal. If I am not mistaken, this last session of the Legislature finally repealed it once and for all.

Even when we had the tax, it only applied to true intangibles, and then only that portion above $600,000. That threshhold was raised a little each year and I don't know what the final number was. In any event, it's gone now.

We still have intangible tax on businesses, which - with typical politician logic - applies only to tangible assets.

Can you explain to me what this is? I've never heard of it. What is considered an "intangible" and how/why is it taxed (when there's a transaction? is it a %?)?

I presume, from the business part of it, that would be "goodwill" for instance. But, from a personal aspect, what would fall under that category?


Also, in Florida, I thought I heard that there is no personal income tax, because those revenues are made via the tourism tax, is that correct?

 

[Divamomto3]

Suburb of New Haven, CT
1800 sq ft. 3 bedroom, 2 bath raised ranch (some areas of the country think of it as a split level) only on 1/3rd of an acre.
Market value...around $300,000
taxes $3500 per year. Town..not much to offer and I send my kids to private school.

 

[Ralph&Pam]

Western Chicago suburb.
2500 square ft, 4BR/2.5BA approximately $440K
Taxes ~$7500/year and rising.

 

[DisFlan]

Do many of you guys in the states or areas with high prop. taxes also have to pay high state income taxes? I know Fl. and Tx. don't. We pay about 6% in Mo., which is a little above the national norm, but locally, we luck out with the low prop. taxes. I'd hate to get stiffed with both. We don't have a city tax where we are, either.

Our whole county only has 34,000 people. It was a very big deal when the county started providing water a few years ago to people living outside of town. Until then, we all had wells. (We still do. It tastes better.) And we're just now getting 911 service for the county. That'll raise our prop. tax by about $50 - which is causing lots of grumbles down at the Do-nut Shop. We also pay $40 a yr. Fire Fee for the Rural Fire Dept. It all adds up, but it still comes in under $1000.


DisFlan

 

[JVL1018]

We live in a 2 family home, we live downstairs, FIL lives upstairs.
3 bdrms on the first floor home, 2 upstairs, full finished basement, oversized corner lot
Aprox value:$600,000
Taxes : $10,200.00

 

[JimMIA]

Can you explain to me what this is? I've never heard of it. What is considered an "intangible" and how/why is it taxed (when there's a transaction? is it a %?)?

It was a tax on your investments over a certain amount. The threshhold was $600,000, but I'm not sure what it was at the end. Anything over that threshhold would be taxed at a modest rate. It was really double-taxation (if you paid tax on income, and then invested the income, you got hit twice), so the legislature did away with it.

I presume, from the business part of it, that would be "goodwill" for instance.

Yeah, that's what I would consider an intangible asset for businesses, but this tax was developed by politicians, not accountants. They call it an intangible tax, but it's really a tax on the fixed assets of the company -- office furniture, computers, etc. It's both a dumb tax, and an inappropriately-named one.

Also, in Florida, I thought I heard that there is no personal income tax, because those revenues are made via the tourism tax, is that correct?

There is no income tax in Florida because we don't need an income tax. Our tax revenues come from a variety of sources, the largest of which is our 6% sales tax. Since we have such high tourist visitation, that tax works very well for us...and we thank y'all very much!

The actual "Tourist" taxes (resort taxes, hotel tax, etc.) are usually county taxes, and are used to enhance that county's tourism industry. Most of them are pretty closely restricted to provide direct benefits to the visitors, not to fill other government revenue needs. Common uses for the tourist taxes would be convention centers, tourism advertising, visitor and convention bureaus, etc.

 

[kathleena]

I really need to move. Living in Maine has it's real estate issues.

I have a very small house - just a nice 20 year old ranch with about 1/3 acre of land. Only 1300 sq ft and valued over $200k. We bought it 8 years ago for $120k. Taxes are over a whopping $3300 (whole city was just revalued two years ago.).

My dad bought his house in 1990 for about $140k. It's now at about $300k and rising. He has more land, a little larger house and it overlooks a Rachel Carson saltmarsh (thus the value!).

We live about 4 miles from each other, but in different towns.

Real estate market is crazy up here. I bought a tiny ranch - 770 sq ft - for $48k in 1986. I sold it in 1997 for $80k. Five years later it was sold for $120k. Guess I should have rented it for a while!

 

[Dancind]

We live in Albuquerque, NM.

2100 sf. house
value ~ $200k
Taxes $1300

We also have an 8% income tax, 6% sales tax (recently repealed tax on food and medicine), and pay an average of $75 per year for our car tags. It's the income tax that's the killer.

 

[CharlesTD]

Wow 8% income tax is nothing we pay 30% income tax here. Mind you our income tax funds our healthcare system and our other programs etc that we have here.

 

[WOW]

The very congested suburbs (12 Miles) of Manhattan, NY $6000 and rising!!!