• Date Started: Oct 31, 2006
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How much is Property Tax??

13 Responses to “How much is Property Tax??”

1. monkeymama Says:
   January 4th, 2007 at 01:56 pm 1167919014
   1167919014
   1% of the purchase price every year. You will not find much under $400k, so property taxes would be $4k/year then, probably at the minimum unless you buy a condo or something smaller like that. If you are looking at the big city it will be $6k at least. Starter homes are pretty pricey.
   
   There is some rule (Prop. 13) they can only go up a certain percentage a year - a small percentage - which is key because in the last 20 years property values have gone up 1000%. The elderly were losing their homes and such so they capped it, for now anyway.
   
   I live in California, just let me know if you have other questions!

2. mbkonef Says:
   January 4th, 2007 at 01:57 pm 1167919076
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   Don't know what the rules are - but it definitely varies depending upon where you live. For example, our home with a fair market value of approx $350,000 - we pay about $4000 a year just in school property tax and another $500 + for other tax stuff. Friends of our who live 10 minutes away, but in another county and school district, pay at least $1000 more than we do. Their house is a bit bigger and newer than ours, but not by much. So part is based on the assessed value of your home and property and part is based on the tax rate where you live. Either way, it is the biggest annual cost of home ownership for us (not including mortgage of course.) We pay ours ourselves and do not have it escrowed by our mortgage co. but most commonly people have it paid by their mortgage company and just pay the additional escrow amount each month as part of their regular mortage payment. Hope this helps a little.

3. monkeymama Says:
   January 4th, 2007 at 02:00 pm 1167919259
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   The property tax is 1%, but there are bonds attached to a property that add to it. older areas have lower bonds. Newer areas tend to have bigger ones (most I have seen is $1k/year bonds - or mella roos - the amount overall doesn't change but newer areas are big in voting in many many bonds so you could get more over time - a couple of hundred a year here and there).

4. Lez Save $ Says:
   January 4th, 2007 at 02:21 pm 1167920486
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   wow....I never realize how much it costs to own a home. I guess I have a lot more to learn!!!
   
   monkeymama, you are right about properties no less than $400k! It is insane, isn't it?
   
   And mbkonef, thanks for the info. How did you guys come about being a home owner?
   
   I understand the process of it all, i mean, it is good to own rather than to rent, and it builds up equity. But.....having said that, the stress, the process of obtaining a home must have been crazy..
   
   What about unexpected repair costs? Are there assistance at all? Wow..
   
   wow....just seems so difficult...
   
   

5. Broken Arrow Says:
   January 4th, 2007 at 03:21 pm 1167924104
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   Yeah, I think California is insane as well. The only way anyone can make me move to a high cost of living area is with an even more lucrative career!
   
   Just so you know, much of the rest of the United States are lower. For example, the average, modest single family home in North Carolina is around $150k.

6. fern Says:
   January 4th, 2007 at 05:29 pm 1167931781
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   well, by way of example, CT is similar to CA, i think, in terms of its pricey real estate market.
   
   I own a small (1650 sf) home currently valued at about $410,000. My homeowners is $781 (its gone way up over the past 10 years and i don't live anywhere near the ocean) and my property tax is about $5,500 a year.
   
   Not cheap!

7. elgin526 Says:
   January 4th, 2007 at 09:29 pm 1167946189
   1167946189
   California must have cheap property taxes, then. Because my home in Illinois is valued at $186k and I pay $4100 a year, and that could go up if/when I get reassed.

8. Aleta Says:
   January 4th, 2007 at 11:48 pm 1167954488
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   I'm in South Florida and it sounds like it's time for another tea dumping party again.

9. LuckyRobin Says:
   January 5th, 2007 at 03:25 am 1167967545
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   I pay just under $800 yearly for my 1800 square foot house. I bought it 8 years ago for $65,000 and it is now worth $100,000 but the taxes have not yet gone up. I live in a rural area of Washington state. My parents live in the main city of my same county and they have a home fast approaching $400,000 and they pay $2000 a year, but they are senior citizens so they are capped. Without the cap it would be $4000 a year. It varies from state to state, from city to city, from county to county and even within different areas of the county. The best thing you could do is research the area you think you will move to and find out specifically what the taxes are in each place.

10. Lez Save $ Says:
    January 6th, 2007 at 12:00 pm 1168084854
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    Wow, thank you everyone for the info!!
    
    It seems almost impossible to own a home then eh? I mean, the cost is so high, and not to mention one must make repairs out of one's own pockets. That is insane.
    
    But not owning a home is also not good financially....so it is like a double-edged financial sword.....ekkkk...

11. Noel Ponce Says:
    April 13th, 2007 at 08:05 pm 1176494742
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    I am a Mortgage Planner and I have found that California property taxes are typically 1.25% of the purchase price. So, for a $650K home, it would be approximately $8,125 per year (payable twice a year). There are also potential special assessment taxes, based upon the property location. If I can be of further assistance, I can be reached at nponce@divcap.net

12. anne chu Says:
    March 12th, 2008 at 03:03 am 1205291027
    1205291027
    On your reply you mentioned that the property taxes will not find much under $400k unless you buy a condo. Would you please tell me if I buy condo how much propery I should pay? less than 1%? Expect for property fee do you need pay maintainance fee or inspection fee?

13. Stunned Says:
    July 16th, 2010 at 11:57 pm 1279324625
    1279324625
    Are you guys that ignorant?
    
    "Do I have to pay for repairs?"
    
    Only if you want YOUR house to work!!!!!
    
    Who did you think was going to fix it?!!!!
    
    Let me burn another one.........
    
    

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