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Property taxes 🤔

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On 11/25/2019 at 6:23 PM, USNRET said:

A wash moving from GA with income tax to TX without income tax
Texas: 2680 sq ft on 1 acre in town; tax bill with exemptions for homestead and over 65. Note the School taxes. Zillow estimate $440k; any takers will sale TODAY
Georgia: 2400 sq ft on .6 acre on lake with homestead exemption appraised for and sold for $192k 2 years ago. Tax assessment market value was $115,900.
 

 

 

 

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Looking at the tax bills above:

 

The Texas home looks like roughly 25 mils was being charged on an average taxable value of $261,500 to arrive at the $6539 bill amount.

Market value is difficult to determine without a better knowledge on how they compute the exemptions, but here 2x taxable value gets you pretty close in reasonable markets ........$523K

 

The Georgia home was being taxed at roughly 32.5 mils with an average taxable value of only $46,500.  Market value would equate to about $93K +/- and if you'd lived there for some length of time I can understand how the $115,900 would be a bit higher than the "2x" figure above.   

 

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13 hours ago, Arrow#422 said:

 

 

Looking at the tax bills above:

 

The Texas home looks like roughly 25 mils was being charged on an average taxable value of $261,500 to arrive at the $6539 bill amount.

Market value is difficult to determine without a better knowledge on how they compute the exemptions, but here 2x taxable value gets you pretty close in reasonable markets ........$523K

 

The Georgia home was being taxed at roughly 32.5 mils with an average taxable value of only $46,500.  Market value would equate to about $93K +/- and if you'd lived there for some length of time I can understand how the $115,900 would be a bit higher than the "2x" figure above.   

 

Assessed value is FMV in Texas, the exemptions are statutory in that County (homestead, age, disability,  etc.).

 

However, they typically lag behind in catching up FMV when values are increasing. 

 

You start out typically at your purchase price. If you purchase a house for $250K, it may have been assesed at 150K the prior year, or even 275K, you are going to typically start of at 250K, and then they adjust from there annually. On residence they are capped at a 10% increase per year.

 

Travis

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20 minutes ago, dwilawyer said:

Who knows why Alaska has the lowest tax burden?

 

 

Oil revenues...

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Our property tax is lower this year 😉   Previous county officials got the county in debt. New executive has managed to reverse a lot of it, so the tax burden has been lowered across the board.

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Just now, Marvel said:

Our property tax is lower this year 😉   Previous county officials got the county in debt. New executive has managed to reverse a lot of it, so the tax burden has be lowered across the board.

Winner, winner chicken dinner.

 

Plus every resident of AK, including children, get an annual check from the state from the Permanent Fund, about 1,600 I think. So family of four gets about $6,500 from the state.

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Always annoying to be dealing with taxes in different states! The worst so far it's been the one in New York! I usually leave these tasks to my accountant and don't bother looking at reports too much as my focus has mainly been acquiring as many properties as possible and diversify vastly my portfolio specially at such times of crisis when the opportunities are too many to ignore. I'm lucky enough to have found https://www.capitalsquare1031.com/about-dsts-tab-style/ and their expert advice on the best properties around the country has made my total value on all properties skyrocket.

Edited by Feronsep

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Just paid prop.  tax last week. This year it dropped from just over $1200 to around $550.

 

We do have to pay for trash pickup  around $30/month. Water isn't too bad... not on sewer.

 

So the benefit of getting older is my taxes go down and I probably don't need tweeters for my audio system. 🙄

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WELCOME TO ILLINOIS

$19K 2020

$4K 20 years ago

 

IL looks like the Vietnam boat lift and now California

 

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Thanks guys for making me feel better. 2400 sft on 60 acres = $824.00 property tax. Sweet home Alabama.

 

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.41 acre, 1160 air conditioned square feet, taxed for 1400 that includes the outside cement and porches. $3200.00 for the year 2020.

I'm moving this spring.

 

See-Ya Ha Ha!!

 

* Where's my NJ painter buds, if you see this PM me!

Long time no see, but I know you remember that see-ya song from the Polynesian!!

 

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Edited by JohnJ
*

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7 minutes ago, JL Sargent said:

Thanks guys for making me feel better. 2400 sft on 60 acres = $824.00 property tax. Sweet home Alabama.

 

that's a steal.  my last place I bought in Los Angeles, property taxes were $6,600 per year.  $550 per month just for taxes ... then there's all the rest of the expenses. Yikes!

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10 acres, 2200 Sq ft house and a detached 2.5 car garage, pole barn. $1800 for 2020. Ag exemption goes along way and the main house is 30years old so we've been able to contest the value down significantly with the county.

 

It's going to dramatically increase when we build the new house.

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