Here in Ontario there is a huge difference between tax value and market value, we are assessed at somewhere around 40% of market.
My taxes are just over CAD$10k on a house that is worth $3.5M, but there is also a Buyer’s Land Transfer Tax of about 2% for the province and another 2% in Toronto that other municipalities don’t charge so add $175K on to the purchase price.
I screwed up and did property taxes as monthly instead of annual.
You can change your own poll vote.
Long Island, NY here. Easy to pay 20K and up. (Well, not easy to pay…)
Oh, that sounds nice. In New Hampshire state law says tax assessments must be at least 90% of market value and it’s also okay for towns to assess homes at up to 105%.
Not only that, but they’re rising rapidly for lots of people due to the real estate boom. We’re finally at the point we can freeze most of it, but taxes almost quadrupled in the last 30 years.
In the examples of high or low property taxes what services are provided by your municipality?
My township is rural so our property taxes are low but other than a volunteer fire dept ( which is well trained and well supported) a township hall and some county provided services we have no extra benefits for citizens.
A city like East Grand Rapids otoh caters to its upper middle class residents. And it’s taxes reflect it. Among other benefits the city plows your sidewalks in winter!!
City of Holland has heated sidewalks in its downtown area.
My township has no sidewalks it doesn’t maintain roads or collect garbage but it does maintain a “ roadside table” on the M road. Lol. It’s a pull off area with a picnic table next to a cornfield.
NJ resident here too. And because our property straddles a municipality border, we pay to two towns. Luckily this works out in our favor because they have different tax rates. Our house lies in the town with lower rates, and our empty acre of back yard is taxed in the town with higher rates–but as an empty lot it is much less expensive. Even so our property taxes top out at more than $16K together, and it’s just going up.
Depends, in my last house, the taxes were high and nearly no services were provided but the schools were among the best in the entire nation. No garbage pick up or bulk item days as an examples.
My current town has a lot more services including garbage pickup that allows for a bulk item every week. Though the schools are somewhat poor by NJ standards. Though apparently improving quite a bit in the last decade. We have a well maintained waterfront park. A boat ramp. etc.
With NJ, I can say shopping for our 2nd home and now our 3rd home, taxes were a major consideration. The town right next to us has less going for it except for a train station and the taxes run about 15-20% higher.
One of the shore towns (Belmar) has great tax rates, but as we were shopping the housing market went completely insane there. But Belmar’s rate are probably about 60% of ours.
Out of curiosity I checked the RE listings in Houston and oddly enough to me the mls does not report sold prices. How can your appraisal districts correctly tax a property if the sold info is withheld or non disclosed from the public? How does one comp a property? Seems an environment ripe for tax manipulation?
Sure is too bad there’s no “0” mortgage option in the poll although one may be able guess that the “non answers” to that question would be the zero.
My western Canadian city taxes property at what is supposedly market value but last time I did any very unscientific research was just before the pandemic and the “market”was about 10% higher than what you’d likely sell your house for.
My house is roughly worth $500,000 and property taxes just over $4000/year. Mortgage paid off. No HELOC either.
(High property taxes here.) About 2/3 of it is the school tax. For that, Long Island has some of the best public schools in the country, in the more affluent areas. For those districts, most of the school funding comes from property taxes, state funding (from income taxes) is only a small part.
When I turned 65 last year, I applied for the senior citizen property tax break. The application includes a list of everything I pay for in my taxes and which taxes cannot be reduced by the tax break, that list is most of the taxes I pay. The tax break ended up being about $150, most of that was the taxes collected by the city I live in. But the application also resulted in an increase in a couple other taxes so the whole thing ended up costing me $64 more in taxes. That will mean an increase in my house payment because my escrow account will need more funding.
Live in a rural part of Ohio on 15 acres. Mortgage is paid off. Taxes are $3800/year.
Outside of the home I live in I also own 4 rental properties. So my property taxes are Indeed in excess of 18K per year total. No mortgages, though.
No mortgage. Taxes approx $14K (bill should be coming shortly) on a house worth approx $600k in DuPage County - west of Chicago.
Virtually none, actually, despite the 2.4% rate
We have a fire department, a police department, a post office, 1 elementary and 1 middle school, a small rec department, and a playground.
But
No town sewer - everyone has a septic tank
No town water lines - everyone has a well
No trash or recycling pick up - and we pay per bag to drop off trash at the dump the 2 days a week it’s open
No town beach (despite there being several large lakes and at least 1 river) or pool, of course
No high school - kids 14-18 attend the public high school in a nearby city or get a somewhat discounted tuition at a private school
Only roughly 1/4 of roads are plowed by the town. The state does the major roads and homeowners on any “private” (as marked by the town) are expected to work out arranging and paying for plowing amongst neighbors
No street lights
No sidewalks
No buses, no public transportation options for the elderly or disabled
As best as I can tell our tax money is spent on schools, then police/fire/post office, then road maintainence, and lastly buying up land in town to keep it from being developed.
The Times has a feature where they show three houses for sale valued the same in different areas. They show estimated property taxes, and Texas houses are way higher than the average.
In California, my property taxes have gone up like 50% in 25 years though the value of my house has sextupled.
One of my favorite examples was my sister and BIL - some of the wealthiest folk I know. They moved from our town to Florida - in large part due to the taxes (which they could WELL afford)! Within a year of moving, he said, “The services down here are SHIT!” I guess you get what you don’t pay for!
My apartment in NYC, which I’m currently renting out, has a mortgage of around $1200 a month. I pay $650 a month in common charges.
Since the building is a co-op, the taxes are built into the common charges. If I break them out, they are around $2500 a year.
I own the house I reside in free and clear, and I pay about $3500 in property tax per year. I also pay an annual property tax of about $250 a year on my car.