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Thread: Property Taxes

  1. #1
    Unfrozen Caveman Planner mendelman's avatar
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    House value and property taxes

    This may not get many replies (may be considered too personal), but what is/could be the value of your house/townhouse/apartment and what do/would you pay in property taxes?

    Also, what metro/region do you live in and how does your taxes relate to level of services?

    I live in a desirable first-ring suburb of Chicago and the most available houses for me would be 2bd, 1ba bungalows for $300,000 and the taxes would probably be about $5,000-6,000/year.
    Last edited by mendelman; 22 Jun 2006 at 11:02 AM.
    I'm sorry. Is my bias showing?

    The ends can justify the means.

  2. #2
    Cyburbian boiker's avatar
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    Quote Originally posted by mendelman
    This may not get many replies (may be considered too personal), but what iscould be the value of your house/townhouse/apartment and what do/would you pay in property taxes?
    Also, what metro/region do you live in and how does your taxes relate to level of services?
    I live in a desirable first-ring suburb of Chicago and the most available houses for me would be 2bd, 1ba bungalows for $300,000 and the taxes would probably be about $5,000-6,000/year.
    remember how cook county assess prop taxes.
    residential is taxed on 17.5% of the assessed value.
    300,000x.175 = 52500 - 7500 (homestead exemption) = 45,000.
    The final value (45,000) is divided by 100 and then multiplied by the tax multiplier.
    This is your tax burden.

    Everywhere else in Illinois (DuPage, Lake, Kane, Kendell, Will, etc) residential is taxed at 33% of the assessed value.

    ME: market value: 120k, Assessed: 88k (shh! don't tell), tax burden: $1900 yearly.
    I find my LOS to be appropriate.
    Last edited by boiker; 22 Jun 2006 at 10:47 AM.
    Dude, I'm cheesing so hard right now.

  3. #3
         
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    I live just outside of St. Louis County in the fastest growing county in the region; great schools and service...
    houses in my areas are around $200k and up, my property taxes are $2200, up significantly from when I moved in...

  4. #4
    Cyburbian Bubba's avatar
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    Northwest Atlanta suburbs ("close-in" unincorporated east Cobb County) - 2005 assessed value $194,000 (market value probably in the $230 - 240,000 range), 2005 property taxes $1,665.

    LOS is excellent.


    edited to add LOS
    Last edited by Bubba; 22 Jun 2006 at 11:27 AM.

  5. #5
    Some property owners up in da' region several years ago sued the state and the courts litigated off the bench a new assessment structure that put the screws BIG TIME to owners of older and especially historic homes. My taxes went from about $500 per year to $1400 in one fell swoop. A lot of you will chuckle at those figures, and I'm thankful that they really don't impact my lifestyle, but it did hurt a lot of folks that aren't as fortunate as I am.

    Assessed value is $140,000, most recent appraisal is $187,000. Indiana side of the Metro Louisville. Sixty per cent of the tax goes to the school system which has really crappy inner-city schools and near 10% subsidizes the folks that live outside the muni limits in the form of county taxes. City services ain't much to crow about either.

  6. #6
    Cyburbian the north omaha star's avatar
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    Central City Baltimore. Assessed value: high 100s. potential market value: $330K
    Taxes are high. $2.25/100 of assessed value which is the highest in the region. Most of the suburban counties are at least a $1 cheaper. The schools and streets suck. Other services are a little above mediocrity at best.
    I am recognizing that the voice inside my head
    is urging me to be myself but never follow someone else
    Because opinions are like voices we all have a different kind". --Q-Tip

  7. #7
    Cyburbian SGB's avatar
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    House & land assessed valuaton = $148,000
    Annual property taxes (Town/County/School) = +$3,500

    Location: hamlet in northeast NYstate

    I haven't owned the property or lived in the community long enough to judge LOS fairly. But (in case you haven't heard) property taxes in NY State in general are very high.
    All these years the people said he’s actin’ like a kid.
    He did not know he could not fly, so he did.
    - - Guy Clark, "The Cape"

  8. #8
         
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    Residential property taxes in Colorado are low compared to many other states or even commercial property in state. My 1920s bungalow has a market value of around $190,000 and a yearly tax bill of around $1,300. Colorado commercial properties pay about four time as much tax as residential here even if the market values are the same.

  9. #9
    Cyburbian Plus Zoning Goddess's avatar
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    The property appraiser's market value on my place is $241,000, assessed value at $93k, and taxed at $68k (with homestead exemption). My taxes are around $1100 a year. I'm in the unincorporated part of the county and services are OK.

  10. #10
    Super Moderator kjel's avatar
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    Greenville, South Carolina suburb (ok so the whole city is a suburb)....

    Assessed value: $105,000
    Market value: $142,000
    Property Tax 2005: $995.00
    Property Tax 2007: $600.00 (est.)

    Note: The property tax will be reduced on owner occupied real property in 2007. The school tax will be eliminated from said property tax, which is currently 55% in my area. It will be replaced with a 1% increase in the state sales tax bringing it to 6%.
    "He defended the cause of the poor and needy, and so all went well. Is that not what it means to know me?" Jeremiah 22:16

  11. #11
    moderator in moderation Suburb Repairman's avatar
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    I rent...

    We do own a lot down the street though that is valued at about $6,000; the dumbasses at the appraisal district haven't figured out its a lakeview that should be appraised around $12,000. My tax burden this year on it is a whopping $130.

    We live in an unincorporated area, but our county is routinely considered one of the most fiscally sound with the best services in the state. Our fire district isn't the best run thing on earth though...

    "Oh, that is all well and good, but, voice or no voice, the people can always be brought to the bidding of the leaders. That is easy. All you have to do is tell them they are being attacked and denounce the pacifists for lack of patriotism and exposing the country to danger. It works the same way in any country."

    - Herman Göring at the Nuremburg trials (thoughts on democracy)

  12. #12

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    Current mythical value of my townhouse: $350K or so in an outermost, still hyper-inflated suburb of the Bay Area.

    Taxes are assessed around 1.1% based on the property value at purchase with very little (1%) annual increase allowed. My taxes are about $1,000 per year.
    New subdivisions pay special assessments that often have inflators bulit in.

    I am generally quite satisfied with city services. Code Enforcement sucks, parks are pretty excellent, schools, while mediocre (not that that impacts me) reflect the community and the individual family circumstances of the community (that's all I'll say ).

  13. #13
    Forums Administrator & Gallery Moderator NHPlanner's avatar
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    I rent, but here's a rough idea of the taxes where I live:

    Tax Rate - $19.77 per $1000 of assessed value.

    Using the City's Tax Calculator:

    A $250,000 house (mid-low end of the market in Concord) would result in $4,942.50 in property taxes.

    (Reminder - NH relies very heavily on property taxes, as there are no broad based sales or income taxes in the state)
    "Growth is inevitable and desirable, but destruction of community character is not. The question is not whether your part of the world is going to change. The question is how." -- Edward T. McMahon, The Conservation Fund

  14. #14
    Cyburbian wahday's avatar
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    In Albuquerque, they do it like this:

    Property is assessed at the rate of 33 1/3% OF VALUE

    a $100,000 property would be $1,065

    SAMPLE CALCULATION:
    ASSESSED VALUE (HOUSE AND LAND) $100,000
    ASSESMENT RATIO .33
    TAXABLE VALUE $33,000
    TAX RATE X .032228
    ANNUAL TAX DUE $1,065
    The purpose of life is a life of purpose

  15. #15
    Cyburbian
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    Washtenaw County, Michigan

    Rapidly growing rural township with close proximity to Ann Arbor.

    Assessed value: $390,000

    Taxes: Approximately $6,000 year

  16. #16
    Cyburbian donk's avatar
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    There is a house for sale in oakville - $45 million asking price - taxes = $196 000, too low in my opinion.

    No idea of the service level there, but considering it has its own baseball diamond, I doubt they care about parkland

    There are 800k-1.2 million homes in the city I work in with $10 - 12 k tax bills

    Services vry drastically depending on where you are.

    When I lived in NB, my tax bill on the castle was $350 on an assessed value of $15 000

    Had a serviced rate and an unserviced rate to reflect various degrees of infrastructure.

    My parent's tax bill in a rural area of NB for a property assessed at 70k is about $1200 a year.

    On own well and septic, volunteer fire dept, garbage pick up, street lights. if they were 200 feet further south the bill would be less as that area does not have street lights.
    Too lazy to beat myself up for being to lazy to beat myself up for being too lazy to... well you get the point....

  17. #17
    Cyburbian
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    house - 85k
    taxes - $1600

  18. #18
    Cyburbian DetroitPlanner's avatar
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    $300k in Detroit? It all depends on when you bought it. Proposal A has froze housing to the level of inflation. If bought now, it would be about $10,000-$11,000. If bought 12 years ago it would be probably $5,000-$6,000.

    I pay about $900, my house is worth about $120k; go figure.
    We hope for better things; it will arise from the ashes - Fr Gabriel Richard 1805

  19. #19
    Cyburbian cch's avatar
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    My home is assessed at just over 120K (went up by 9K since last year), and it is probably right on par with what I could get if I sold it, although I wouldn't be surprised if someone would buy it for 135K or so, the way the housing market is booming in my area. I live between Rockford, IL and Beliot, WI, in northcentral Illinois. We are about as close as you can get to Chicagoland, without outrageous home prices. 15 miles to the east and our home could go for 150K easy. Taxes are just over 3K, and I'm really happy with my LOS.

  20. #20
    maudit anglais
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    I think we're assessed at about $225K (Cdn.), would probably get $275-300k if we sold (assuming I finish all the renos).

    Taxes for this year are around $2150 (Cdn.). Our property taxes actually went down this year as our assessed value went up lower than the average rate.

    I live in a small bungalow in a first-ring suburb within the City of Toronto. Generally, City services are good though somewhat stretched, but I would gladly pay higher property taxes in return for better services.

  21. #21
    Cyburbian jmello's avatar
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    Quote Originally posted by kjelsadek
    The school tax will be eliminated from said property tax, which is currently 55% in my area. It will be replaced with a 1% increase in the state sales tax bringing it to 6%.
    So, SC is switching from local property tax to statewide sales tax funding for public schools? Ingenious. If only the northeast would follow suit, some of the horrendous disparities between school districts could be remedied.

  22. #22
    Cyburbian imaplanner's avatar
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    wow. no wonder I never have any money

    Our houses market value is probably around 450. Assessed value is 350 and our property taxes are almost 5k a year. I paid nowhere near either of those amounts tho

    At least I have a TON of phantom money in the equity

  23. #23
    Super Moderator kjel's avatar
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    Quote Originally posted by jmello
    So, SC is switching from local property tax to statewide sales tax funding for public schools? Ingenious. If only the northeast would follow suit, some of the horrendous disparities between school districts could be remedied.
    I'm lucky because where I live all the schools are unified into a county wide school district which has meant that many new schools have been built, they all have arts funding, and other allied classes that are usually cut when budgets are strapped. However, it's the only one like that in the state.

    Yes, statewide funding with the 1% sales tax will help equalize funding across the board IF the state legislators can keep their fingers out of the piggy bank. Some districts will lose out and some will gain desperately needed cash for improvements. There is a sharp divide between the haves and have nots here in SC from my standpoint and hopefully this move will serve to improve SC's national education rankings from 49th place.

    The real property tax scheme will be something akin to this:
    Owner occupied real property will only pay the millage for city/county services such as roads, EMS, fire, police/sheriff, trash, etc. School taxes will not be levied on this property. However, in 2007 most places are up for reassessment so we will see what happens although there is a cap in place so no wild increases can occur.

    Commercial Property and Rental Property will be taxed the same as they are now, including the tax levy for schools. This was the key point of the debate of whether to implement the new scheme, but it was the compromise.

    Vehicles, Airplanes, and Boats are also subject to a property tax based on valuation of the vehicle and it's mileage if it's a car. The breakdown of the tax is the same as the real property tax. As of October, new tax bills on the vehicles etc. will not include the school tax. We have to pay the vehicle tax every year to get the registration tag for the car.

    We will see what happens...will cities and counties up their millage rates, will the reassessments take a hike to the maximum increase, will the enterprising legislators figure out how to raid the piggy bank, etc?
    "He defended the cause of the poor and needy, and so all went well. Is that not what it means to know me?" Jeremiah 22:16

  24. #24
    NIMBY asshatterer Plus Richmond Jake's avatar
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    Property Taxes

    I received my property tax bill yesterday. I owe $3,222 next year. The assessed value of my home went up nearly $8K over last year (actual value probably went down, given this market). Fortunately, this is paid from my impound account. Thus, no lump sum. They just bleed me dry over the year.

    What are your tax payments?

    EDIT: According to the County Appraiser: market value of the house this year: $319,186. My dad must be rolling over in his grave. Oh wait, he was cremated. Then his ashes are....what?
    Last edited by Richmond Jake; 20 Aug 2006 at 5:27 PM.

  25. #25
    Cyburbian nerudite's avatar
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    My taxes are around $2200 this year, and the assessment was around $220,000. The actual market price of the house though went up by about 30% last year. I bought it at 187k a little less than three years ago, and now it would sell for around $375k. The Alberta growth is just crazy.

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