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Quicksilver
4630 Posts |
 Posted - 05/15/2008 : 3:03:00 PM
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I mentioned what some property taxes were here in Boca and some people called bs awhile ago, like anything over 15K is impossible. Well...here's just a 100 houses here
http://southflorida.blockshopper.com/cities/taxes/63
Sad part is regardless of these large homes, even their taxes were reasonable before the boom, now everything is outta wack. Even normal 3K sqft homes right off the intracoastal on canals are 25K+ that used to be 4-5K year for prop taxes. |
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racerx
11454 Posts |
Posted - 05/15/2008 : 3:08:07 PM
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Did I read that correctly? $291,000 for property tax?
If so, I won't complain about my $3000 tax bill. |
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dtabar
768 Posts |
Posted - 05/15/2008 : 3:15:47 PM
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| Wow. 24K on tax a month. I figure you have to bring in about 500K a mo before so it wouldn't be an issue. |
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Quicksilver
4630 Posts |
Posted - 05/15/2008 : 4:22:45 PM
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| Makes for a nice end of year bill. Before the boom even the large homes on water were reasonable. Big boating community (south fl in general), and in the past families could easily afford 4K sqft home on water for 500K and prop taxes of like 5K, now that same home even in declining market is still over 1.5 million with outta wack prop taxes. Middle class has been completely killed off. |
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mortgagemessiah
8003 Posts |
Posted - 05/15/2008 : 4:28:56 PM
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| but alot of those are multi-unit high rise co-ops or multi-million dollar homes. |
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MaJa
125 Posts |
Posted - 05/15/2008 : 4:34:14 PM
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| That's for non-owner/investment properties only. O/O is capped. |
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Quicksilver
4630 Posts |
Posted - 05/15/2008 : 4:36:31 PM
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quote:
Originally posted by mortgagemessiah
but alot of those are multi-unit high rise co-ops or multi-million dollar homes.
Oh I know, but I was posting it b/c others on here said it was impossible for prop taxes to be above 15K for the year awhile ago lol. But even the normal homes are outta wack, friends tax bill on his 3200 sqft home 3 lots off the waterway was 33K last year.
quote:
Originally posted by MaJa
That's for non-owner/investment properties only. O/O is capped.
The cap is almost worthless, it resets with new home when you move, and new owner pays taxes based off the assessed new market value, which thanks to the boom, went through the roof. Yeh if you lived in your home for 15+ years its nice to have the cap. We know some of the members on there, Christine Lynne is on there whom my family is friends with. Except her house is nutz, she tore down the mansion next door just so she could put a little gazebo patio area on that side lol. |
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CoralSnake
10884 Posts |
Posted - 05/15/2008 : 4:47:42 PM
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quote:
Originally posted by racerx
Did I read that correctly? $291,000 for property tax?
If so, I won't complain about my $3000 tax bill.
If im reading that correctly, the 291k tax bill is on a property bought for $9.5 Million in 2001.
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jb060310
329 Posts |
Posted - 05/15/2008 : 4:52:26 PM
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| There is a guy here in Saratoga, NY whose property taxes are north of $400,000 per year. Published in the Times Union. The funny thing is he is not even on the lake. Unreal. |
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velecico
3991 Posts |
Posted - 05/15/2008 : 7:20:28 PM
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I went on tax appeal today in NJ , never thought PAYING $12,000 per year would make me happy !!! , got my assesment reduced from $340,000 to $300,000 , NJ is the worst in the nation , I am paying $4.09 per 100 |
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MARKJOLLIFF
393 Posts |
Posted - 05/15/2008 : 9:35:06 PM
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| I pay 4k per year. I purchased in 1999 for 235K and did an addition in 2005. We have what's called prop 13 here in Ca which for simplicity sake locks in your tax rate at 1% of purchase price for as long as you own it. Also the tax rate is passed on in inheritance. Now they add a little each year for supplementals but it's not bad at all.Sometimes people cry foul when they buy a home for say 800k and their neighbor bought years ago for 100k and taxes are very different. They won't be crying 20 years from now when their new neighbors buy for 2 million!! |
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racerx
11454 Posts |
Posted - 05/15/2008 : 9:46:46 PM
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quote:
Originally posted by MARKJOLLIFF
I pay 4k per year. I purchased in 1999 for 235K and did an addition in 2005. We have what's called prop 13 here in Ca which for simplicity sake locks in your tax rate at 1% of purchase price for as long as you own it. Also the tax rate is passed on in inheritance. Now they add a little each year for supplementals but it's not bad at all.Sometimes people cry foul when they buy a home for say 800k and their neighbor bought years ago for 100k and taxes are very different. They won't be crying 20 years from now when their new neighbors buy for 2 million!!
Rates and values are not "locked in."
Under California State law (Proposition 13), real property is reappraised only when a change-in-ownership occurs, or upon completion of new construction. Except for these two instances, property assessments cannot be increased by more than 2% annually, based on the California Consumer Price Index. The property tax rate is 1% plus any bonds, fees, or special charges.
Yea Prop 13. =) |
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rtrefflich
3414 Posts |
Posted - 05/15/2008 : 9:47:34 PM
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The inheritance only works from father/mother to son/daughter or grandson/granddaughter if son/daughter is deceased. Prop 13 is wonderful but the politicians have been trying to tear at it for the past 30 years too.
quote:
Originally posted by MARKJOLLIFF
I pay 4k per year. I purchased in 1999 for 235K and did an addition in 2005. We have what's called prop 13 here in Ca which for simplicity sake locks in your tax rate at 1% of purchase price for as long as you own it. Also the tax rate is passed on in inheritance. Now they add a little each year for supplementals but it's not bad at all.Sometimes people cry foul when they buy a home for say 800k and their neighbor bought years ago for 100k and taxes are very different. They won't be crying 20 years from now when their new neighbors buy for 2 million!!
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nutesch
498 Posts |
Posted - 05/15/2008 : 11:22:58 PM
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quote:
Originally posted by velecico
I went on tax appeal today in NJ , never thought PAYING $12,000 per year would make me happy !!! , got my assesment reduced from $340,000 to $300,000 , NJ is the worst in the nation , I am paying $4.09 per 100
You are correct, Nick, Jersey is horrible for property taxes. NJ is the worst in the nation actually with the average homeowner paying $5,332 per year, which is nearly double the naitonal average. I'm looking at purchasing a condo up here in Jersey City and for most of the 2 bedroom new condos I'm looking at (around 1,500 square feet, 2 bedroom, 2 bath), the annual property taxes are running between $11,000 and $17,000 per year! Add an exorbidant HOA / Maintenance fee of $550 to $950 per month, and that makes Joisey a PRICEY place to live!
http://www.forbes.com/realestate/2007/10/03/taxes-housing-property-forbeslife-cx_mw_1003realestate.html
http://realtytimes.com/rtpages/20070604_hightax.htm |
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