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Old 11-01-2010, 08:20 AM
 
Location: Hills & Hollers of SW MO
18,331 posts, read 14,537,862 times
Reputation: 15955
Quote:
Originally Posted by 18Montclair View Post
As far as property taxes, TX is higher than CA.

And er, TX doesnt have oceanfront.
LOL! Don't get out much, do ya, Monty?

Psst: Here's a hint. Gulf coast!

 
Old 11-01-2010, 09:38 AM
 
Location: Central Texas
11,996 posts, read 11,486,695 times
Reputation: 7245
Quote:
Originally Posted by 18Montclair View Post
Yes but I think for most Texans that helps pay for property taxes, it doesnt completely cover them tho.

But good point nonetheless.

On a sidenote, I actually don't mind paying 10% to the CA state income tax. For me the problem I have is paying 35% to the federal govt. I would prefer to pay 35% to Sacramento(where I know for sure the money is spent in state) and 10% to DC.
You don't actually pay 35% to the Feds do you? Maybe your marginal rate approaches that.

There is no such thing as an ideal tax structure. They all have their flaws and impact taxpayers differently.

Texas relies on property taxes for local needs - counties, cities, and school districts. There is no state property tax. Most of Texas has property tax rates of between 1.9-2.6% of assessed value. In Austin, the median home might be $200K or so - that means the annual property tax bill is about $5000. In California, in an area like Austin (maybe Sacramento?) what is the median home price? $400K? If rates in these areas are 1.4% like I hear - the actual annual expense is $5600.

I don't like property taxes because once I bought my home, I have almost no control over them - I am at the mercy of the market (and the tax appraisers). But property tax revenue is less volatile than individual or corporate income taxes, which can rise and fall dramatically. That stabilizes tax revenue, especially at the local level.
 
Old 11-01-2010, 09:48 AM
 
1,011 posts, read 465,669 times
Reputation: 464
LOL, $200K for a median home (single family home with a yard probably)...

Before I did a short sale and moved to an apartment I owned a TOWNHOUSE in San Ramon (a wealthy good schools safe etc..., well to do town in the East Bay) 2300 sq.ft. No land.

Purchase price: 730K (remember those 'jumbo loans'), $40K down, I was hit with the $10K /year 'regular' prop tax assesment PLUS a supplemental property tax of another 5K on the appreciation.
Then everything went underwater...

That was IN ADDITION to the 9.3% state income tax for my bracket*, SDI, and local city taxes..., and to top it off a huge Sales tax and 'fees' on everything from registering a car to buying gasoline which I need so that I can actually get something done and generate some research in this freaking state, and roads were still with potholes, the local Santa Rita jail was still packed with violent criminals, water and PG&E fees still went up and I was still charged $5000 for an MRI scan at a local hospital in cash while the local illegals had LIVER TRANSPLANTS for free.

And the traffic still sucks... most people spend over 2 hours just sitting in their cars on the freeway.

You Texans got it easy... (in a good way... )

* and I am not some Silly Valley gazillionare with wads of cash, just an engineer in biotech

Last edited by wellyouknow; 11-01-2010 at 10:01 AM..
 
Old 11-01-2010, 09:54 AM
 
Location: Zurich, Switzerland
24,641 posts, read 30,107,935 times
Reputation: 10374
Quote:
Originally Posted by Curmudgeon View Post
LOL! Don't get out much, do ya, Monty?

Psst: Here's a hint. Gulf coast!
Um, its not the same as the Ocean. I like the gulf coast but the waves are nonexistent unless there's a hurricane. LOL
 
Old 11-01-2010, 10:15 AM
 
Location: Zurich, Switzerland
24,641 posts, read 30,107,935 times
Reputation: 10374
Quote:
Originally Posted by hoffdano View Post
You don't actually pay 35% to the Feds do you?
By now I've learned the hard way that whatever the very highest tax bracket is, that's what I pay. There's just no way around it. Its cool tho. If that helps schools and poor people and those who don't have health care, then fine.

But I would love for our money to primarily stay as local as possible. I despise the mere thought of DC getting its grubby hands on our hard earned money-they have proven themselves to be totally incapable of handling it.

I trust Sac more.
 
Old 11-01-2010, 10:47 AM
 
13,167 posts, read 23,545,994 times
Reputation: 7428
Quote:
Originally Posted by hoffdano View Post

Texas relies on property taxes for local needs - counties, cities, and school districts. There is no state property tax. Most of Texas has property tax rates of between 1.9-2.6% of assessed value. In Austin, the median home might be $200K or so - that means the annual property tax bill is about $5000. In California, in an area like Austin (maybe Sacramento?) what is the median home price? $400K? If rates in these areas are 1.4% like I hear - the actual annual expense is $5600.

I don't like property taxes because once I bought my home, I have almost no control over them - I am at the mercy of the market (and the tax appraisers). But property tax revenue is less volatile than individual or corporate income taxes, which can rise and fall dramatically. That stabilizes tax revenue, especially at the local level.
Sacramento Median Home price is $200k

http://www.housingtracker.net/asking...to-california/

So property tax would be about $2,600 per year... significantly less than Texas and tax increases are limited to 2% per year going forward unless the voters approve higher.
 
Old 11-01-2010, 10:50 AM
 
Location: Central Texas
11,996 posts, read 11,486,695 times
Reputation: 7245
Quote:
Originally Posted by Ultrarunner View Post
Sacramento Median Home price is $200k

HousingTracker.net | Median Home Asking Price & Inventory Data for Sacramento, California

So property tax would be about $2,600 per year... significantly less than Texas and tax increases are limited to 2% per year going forward unless the voters approve higher.
Good data. Perhaps Sacramento isn't quite the right comparable to Austin - but I chose it because of mid-size and state capital. Maybe Austin is more like Santa Clara/Sunnyvale?
 
Old 11-01-2010, 10:52 AM
 
Location: Central Texas
11,996 posts, read 11,486,695 times
Reputation: 7245
Quote:
Originally Posted by 18Montclair View Post
By now I've learned the hard way that whatever the very highest tax bracket is, that's what I pay. There's just no way around it. Its cool tho. If that helps schools and poor people and those who don't have health care, then fine.

But I would love for our money to primarily stay as local as possible. I despise the mere thought of DC getting its grubby hands on our hard earned money-they have proven themselves to be totally incapable of handling it.

I trust Sac more.
I trust my county and school district more than I trust the state, who I trust more than the Feds.

Tax spent locally is more accountable - and it is easier to boot the politicians out.
 
Old 11-01-2010, 10:57 AM
 
13,167 posts, read 23,545,994 times
Reputation: 7428
Quote:
Originally Posted by hoffdano View Post
Good data. Perhaps Sacramento isn't quite the right comparable to Austin - but I chose it because of mid-size and state capital. Maybe Austin is more like Santa Clara/Sunnyvale?
I think Sacramento is comparable... prices tho, have fallen dramatically since the peak...

A friend that works with me thought she was going to make her fortune in Sacramento Real Estate... she bought 5 rental properties in the span of 24 months... she lost all of them

Another friend that is an Assistant Store Manager for a Large Grocery Chain bought 4 homes... in and around Sacramento... he also lost them all through Foreclosure or Deed in Lieu of Foreclosure.
 
Old 11-01-2010, 11:38 AM
 
583 posts, read 367,806 times
Reputation: 366
Quote:
Originally Posted by 18Montclair View Post
Um, its not the same as the Ocean. I like the gulf coast but the waves are nonexistent unless there's a hurricane. LOL
The Gulf is the Atlantic Ocean. Dolphins, Stingrays, Orcas and Sharks live in the Gulf. We only call it the "Gulf," because people like to play with maps.

Waves suck, btw. They make boating much more difficult. The waves on the Gulf are just fine.
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