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Old 11-04-2011, 05:17 PM
 
405 posts, read 753,772 times
Reputation: 140

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Yeah, if you want a nice town with good schools, you are going to have to pay. How else do the services get paid for?

Don't forget to calculate the monthly tax rate for your retirement. Even if you pay off your house by then, you will have to pay your local taxes, and they will likely be higher by then. So you need to budget that into your retirement costs.
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Old 11-04-2011, 06:40 PM
 
Location: Mason, OH
9,259 posts, read 13,363,536 times
Reputation: 1919
Yes, the property taxes in Mason are high, but it could be worse. The state legislature did us a favor when they voted all seniors eligible for the Homestead Reduction. That lowered my taxes by $475/year. And my property evaluation was reduced by $21,000 for tax year 2010 due to the fall in the market. Added to the fact we have lived in our house for 37 years so it is in an older and less upscale neighborhood. But at 9 rooms and a 1 acre lot it is still plenty for just the wife and me plus a cat.

But definitely, factor in those taxes for retirement. Mason also has the income tax, but that disappears when you no longer have an income (wages). Townships cannot levy income tax so they must cover everything through property tax.

There is a provision in Ohio law to vote in an income tax for schools, but I think it is rarely done. If anyone knows otherwise correct me.
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Old 11-06-2011, 01:52 PM
 
6 posts, read 55,842 times
Reputation: 19
Quote:
Originally Posted by wolden View Post
Yeah, if you want a nice town with good schools, you are going to have to pay. How else do the services get paid for?

Don't forget to calculate the monthly tax rate for your retirement. Even if you pay off your house by then, you will have to pay your local taxes, and they will likely be higher by then. So you need to budget that into your retirement costs.
Hey..I do understand that. Some coutnies support a lot of commercial business, some don't and hence taxes could be different as a result.

But there is a huge difference between $15000 and $5000 in property tax. I am glad I asked the question and got the clarification that only 35% of the actual property value is taxable.

Now retirement is a whole different ball game. I may probably not retire in Cincinnati. Would head to FL/TX/AZ for that.
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Old 11-06-2011, 02:11 PM
 
Location: IN
20,170 posts, read 34,488,778 times
Reputation: 12508
Quote:
Originally Posted by chikoo View Post
Hey..I do understand that. Some coutnies support a lot of commercial business, some don't and hence taxes could be different as a result.

But there is a huge difference between $15000 and $5000 in property tax. I am glad I asked the question and got the clarification that only 35% of the actual property value is taxable.

Now retirement is a whole different ball game. I may probably not retire in Cincinnati. Would head to FL/TX/AZ for that.
TX has high property taxes due to not having an income tax.
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Old 11-06-2011, 08:19 PM
 
379 posts, read 724,454 times
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Quote:
Originally Posted by GraniteStater View Post
TX has high property taxes due to not having an income tax.
But Ohio does have an income tax and also has high property taxes.
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Old 11-06-2011, 11:59 PM
 
13,710 posts, read 22,832,449 times
Reputation: 18521
Quote:
Originally Posted by progmac View Post
a good rule of thumb is to take the last two numbers off of the property value and that is your semi-annual tax bill. for example, a 180,000 house has a semi-annual bill of about 1,800. in ohio, property taxes fund a ton of stuff, so yeah, they're high

Texas is hardly the low-tax state when it comes to property taxes. When I was house hunting a few years ago outside of Austin, taxes on a $180k home was close to $7500.

Most of the real housing bargains in Cincinnati are in older neighborhoods, the last place that many newcomers migrate to.
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Old 11-14-2011, 11:46 AM
 
465 posts, read 356,178 times
Reputation: 129
Welcome to the real world where we are actually willing to pay enough to have a decent and humane society. Remember, you get what you pay for.
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Old 11-14-2011, 02:15 PM
 
6 posts, read 55,842 times
Reputation: 19
Quote:
Originally Posted by Matthew Hall View Post
Welcome to the real world where we are actually willing to pay enough to have a decent and humane society. Remember, you get what you pay for.
Ouch...that hurts.

I don't know what you were targeting but nobody is against taxes for a better community. I got the calculation of the taxes messed up and everything has been cleared now.
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Old 11-15-2011, 05:02 AM
 
Location: Mason, OH
9,259 posts, read 13,363,536 times
Reputation: 1919
Quote:
Originally Posted by chikoo View Post
Ouch...that hurts.

I don't know what you were targeting but nobody is against taxes for a better community. I got the calculation of the taxes messed up and everything has been cleared now.
I don't believe there was any specific targeting involved. You needed the clarification that the tax rate was only on 35% of the evaluation. I have said I am glad they have given us seniors some break. But the schools need to refocus their expenditures or we will have a class warfare battle right here in Mason. And guess what, there is still more of us little-uns than the big-uns.

Last edited by kjbrill; 11-15-2011 at 05:04 AM.. Reason: add content
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Old 11-16-2011, 10:16 AM
 
5,314 posts, read 6,612,461 times
Reputation: 2649
Quote:
Originally Posted by Matthew Hall View Post
Welcome to the real world where we are actually willing to pay enough to have a decent and humane society. Remember, you get what you pay for.

How did Ohio survive back in the 1960s when property taxes were lower and the state sales tax was only 3% ?
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