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Old 09-28-2009, 01:52 AM
 
9 posts, read 24,089 times
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Hi i was looking at realtor . com it seems they have decent homes around 50,000 in ok areas, ca nsomeone tell me what other expenses i will have to pay. can someone break down combined property taxes,utilities and other things i need to know?
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Old 09-28-2009, 10:32 PM
 
Location: OH
120 posts, read 215,143 times
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Quote:
Originally Posted by jimukr104 View Post
Hi i was looking at realtor . com it seems they have decent homes around 50,000 in ok areas, ca nsomeone tell me what other expenses i will have to pay. can someone break down combined property taxes,utilities and other things i need to know?
Taxes for Hamilton County can be found on the auditor's site:
Hamilton County Auditor Dusty Rhodes

You could try calling Duke Energy to see if they can give you an estimate on the gas and electric but be aware it may not be accurate if the property has been vacant for a while.
Ohio - Ohio - Duke Energy

Waterworks:
City of Cincinnati - Greater Cincinnati Water Works (http://www.cincinnati-oh.gov/water/pages/-3026-/ - broken link)
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Old 09-29-2009, 05:55 AM
 
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taxes = $50-60/1000x35%

A 50k house would thus pay $1000/yr
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Old 09-29-2009, 11:10 AM
 
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In other words, about 2% of the total property value per year. (i.e. way too much).

Some municipalities are going to vary by about 0.5%, and a few homes in Cincy are tax-abated, but 2% is a good rule for the area
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Old 09-29-2009, 06:32 PM
 
Location: Indianapolis and Cincinnati
682 posts, read 1,388,835 times
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Quote:
Originally Posted by Joe 4520832257 View Post
In other words, about 2% of the total property value per year. (i.e. way too much).

Some municipalities are going to vary by about 0.5%, and a few homes in Cincy are tax-abated, but 2% is a good rule for the area
But you are getting a house for 50K that would cost you 125-200K in any other city for the comparable house in the same type of neighborhood. People in Cincinnati have do not realize how cheap housing is compared to other major cities. So you have to look at how much house you are getting for that 50K.
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Old 09-30-2009, 09:40 AM
 
379 posts, read 724,753 times
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Quote:
Originally Posted by Joe 4520832257 View Post
In other words, about 2% of the total property value per year. (i.e. way too much).

Some municipalities are going to vary by about 0.5%, and a few homes in Cincy are tax-abated, but 2% is a good rule for the area
In my area it is around 1.8% of the accessed value. Depends on school district.
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Old 10-01-2009, 01:24 PM
 
561 posts, read 1,780,566 times
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Originally Posted by restorationconsultant View Post
But you are getting a house for 50K that would cost you 125-200K in any other city for the comparable house in the same type of neighborhood. People in Cincinnati have do not realize how cheap housing is compared to other major cities. So you have to look at how much house you are getting for that 50K.
I agree with you; however, most home buyers moving to Cincy don't function that way.

If someone was going to buy a 200k home somewhere else, they're probably going to be looking at about a 200k home in Cincinnati too. You certainly see a slew of this on the Eastside where most of the transplants reside. There are lots of people who live in relatively expensive Cincinnati houses who would have otherwise been relegated to starter homes or apartments in their city of origin.

But anyway, my point being that more people need to plan for the fact that Cincinnati property taxes are 2% instead of 1% or less like some other cities. That way they might consider that 100k house instead of just buying to their limit with a 200k house.
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Old 10-01-2009, 01:43 PM
 
Location: Indianapolis and Cincinnati
682 posts, read 1,388,835 times
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Thats true Joe, at least Cincinnati has not had the rapid property value runups that cities like Indianapapolis has. Since I restore house I see this alot. I bought a house in Indy a short sale in 04 for 50K ( it would have sold for 15-20k in Cincy) Property taxbased on sale price was about 1200 a year. 2005 Reassessment? 140K, a 90K increase in 1 year!. You can imagine what the property taxes looked like. Indiana has a 1.5 percent cap this year and it goes to 1% next year. But they use trending which means if a house down the street sells for 300K you get adjusted up automatically. I know people who pay 20K a year in property taxes who own historic homes they restored themselves years ago, but because of recent sales they saw their property taxes go through the roof! Homestead and mortgage excemptions really help but I know people who literaly had to put their homes up for sale because the property taxes were so high.

As someone who loves old houses,The REALLY good thing about Cincinnati is the 10 yr tax abatement.15 yr with the LEED. At least going in you have an idea of what you taxes will look like long range, combined with the bargain basement prices for historic homes. For Historic Preservationists, Cincinnati may have the best real estate in the nation right now in terms of affordability and over the top architecture
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