Living Comfortably in Castle Rock? (Evergreen: sales, insurance, condo)

[Katarina Witt]

I think it is doable on your salary. My DD is living on much less (student loans). She has a nice apt, eats out, skis, does things with friends, etc. Rents are not crazy here.

[EscapeCalifornia]

Originally Posted by b.adams

Also most sure you understand the property taxes of where you buy. In Castle Rock, this ranges from 7% to almost 12%. I also check the assessor page to find out what the property taxes are on a particular (prospective) home.

Are you sure about that? I've never heard of property tax rates that high, even in Texas. Are those not annual rates or did you miss a decimal point?

[100%Michigan]

I dont get your post. Are you saying your moving from or to Michigan? -.-?

[averyl]

We are moving from Michigan!

[xfrmax]

Originally Posted by EscapeCalifornia

Are you sure about that? I've never heard of property tax rates that high, even in Texas. Are those not annual rates or did you miss a decimal point?

Look at the county assessor page for property tax. I believe in Colorado, that 7-12 % is on only a portion....maybe 20% of the estimated value of the home.

I know property tax is MUCH cheaper in Col than Nebraska.

This is kind of what I have deciphered...I could be wrong though.

[EscapeCalifornia]

Originally Posted by xfrmax

Look at the county assessor page for property tax. I believe in Colorado, that 7-12 % is on only a portion....maybe 20% of the estimated value of the home.

That makes sense. 7-12% of actual value sounded really crazy high especially since I've also heard numbers like $2000 annual tax on a $250k house.

[Skytripper]

It's VERY difficult for some of us to survive on less than $700k/year.
It really blows living in a tiny 9,000 sq. ft. house.
The butler, maids and chauffers all want raises......they LIVE on the property....they share the carriage house...... pay a small rent ($2000/mo)and still get paid $9.00/hr. and all they do is complain!
Nope.....people.
If you are earning less than say.....$250k/year........I DO feel VERY sorry for ya. I honestly don't know HOW you can possibly survive and actually enjoy the finer things in life!
Except maybe for Castle Pines......all of the Castle Rock area lives in poverty thesedays, IMO.

[b.adams]

The percentages I quoted are accurate, but are derived from the aggregated mill rate. But your right, its not based on the entire value of the property, it's based of a percentage of the value ... then the percentages I sighted apply.

From the Douglas County Assessor site:

Assessed values are calculated by multiplying the actual value by 29 percent for all property except residential.

The residential assessment percentage is subject to change by the Colorado Legislature each odd numbered year. By constitutional mandate, the change in percentage maintains the present balance of the tax burden between residential and all other taxpayers. The assessment rate is currently 7.96 percent on residential property.

[EscapeCalifornia]

Originally Posted by b.adams

The percentages I quoted are accurate, but are derived from the aggregated mill rate. But your right, its not based on the entire value of the property, it's based of a percentage of the value ... then the percentages I sighted apply.

From the Douglas County Assessor site:

OK What's the bottom line tax rate per $1,000 of value? If I buy a house for $300k, what could I expect the tax bill to be? I currently pay about 1.1% of the assessed value which is the price I paid + 2% annual increases.

[b.adams]

Most likely 1500-2000 per year for a $300k home.

Of course they raise the taxes every other year and faster than your income grows. But that ensures the government raises every year.

One thing about how colorado property taxes work -- they keep readjusting it based on the value of your home. So if your property were to become worth much more ... you very often can't afford to keep it because of the taxes. i.e. they can price you out of your own home ...