Ingleside tax and insurance on homes....help me understant (Houston: real estate, 2009)

[Chickrae]

We were looking at house in Ingleside and found two we liked. We were told the taxes were 2.4 percent of the purchase price of the home and then you need to add 1.25 percent for insurance. I realize that taxes are alot more as my son lives there. Example 125,000 house if I am figuring we would pay approx 400.00 month aside from the house payment for taxes and insurance. Can it be that much?

[golfgod]

I take it you don't currently live in TX. Homeowner's insurance is not regulated by the state so it's real expensive. That and the property tax, and the constant degradation of roads and other services by "no tax" politiicans are why we left after 30 years. I'm suprised it's only 1.25%.

golfgod

[tstone]

Maybe it was your locale, but after all my road trips it's safe to say Texas has some of the best road conditions in the country, as far as state, US and Interstate highways are concerned.

And yes Chickrae, those costs for tax & insurance sound about right. Actually on the very low side if you were in the Houston area.

[Chickrae]

Originally Posted by tstone

Maybe it was your locale, but after all my road trips it's safe to say Texas has some of the best road conditions in the country, as far as state, US and Interstate highways are concerned.

And yes Chickrae, those costs for tax & insurance sound about right. Actually on the very low side if you were in the Houston area.

I found the roads to be very nice also. I don't live there but drove there from Oklahoma through Dallas, Austin etc to get there. If it wasn't that I wanted to live close to some type of beach, I think I would stay in Oklahoma. The homes are about as cheap and taxes aren't that high. Do you know anything about the Homestead law. My son says the taxes are high but that you get alot of that back.

[Chickrae]

Originally Posted by golfgod

I take it you don't currently live in TX. Homeowner's insurance is not regulated by the state so it's real expensive. That and the property tax, and the constant degradation of roads and other services by "no tax" politiicans are why we left after 30 years. I'm suprised it's only 1.25%.

golfgod

no I don't live there but we looked at houses there. It seems to varie so much from city to city. All I know is the real estate agent said the taxes vary and from 2.4 to 3.0% and then you add on 1.25% for insurance. With all of that it will be more then my actual house payment as we wanted to put alot of money down. It's something to think about...thanks for your input.

[Marlow]

Originally Posted by Chickrae

We were looking at house in Ingleside and found two we liked. We were told the taxes were 2.4 percent of the purchase price of the home and then you need to add 1.25 percent for insurance. I realize that taxes are alot more as my son lives there. Example 125,000 house if I am figuring we would pay approx 400.00 month aside from the house payment for taxes and insurance. Can it be that much?

Yes, it can. Insurance is high on the coast because of hurricanes and property taxes in Texas are high because we don't have a state income tax. Wish it weren't true...

[Chickrae]

Originally Posted by Marlow

Yes, it can. Insurance is high on the coast because of hurricanes and property taxes in Texas are high because we don't have a state income tax. Wish it weren't true...

Do you know anything about the homestead exemption. My son lives in Houston and said he got quite a bit of money back from that.

[Chickrae]

I guess I am asking does it even itself out...not paying state tax but then paying higher taxes on your home. I just wonder if I should jump in or not. I am also thinking of waiting until 2009 when the changes happen with the naval base and possibly alot of naval people will be selling their home and leaving. Maybe we can get a better deal on a home then.

[latetotheparty]

no, i don't think it evens out.... at least for me it won't ..... my property taxes are less than 1% (approximately $1,200 for a house valued about $150,000) ..... my homeowners insurance is about $900 per year...

missouri state income tax is about 6% of adjusted gross income, less what you pay in fed taxes and a few other deductions.... NOT MUCH..... certainly not $2,000 +/- a year......

[Chickrae]

Originally Posted by latetotheparty

no, i don't think it evens out.... at least for me it won't ..... my property taxes are less than 1% (approximately $1,200 for a house valued about $150,000) ..... my homeowners insurance is about $900 per year...

missouri state income tax is about 6% of adjusted gross income, less what you pay in fed taxes and a few other deductions.... NOT MUCH..... certainly not $2,000 +/- a year......

Oklahoma is much the same way....makes me think I should stay here and just fly to somewhere that has a beach. I think our taxes here are about 1,400 a year.