Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Now it is my understanding that to figure out taxes you take 50% of value of home for your appraisal rate and multiply by 0.037. I come up with $3700 for taxes for house appraising at $100,000. This is also what the mortgage woman estimated my taxes to be.
But I was looking at previously owned homes, same model, cheaper asking price, in the same subdivision. Taxes were listed around $5000. Why the difference?
Do you use the price of the base home model, or the purchase price that includes all upgrades such as granite counter tops, etc.
Has anyone seen their taxes go down to reflect the loss in home values?
It really seems like a rip off to continue to charge people same taxes for homes that have loss 30% of value.
Last edited by kcam213; 01-30-2008 at 09:52 PM..
Reason: clarity
I've owned California Property where the Tax Assessor voluntarily reduced my property tax due to declining home values in my area... I actually was quite surprised and thought it was a nice thing to have happen.
Later, as values increased, my taxes were also increased to what it would have normally been under the Prop 13 limits.
I don't think your in your place to be complaining. Us Californians have a higher property taxes than everyone else. And since the homes here are a bit more expensive.. we have to pay a lot of money. My dad sold a duplex for $540,000 and had to pay I think $70,000 in capital gains. Crazy!
I don't think your in your place to be complaining. Us Californians have a higher property taxes than everyone else. And since the homes here are a bit more expensive.. we have to pay a lot of money. My dad sold a duplex for $540,000 and had to pay I think $70,000 in capital gains. Crazy!
First off, CA does not have the highest property taxes in the nation- that distinction falls to NJ. Now, housing prices in CA tend to be among the highest in the nation, but not property taxes. And your father having to pay $70k in capital gains tax has nothing to do with property taxes- it's a totally separate issue. BTW, if he paid $70k, that means he made over a $450k profit (since the CG tax rate is 15%), so let's not feel so bad for daddy, now......lol.
First off, CA does not have the highest property taxes in the nation- that distinction falls to NJ. Now, housing prices in CA tend to be among the highest in the nation, but not property taxes. And your father having to pay $70k in capital gains tax has nothing to do with property taxes- it's a totally separate issue. BTW, if he paid $70k, that means he made over a $450k profit (since the CG tax rate is 15%), so let's not feel so bad for daddy, now......lol.
That, and capital gains taxes are completely avoidable or deferable if you plan for it correctly. I don't think I feel too sorry for daddy either.
Now it is my understanding that to figure out taxes you take 50% of value of home for your appraisal rate and multiply by 0.037. I come up with $3700 for taxes for house appraising at $100,000. This is also what the mortgage woman estimated my taxes to be.
But I was looking at previously owned homes, same model, cheaper asking price, in the same subdivision. Taxes were listed around $5000. Why the difference?
Do you use the price of the base home model, or the purchase price that includes all upgrades such as granite counter tops, etc.
Has anyone seen their taxes go down to reflect the loss in home values?
It really seems like a rip off to continue to charge people same taxes for homes that have loss 30% of value.
Every municipality in the country calculates their property taxes differently. There is no possible way we can help you with your question. Get in touch with the city for this question.
First off, CA does not have the highest property taxes in the nation- that distinction falls to NJ. Now, housing prices in CA tend to be among the highest in the nation, but not property taxes. And your father having to pay $70k in capital gains tax has nothing to do with property taxes- it's a totally separate issue. BTW, if he paid $70k, that means he made over a $450k profit (since the CG tax rate is 15%), so let's not feel so bad for daddy, now......lol.
It depends upon how you measure it... as far as tax as a percentage of appraised value, Texas is the highest.
There are numerous ways to measure property tax; this site gives several views:
It depends upon how you measure it... as far as tax as a percentage of appraised value, Texas is the highest.
True- but if you were to measure it based on the "I spend an absurd amount of money to live in a 900 SF, 50 y/o starter home in a mediocre middle-class neighborhood", NJ's got Texas beat hands down. I'd gladly pay $6000/year for the mansion I can buy in the Houston burbs for $350k, vs the junk that'll buy me in NJ.......
Now it is my understanding that to figure out taxes you take 50% of value of home for your appraisal rate and multiply by 0.037. I come up with $3700 for taxes for house appraising at $100,000. This is also what the mortgage woman estimated my taxes to be.
But I was looking at previously owned homes, same model, cheaper asking price, in the same subdivision. Taxes were listed around $5000. Why the difference?
Do you use the price of the base home model, or the purchase price that includes all upgrades such as granite counter tops, etc.
Has anyone seen their taxes go down to reflect the loss in home values?
It really seems like a rip off to continue to charge people same taxes for homes that have loss 30% of value.
In massachusetts your taxes are based on the assessed value of the home not the appraised. the assessor bases the vaue on what he/she sees which is why it is a big no no to let the assessor in your home. the more they see the higher assessed value your home has the higher your taxes.
as far as taxes going DOWN. BAH!!!! My town lowered it's tax rate a few years ago but then they reassessed all the homes and my taxes actually went up. Typically towns assess every 3 years so for me personally since my town reassessed values 2 years ago come next year (if they do the reassessment) my taxes might go down a bit because values have come down. I'm not holding my breath though.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Where is the Home located?
