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Old 11-18-2009, 05:54 AM
 
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Quote:
Originally Posted by marmac View Post
babyspeaches---i sure wouldn't buy--real estate--from an agent who didn't know that property taxes are paid every year.

I believe property taxes are a yearly occurence even in Seattle where you state you sell real estate.
FYI, in Ohio property taxes are often quoted in 6 month totals by real estate agents and sellers. It makes Ohio's high taxes look a little more reasonable......until you multiply by 2. Maybe it wasn't such a bad question after all.
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Old 11-18-2009, 07:05 AM
 
Location: Bryson City NC
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min. wage is 7.25 ? I think. And I have no idea "how" it's figured but my home is in the 350,000. range with 16 acres and my property taxes were 2168. for the yr.
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Old 11-19-2009, 05:47 PM
 
Location: NOVA
4,521 posts, read 4,972,074 times
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Default Property taxes

Quote:
Originally Posted by babyspeaches View Post
My husband and I are thinking of moving to Kentucky. What is the minimum wage there? We are looking for a property with a house in the country and has at least 60 acres of land near Lexington or Louisville for $350,000 or less. I found a perfect place in Harrodsburg but I'm sure there are others. Also the property taxes there kinda confuse me. Someone told me you multiply the rate by the prchase price per thousand. So that being said, do yo only pay that amount each year or does it go up?

Say the rate was .978 the purchase price is $250,000
The total would be roughly $2,500 that is per year, every year?
Your property taxes, unlike other states, are based on what the property is appraised. The percent is dependent on what county you live in. For property within the state, farms and some other properties are taxed at a much lower rate than just a straight percentage. Properties that have over 10 continuous acres are appraised at a different rate depending on how they are appraised - wooded, farm use, conservation, etc. The acre with the house is appraised separately than the rest. Often the rate can be based on appraisals at $150 per acre. There is a state tax form that is used to compute the amount owed per year. Example: a property with nearly 30 acres, a barn, and a 1500 sq ft house can be taxed at $700 per year. Here is a link that will help vs. people guessing:

http://revenue.ky.gov/NR/rdonlyres/9...90Day14137.pdf
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