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Old 02-10-2013, 07:55 PM
 
Location: Maui County, HI
4,131 posts, read 7,409,736 times
Reputation: 3391

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Father of Bride was on TV and I liked the house a lot. Before immigrating to the US from Trinidad, that is exactly the kind of house and neighborhood I associated with America. Anyway I looked it up and found this: The “Father of the Bride” House Is For Sale…Sorta

On Zillow the value of that house is $1.3 milion. I don't know anything about LA but it seems like a very desireable urban neighborhood. A similar neighborhood in Houston is West University, and houses there are worth about the same or maybe 10% less. Yet in Houston the property tax on a $1.2 million house is $25,680. In LA the property tax is $6,890 (according to this The Property Tax Estimator - estimate current and prospective property taxes.)

What am I missing? Los Angeles is supposed to have ridiculously high property values, but comparing apples to apples it seems close to Houston, but with much lower property tax.


Alhambra Real Estate & Alhambra Homes for Sale - Zillow

http://www.zillow.com/homes/for_sale...91_rect/14_zm/

Last edited by winkosmosis; 02-10-2013 at 08:04 PM..
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Old 02-10-2013, 08:06 PM
 
Location: So Ca
26,596 posts, read 26,491,347 times
Reputation: 24546
Quote:
Originally Posted by winkosmosis View Post
What am I missing?
Factoring in Proposition 13, passed in 1978.

Where does it say it's currently for sale? Your link shows it sold in 2011 for that price. (Strange, because I thought that house was in Pasadena, not Alhambra.)

Last edited by CA4Now; 02-10-2013 at 08:16 PM..
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Old 02-10-2013, 08:28 PM
 
Location: Paradise
116 posts, read 375,826 times
Reputation: 104
Default You're right!

CA has lower property taxes than TX. Yes, many people are misinformed.

The house is not in Alhambra or Pasadena, it is actually in San Marino, CA.
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Old 02-10-2013, 08:45 PM
 
Location: Maui County, HI
4,131 posts, read 7,409,736 times
Reputation: 3391
Quote:
Originally Posted by CA4Now View Post
Factoring in Proposition 13, passed in 1978.

Where does it say it's currently for sale? Your link shows it sold in 2011 for that price. (Strange, because I thought that house was in Pasadena, not Alhambra.)
It's not for sale but the value on Zillow is listed as $1.3 mil. It sold in 2011 for $1.2 mil
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Old 02-10-2013, 08:49 PM
 
Location: Maui County, HI
4,131 posts, read 7,409,736 times
Reputation: 3391
And yes I know California has income tax, but the rates are low enough that if you're making $150k, which I'm guessing is what you need to afford a $1 mil house, you're still paying less total. And you won't get taxed out of your house like you do in Texas because income tax scales with income.
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Old 02-10-2013, 09:03 PM
 
Location: RSM
5,113 posts, read 19,695,580 times
Reputation: 1927
Quote:
Originally Posted by winkosmosis View Post
And yes I know California has income tax, but the rates are low enough that if you're making $150k, which I'm guessing is what you need to afford a $1 mil house, you're still paying less total. And you won't get taxed out of your house like you do in Texas because income tax scales with income.
$150k salary for $1m house is way out of line compared to the traditional affordability metric(mortgage of 2.5x annual income)
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Old 02-10-2013, 09:39 PM
 
Location: Maui County, HI
4,131 posts, read 7,409,736 times
Reputation: 3391
Quote:
Originally Posted by bhcompy View Post
$150k salary for $1m house is way out of line compared to the traditional affordability metric(mortgage of 2.5x annual income)
Do you honestly buy houses that are only 2.5x your annual income? The low end of the housing spectrum seems to be $300k in LA... so you'd need $120k income
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Old 02-10-2013, 10:02 PM
 
Location: Gringolandia
293 posts, read 906,689 times
Reputation: 670
Did you even bother to read all the responses to the long thread you recently started on exactly the same subject? I suggest you go back and read the whole thing a few times, because you seem to be a bit slow.
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Old 02-10-2013, 10:04 PM
 
24,328 posts, read 26,735,248 times
Reputation: 19769
Quote:
Originally Posted by winkosmosis View Post
Father of Bride was on TV and I liked the house a lot. Before immigrating to the US from Trinidad, that is exactly the kind of house and neighborhood I associated with America. Anyway I looked it up and found this: The “Father of the Bride” House Is For Sale…Sorta

On Zillow the value of that house is $1.3 milion. I don't know anything about LA but it seems like a very desireable urban neighborhood. A similar neighborhood in Houston is West University, and houses there are worth about the same or maybe 10% less. Yet in Houston the property tax on a $1.2 million house is $25,680. In LA the property tax is $6,890 (according to this The Property Tax Estimator - estimate current and prospective property taxes.)

What am I missing? Los Angeles is supposed to have ridiculously high property values, but comparing apples to apples it seems close to Houston, but with much lower property tax.


Alhambra Real Estate & Alhambra Homes for Sale - Zillow

http://www.zillow.com/homes/for_sale...91_rect/14_zm/
Homes in Texas are MUCH cheaper, but property taxes are MUCH cheaper in California.
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Old 02-11-2013, 06:12 AM
 
Location: So Ca
26,596 posts, read 26,491,347 times
Reputation: 24546
Quote:
Originally Posted by pears View Post
The house is not in Alhambra or Pasadena, it is actually in San Marino, CA.
Actually, it's on El Molino in Pasadena, and is the same home that was used to film Father of the Bride II. The link that the OP posted must be for some other house (although it looks just like the one in the movie). I thought $1.3 million was a little low for that area...
Movie Locations Guide: Father of the Bride Filming Locations
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