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Old 10-18-2014, 07:09 PM
 
Location: Hampton VA
44 posts, read 65,739 times
Reputation: 21

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Ok so maybe I'm slow but I can't understand these home taxes. We moved from SC a month ago. There we built our home and it was $189,000. The taxes there are 4%. That being said our taxes every year were around $1100 a year and our mortgage with taxes were $1026 a month. Ok so here I'm told the taxes are crazy high. However, when talking to a gentleman today at a home builder he said the taxes were below 3%. However, he also said that taxes a year were about $5-$9 thousand. I'm not understanding how that is? Can anyone please explain to me the taxes here in the most dumbed down way possible? Lol. I'm by no means stupid but I just don't understand. Wouldn't that make mortgage outrageous? My husband works in Iowa but we like the area here. Thank you so much for any help. Not sure we can afford to buy here if taxes are so much.
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Old 10-18-2014, 08:23 PM
 
Location: Middleburg
906 posts, read 1,806,876 times
Reputation: 404
Yes, your property taxes are likely to be $5-9 thousand, and yes it's outrageous, especially when compared to South Carolina.
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Old 10-18-2014, 08:44 PM
 
Location: Council Bluffs, Iowa
336 posts, read 572,556 times
Reputation: 546
Quote:
Originally Posted by mamabearof2 View Post
Ok so maybe I'm slow but I can't understand these home taxes. We moved from SC a month ago. There we built our home and it was $189,000. The taxes there are 4%. That being said our taxes every year were around $1100 a year and our mortgage with taxes were $1026 a month. Ok so here I'm told the taxes are crazy high. However, when talking to a gentleman today at a home builder he said the taxes were below 3%. However, he also said that taxes a year were about $5-$9 thousand. I'm not understanding how that is? Can anyone please explain to me the taxes here in the most dumbed down way possible? Lol. I'm by no means stupid but I just don't understand. Wouldn't that make mortgage outrageous? My husband works in Iowa but we like the area here. Thank you so much for any help. Not sure we can afford to buy here if taxes are so much.
Yep. that's right. That's why I moved across the river to Iowa!
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Old 10-19-2014, 06:53 AM
 
Location: Hampton VA
44 posts, read 65,739 times
Reputation: 21
Quote:
Originally Posted by EastCB View Post
Yep. that's right. That's why I moved across the river to Iowa!
We may have to do the same in order to be able to buy. Which sucks cause I like the area here a lot. I will have to look more over the water. All I've seen so far is construction and businesses.
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Old 10-19-2014, 02:13 PM
 
324 posts, read 960,026 times
Reputation: 253
Three quick questions for the OP.

Did the $1,100 you paid in SC encompass all your RE taxes, ie. did it include school taxes? I remember talking to my father a few years back. He lived in Upstate NY and had a house about the same size as ours in Omaha. I said I paid $4k/year in RE taxes. He said that was high. He only paid $3k/yr. Then he asked what my school taxes were. I said it was included. My RE tax burden was $4k/yr. He said That's different. He pays $3k/yr in RE taxes, another $1k/yr in sewer taxes and $6k/yr in school taxes.

What size/price house are you looking at in Omaha? How does it compare to the one in SC?

How was the school system in your town in SC? Omaha has a very strong system (despite what the acerbic contrarian posters will now come on and tell you)
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Old 10-19-2014, 04:33 PM
 
Location: Hampton VA
44 posts, read 65,739 times
Reputation: 21
I believe our school taxes are part of the propery tax. That's what my Real estate agent said. We can't figure up how much we can afford for a house until I understand the taxes better. Don't want to be house poor! Lol. We are looking for a 4 bedroom. We had new construction last time. Schools in SC aren't great. However the district we were in was amazing. I hope that answered your questions.
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Old 10-19-2014, 05:46 PM
 
Location: Lincoln, NE
177 posts, read 457,355 times
Reputation: 149
If taxes in SC were anything like GA, your 4% was probably based on the assessed value of the land itself instead of the house plus the land. My GA house appraised near $180,000, but the taxes were based on the land assessment, which ran around $60,000. In Omaha the property tax assessment is based on the full value of the property...house and land. The areas of town that I've researched have rates between 1.9-2.5% per year, so a house valued at $200,000 would have a yearly tax that runs between $3,800 and $5,000.
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Old 10-20-2014, 11:51 AM
 
Location: Tampa (by way of Omaha)
14,561 posts, read 23,010,908 times
Reputation: 10356
Quote:
Originally Posted by mamabearof2 View Post
I believe our school taxes are part of the propery tax. That's what my Real estate agent said. We can't figure up how much we can afford for a house until I understand the taxes better. Don't want to be house poor! Lol. We are looking for a 4 bedroom. We had new construction last time. Schools in SC aren't great. However the district we were in was amazing. I hope that answered your questions.
In Omaha, your property taxes, school taxes...etc are all assessed and paid together, essentially.
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Old 10-20-2014, 05:51 PM
 
Location: Omaha
2 posts, read 2,889 times
Reputation: 10
Quote:
Originally Posted by mamabearof2 View Post
We moved from SC a month ago. There we built our home and it was $189,000. The taxes there are 4%. That being said our taxes every year were around $1100 a year
4% of $189,000 is $7560, not $1100

If your house in SC was valued at $189K and you were paying $1100 per year in taxes on that house, then your tax rate was more like 0.6%

In Omaha, your annual taxes on a house will be a roughly 2% of the house value.
e.g., $200,000 house would have annual taxes of about $4,000
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Old 10-22-2014, 02:51 PM
 
Location: Hampton VA
44 posts, read 65,739 times
Reputation: 21
Thank you all. We are going to get a realtor and figure everything out.
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