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Old 10-06-2007, 11:03 AM
 
393 posts, read 1,741,041 times
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Whew......nice to know I am not alone with this............LOL. Very limited budget here also. I am going to rent first, then buy! Sounds like some of us should find a house with a few bedrooms and split the rent, but I am not so sure I WOULD BE A GOOD ROOMMATE, I have never lived with a woman before.......lol. I only lived with my husband.......Of course if I could live with him, maybe I could live with anyone......lol.
Having a roommate kind of scares me, think I watch Judge Mathis a little too much, most of those series are about ROOMMATES suing each other.......lol.

If I can find a place that doesn't require me to have a job........I am IN! Be it TN, or KY.

Do u have better luck renting when you are retired on SSI, then you do before you retire? Most places require employment. I had a place tell me, they wanted proof of monthly income, instead of me giving them a year's lease of monies up front........GO FIGURE! You would think this would more of a sure thing......UGH!

LOVING THIS THREAD, and loving all these ideas and comments!
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Old 10-06-2007, 03:10 PM
 
Location: home...finally, home .
8,235 posts, read 18,506,963 times
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There are many retirement communities; however, most require you to pay upwards of six figures just to move in, and then the monthly fee is around $2-3k!

Those are probably assisted living places. Those are for people who can not live on their own. Not for you, Katie.
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Old 10-06-2007, 03:20 PM
 
Location: home...finally, home .
8,235 posts, read 18,506,963 times
Reputation: 17765
Our property taxes have been under $50/year.

Can this be possible? People on Long Island pay over $9,000 for small homes!
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Old 10-06-2007, 03:43 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,573,689 times
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We are taking a trip this month to WA to look around Olympia and Ocean Shores. The land there is quite reasonable for building a small retirement home.

I would like people in this forum to give us some feedback on what you find in the towns you are interested in and we will do the same when we return. I will try to find the hidden taxes etc.
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Old 10-06-2007, 04:13 PM
 
Location: Monterey Bay, California -- watching the sea lions, whales and otters! :D
1,916 posts, read 6,238,888 times
Reputation: 2631
Quote:
Nancy thereader: Our property taxes have been under $50/year.

Can this be possible? People on Long Island pay over $9,000 for small homes!
Yes, it's possible. My dad lives in New York State and his home only worth about $50,000 (WNY), pays as much in taxes as I do in California for a home worth $245,000. So, I have something 5 times more than he does, and he pays as much as me ... doesn't sound right, but it is. That's why I can't consider moving back to NYS -- property taxes would eat up my SS every month. Even with a lower house cost, the property taxes still stand every year, and it wouldn't even out for me.

I'm looking at low property tax states -- Colorado, New Mexico, Nevada, etc. Taxes by State
This site is about taxes state by state. Realtor.com used to put the cost of property taxes on its site, but I can't find them there anymore. It was really handy to see.

Crazy, isn't it, all the different ways taxes work state to state?
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Old 10-06-2007, 04:48 PM
 
Location: Cumberland Cove, Monterey, TN
1,284 posts, read 4,080,193 times
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Quote:
Originally Posted by forest beekeeper View Post
I agree that we should look at living in areas where we do not pay income taxes, or at the very least where we pay minimal income taxes. This is one reason why we love Maine.

Paying a third of your income to taxes is a huge waste, when you do not have to.

How are you finding the property taxes in Tenn? How much do you pay per acre?
I don't actually live in Tennessee yet. We are holding on to the property we bought in August until we retire. We will then build our retirement home on the property.

The documents presented to us at closing indicated that 2006 taxes were $135.00. This is for 4 acres of land in Putnam County, Tennessee.
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Old 10-06-2007, 05:52 PM
 
Location: Forests of Maine
30,672 posts, read 49,423,020 times
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Quote:
Originally Posted by Wisteria View Post
Yes, it's possible. My dad lives in New York State and his home only worth about $50,000 (WNY), pays as much in taxes as I do in California for a home worth $245,000.

... I'm looking at low property tax states -- Colorado, New Mexico, Nevada, etc. Taxes by State
This site is about taxes state by state. Realtor.com used to put the cost of property taxes on its site, but I can't find them there anymore. It was really handy to see.

Crazy, isn't it, all the different ways taxes work state to state?
A good site.

Keep in mind that even when we compare one area to another area, via mill rates. Not every assessor assesses the same way.

When I lived in California, the assessments were based on the market value. I had a MFR in Atwater California that I bought for $70k and it was assessed at $70k, so my taxes were based on that number. If another MFR across town was assessed at twice that amount [$140k] it would have been paying twice the taxes.

I currently own a MFR in Ct, whose tax assessed 'value' is about half of the market value. So, it would appear that if today we were to purchase a home for $200k, it might be assessed for $100k, and the mill rate would be applied to the $100k value.

So you see; I have learned that even knowing an areas mil rate, and knowing the market values of properties, does not tell you what the property taxes will be.

Right now I am living in a home in Maine, my property is within a program of the state's where they 'carve into stone' the assessed value of the land. My land's assessed value is set at $300/acre. So regardless of what the market value is, regardless of how much you may pay for the land, it's assessed value remains at $300/acre. Apply the mil rate to that value and you find your property taxes.

Thus my land is taxed at around $1.05 per acre.

Also here in Maine, each county's mil rate is different. The differences from one county to another can be large.

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Old 10-06-2007, 05:54 PM
 
Location: Forests of Maine
30,672 posts, read 49,423,020 times
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Quote:
Originally Posted by jguillot View Post
I don't actually live in Tennessee yet. We are holding on to the property we bought in August until we retire. We will then build our retirement home on the property.

The documents presented to us at closing indicated that 2006 taxes were $135.00. This is for 4 acres of land in Putnam County, Tennessee.
I see, yes, about $33.75 per acre.

Not bad

Good luck with your retirement, I have enjoyed my pension so far, I hope that you will enjoy your pension likewise.
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Old 10-06-2007, 10:42 PM
 
Location: Monterey Bay, California -- watching the sea lions, whales and otters! :D
1,916 posts, read 6,238,888 times
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Quote:
Forest Beekeeper: Keep in mind that even when we compare one area to another area, via mill rates. Not every assessor assesses the same way.
I'm sorry, I probably sound like a dolt, but I don't know what a mill rate is. Could you explain that more, so that I can do some research on it? Thanks!
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Old 10-07-2007, 08:11 AM
 
Location: Forests of Maine
30,672 posts, read 49,423,020 times
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Quote:
Originally Posted by Wisteria View Post
I'm sorry, I probably sound like a dolt, but I don't know what a mill rate is. Could you explain that more, so that I can do some research on it? Thanks!
Sure.

'mil rate' is the level set by city or county government, that is the number multiplied by your assessed value to derive your annual property tax bill.

0.005% could be a mill rate.

If your home and land was assessed at $100,000 and your local mil rate was 0.005 then your annual property taxes would be: $500

[100,000 X 0.005 = 500]


For example, here in Maine most of the mil rates are set by each county, then if your township desires to set a higher one, then your town can raise it as much as they wish.

The counties are listed below with their mil rates.

Aroostook 0.00646
Franklin 0.00808
Hancock 0.00578
Kennebec 0.00480
Knox 0.00463
Lincoln 0.00478
Oxford 0.00703
Penobscot 0.00842
Piscataquis 0.00691
Somerset 0.00676
Waldo 0.00482
Washington 0.00837

So I live in Penobscot county, and my township does not desire to raise property taxes any higher than the level set by the county, so our assessed values gets multiplied by the mil rate of 0.00842 to derive our annual property taxes.

Comparing one areas mil rates with another areas mil rates, is a good idea to get an idea of how much property taxes will be.

However as I have experienced different areas derive the assessed values differently too. So you can not assume that a home that cost you $100,000 is going to be assessed at $100,000 not in all states.

Another thought, just to muddy the water a bit. Many states offer 'exemptions' to property taxes. Like here they offer one exemption for qualifying veterans, if you are a vet who qualifies then they will subtract so many thousands from your assessed value before applying the mil rate.

They offer another exemption for anyone who files a form to declare your home to be your 'homestead'.

They offer another exemption to anyone whose annual income is below a set amount, say if your living on a low fixed income, then you may qualify for that exemption and they will lower your assessed value by X thousands before taxing it.

What this means, is that it becomes very hard to compare one state's property taxes to another state's property taxes. As there are many variables that may apply to you that may not apply to me.

Here another program they offer is 'treegrowth', they also offer programs for 'open space', and 'farm land' and others. I do not mind living in a forest alongside a river, so by keeping my land designated as 'treegrowth', all of my land's assessed value is set at a much lower level. I can still cut trees anytime that I wish, I simply must be following a plan to continue growing trees. Christmas trees, fruit trees, timber trees, firewood trees, wreath trees, or simply wildlife habitat forest. We have many wild turkeys, moose and deer on my land, and my property taxes are low because it is forest. I can fish without leaving my land and I can hunt from my back porch.

I am also a veteran, we have also filed the form to declare our home a 'homestead', I am also on pension, so we have different exemptions that each lower our property taxes.

May God bless you.
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