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I don't know what the taxes on a $150,000 home in Long Island home would be since no homes exist at that price range. I think $300k - $600k is the normal range and the normal range for property taxes is $5k-$14k a year. The tax rates are rather random and vary.
So are local and district levies separate from property taxes? Are property taxes not set by the district?
Where I'm from each school district sets its own tax and it can vary widely.
Well, truly, I'm talking about my own property taxes. Some states, CO being one of them, have school equalization funding to avoid "rich district/poor district" situations. It's very complicated, but the school district, which can cover several communities, sets the tax levy based on property valuation and other factors. All the urban districts get a similar per-pupil alottment. The state backfills what the district doesn't raise. Mind you, this is a very simplistic explanation.
I didn't realize California had houses for $150,000. I had expected even Sacramento to have higher prices.
During the boom, perhaps, but these days you can find plenty under $150K, but it depends on the neighborhood--you can find bank-owned bungalows in the exceptionally rough parts of town for $50K or so, condos downtown for $150K. If you go up to $200,000 you can buy a house in ultra-hep Midtown, albeit either a small one or one that got taken back by the bank in mid-remuddle and will need another fifty grand to be habitable.
School funding comes from the state in CA, except for what are called "Mello-Roos" assessments which vary from place to place, generally in new neighborhoods (suburbs) where they are used to build and maintain new schools. Older central cities generally don't have them.
California also has some laws which require a minimum amount of distribution of K-12 education funding regardless of district to prevent low-income districts from inadequate funding. This, and Prop 13, effectively prohibits districts from setting rates, and it makes sense when you think about it. Some school districts are so poor it isn't possible to raise assessments because the money just isn't there.
There are several ways around this. Mello-roos is one of them, but is limited to new developments and has nothing to do with property taxes other than it is added to the total sum of your property tax bill. There are some areas with voter-approved fees. Usually the additional amount is small. While researching property taxes on the properties I've been looking at I think the highest school-related levy was $26. That is in the Sacramento metro area. I'm sure other places have higher levies, but I still don't think it is going to be any amount which will break your bank account.
The additional levies for infrastructure maintenance are much higher. Many people pay a levy of more than $50 a month in some areas here to upgrade the levies (the kind used for flood control).
Quote:
Originally Posted by wburg
During the boom, perhaps, but these days you can find plenty under $150K, but it depends on the neighborhood--you can find bank-owned bungalows in the exceptionally rough parts of town for $50K or so, condos downtown for $150K. If you go up to $200,000 you can buy a house in ultra-hep Midtown, albeit either a small one or one that got taken back by the bank in mid-remuddle and will need another fifty grand to be habitable.
You are months behind the curve on this. you can easily find a house for $80K in West Sacramento where the biggest problem in the neighbourhood is that the houses need a little cosmetic work and the neighbours don't mow their lawns as frequently as they should.
In the area north of Arden you can find a nice 1950s era home for $80-$180K, depending on the number of bedrooms, square footage and lot size. You can find houses in the same price range throughout Citrus Heights and Carmichael.
A lot of brand-new suburban subdivisions in California are now virtual ghost towns, due to the overbuilding of suburbs. The real estate industry basically assumed we could keep building out suburbs forever, until people wound up buying McMansions that were a 2-hour drive from their workplaces, because they could afford them. But it ended up being unsustainable, both financially and practically.
The end result is a net surplus of housing, typically of the "McMansion" variety. What we don't have enough of (in California) is housing that is compact, affordable, and connected to existing urban regions.
Yup, well said. And many people are losing jobs and can't afford to live in California. Hell, I am lucky to get into a top state school in California that will get me a job. And I don't have high expectations for a "good-paying job" or a "nice home" I am with a small old home, average paying job, and vacations in state with a couple out of state trips. Sorry, I am a cheapo most of the time. Yet, I do tend to splurge on some things like food and nice clothes. I think it's important what you eat and why walk around looking like a bum or some one with no fashion sense? Sure, it's pretty materialistic to think wearing nice clothes makes you look good but it also says your a successful person. "Successful" not "from money". Hate when people mix those too up.
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