Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'll give this a shot.
Auto Registration: I do mine on the internet and pay $27.75 per vehicle.
(registration $25.00; decal $2.50: postage 25 cents). Also, there are no vehicle inspections nor emissions inspections.
Utilities: Different areas are served by different companies. We have a Co-op and have an all electric 3400 sg ft home and last month it ran $170.00. Winter cost were in the $250.00 range. We do not have natural gas nor do we use propane.
State Income Tax: Starts at about 4% increasing to 6% up to $49,999.00. Everything above $49,999.00 is 7%. You will probably be itemizing because the standerd deduction is minimal. If on SS, it is not taxable; however, IRA and pensions are taxable less $6,000.00.
Personal Property Taxes: Collected only on vehicles. The state has an arbitrary value on every vehicle less the annual decreasing value (also may be known as depreciation) times 20% multiplied by the mill (tax) rate. The mill rate is set by each jurisdiction and includes mills for the school district. The newer and costlier the vehicle the higher the valuation, the more you pay.
Property Taxes: Each county appraisal district sets its own market values and each jurisdiction sets its own mill rate. Our mill rate is .0475 based on 20% of market value. A $100,00 market appraised home would be valued at $20,000 times the mill rate or $950.00, less the homestead credit of $300.00 (this is being upped to $350.00 next year). Not all county appraisal districts set market values the same. Some are very aggressive and some are quite laid back with their market valuations. Just depends on the needs of the county etc.. Hope this helps. For seniors over 65, the market value is frozen but the mill rate can be increased.
$90k per year in Northern Arkansas would be more than enough. A $300k home up there is a palace. I am from NW Arkansas and now live in Jax Florida. I am now in real estate here, due to the fact that there is more opportunity in Florida. Not much opinion on the numbers you all are discussing but I don't think you'll have a problem with money once you move to Arkansas. You're electric bill might go up as you will run your A/C more than in FLA. It's hotter and more humid in Arkansas, at least in FLA we get afternoon showers and ocean breeze to cool off. It's sweltering up there in the summer.
I lived in Arkansas for the first 28 of my 33 years of life. I lived in Little Rock & Conway, and we now live in Tampa. All of our family lives there, and we visit often. Here are the numbers:
Arkansas: Little Rock, Maumelle, Conway:
You can expect to pay around $280,000 to $300,000 for a 2500 square foot home with only a two car garage and lack of office space. The average lot size is around .21 an acre. You will get much less home for the money in central Arkansas. Unless you want a much older home or you do not care which area you live in.
Property taxes on a $300,000 home in West Little Rock and Maumelle average around 68 to 72 mills. 20% of the actual value times the mill. $4400.
Tampa: property taxes would be $5600, and $3800 in the Pasco County, FL.
Insurance is around $800 to $1200 depending on the size and price. My Mom pays $800 per year for a $180,000 home that is 30 years old. *You are paying way more than any of the homes we have had in Tampa. We paid $1200 for a new $360k home and $2700 for a home twice that amount.
Personal taxes: My Mom has two cars (Accord and truck), and they pay over $900 per year. My in-laws have two average cars and a boat, and they pay $1300 per year.
Income tax: over $50,000 = 7%
You pay taxes on groceries (now only half the amount are taxed), prescriptions, hamburger tax, alcohol tax, higher hotel tax, and the sales tax varies statewide from 7% to 11.5%.
Conway: 8.25%
Maumelle: 9%
North Little Rock: 9%
Little Rock: 7.5%
Car Insurance: $1600 per year. *In Tampa, we pay $1300 per year for two nice cars (Geico with lower limits).
Utilities: Cheap in Conway (all on one bill). Will have seperate bill for gas, electric, water, trash. Gas runs high. Our utilities were much higher there even with a pool here in Florida.
^^??? There's a separate tax on HAMBURGERS?? Really?? I don't get it, is that in Arkansas, or Florida? I wouldn't be surprised if it were in Arkansas, I guess. They tax everything down there. No wonder I was broke all the time. High taxes, low wages...
I lived in Arkansas for the first 28 of my 33 years of life. I lived in Little Rock & Conway, and we now live in Tampa. All of our family lives there, and we visit often. Here are the numbers:
Arkansas: Little Rock, Maumelle, Conway:
You can expect to pay around $280,000 to $300,000 for a 2500 square foot home with only a two car garage and lack of office space. The average lot size is around .21 an acre. You will get much less home for the money in central Arkansas. Unless you want a much older home or you do not care which area you live in.
Property taxes on a $300,000 home in West Little Rock and Maumelle average around 68 to 72 mills. 20% of the actual value times the mill. $4400.
Tampa: property taxes would be $5600, and $3800 in the Pasco County, FL.
Insurance is around $800 to $1200 depending on the size and price. My Mom pays $800 per year for a $180,000 home that is 30 years old. *You are paying way more than any of the homes we have had in Tampa. We paid $1200 for a new $360k home and $2700 for a home twice that amount.
Personal taxes: My Mom has two cars (Accord and truck), and they pay over $900 per year. My in-laws have two average cars and a boat, and they pay $1300 per year.
Income tax: over $50,000 = 7%
You pay taxes on groceries (now only half the amount are taxed), prescriptions, hamburger tax, alcohol tax, higher hotel tax, and the sales tax varies statewide from 7% to 11.5%.
Conway: 8.25%
Maumelle: 9%
North Little Rock: 9%
Little Rock: 7.5%
Car Insurance: $1600 per year. *In Tampa, we pay $1300 per year for two nice cars (Geico with lower limits).
Utilities: Cheap in Conway (all on one bill). Will have seperate bill for gas, electric, water, trash. Gas runs high. Our utilities were much higher there even with a pool here in Florida.
I have more info if you need it.
kristi
go hogs!
Wow..we got one he!! of a better deal than this just this year in Maumelle! Your numbers here are dead to rights wrong. Very, very few homes in central Arkansas are listed over $110/sq. ft. Your range quoted here is $112 to 120/sq.ft. We bought in March, 3 y/o all brick 4bd, with bonus room/office, over .25 acre, granite countertops, wood floors, gas f/p for under $90/sq.ft.
When we came back here to AR from MD, we also briefly looked at the Space Coast area. I know, not at all like Tampa (much nicer), but homes there were priced quite a bit higher than here in Central Arkansas and if we had opted for hurricane insurance, we would have been paying close to MD levels of outlay when you consider taxes and insurance together. In Maumelle, one of the highest cost areas here for property taxes, we pay about half of what we would have been paying in FL in taxes and insurance (for less home too!).
Both of my sister-in-laws as well as my father and mother-in-law live in Maumelle. They live in newer homes, which is where I am drawing my comparison. Also, my spouse is a mortgage banker with bank of america and has did loans for several people who have bought in Maumelle over the past several years (not the inlaws of course)!
Sister no1 bought a brand new home last summer and paid $270,000.
2400 square feet, 4 bedroom, 2.5 bath, 2 car garage, granite, etc, lot size of .20. The home did came with a fence but not a sprinkler system, which is standard for Tampa. It also did not come with a second family room or an office, which is pretty standard here as well (newer homes 0-5).
Sister no2 got a better deal in the country club about 4 years ago. She paid $300,000 for 2900 square feet. It has four bedrooms, 3 baths, and a bonus room, but only a 2 car garage, no office, no second living room space, but a larger lot at around a third of an acre. No granite, tile countertops.
In-laws moved to Maumelle 3 years ago and bought a 2000 square foot home for $205,000. It is a three bedroom, 2 bath, with a 2 car garage lot size is .3.
Their millage rate is 68. The first year will be lower as it adjusts higher the second full year you own your home. My mother lives in an older area of West LR off of Hwy 10, and she paid, this year, over 200 for only 2000 sq ft. The home is over 30 years old. Her tax rate is .72. Not updated by the way.
Our tax rate in city of Tampa is .23. It is typically based on 80% of the sales price and multiplied. If you live in a CDD community, you can add another $1200 on average. No, we do not have a hamburger tax in Florida.
Cost of living varies throughout Florida, but there is not a single city that can have a tax rate of higher than 7.5%. The average millage for the state is 21. You can find all this info at Myfloridadotcom. The home prices did get up there, but have evened out again and are well under $100 per square foot.
We have owned a total of 4 homes here, so we know what the insurance is, and it has never been bad, but all the homes were built with the newest hurricane code standards providing a large discount.
I think it is great that you found such a deal. The issue I had is that I cannot get the same type of home in Maumelle or LR than I can get here. 4 bed/ 3 bath/ over 3500 sq ft, 3 car garage, pool/ spa, office, formal dining, and family room, sprinkler system $350.000.
I keep up with all the real estate there as well hear about from my family. I also look at the mls regularly and the databases available at Arkansas and Florida government web sites. I am a criminologist, not a realtor, so I have no vested interest in being incorrect. Thanks
Both of my sister-in-laws as well as my father and mother-in-law live in Maumelle. They live in newer homes, which is where I am drawing my comparison. Also, my spouse is a mortgage banker with bank of america and has did loans for several people who have bought in Maumelle over the past several years (not the inlaws of course)!
Sister no1 bought a brand new home last summer and paid $270,000.
2400 square feet, 4 bedroom, 2.5 bath, 2 car garage, granite, etc, lot size of .20. The home did came with a fence but not a sprinkler system, which is standard for Tampa. It also did not come with a second family room or an office, which is pretty standard here as well (newer homes 0-5).
Sister no2 got a better deal in the country club about 4 years ago. She paid $300,000 for 2900 square feet. It has four bedrooms, 3 baths, and a bonus room, but only a 2 car garage, no office, no second living room space, but a larger lot at around a third of an acre. No granite, tile countertops.
In-laws moved to Maumelle 3 years ago and bought a 2000 square foot home for $205,000. It is a three bedroom, 2 bath, with a 2 car garage lot size is .3.
Their millage rate is 68. The first year will be lower as it adjusts higher the second full year you own your home. My mother lives in an older area of West LR off of Hwy 10, and she paid, this year, over 200 for only 2000 sq ft. The home is over 30 years old. Her tax rate is .72. Not updated by the way.
Our tax rate in city of Tampa is .23. It is typically based on 80% of the sales price and multiplied. If you live in a CDD community, you can add another $1200 on average. No, we do not have a hamburger tax in Florida.
Cost of living varies throughout Florida, but there is not a single city that can have a tax rate of higher than 7.5%. The average millage for the state is 21. You can find all this info at Myfloridadotcom. The home prices did get up there, but have evened out again and are well under $100 per square foot.
We have owned a total of 4 homes here, so we know what the insurance is, and it has never been bad, but all the homes were built with the newest hurricane code standards providing a large discount.
I think it is great that you found such a deal. The issue I had is that I cannot get the same type of home in Maumelle or LR than I can get here. 4 bed/ 3 bath/ over 3500 sq ft, 3 car garage, pool/ spa, office, formal dining, and family room, sprinkler system $350.000.
I keep up with all the real estate there as well hear about from my family. I also look at the mls regularly and the databases available at Arkansas and Florida government web sites. I am a criminologist, not a realtor, so I have no vested interest in being incorrect. Thanks
The problem I'm having is that the real estate property tax millage rate you are discussing in Arkansas applies to the assessed value, not the market value. Assessed values typically are lower than market values, so right there are substantial savings. You are using Pulaski County as your comparison. Pulaski County, hands down, has the highest millage rates in the state. Next, is Benton County. I don't think Tampa has the highest millage rates in Florida. If you're going to compare the highest in one state, it should be to the highest in another state. I, too, have friends and family who live in Florida. Their tax/insurance rates depend a great deal on where they live, just as it makes a difference in Arkansas.
The problem I'm having is that the real estate property tax millage rate you are discussing in Arkansas applies to the assessed value, not the market value. Assessed values typically are lower than market values, so right there are substantial savings. You are using Pulaski County as your comparison. Pulaski County, hands down, has the highest millage rates in the state. Next, is Benton County. I don't think Tampa has the highest millage rates in Florida. If you're going to compare the highest in one state, it should be to the highest in another state. I, too, have friends and family who live in Florida. Their tax/insurance rates depend a great deal on where they live, just as it makes a difference in Arkansas.
I am comparing Little Rock to Tampa b/c LR is the largest city and where I lived. LR does not have the highest millage (check your state gov website for the list), and Tampa does have close to the highest millage. An assessed value is the value that is chosen between market value and true value. Most homes in Arkansas are assessed based on market value when you purchase. My mom's home is being taxed on the sales price, not what she actually paid. Our home was 80% of the market value and in Arkansas it is assessed at 20%of the value. BTW, Conway's millage is around 55 and 60 as well. Is is fair to say that the taxes will be greater in Tampa than LR as you go up in sales price. But the difference is over a grand when assessing two homes under $300,000.
Yes, Tampa's market has been hit hard. We paid $79 sq ft for the new home we purchased in 2003, $89 ($99 added pool/spa) for the new home we bought in 2004, and I will decline on the last home as it was a custom built home and would only be comparable to homes in private country club communities; however, we did sell that one two months ago and lost on our value. The values always hovered an average of $102 sf, but are now much lower.
I love Arkansas, but it is not financially smart for us to relocate there as I teach college, and there is only one school with the program I am in and they pay $15,000 less per year and we would have to lose another 7% in state income taxes. The home would cost the same, but without the other amnemities we are used to and we would be paying far more for local, state, and added sales taxes. Trust me, the economy is bad here as well, and we are feeling it, but even with how bad it is now, it is cheaper than moving back to Little Rock or Maumelle (would not consider Benton, nothing personal).
I do think Conway is far more affordable and would be a cheaper than Tampa, but it would make up for the income difference or the gas to commute. I like Conway, but it is dry, and we are used to the suburb life with all the choices in our area.
respectively,
kristi
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Arkansas Cost of Living Facts
