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Thanks for that. Glad to hear you're happy there. I'm originally from the Midwest and I know the vibe you're talking about. Unfortunately the rest of my family hasn't experienced it much. Our sons (especially my oldest) have never really connected well with people here in CA. Still very fast paced and competitive among their age group.
Not set on anywhere really. Our ideal community would probably be somewhere within 10-15 minutes of the Triangle, giving them access to the larger cities while still remaining far enough away for my wife and I to enjoy a little less congestion that we're now accustomed to here. At our age, we're not looking for perfection. We'd just like to provide them with more opportunities and positive experiences.
Some more details would help. Are you looking for a more urban environment, suburban, or even slightly rural one? How much land do you want, which could range from 1/6 of an acre up to 1 acre or more? What type of budget do you have for the home purchase? How old of home are you willing to purchase, and are you willing to update it if necessary? Will you or your children be concerned with schools, or will your grandchildren likely be out of school before you pass on the home to your children? How large of a home are you looking to buy, in SF?
The problem is affording a house in the first place on an income that low.
That gross amount includes Social Security and private pensions, so it is hard for most couples who had two wage-earners to qualify.
I suggest the OP check out some of the exurban counties like Johnston, Orange, Chatham or Franklin. The quality of life is good, and property taxes are reasonable by Califorinia standards. Note that property tax bills will often not include waste collection, water or sewer, as these are usually billed separately by non-government companies.
One HUGE difference between CA and here is that properties are continuously being reassessed here. And with the way prices are going up there is no telling what your property tax might be at some point. At least with Prop 13 the amount of property tax is controlled and based upon your purchase price and the max 2% per year. This of course excludes any bonds. And be prepared for many bonds here in NC. We are growing at a rapid pace and NC does not allow impact fees so that burden is put on all property owners. You will see bonds for capital improvements, schools, parks, affordable housing etc and most of the time those bonds are voted in.
As for the property tax relief programs they will ONLY apply while you are living in that home. If you plan to buy, live there for a bit and then move out and make another place your primary residence (even though your children are still living there) then the program ends. Depending upon which program you may qualify for (and the combined income limits for husband and wife are pretty low for both programs) you may even be liable for up to the last three years of the deferred taxes (plus interest) if you have a disqualifying event happen. And if you do not qualify for the tax exclusion program (again like someone said above combined income limit is $31,900) but qualify for the tax deferment program you will have had to have lived in the home as a primary residence for at least 5 years before being able to even apply.
Some more details would help. Are you looking for a more urban environment, suburban, or even slightly rural one? How much land do you want, which could range from 1/6 of an acre up to 1 acre or more? What type of budget do you have for the home purchase? How old of home are you willing to purchase, and are you willing to update it if necessary? Will you or your children be concerned with schools, or will your grandchildren likely be out of school before you pass on the home to your children? How large of a home are you looking to buy, in SF?
I would say suburban at this point, 10-15 min to larger cities, maybe 1/2 an acre. Our timeline is late 2023/early 2024. Were waiting for our younger son to graduate college. Although too early to speculate on anything at this point, this current home hit the mark well:
Age:1995 or newer, 350k to 500k, <2300 sf, mature trees, cul-de-sac if possible, a little space between neighbors (nothing personal). Upgrades are welcomed... usually handled by myself. No grandchildren yet, eldest son is a website copywriter and younger one focusing on cybersecurity.
One HUGE difference between CA and here is that properties are continuously being reassessed here. And with the way prices are going up there is no telling what your property tax might be at some point.
It depends on the county in NC, but reassessments happen at least every eight years. In Wake County, it’s every four years. That’s just one side of it. There’s also the county and municipality tax rates. It used to be pretty common for those to drop after a reassessment to keep things close to revenue neutral in real dollars. That’s not always the case, though. Wake kept the rate the same recently. That allows some politician to claim they haven’t raised taxes, even though people are paying well more. Iirc, Cary lowered their rate, but not quite back to revenue neutral land (and I’m sure someone is campaigning that they lowered taxes). Worth noting that all that is on a large scale (town, county). On an individual scale, your home could rise much faster than the rest of the area (or much slower).
One HUGE difference between CA and here is that properties are continuously being reassessed here. And with the way prices are going up there is no telling what your property tax might be at some point. At least with Prop 13 the amount of property tax is controlled and based upon your purchase price and the max 2% per year. This of course excludes any bonds. And be prepared for many bonds here in NC. We are growing at a rapid pace and NC does not allow impact fees so that burden is put on all property owners. You will see bonds for capital improvements, schools, parks, affordable housing etc and most of the time those bonds are voted in.
....
This is spun a bit.
Yes, my tax bill has nearly doubled in 20 years, as the house value has actually easily tripled.
My $1900 in property taxes in 2002 has a purchasing power of $3034.00 this spring.
Inflation is a significant player in cost of government services.
Regarding the next $800, I am grateful for the many amenities that my tax increases have funded.
Bonds are a great example of very fair funding.
SaturnFan used to rail on and on about bonds, but loved tapping the amenities they provided, including schools.
Bonds spread the cost of improvements and amenities fairly, since it is not cogent to blame improvements on in-migration.
All that said, I believe that financially stressed long-time homeowner should be able to pledge their equity against their property taxes, in a first lien position.
I do not believe that that equity should be wholly reserved for the kids to inherit, with complaint of tax bills as fault for cutting the inheritance.
That gross amount includes Social Security and private pensions, so it is hard for most couples who had two wage-earners to qualify.
I suggest the OP check out some of the exurban counties like Johnston, Orange, Chatham or Franklin. The quality of life is good, and property taxes are reasonable by Califorinia standards. Note that property tax bills will often not include waste collection, water or sewer, as these are usually billed separately by non-government companies.
Thanks for the recommendations. My current property taxes run about $6500 a year. There's no break from that here in this state. Water, waste collection and sewer about $115 a month. The megadrought here will probably raise water prices significantly in the future.
Thank you all for the information thus far. This would be my final home purchase. I was self-employed for a good part of my life so my SS will not be great. I estimate our SS total will be around $2700 a month. My wife is 59 so she's a long way off from taking it. No pension, just brokerage investments I try to leave alone. We're moderately paycheck to paycheck now but our health is steady and our jobs pay well. Not sure if the same amounts will transfer well to NC but at this point, a change would be nice for us mentally.
Embarrassingly, I've lived in same city since I was 8 years old. My wife and I are hoping to travel and see the country a lot more. We've pretty much done everything local to CA. Time to see what the other half of the country looks like.
Yes, my tax bill has nearly doubled in 20 years, as the house value has actually easily tripled.
My $1900 in property taxes in 2002 has a purchasing power of $3034.00 this spring.
Inflation is a significant player in cost of government services.
Regarding the next $800, I am grateful for the many amenities that my tax increases have funded.
Bonds are a great example of very fair funding.
SaturnFan used to rail on and on about bonds, but loved tapping the amenities they provided, including schools.
Bonds spread the cost of improvements and amenities fairly, since it is not cogent to blame improvements on in-migration.
All that said, I believe that financially stressed long-time homeowner should be able to pledge their equity against their property taxes, in a first lien position.
I do not believe that that equity should be wholly reserved for the kids to inherit, with complaint of tax bills as fault for cutting the inheritance.
I just wanted the OP, who appears to be very concerned about taxes, to understand some of the differences between California and NC.
As for my personal feelings on bonds, well..... I have mixed feelings. I have voted yes on the majority of them but have also voted (or plan to vote) no on some especially when the city or county couldn't demonstrate that they managed a previously similar bond properly.
I just wanted the OP, who appears to be very concerned about taxes, to understand some of the differences between California and NC.
Hi... OP here. I appreciate your information. California (as many know) is not a very favorable place for retirees past 65. If I were to quit working in five years and rely on my SS (not likely but possible), I would have to use nearly half of it each year towards my property taxes. Not very fair IMO. My wife's SS wouldn't contribute to us immediately so there's that issue too.
NC isn't the only state that gives breaks, but given our choices and its locality to my sister (whose now 70), it looks like a reasonable option. So, I wouldn't say I'm "very concerned", I'm just looking for some help in that regard if available.
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