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.
Taxes are not high in a vacuum ..taxes are usually. High because home valuations are high .
Home valuations are high because those homes are in demand ..usually they are in demand because they are in close proximity to higher paying jobs ...
My son is in westchester in ny ..his taxes are 31k ...but the proximity to nyc and the easy access make those homes worth very penny to those who live there .
They can take the train and be in midtown manhattan in 30 minutes or less ..yet they live in a fabulous area outside nyc
Is that the owner or non-owner rate? You should check. I get a lot of questions about higher than expected taxes and when I look it's simply the non-owner rate that will be lowered to owner occupant rate for the purchaser.
Never heard of that before. But I am owner occupant
We'll be there next year (Texas), but no plans to move or sell. We've been here for nearly 16 years and love our house. Our taxes get capped when we turn 65, which isn't for about 15 years. But the house has still been a great investment. In the 16 years we've owned it, the value has gone up 250%, hence the tax increase.
I'll also add that our house will be paid off in about 5 years.
Taxes are not high in a vacuum ..taxes are usually. High because home valuations are high .
Home valuations are high because those homes are in demand ..usually they are in demand because they are in close proximity to higher paying jobs ...
My son is in westchester in ny ..his taxes are 31k ...but the proximity to nyc and the easy access make those homes worth very penny to those who live there .
They can take the train and be in midtown manhattan in 30 minutes or less ..yet they live in a fabulous area outside nyc
I’m well aware of the insane taxes in NY. My wife is also from the burbs of NYC, and don’t get my father-in-law started on property taxes. You can try to justify it by having close proximity to NYC, but it’s still highway robbery. A $31K property tax bill would be on a house in the neighborhood of one with a purchase prices of $2.5-$3M in California.
Say what you want about California, but at least we got fair property taxes. It’s based on purchase price, and your assessed value can only go up 2% a year. My place in the mountains has more than doubled in value the last 5 years, yet my property tax bill has remained essentially the same. My primary residence goes up in value the max 2%, but it barely moves the needle on my monthly house payment. Had it gotten reassessed to market value my bill would’ve gone up by more than 50% since buying a few years ago.
This is why prop 13 was put in our state constitution by voters in the 70’s. Having your property tax bill go up 10-20% in a year isn’t fair just because housing prices around you have gone up.
Except not everyone who wants to live where the high paying jobs are wants to live in California so property taxes are a part of life in many popular areas
Never heard of that before. But I am owner occupant
It is whether you get a homestead exemption.
In some areas it does not matter. I am in Chicagoland and there are many towns where you can get a nice home for cheap but the taxes are high. It really just depends.
With the high rates of property tax in some areas, and the relatively low interest rates today, it should not be surprising that this spread is more common.
ISTM "is it worth it" is a personal decision, not so much a financial decision. Would you rather it be like the 1970/80s when housing and taxes were "cheaper", but mortgage rates were in the teens ?
Of course buying in the 70's was better. Mortgage rates drop, you refinance and property values soar. And in many states there is a cap on yearly property tax increases. Now interest rates can't go much lower but they can go higher. And that will hurt property values.
Of course buying in the 70's was better. Mortgage rates drop, you refinance and property values soar. And in many states there is a cap on yearly property tax increases. Now interest rates can't go much lower but they can go higher. And that will hurt property values.
Local economies determine values not interest rates unless they go way high ...2007 saw home prices soaring in many areas at 6-7% mortgages ...prices here in nyc were soaring when I bought my first investment property in 1987 and I was thrilled to get 8-1/4%.
Rising rates many times spark demand as buyers on the fence go we better buy now before we can afford less house .
Usually the low to medium price ranges in homes see a shortage in supply as people try to get a home ..the higher end usually does not matter since those with more wealth don’t care what the rates are if they want to buy or they pay cash
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.
