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Old 10-01-2006, 07:49 PM
 
679 posts, read 2,833,992 times
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One of the areas I am thinking about living in just adopted their new tax. I calculated it and I think I must not have done it correctly. What do you come up with?

What would be the tax on a $600k home at .6171 per $100 valuation?
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Old 10-01-2006, 08:38 PM
 
Location: Apple Valley, Ca
437 posts, read 2,238,992 times
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I am pretty stupid when it comes to math but I can't wait for someone to figure this one out. And, what town is this so we can all go. No secrets please.
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Old 10-01-2006, 11:00 PM
 
679 posts, read 2,833,992 times
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I'm pretty good at math, but sometimes I get my decimal points in the wrong place. That's why I wanted someone else to calculate it. Shucks, you'd think with having to take Biostatistics, I could get a little decimal point correctly placed, by now...but you know how it is when you have glitches...like some days you can't spell a word you've known how to spell your whole life???
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Old 10-02-2006, 06:30 AM
 
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I get a little over $37,000 which has to be wrong cause that's too much, even for Texas!!
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Old 10-02-2006, 08:28 AM
 
Location: Austin, TX
15,269 posts, read 35,637,527 times
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Yeah, should be $3,702, not $37k, so there is one decimal off. Btw, that is a really low tax rate, probably just city or county and not school district. School districts alone are usually well about 1 in of themselves (but I am not sure about everywhere, of course)......
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Old 10-02-2006, 12:29 PM
 
679 posts, read 2,833,992 times
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Austin, I got about the same figure as you, that's why I was wanting clarification. The first time I calculated, I got $37,026.00. I just redid it and got $3,702.60.

Trainwreck, it is county. So, how much more, potentially could be added to that... city+ school district? Just a guess. I'm trying to get some idea. I thought .6171 would be the end of it. I didn't know that more had to be added to it. Geeze, they really eat you guys alive. My present taxes are a smidgeon over $2,500/year. That includes city, county, school...everything.
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Old 10-02-2006, 12:47 PM
 
Location: East Texas
138 posts, read 751,000 times
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$3702.60 , That probably includes city, school, etc. My tax rate total includes, city, school, jr. college.
Texas is not cheap property tax but remember we have no state income tax and our taxes are mostly derived from property tax. The state legislature just voted a relief on property tax to go into effect soon.

Try this for property tax. The 2005 HGTV dream home is located at Lake Tyler, and I was a volunteer guide. The winners are the first to live in the dream home. HGTV has been giving away one dream home for the past ten years. The winners have become good friends of mine. They have been there for 1-1/2 years. They will be moving back to Illinois and the dream home is up for sale. The yearly property tax is only $38,000 +. Want to buy a house??
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Old 10-02-2006, 12:59 PM
 
679 posts, read 2,833,992 times
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$38K? I hope the price of it is not anywhere near $600k. Is it? I think I read on one of your posts that it is 6,000 square feet. Why are they moving back to Illinois?
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Old 10-02-2006, 01:14 PM
 
Location: East Texas
138 posts, read 751,000 times
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No, LOL, the house is over 4,000 square feet, with 2,000 also in the beautiful dock house. The house was valued at over 2.5 million. There was also a $50,000 SUV and $250,000 cash. The house was completely furnished down to books, food in the pantry. Why are they moving??

Well, the federal tax was over $600,000. It is paid. The yearly property tax is $38,000 + (first year paid). The monthly utility bills run over $1500. They still own their house in Illinois. They are the first of the 10 dream home winners to live any amount of time in the house. The others have sold immediately. The winner of 2006 in Lake Lure, NC never took possession but sold back to the developer. They have had a great 1-1/2 years in the dream home, made some life-long friends (who won't let them pay a dime for lunches, etc.) The huge homes on Lake Tyler are on lots that are owned by the City of Tyler. You own your home but not the lot. They tell you what you can and can't do, and would not let the winners run a B&B or rent out anything for weddings, etc. The other dream homes have not had this peculiar situation. Hence, they are going back to Illinois.
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Old 10-02-2006, 01:24 PM
 
679 posts, read 2,833,992 times
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I guess I don't blame them. Sounds like HOAs.

Whew! I'm glad that the $38k was for 2.5 million. After this fright with .6171 and learning that it is only $3,702 vs $37k... I don't think I'll ever complain about the property taxes again! I was real nervous there for a while. Now, $3,702 doesn't sound like too much. Matter of fact, not bad at all. If one looks at it this way...no income tax, plus you get to deduct the taxes off of your federal taxes. Makes it a little more tolerable.
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