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Old 07-09-2010, 11:58 AM
 
Location: arizona (hot turkeys oven)
24 posts, read 47,713 times
Reputation: 13

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are they really that high? and can someone maybe give be a more or less guess to what they had to pay maybe for a 2 bed room house?
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Old 07-09-2010, 02:18 PM
 
114 posts, read 285,461 times
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Yes, they are high, but Wisconsin schools and local governments rely more on property taxes than other places that might use higher sales taxes, local incomes taxes, etc.

You really need to narrow down the scope of your question. What areas are you looking at? In general, a good ballpark figure for property taxes is probably about 2% of the home's value per year, a little higher in villages and cities, and less in townships with fewer services. Schools (K-12 and tech) will get about half of that, and the local gov't (municipal, town, county) will get most of the other half. The state gets very little.
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Old 07-09-2010, 05:35 PM
 
Location: arizona (hot turkeys oven)
24 posts, read 47,713 times
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o ok, im still new to this house hunting stuff and im trying to figure out everything before i decide. but not i have a qustion. if the house is paid off does one still have to pay yearly property tax?
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Old 07-09-2010, 11:12 PM
 
114 posts, read 285,461 times
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You pay the same tax regardless if you have a mortgage or it's paid off. The only way property taxes and mortgages have any relationship is if your lender requires you to escrow property taxes into your mortgage payments. For example, if your "normal" (principal and interest) mortgage payment is $1000 a month, and your property taxes are estimated to be $3600 per year, the lender may require you to pay $1300 per month, with $300 of that going to your property taxes, which they will pay on your behalf at the end of the year. If you don't have a mortgage, or your lender doesn't have you escrow, you simply pay the property tax yourself.

Property taxes are basically a fee to residents to pay for local services. You don't get off for free just because you own a house with no debt.
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Old 07-12-2010, 03:10 PM
 
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My house is valued around $270,000. I live in a township so my taxes are less. I pay about $4000 a year. I think that's pretty high.
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Old 07-12-2010, 03:49 PM
 
4,465 posts, read 7,120,513 times
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Quote:
Originally Posted by negrito211 View Post
are they really that high? and can someone maybe give be a more or less guess to what they had to pay maybe for a 2 bed room house?

Are Wisconsin taxes too high? - Isthmus | The Daily Page


"So the fuller picture shows that Wisconsin's tax burden is high in two areas: residential property taxes and individual income taxes. But Wisconsin has among the nation's lowest sales tax and is in the middle on fees."
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Old 10-27-2010, 12:35 PM
 
Location: livin the dream
152 posts, read 310,736 times
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what town are you looking at, property tax can vary from town to town
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Old 10-27-2010, 01:14 PM
 
4,465 posts, read 7,120,513 times
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Quote:
Originally Posted by chadman154 View Post
what town are you looking at, property tax can vary from town to town
Very true. And it is based upon property assessment.

I always find it funny when people who pee and moan about property taxes one week, will list their house for sale at a price far above the comps the next week.
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Old 10-28-2010, 09:51 PM
 
90 posts, read 294,652 times
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Default yes and no

Quote:
Originally Posted by craptacular View Post
Yes, they are high, but Wisconsin schools and local governments rely more on property taxes than other places that might use higher sales taxes, local incomes taxes, etc.

You really need to narrow down the scope of your question. What areas are you looking at? In general, a good ballpark figure for property taxes is probably about 2% of the home's value per year, a little higher in villages and cities, and less in townships with fewer services. Schools (K-12 and tech) will get about half of that, and the local gov't (municipal, town, county) will get most of the other half. The state gets very little.
This is a pretty good explanation. Yes, property taxes are higher than places in the south, for example, but the sales taxes and fees tend to be lower. Some states really squeeze you on things like car registration and driver's license fee, but then have low taxes. I've heard from other people that comparable cities in vastly different states tend to get similar once you add all the taxes and fees into the equation.
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Old 10-29-2010, 02:17 PM
 
Location: Sector 001
7,328 posts, read 6,757,721 times
Reputation: 8477
you know that old saying, you can't get something for nothing... but you can at least try! Just don't get burnt with the results.
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