Author Topic: U.S. states where homeowners pay the most in property taxes  (Read 2331 times)

ProudVirgin69

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #25 on: September 25, 2023, 03:49:18 AM »
Damn! This cannot continue.

It will continue to the point insurance companies no longer cover residents of states like Louisiana or Florida.  Live there at your own risk.

28k holy crap.

It’s a shitload but these raw numbers mean little without knowing the price of the associated property.  I paid $230k for my modest house, so I’m at about 3% with $7k per annum

bhank

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #26 on: September 25, 2023, 07:42:10 AM »
Yeah on the beach the insurance is expensive as are the property taxes.  Once you factor in inflation many old people wind up paying more in insurance and taxes than their original mortgage payments. Pay off your house but your housing cost still keep going up.

IroNat

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #27 on: September 25, 2023, 07:44:21 AM »
Yeah on the beach the insurance is expensive as are the property taxes.  Once you factor in inflation many old people wind up paying more in insurance and taxes than their original mortgage payments. Pay off your house but your housing cost still keep going up.

Truth.

G_Thang

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #28 on: September 25, 2023, 11:26:49 AM »
One of the rare examples of California doing a good job.

Prop 13 saved the day.

Amazing you remembered, given 99.99% of beneficial props here FAIL!

Flexacon

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #29 on: September 25, 2023, 12:07:34 PM »
Yeah on the beach the insurance is expensive as are the property taxes.  Once you factor in inflation many old people wind up paying more in insurance and taxes than their original mortgage payments. Pay off your house but your housing cost still keep going up.

That's ridiculous! No wonder you had to go back to work

You Americans are really getting fucked in the ass as home owners.

My home insurance (property and content) is just over £200. That's not per month, that's per year!


robcguns

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #30 on: September 25, 2023, 12:10:56 PM »
Yes. It went up about 30 % from last year.

You mean 1400 in insurance or 14k in taxes?

jude2

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #31 on: September 25, 2023, 09:35:21 PM »
You mean 1400 in insurance or 14k in taxes?
14,000 for home owners insurance.  Some people are selling their homes and just moving to apts much cheaper.

Humble Narcissist

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #32 on: September 26, 2023, 12:41:19 AM »
14,000 for home owners insurance.  Some people are selling their homes and just moving to apts much cheaper.
I'd move to a 5th wheel.

IroNat

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #33 on: September 26, 2023, 04:22:16 AM »
14,000 for home owners insurance.  Some people are selling their homes and just moving to apts much cheaper.

At that point just self-insure.

Lenders require homeowners insurance though so to get a mortgage you'd have to have it.

What can they do if you let it lapse?  They do not want to take the house back.

GymnJuice

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #34 on: September 26, 2023, 11:58:23 AM »
14,000 for home owners insurance.  Some people are selling their homes and just moving to apts much cheaper.

Are you in a flood zone?

SweetDaddySiki

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #35 on: September 26, 2023, 04:34:52 PM »
That's ridiculous! No wonder you had to go back to work

You Americans are really getting fucked in the ass as home owners.

My home insurance (property and content) is just over £200. That's not per month, that's per year!

This may explain why you're paying less:

https://theportablewife.com/living-abroad/moving-to-london/british-vs-american-houses-differences/

I watch "Escape to the Country" and other UK housing shows (no homo) and I'm amazed at how primitive the houses in the UK are.

jude2

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #36 on: September 26, 2023, 06:38:44 PM »
Are you in a flood zone?
No. I pay about 2,700 for flood insurance. I built my home 27 years ago. Never flooded. I didn;t even flood with Katrina.  The flood almost tripled in one year. Last year it was about 850.  Some people are paying 15-20k for flood because they have on levee protection.  I do. My mother dropped her flood and homeowners  insurance because she can not afford it anymore.

GymnJuice

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #37 on: September 27, 2023, 11:22:44 AM »
No. I pay about 2,700 for flood insurance. I built my home 27 years ago. Never flooded. I didn;t even flood with Katrina.  The flood almost tripled in one year. Last year it was about 850.  Some people are paying 15-20k for flood because they have on levee protection.  I do. My mother dropped her flood and homeowners  insurance because she can not afford it anymore.

I'm sure you must have called different companies and tried different settings with deductibles etc? Geico won't do my area, but I found a decent policy through Safeco. Mine is about 4k/yr and has a 7.5k deductible. They do a different 7.5k deductible for wind/hail so I assume for a hurricane it would total 15k.

ThisisOverload

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #38 on: September 27, 2023, 09:07:06 PM »
That's ridiculous! No wonder you had to go back to work

You Americans are really getting fucked in the ass as home owners.

My home insurance (property and content) is just over £200. That's not per month, that's per year!

In Houston, Texas for a $400k house i paid $14k a year just in property taxes.

In New Mexico i own 4 homes worth over $900k total and i pay $1700 a year in property taxes.

The area i live in has the best schools in the state and better everything compared to Houston. It's not even close.

Taxes do not always equal amenities.


Humble Narcissist

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #39 on: September 28, 2023, 12:22:01 AM »
In Houston, Texas for a $400k house i paid $14k a year just in property taxes.

In New Mexico i own 4 homes worth over $900k total and i pay $1700 a year in property taxes.

The area i live in has the best schools in the state and better everything compared to Houston. It's not even close.

Taxes do not always equal amenities.
Four homes? Are you a landlord?

IroNat

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #40 on: September 28, 2023, 04:04:00 AM »
In Houston, Texas for a $400k house i paid $14k a year just in property taxes.

In New Mexico i own 4 homes worth over $900k total and i pay $1700 a year in property taxes.

The area i live in has the best schools in the state and better everything compared to Houston. It's not even close.

Taxes do not always equal amenities.



Wow, r/e taxes are high in Texas or is that particular to Houston?


delon

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #41 on: September 28, 2023, 05:16:25 AM »
Economists always talk about property and land taxes being far more efficient than stamp duty both from a revenue consistency and mobility/market distortion perspective, and they are on balance right...but from a humble homeowners point of view at least with stamp duty it's a known (and often hefty admittedly) one and done upfront cost


Flexacon

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #42 on: September 28, 2023, 06:19:18 PM »
This may explain why you're paying less:

https://theportablewife.com/living-abroad/moving-to-london/british-vs-american-houses-differences/

I watch "Escape to the Country" and other UK housing shows (no homo) and I'm amazed at how primitive the houses in the UK are.

If you're buying in the UK where space is a luxury you're better off buying based on footprint and structural integrity. If it's been modernized (no longer primitive) then you'll be paying a premium for that. Better off putting your budget towards a better footprint and modernizing it yourself and to your own taste later.

Also part of the reason why reason why insurance is so cheap is because you only need to insure against rebuild cost not the property value. You can insure a £1M home for as little as £250 a year because the rebuild cost is only a fraction of the actual  property value.

Flexacon

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #43 on: September 28, 2023, 06:26:31 PM »
In Houston, Texas for a $400k house i paid $14k a year just in property taxes.

In New Mexico i own 4 homes worth over $900k total and i pay $1700 a year in property taxes.

The area i live in has the best schools in the state and better everything compared to Houston. It's not even close.

Taxes do not always equal amenities.

The most affluent boroughs have lower social care/unemployment spend here so property (council) taxes tend to be lower as the taxes help fund some of those services here. Might it be the same anywhere over in the US?

One place I own it's £1600 per year and directly across the road like 30ft from it its £900 for the same size property. They just both happen to be on the boundary of 2 different boroughs. One "poor" (higher tax) and one "rich"

ThisisOverload

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #44 on: September 28, 2023, 06:28:56 PM »
Four homes? Are you a landlord?

Sort of, they are investments.

I used to flip houses back before it was cool and held on to the ones that would have the best returns.

Just rent them out and have a friend manage them for easy money.

Once they hit a certain value i will sell them.

ThisisOverload

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #45 on: September 28, 2023, 06:36:49 PM »
Wow, r/e taxes are high in Texas or is that particular to Houston?

Inside the City of Houston limits is crazy expensive.

Most of rural Texas is pretty cheap.

Which is why Houston is growing outward at a record pace.

People would rather commute and live in an affordable house than live in town and pay more in property taxes.

My parents have a $500k house 45 minutes outside Houston that is paid off, their yearly tax bill including school taxes is around $5000 a year.

That same house in the City limits would be around $18k a year just in property taxes.

Humble Narcissist

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Re: U.S. states where homeowners pay the most in property taxes
« Reply #46 on: September 29, 2023, 12:13:35 AM »
Sort of, they are investments.

I used to flip houses back before it was cool and held on to the ones that would have the best returns.

Just rent them out and have a friend manage them for easy money.

Once they hit a certain value i will sell them.
Good investment.