Property tax in CT
Mar 25th 2010, 4:59 pm
#1
Forum Regular
Thread Starter
Joined: Mar 2010
Location: Ridgefield CT
Posts: 74
Property tax in CT
Have just found out about Property tax, read lots of info but just wondered if someone could confirm I have understood it;
Basically on the property listing for a $700k house it says "est.taxes $11561" so I have to pay $963 (£644) every month, this is the equivalent of Council tax in the UK where I currently pay £200 per month?.
Have I understood it correctly?
Thanks!
Basically on the property listing for a $700k house it says "est.taxes $11561" so I have to pay $963 (£644) every month, this is the equivalent of Council tax in the UK where I currently pay £200 per month?.
Have I understood it correctly?
Thanks!
Mar 25th 2010, 5:12 pm
#2
SUPER MODERATOR
Joined: Dec 2005
Posts: 88,023
Re: Property tax in CT
Have just found out about Property tax, read lots of info but just wondered if someone could confirm I have understood it;
Basically on the property listing for a $700k house it says "est.taxes $11561" so I have to pay $963 (£644) every month, this is the equivalent of Council tax in the UK where I currently pay £200 per month?.
Have I understood it correctly?
Thanks!
Basically on the property listing for a $700k house it says "est.taxes $11561" so I have to pay $963 (£644) every month, this is the equivalent of Council tax in the UK where I currently pay £200 per month?.
Have I understood it correctly?
Thanks!
Correct....I wish our property tax was that figure.
Welcome to America!!
Mar 25th 2010, 5:20 pm
#3
The Kwisatz Haderach
Joined: Aug 2008
Location: North Wales
Posts: 8,080
Re: Property tax in CT
Have just found out about Property tax, read lots of info but just wondered if someone could confirm I have understood it;
Basically on the property listing for a $700k house it says "est.taxes $11561" so I have to pay $963 (£644) every month, this is the equivalent of Council tax in the UK where I currently pay £200 per month?.
Have I understood it correctly?
Thanks!
Basically on the property listing for a $700k house it says "est.taxes $11561" so I have to pay $963 (£644) every month, this is the equivalent of Council tax in the UK where I currently pay £200 per month?.
Have I understood it correctly?
Thanks!
Mar 25th 2010, 5:20 pm
#4
Forum Regular
Thread Starter
Joined: Mar 2010
Location: Ridgefield CT
Posts: 74
Re: Property tax in CT
OMG!!
wow, how does anyone afford anything! that's almost what my mtge costs here!!
Well better hope hubby gets a huge payrise with his new job! haha!
Thanks
wow, how does anyone afford anything! that's almost what my mtge costs here!!Well better hope hubby gets a huge payrise with his new job! haha!
Thanks
Mar 25th 2010, 5:25 pm
#5
The Kwisatz Haderach
Joined: Aug 2008
Location: North Wales
Posts: 8,080
Re: Property tax in CT
I found this list of rates by state.
http://www.nytimes.com/2007/04/10/bu...ates.html?_r=1
http://www.nytimes.com/2007/04/10/bu...ates.html?_r=1
Mar 25th 2010, 5:34 pm
#7
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Thread Starter
Joined: Mar 2010
Location: Ridgefield CT
Posts: 74
Re: Property tax in CT
I found this list of rates by state.
http://www.nytimes.com/2007/04/10/bu...ates.html?_r=1
http://www.nytimes.com/2007/04/10/bu...ates.html?_r=1
Mar 25th 2010, 5:37 pm
#8
Septicity
Joined: May 2004
Posts: 23,762
Re: Property tax in CT
I found this list of rates by state.
http://www.nytimes.com/2007/04/10/bu...ates.html?_r=1
http://www.nytimes.com/2007/04/10/bu...ates.html?_r=1
For example, we had a Houston noob here a few weeks ago who was so happy that Texas didn't do state income tax. When she looks on the property tax rate on your link, she's in for a little surprise.
Mar 25th 2010, 5:39 pm
#9
Lost in BE Cyberspace
Joined: Jan 2008
Posts: 41,518
Re: Property tax in CT
It's not really the full picture. You have to take into account property tax, sales tax, state and local income tax, and taxes connected with owning a vehicle to get a true picture of what you're going to be paying to the government locally.
For example, we had a Houston noob here a few weeks ago who was so happy that Texas didn't do state income tax. When she looks on the property tax rate on your link, she's in for a little surprise.
For example, we had a Houston noob here a few weeks ago who was so happy that Texas didn't do state income tax. When she looks on the property tax rate on your link, she's in for a little surprise.
Mar 25th 2010, 5:46 pm
#12
L2, GC, Surrey, OH, TX!
Joined: Aug 2007
Location: Surrey to Dallas (via Ohio)!
Posts: 6,363
Re: Property tax in CT
also - the property tax is USUALLY paid twce a year or annually. (The americans seem to have an issue with monthly!).
However often the property tax is paid alongside the mortgage. Ie we pay our mortgage monthly - but pay included in the sum a monthly amount towards our property tax and our house insurance etc. It sits in an escrow account (bank take care of it) and then bank just make the bi-annual payment when required - so we dont have to worry about separate payments. Our property tax is about $750 a month! It was just assessed a few months ag o (house was only built in 2008) and we had been putting only $600 a month in escrow - so now we have to pay more each month so that when the 'first half years' bill comes in in July - we have enough in escrow to meet it. (NB we also had to pay something like 9 months worth of the property tax and insurance into the escrow kitty when we closed the mortgage so we are technically paid up for several months right now.)
Its funny - the US has its knickers in a twist about this new healthcare law being the first steps to a nanny state- yet its quite common to not trust us homeowners to be able to remember to pay our own property tax and insurance and to do it for us!
However often the property tax is paid alongside the mortgage. Ie we pay our mortgage monthly - but pay included in the sum a monthly amount towards our property tax and our house insurance etc. It sits in an escrow account (bank take care of it) and then bank just make the bi-annual payment when required - so we dont have to worry about separate payments. Our property tax is about $750 a month! It was just assessed a few months ag o (house was only built in 2008) and we had been putting only $600 a month in escrow - so now we have to pay more each month so that when the 'first half years' bill comes in in July - we have enough in escrow to meet it. (NB we also had to pay something like 9 months worth of the property tax and insurance into the escrow kitty when we closed the mortgage so we are technically paid up for several months right now.)
Its funny - the US has its knickers in a twist about this new healthcare law being the first steps to a nanny state- yet its quite common to not trust us homeowners to be able to remember to pay our own property tax and insurance and to do it for us!
Mar 25th 2010, 5:52 pm
#15
Wondering if...
Joined: Apr 2009
Location: Clarence, NY
Posts: 1,214
Re: Property tax in CT
A lot of money to be made on all that escrow money sitting in someone else's account, I presume.
