Real Estate Taxes, What are Yours?
#16
Re: Real Estate Taxes, What are Yours?
Mine is now $1300 a year based on 40 % of house fair market value AND they have a movement on to freeze the taxes or lower 'em.
#18
Re: Real Estate Taxes, What are Yours?
Originally Posted by cindyabs
Mine is now $1300 a year based on 40 % of house fair market value AND they have a movement on to freeze the taxes or lower 'em.
Here in Plano, TX, our taxes are:
Property Tax: 2.53% of the home valuation
State Sales Tax: 8%
State Income Tax: NONE
Car Registration: $75 (?)
#19
Guest
Posts: n/a
Re: Real Estate Taxes, What are Yours?
Originally Posted by dbj1000
40%??? I'm impressed if the FMV of your home is only $3250!
Here in Plano, TX, our taxes are:
Property Tax: 2.53% of the home valuation
State Sales Tax: 8%
State Income Tax: NONE
Car Registration: $75 (?)
Here in Plano, TX, our taxes are:
Property Tax: 2.53% of the home valuation
State Sales Tax: 8%
State Income Tax: NONE
Car Registration: $75 (?)
#20
Re: Real Estate Taxes, What are Yours?
On my home, there is a combined county/city property tax of $1.6092 per $100 of assessed value. I might hasten to add that property tax applies to vehicles too, e.g. cars, boats, motorbikes, yachts, etc.
I also pay NC Sales Tax of which there are two rates depending on the item. The rates are 7% and 2.5%.
The state income tax rate is between 6.00% and 8.25%.
NC Penguin
I also pay NC Sales Tax of which there are two rates depending on the item. The rates are 7% and 2.5%.
The state income tax rate is between 6.00% and 8.25%.
NC Penguin
#21
Re: Real Estate Taxes, What are Yours?
Originally Posted by NC Penguin
I also pay NC Sales Tax of which there are two rates depending on the item. The rates are 7% and 2.5%.
It's 5% sales tax in maine, but there's also no tax on food items...including processed products..
#22
Re: Real Estate Taxes, What are Yours?
I pay about $4.20 per $100 of property value so 4.2%, that does not unclude MUD taxes
#23
Banned
Joined: Mar 2003
Posts: 4,432
Re: Real Estate Taxes, What are Yours?
Off topic but thought the comparison might be interesting.
Just looked up my Australian property rates assessment for 2004/July/1 to 2005/June/30: $A 679.84 ~= $US 509.88. The rates are charged on the unimproved value of the property (the land) and do not include the house or other improvements. House is 210 m^2 = 2,260 sq. ft.
Utilities are charged separately as they are provided by non-government organizations. For year: water & sewerage, $A 800; natural gas, $A 910; electricity, $A 1,271.
Total $A 3,661 ~= $US 2,745.75.
Should add: no state income tax - Goods & Services Tax (GST) on most items except unprocessed food: 10% - collected by federal government and passed on entirely to states.
Just looked up my Australian property rates assessment for 2004/July/1 to 2005/June/30: $A 679.84 ~= $US 509.88. The rates are charged on the unimproved value of the property (the land) and do not include the house or other improvements. House is 210 m^2 = 2,260 sq. ft.
Utilities are charged separately as they are provided by non-government organizations. For year: water & sewerage, $A 800; natural gas, $A 910; electricity, $A 1,271.
Total $A 3,661 ~= $US 2,745.75.
Should add: no state income tax - Goods & Services Tax (GST) on most items except unprocessed food: 10% - collected by federal government and passed on entirely to states.
Last edited by Megalania; Jul 20th 2005 at 5:36 am.
#24
Forum Regular
Thread Starter
Joined: Oct 2004
Posts: 42
Re: Real Estate Taxes, What are Yours?
This has been a bit of an eye opener.
Anyone know if AZ has a cap on RE tax increases?
cheers
Tiny
Anyone know if AZ has a cap on RE tax increases?
cheers
Tiny
#25
Re: Real Estate Taxes, What are Yours?
Originally Posted by Tinyburst
This has been a bit of an eye opener.
Anyone know if AZ has a cap on RE tax increases?
cheers
Tiny
Anyone know if AZ has a cap on RE tax increases?
cheers
Tiny
#26
Forum Regular
Thread Starter
Joined: Oct 2004
Posts: 42
Re: Real Estate Taxes, What are Yours?
So, as far as you know there is no limit on any increase? This could get expensive.
Originally Posted by fatbrit
We're half way through a two-year appraisal for RE taxes in Maricopa County, AZ -- they did this to save money by not having to redo the calculations every year. Unless property values decline by the time of the next appraisal, they probably need to add at least 50% to house values due to the housing bubble. Does this mean property taxes will go up 50% as well? No idea!
#27
Re: Real Estate Taxes, What are Yours?
Originally Posted by Tinyburst
So, as far as you know there is no limit on any increase? This could get expensive.
Turkeys don't generally vote for Thanksgiving.
#28
Re: Real Estate Taxes, What are Yours?
Originally Posted by dbj1000
40%??? I'm impressed if the FMV of your home is only $3250!
Here in Plano, TX, our taxes are:
Property Tax: 2.53% of the home valuation
State Sales Tax: 8%
State Income Tax: NONE
Car Registration: $75 (?)
Here in Plano, TX, our taxes are:
Property Tax: 2.53% of the home valuation
State Sales Tax: 8%
State Income Tax: NONE
Car Registration: $75 (?)
Sales Tax: 8.125%
State Income Tax: none
Car registration: varies on how much the car weighs and its age, but same as yours
Now, how are we going to pay for the schools?
#29
Re: Real Estate Taxes, What are Yours?
Originally Posted by Tinyburst
So, as far as you know there is no limit on any increase? This could get expensive.
However, there is no "maximum" cap -- that would be like the infamous California Proposition 13. I was only eleven when that passed and I still remember the tremendous amount of press coverage it received.
#30
Re: Real Estate Taxes, What are Yours?
Here in Iowa their tax rules are so complicated no one really knows how they calculate it but they keep increasing our property values.
this is from their website
How is the rate of the property tax determined?
The value of property is established.
The assessor (or the Iowa Department of Revenue) estimates the value of each property. This is called the "assessed value."
The assessments of all taxable properties are added together.
The assessor totals the assessed value in each classification and reports it to the county auditor.
The State examines total assessed values and equalizes them.
Each assessor sends the reports, called "abstracts," to the Iowa Department of Revenue . The abstract shows the total taxable values of all real property in each jurisdiction by classification of property, not by individual property.
A process called "equalization" is applied every two years to ensure that property values are comparable among jurisdictions and according to law.
In addition, the "assessment limitation" is applied every year. This process is commonly called "rollback" and is used in response to inflation.
Budgets are established.
Each taxing authority determines its own budget. The budget includes the cost of providing services, the amount of aid received from the federal and state governments, the amount of money remaining from previous years, and revenue from other charges for services.
Each approved budget is submitted to the county auditor.
A tax rate is established.
The county auditor divides the amount of the budget that is not funded by other sources by the taxable value of all the property in the taxing district.
The result is referred to as "dollars per thousand." If the dollars per thousand were $10, the tax on a home valued at $50,000 would be calculated at $10 x 50. The tax on that home would be $500 for that single taxing authority.
Since more than one taxing authority is calculating a tax rate for the property, all the rates are added together, resulting in a single tax levy called a consolidated levy. This consolidated levy is always the result of two or more tax rates established by different government entities.
Credits are subtracted.
Credits such as the Homestead Credit are subtracted before a final tax bill is sent to the taxpayer.
this is from their website
How is the rate of the property tax determined?
The value of property is established.
The assessor (or the Iowa Department of Revenue) estimates the value of each property. This is called the "assessed value."
The assessments of all taxable properties are added together.
The assessor totals the assessed value in each classification and reports it to the county auditor.
The State examines total assessed values and equalizes them.
Each assessor sends the reports, called "abstracts," to the Iowa Department of Revenue . The abstract shows the total taxable values of all real property in each jurisdiction by classification of property, not by individual property.
A process called "equalization" is applied every two years to ensure that property values are comparable among jurisdictions and according to law.
In addition, the "assessment limitation" is applied every year. This process is commonly called "rollback" and is used in response to inflation.
Budgets are established.
Each taxing authority determines its own budget. The budget includes the cost of providing services, the amount of aid received from the federal and state governments, the amount of money remaining from previous years, and revenue from other charges for services.
Each approved budget is submitted to the county auditor.
A tax rate is established.
The county auditor divides the amount of the budget that is not funded by other sources by the taxable value of all the property in the taxing district.
The result is referred to as "dollars per thousand." If the dollars per thousand were $10, the tax on a home valued at $50,000 would be calculated at $10 x 50. The tax on that home would be $500 for that single taxing authority.
Since more than one taxing authority is calculating a tax rate for the property, all the rates are added together, resulting in a single tax levy called a consolidated levy. This consolidated levy is always the result of two or more tax rates established by different government entities.
Credits are subtracted.
Credits such as the Homestead Credit are subtracted before a final tax bill is sent to the taxpayer.