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.

BritishInOhio

$6,500 here in this Chicago 'burb.

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 (?)

Franklin

I still can't afford to buy my own place. I noticed when I lived in Chicago that my rent was less than many folks paid in property taxes who lived out in the posh burbs like Barrington. I heard Evanston wasn't exactly cheap, but some of the burbs had very expensive (to buy) housing.

NC Penguin

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

Bob

That's got to be confusing?

It's 5% sales tax in maine, but there's also no tax on food items...including processed products..

sas

I pay about $4.20 per $100 of property value so 4.2%, that does not unclude MUD taxes

Megalania

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.

Tinyburst

This has been a bit of an eye opener.

Anyone know if AZ has a cap on RE tax increases?

cheers

Tiny

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!

Tinyburst

So, as far as you know there is no limit on any increase? This could get expensive.

fatbrit

Turkeys don't generally vote for Thanksgiving.

snowbunny

Austin: 2.81% of the home valuation (about)
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?

snowbunny

In our taxing authority there is a cap on the percentage increase *per year* until the value reaches market value; so if your property were to appreciate 50% in one year, they might increase the value at the tax office by the first 25% the first year, and the second 25% the second.

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.

sabba

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.