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Real Estate Taxes, What are Yours?

Real Estate Taxes, What are Yours?

Old Jul 19th 2005, 8:10 pm
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Default Real Estate Taxes, What are Yours?

Here in the UK I pay about £1200 per year council tax. My daughter in southern California pays about $7,000 per year in real estate tax. On the other hand I pay about $2,000 tax on my Arizona home (which is about the same size as my daughters' house). I am interested in the variation and methods of calculating the RE tax in the US.

Cheers

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Old Jul 19th 2005, 8:12 pm
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Default Re: Real Estate Taxes, What are Yours?

Originally Posted by Tinyburst
Here in the UK I pay about £1200 per year council tax. My daughter in southern California pays about $7,000 per year in real estate tax. On the other hand I pay about $2,000 tax on my Arizona home (which is about the same size as my daughters' house). I am interested in the variation and methods of calculating the RE tax in the US.

Cheers

Tiny

$9000 a year in LA, plus city tax of $2400 :scared:
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Old Jul 19th 2005, 8:19 pm
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Default Re: Real Estate Taxes, What are Yours?

Originally Posted by Tinyburst
Here in the UK I pay about £1200 per year council tax. My daughter in southern California pays about $7,000 per year in real estate tax. On the other hand I pay about $2,000 tax on my Arizona home (which is about the same size as my daughters' house). I am interested in the variation and methods of calculating the RE tax in the US.

Cheers

Tiny
My MA home is around $1200......my FL home $2400...
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Old Jul 19th 2005, 8:23 pm
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Default Re: Real Estate Taxes, What are Yours?

Originally Posted by Tinyburst
I am interested in the variation and methods of calculating the RE tax in the US.

You're going to need to hold a lot in your head...

Common levels: federal, state, county, city
Common taxes: income, property, sales

Now in AZ I pay: federal income, state income, county property, city sales.

Other places may pay more or less of these. For example, some places don't have state income taxes or city sales tax but will instead make up the difference with very high property taxes. (CA has them all in all combinations tripled, I know!). So you can't really make a comparison without taking account of the whole equation. And I haven't even put in the charge for your car by the government (another tax in my book!), which also varies widely between areas.
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Old Jul 19th 2005, 8:33 pm
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Default Re: Real Estate Taxes, What are Yours?

We pay a farm tax instead of the normal one, which is a lot cheaper at about $2k a year.
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Old Jul 19th 2005, 8:41 pm
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Default Re: Real Estate Taxes, What are Yours?

Property tax alone is calculated as 1% of total purchase price here.
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Old Jul 19th 2005, 10:04 pm
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Default Re: Real Estate Taxes, What are Yours?

Yep, mine's around $8000. But they do so kindly allow you to pay in installments - two to be precise, at $4k a pop
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Old Jul 19th 2005, 10:11 pm
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Default Re: Real Estate Taxes, What are Yours?

So far I'm doing pretty good...I also get half of my FL tax back because I don't live there..its a second home.......
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Old Jul 19th 2005, 10:31 pm
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Default Re: Real Estate Taxes, What are Yours?

Santa Fe, NM:
Property Tax: 0.5% of market value
Sales Tax: 7.2% (a little lower outside city limits)
NM Income Tax: 6.0% highest bracket (down from 8.5% a couple of years ago, and decreasing to 4.9% in 2007)
Car registration: ~ $35 - $ 70 / year for a new car depending on weight

Not too shabby, especially on the property tax.
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Old Jul 19th 2005, 10:44 pm
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Default Re: Real Estate Taxes, What are Yours?

Drives you up the wall even trying to calculte it! Shut up and pay up!

Currently the Arizona sales tax rate is 5.6%.Maricopa County adds on .7% sales tax to support roads and jails. That's a total of 6.3%. Then, each city may add sales tax. Here are the city sales tax rates as of May 2004. If you add the total of the Arizona sales tax and Maricopa County sales tax, 6.3%, to the city sales tax rate, you'll get the total sales tax that you'll pay when purchasing merchandise in that city. Special note: Arizona does not charge sales tax on food purchased at retail outlets for home consumption (grocery stores). But cities are allowed to do so, and almost all of them do, except Phoenix, Mesa and Youngtown.

When shopping in those cities, be aware of buying grocery items in stores that are not really grocery stores. Their systems might not have the capability to charge a different tax rate for file cabinets as opposed to coffee. Want to fight the battle with them? Often, if someone protests, they will refund the overtaxed portion.

City Sales Tax Rates in Maricopa County, Arizona

Apache Junction sales tax: 2.2%
Avondale sales tax: 2.5%
Buckeye sales tax: 2%
Carefree sales tax: 2%
Cave Creek sales tax: 2.5%
Chandler sales tax: 1.5%
El Mirage sales tax: 3%
Fountain Hills sales tax: 2.6%
Gila Bend sales tax: 3%
Gilbert sales tax: 1.5%
Glendale sales tax: 1.8%
Goodyear sales tax: 2%
Guadalupe sales tax: 2%
Litchfield Park sales tax: 2%
Mesa sales tax: 1.5%
Paradise Valley sales tax: 1.4%
Peoria sales tax: 1.5%
Phoenix sales tax: 1.8%
Queen Creek sales tax: 2%
Scottsdale sales tax: 1.65%
Surprise sales tax: 2.2%
Tempe sales tax: 1.8%
Tolleson sales tax: 2%
Wickenburg sales tax: 1.7%
Youngtown sales tax: 2%
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Old Jul 19th 2005, 11:05 pm
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Default Re: Real Estate Taxes, What are Yours?

Originally Posted by krizzy
My MA home is around $1200......my FL home $2400...
Jesus Krizz, ours are $9k down here in PBC.
 
Old Jul 19th 2005, 11:10 pm
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Default Re: Real Estate Taxes, What are Yours?

Originally Posted by Tinyburst
Here in the UK I pay about £1200 per year council tax. My daughter in southern California pays about $7,000 per year in real estate tax. On the other hand I pay about $2,000 tax on my Arizona home (which is about the same size as my daughters' house). I am interested in the variation and methods of calculating the RE tax in the US.

Cheers

Tiny
orange county Ca
I pay about 4200 a year based on a 2.1% rate but thats on a cost of $200k (10 years ago) if i sell now the new owner would pay appeox $16k intaxes
RIDICULOUS (thank god for prop 13)
oh that tax rate includes a tax called mello roos!!!(dont ask)
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Old Jul 19th 2005, 11:16 pm
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Default Re: Real Estate Taxes, What are Yours?

Originally Posted by bored-silly
Property tax alone is calculated as 1% of total purchase price here.
I think it's 5% around here, but it's capped to around $10K...though it's all been changed in the last couple years, because the southern half of the state didn't have to pay property tax because the nuclear plant use to pay so much in taxes, but now that's closed and done with, the residence have to suddenly start paying taxes, and they suddenly didn't like the idea of having to pay property taxes, especially when they had the huge $1M + homes martha stewart for one *lol*
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Old Jul 19th 2005, 11:29 pm
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Default Re: Real Estate Taxes, What are Yours?

Originally Posted by ImHere
Jesus Krizz, ours are $9k down here in PBC.
Low P Tax is the reason the houses in this town are now worth more........

Its only that price because we took out a new loan and the house was revalued....before that it was $600 and went up a few cents every 5 years.......
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Old Jul 19th 2005, 11:43 pm
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Default Re: Real Estate Taxes, What are Yours?

$9,500 here. Ours go on age of property rather than just school districts etc. If you go for a much older property that hasn't had any extentions added, you will find the property taxes much much lower. Whereas a brand new home will be at least double if not triple the amount for a similar sized home that is 30 years old. It's supposed to slow down the number of new homes being built but it isn't really working
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