Just got my property tax bill.

[CTrain]

Bought a house last Sept.
This will be my first full year owning a house.
Man, this is going to put a dent in my Christmas spending.
BTW, this is in Florida.

 

[So]

Flee the country to avoid the bill.

 

[FoBoT]

no escrow?

 

[blackdogdeek]

ours is around $9k

 

[IceBergSLiM]

Originally posted by: FoBoT
no escrow?

 

[Jgtdragon]

Mine is 6k.
Sucks eh?

 

[dullard]

$2900 is fairly typical for a house. Didn't you know about this well ahead of time?

Originally posted by: FoBoT
no escrow?

I wish I had no escrow. All that money sitting in the bank account earning no interest while at the same time I have to borrow that much more from the same bank to pay for the house at 6% interest.

 

[FP]

Ours is around $8k. Add in the "catch up" property taxes we paid this year and we have paid over $14k this year in property taxes alone.

<--- California

 

[FoBoT]

i get interest on my escrow

 

[IceBergSLiM]

Originally posted by: dullard
$2900 is fairly typical for a house. Didn't you know about this well ahead of time?

Originally posted by: FoBoT
no escrow?

I wish I had no escrow. All that money sitting in the bank account earning no interest while at the same time I have to borrow that much more from the same bank to pay for the house at 6% interest.

huh? no. thats not how it works.

 

[MadPeriot]

I just got my property tax bill too for the next year, man it hurted when I opened it. Not sure how I'm going to pay for it without tampering with the parent plan. I purchased last Sept as well. This is in So. Cali.

 

[akshatp]

Our assessment just came through last month. $12,500 a year... Hows that for a dent in xmas spending

 

[gregshin]

Originally posted by: MadPeriot
I just got my property tax bill too for the next year, man it hurted when I opened it. Not sure how I'm going to pay for it without tampering with the parent plan. I purchased last Sept as well. This is in So. Cali.

how much was it mang?

i know where you live btw!!!

haha im buying next year tho so imma join you

 

[mattocs]

on the house we just bought the property tax is about $650 a year.

 

[CTrain]

Originally posted by: FoBoT
no escrow?

You answered my question.
Why pay escrow when you can have that money sitting in the bank.

My brother who owned the house before he sold to me paid $1300 last year.
But that was based on $80K value.
I bought from him for $140K.
I knew it would go up but didn't think it would be more than double.

I guess I'm lucky that I don't have to pay taxes on value of $250K cause thats what it was worth.

 

[travisray2004]

im glad i rent.. and have old vehicles....lol

 

[CTrain]

Heh, that $40K house next to DrPizza is looking mighty nice right now.

 

[Danman]

It's ridiculous here in Florida, especially Orlando. My fiance and I really wanted to buy a townhouse, but we can't afford it due to this market. I make a decent living, and I just don't see how people afford it, it's crazy.

 

[dullard]

Originally posted by: IcebergSlim
huh? no. thats not how it works.

Then please tell me how it works, as you seem to know it all.

Suppose I want to buy a $100,000 house. Suppose there are $3,000 in closing costs (including $1500 for the escrow). Suppose I have $23,000 available up front for the house. Suppose the interest rate is 6.5%. How much do I borrow? How much interest do I pay on the first payment?

[*]I borrow $100,000 + $3,000 - $23,000 = $80,000.
[*]The first payment interest is $80,000 * (.065/12) = $433.33.

If I had my WISH and instead got a 6.5% interest loan without escrow, I would have:
[*]$1,500 in closing costs.
[*]$78,500 borrowed.
[*]$425.21 in interest on the first payment.

In this example, I pay $8.12 more in interest for the first month with the escrow account than if I didn't have that escrow account. Also, I could take that $8.12 savings and pay off the house principal, each and every month, netting 6.5% interest savings (compounded). And, I could put the money that normally goes into escrot at 0% into investments earning more money. Then sell the investments when it is time to pay taxes.

Of course this dream isn't a reality. Banks will give no escrow mortgages in some areas, but at a much higher interest rate for the mortgage. That is why it is a WISH, not reality for me.

 

[amddude]

Originally posted by: Danman
It's ridiculous here in Florida, especially Orlando. My fiance and I really wanted to buy a townhouse, but we can't afford it due to this market. I make a decent living, and I just don't see how people afford it, it's crazy.

It's worse in Daytona.

 

[IceBergSLiM]

Originally posted by: dullard

Originally posted by: IcebergSlim
huh? no. thats not how it works.

Then please tell me how it works, as you seem to know it all.

Suppose I want to buy a $100,000 house. Suppose there are $3,000 in closing costs (including $1500 for the escrot). Suppose I have $23,000 available up front for the house. Suppose the interest rate is 6.5%. How much do I borrow? How much interest do I pay on the first payment?

[*]I borrow $100,000 + $3,000 - $23,000 = $80,000.
[*]The first payment interest is $80,000 * (.065/12) = $433.33.

If I had my WISH and instead got a 6.5% interest loan without escrot, I would have:
[*]$1,500 in closing costs.
[*]$78,500 borrowed.
[*]$425.21 in interest on the first payment.

In this example, I pay $8.12 more in interest for the first month with the escrot account than if I didn't have that escrot account. Also, I could take that $8.12 savings and pay off the house principal, each and every month, netting 6.5% interest savings (compounded). And, I could put the money that normally goes into escrot at 0% into investments earning more money. Then sell the investments when it is time to pay taxes.

Of course this dream isn't a reality. Banks will give no escrot mortgages in some areas, but at a much higher interest rate for the mortgage. That is why it is a WISH, not reality for me.

I was under the impression that you were saying that your property taxes were included in your mortgage loan for the life of the loan when you were saying "all that money" as in tens of thousands of dollars.

 

[CTrain]

Originally posted by: amddude

Originally posted by: Danman
It's ridiculous here in Florida, especially Orlando. My fiance and I really wanted to buy a townhouse, but we can't afford it due to this market. I make a decent living, and I just don't see how people afford it, it's crazy.

It's worse in Daytona.

Just imagine Florida was a cheap place to live just 3 yrs ago.

 

[dullard]

Originally posted by: IcebergSlim
I was under the impression that you were saying that your property taxes were included in your mortgage loan for the life of the loan when you were saying "all that money" as in tens of thousands of dollars.

Thanks for the clarification. Sorry about razzing you.

 

[JeffreyLebowski]

Is that the total for everything? Schools county/state/ect?

My City/county taxes are about $1200. The freaking school taxes are $2000.

 

[FP]

Originally posted by: dullard

Originally posted by: IcebergSlim
I was under the impression that you were saying that your property taxes were included in your mortgage loan for the life of the loan when you were saying "all that money" as in tens of thousands of dollars.

Thanks for the clarification. Sorry about razzing you.

By escrow you are referring to the bundling of your property taxes in your mortgage payment?

If so, it is a reality for me. Our broker gave us the option of bundling it or not.