My primary residence Miami, has no mortgage it is paid off. For the other home, it is a small percentage. One is in Miami the other in Brooklyn heights. I bought both way before the property bubbles.
Since you're including escrow, you are aware that in 7.5 years, you'll still have to pay taxes on the house?8.7% for mortgage with escrow if I were to pay the minimum each month.
Hope to get that down to 0% in 7.5 years.
fortunatelly, that's a minor inconvenience around here. I pay more on my truck than I do on the house.Since you're including escrow, you are aware that in 7.5 years, you'll still have to pay taxes on the house?
fortunatelly, that's a minor inconvenience around here. I pay more on my truck than I do on the house.
4%, here.Around here it is 3-4% of the value of the property each year.
4%, here.
Our house prices were "normal" until the boom of 2005(?). We paid $75k for ~1400 spft in 1995. I added ~500spft and thought about selling during the boom. The realtor put it on the market for $260K.... Fortunately, it didn't sell. Also, fortunately, the property tax is rate capped and can only go up 5% every so many years (5 I think). A new buyer would pay tax on the sell price. Also, the school tax is put on the vehicles and not on the house you live in (rentals pay the school tax and 6%). So my house tax is just under $500 and the truck taxes is just over $500.
My bro-in-law lives above White Plains NY. They paid $500K for their 2800spft and their taxes is $12K/year.
My sister's rental is county appraised at ~$70K and her tax was $1100.
Thats the card board box option duh
Since you're including escrow, you are aware that in 7.5 years, you'll still have to pay taxes on the house?
The county tells us we pay 4% (6% for rentals) of the county appraised value. But, if we live in the house, we don't pay the school part of the tax,I'm confused...4% property taxes = $500? Maybe I misread something?
Property taxes here are around 1.1 to 1.2% per year. The appraised value of the house has been the same for at least 7 years but the tax rate has also inched up during those 7 years with school portion being most of it (of course, we have two city income taxes with one of them being a school tax so there's even more taxes but that's for another thread).
And I just remembered it's not a 4% of the value. It's some formula based on the millage rate.I'm confused...4% property taxes = $500? Maybe I misread something?
Property taxes here are around 1.1 to 1.2% per year. The appraised value of the house has been the same for at least 7 years but the tax rate has also inched up during those 7 years with school portion being most of it (of course, we have two city income taxes with one of them being a school tax so there's even more taxes but that's for another thread).
And I just remembered it's not a 4% of the value. It's some formula based on the millage rate.
All I know is that's damn cheap what you pay on your house vs what I pay (and much, much cheaper than what others in this thread pay).
It irks me that we pay garbage service based on how much our house is worth. The people across the street in a much smaller home pay much less than we do for trash service (via property tax) because they have a much smaller home. However, they have 7 people in the house and we have 3. They produce far more trash than we do yet pay far less.
On the other side of town, people pay a monthly fee for trash service and it's based on the number of cans you have, not your home size (it's also not run by the city - it's a private service).
All I know is that's damn cheap what you pay on your house vs what I pay (and much, much cheaper than what others in this thread pay).
It irks me that we pay garbage service based on how much our house is worth. The people across the street in a much smaller home pay much less than we do for trash service (via property tax) because they have a much smaller home. However, they have 7 people in the house and we have 3. They produce far more trash than we do yet pay far less.
On the other side of town, people pay a monthly fee for trash service and it's based on the number of cans you have, not your home size (it's also not run by the city - it's a private service).