Home buying thread

Jysin

Jysin

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Palum_sl said:
Haha, fuck CT. But who am I kidding, cars here are 8.3% sales tax and a further ~1.2% the next year as a registration tax that goes down slightly each year after.
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Peanuts. VA has a 4% "personal property tax" every year. Each car, boat, atv, etc you own, you will pay 4% of the value per year on them. Fuck that state.

(You do get a discount on your primary vehicle, but it's not the point.)
 
Big Phoenix

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Jysin_sl said:
Peanuts. VA has a 4% "personal property tax" every year. Each car, boat, atv, etc you own, you will pay 4% of the value per year on them. Fuck that state.

(You do get a discount on your primary vehicle, but it's not the point.)
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Lol what the fuck? Tax a depreciating asset that isnt generating you income?
 
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Kedwyn

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They called it excise tax in Mass. It's a fucking rip off although I don't think it was that high. Supposed to be for road use and such.
 
Khane

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I think it's around 1% here in CT for vehicle property tax. 4% is ridiculous.
 
Palum

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Honestly 4% seems really high, unless they have low sales/property taxes or something. Every state I've lived in has pretty high taxes on registering cars, though. Like 3-5% of 60% of value or stuff like that yearly with annual depreciation.
 
Joeboo

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We're close to 4% property tax on vehicles here in MO. 2014 was the first full year we owned our 2013 Hyundai Santa Fe, and the personal property tax on this ~$24k vehicle was just a tad under $1000. Sucks hard. Luckily, the value they tax you on depreciates rapidly. 2015 was *only* $750. My wife's 99 Mustang before we traded it in for that Santa Fe was like $70 per year, being 14 years old.

Here are the residential home property tax rates for each state:

How High Are Property Taxes in Your State? | Tax Foundation

Runs from New Jersey at the high end of 2.38% to Hawaii at the low end of 0.28%

Note that this is *just* the state tax and doesn't reflect additional property taxes based on your individual county. city, or school district.
 
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Picasso3

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I was unaware the state had property taxes in WV unless I pay them to the county and then they send a portion onwards to the state.
 
Joeboo

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Picasso_sl said:
I was unaware the state had property taxes in WV unless I pay them to the county and then they send a portion onwards to the state.
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Yeah that's generally how it works. If you look at your property tax receipt it'll show the breakdown of your payment and where all it is going to

Here's what mine looks like:
LEzy9tm.png


I *think* the bottom 4 categories are state fees(and maybe the first one too), as they are all services that are more widespread than just my single county. But the vast majority is easily local county, city, and school district. Who knows, some of the school district money might also technically be state as well, since it's a public school, I'm sure every public school district in the state gets a certain, base amount mandated by the state(and then individual districts can vote to raise it higher)
 
Big Phoenix

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God property taxes are abhorrent. Reality means you dont own shit in this country, you just rent it from the government.
 
Noodleface

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Kedwyn_sl said:
They called it excise tax in Mass. It's a fucking rip off although I don't think it was that high. Supposed to be for road use and such.
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What valuation is used for motor vehicle excise bills?

The excise is based on the value of the motor vehicle as determined by the Commissioner of Revenue upon certain percentages of the manufacturer's list price in the year of manufacture. The excise valuation is not based on the actual purchase price or "book value" of the vehicle. The percentages set forth in the statutory depreciation schedule that are applied to manufacturer's list price are as follows:
In the year preceding the designated year of manufacture 50%
In the year of manufacture 90%
In the second year 60%
In the third year 40%
In the fourth year 25%
In the fifth and succeeding years 10%
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Basically - who the fuck knows how they calculate it.

My brother in laws 2010 Nissan Titan has less excise tax per year than my other brother in laws 1999 Nissan Altima
 
Mrs. Gravy

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joeboo_sl said:
Yeah that's generally how it works. If you look at your property tax receipt it'll show the breakdown of your payment and where all it is going to

Here's what mine looks like:
LEzy9tm.png


I *think* the bottom 4 categories are state fees(and maybe the first one too), as they are all services that are more widespread than just my single county. But the vast majority is easily local county, city, and school district. Who knows, some of the school district money might also technically be state as well, since it's a public school, I'm sure every public school district in the state gets a certain, base amount mandated by the state(and then individual districts can vote to raise it higher)
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Joeboo - the first one is a mil tax that likely funds your Senate Bill 40 (1999) board for people who have Developmental Disabilities. I know this because I work for a similar agency. See MACDDS website for more info. The mental health tax likely goes towards the state monitored but county provided mental health services in your county including but not limited to treatment of mental illness for those with limited income, treatment for drug and alcohol abuse, cooperative counseling programs in the schools, and domestic abuse prevention or housing programs.
 
AladainAF

AladainAF

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Big Phoenix_sl said:
God property taxes are abhorrent. Reality means you dont own shit in this country, you just rent it from the government.
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You should see the bullshit I have to pay, and I live in one of the lowest tax areas in Austin. Most people who have lived here for 30+ years and fully own their home can no longer afford to live here because they can't pay the property tax bill because they jack the appraisals and taxes through the fucking roof. I pay over $7,000 a year in my primary residence, $4,000 on one rental home I have (valued at just 145,000 but in a very high tax area), $2,800 in another rental I have, and $2,300 on a third. All homes are paid off except primary residence.

I mean, my own house has gone up in value $100,000 in just 3 years. That's such bullshit.

rrr_img_124121.png


And my rental properties also have been going through the roof:

rrr_img_124122.png

rrr_img_124123.png

rrr_img_124124.png
 
K

Kedwyn

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They get their money one way or another. Property taxes, sales tax or income tax. Plus the fees.

Here the capped the increase on value at 3% max per year so that helps with the soaring market prices.
 
AladainAF

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Picasso_sl said:
Holy shit. I thought texas was all freedom and no taxes republican type.
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Austin is the only liberal place in Texas, and pretty much the only one with an affordability problem (surprise, surprise).

Kedwyn_sl said:
They get their money one way or another. Property taxes, sales tax or income tax. Plus the fees.

Here the capped the increase on value at 3% max per year so that helps with the soaring market prices.
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Yep. It's capped here, if you have homestead (you can see HS Cap on the lists). One of my rentals had a left-over homestead when I got it but I don't get that advantage anymore.

It balances out. Texas has no income tax and with me and my wifes combined income we're making out a hell of a lot better than if we had to pay income tax. But it still sucks in that Austin is really fucking over its residents. Seriously, people are moving in in droves - true, but they are also running out all the old timers, and minorities with such a ridiculous affordability problem.

I'm sorry but when you've lived in your house for 30+ years, and own it free and clear yet can't pay the property taxes and are forced to sell it or have it taken over by the city, that's a serious local government issue.

The median home price in Austin is $255,000. That's far, far above anywhere else in Texas. For comparison, Dallas's is $134,200 and San Antonio's is $185,500.

Surge in property tax bills spurs push to reform tax appraisal... | www.mystatesman.com
 
Cad

Cad

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AladainAF_sl said:
Austin is the only liberal place in Texas, and pretty much the only one with an affordability problem (surprise, surprise).



Yep. It's capped here, if you have homestead (you can see HS Cap on the lists). One of my rentals had a left-over homestead when I got it but I don't get that advantage anymore.

It balances out. Texas has no income tax and with me and my wifes combined income we're making out a hell of a lot better than if we had to pay income tax. But it still sucks in that Austin is really fucking over its residents. Seriously, people are moving in in droves - true, but they are also running out all the old timers, and minorities with such a ridiculous affordability problem.

I'm sorry but when you've lived in your house for 30+ years, and own it free and clear yet can't pay the property taxes and are forced to sell it or have it taken over by the city, that's a serious local government issue.

The median home price in Austin is $255,000. That's far, far above anywhere else in Texas. For comparison, Dallas's is $134,200 and San Antonio's is $185,500.

Surge in property tax bills spurs push to reform tax appraisal... | www.mystatesman.com
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My property tax rate ends up being 1.8% with homestead exemption. Its the state minimum because we lose over 70% to Robin Hood anyway. Raising it would do no good we'd just pay it to Austin to send down to the Rio Grande. Fuck that.
 
Joeboo

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AladainAF_sl said:
You should see the bullshit I have to pay, and I live in one of the lowest tax areas in Austin. Most people who have lived here for 30+ years and fully own their home can no longer afford to live here because they can't pay the property tax bill because they jack the appraisals and taxes through the fucking roof. I pay over $7,000 a year in my primary residence, $4,000 on one rental home I have (valued at just 145,000 but in a very high tax area), $2,800 in another rental I have, and $2,300 on a third. All homes are paid off except primary residence.

I mean, my own house has gone up in value $100,000 in just 3 years. That's such bullshit.
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That's pretty crazy, My house that I posted the taxes for above sounds pretty similar to your rental. Similar square footage, similar value (we're probably $140-$150k if we sold). I'm actually in one of the most expensive tax areas in the KC Metro area because our school district is one of the best in the state, and my property taxes are what, like ~$1700 per year? If I had the same house 5 miles away in a different suburb my property taxes might be $1200 or so. $4000 is ridiculous. Where does that money go? You better have an insane public school district.
 
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