It’s not just the price. It’s the property taxes, too. How are those?
RE: It’s not just the price. It’s the property taxes, too. How are those?
What ever the property taxes are, they’re nothing compared to where I live ( Long Island, NY ).
My wife and I recently moved out of Milwaukee County where we were paying $14,000 in property taxes to the country with a new and bigger house and acreage for $5000 in property taxes. I don’t see the appeal to living in the city anymore.
Property taxes in Tarrant County, Fort Worth, are frozen once you reach 65 years old. I didn’t file for my tax exemption until I was 67 and they reimbursed me for the taxes I had already paid. On a 2000 square foot house I pay about $2000 a year in taxes.
I often joke that I sold a shack in Rhode Island, 1200 sq ft, and bought a mansion, 2000 sq ft and brand new, in Texas for half the price.
“It’s not just the price. It’s the property taxes, too. How are those?”
My question too...being from illannoy I’m paranoid about those. It’s costing me about a grand per month in this unholy place.
In DFW metro property taxes can be well over 1% assessed value but the valuations are significantly lower so the actual tax amount is much lower than say, California.
Sky high here in West Texas!
In California, it all depends on when you bought your property. Property taxes are set at 1% of purchase price with a max 2% per year increase. If you bought your house for $250,000 in 1983, your taxes are very reasonable (they doubled from $2,500 per year to $5,000 per year in 35 years). BUT, if you buy the same house today for $2,500,000, you will pay $25,000 per year.
Of course, the big question is “Will the same house sell for $25 million in the year 2053 (35 years from now)?” If you believe another 10X is possible, then buying today makes sense.
I can personally attest that in 1983 when we bought our house there was no way on God’s green earth we anticipated what has happened in Silicon Valley. Anybody who proclaimed prices would go up 10X in 35 years was a kook.