Posted on 03/11/2019 9:55:34 AM PDT by george76
Vikki L. Pryor paid $757,000 for a four-bedroom, four-bath home at 1001 N. Euclid Ave. in northeast Oak Park in August 2005, or $975,657 in today’s dollars.
The home sold on Feb. 26 for $590,000, or 40 percent less than what she paid for it.
Pryor’s property taxes rose over the same period. They were $9,249 when she bought the home in 2005, an effective tax rate of 0.9 percent. Last year, they were twice that -- $20,652, or 3.5 percent of her sale price.
All told, Pryor paid $207,132 in property taxes over 13 years of ownership.
Pryor's story is now commonplace in Oak Park,
...
The effective property tax rate, or the percentage of your home’s value that you pay in property taxes each year, averages 2.31 percent in Illinois, three times the 0.87 percent tax rate in neighboring Indiana, according to WalletHub.com.
Nationally, the average effective property tax rate is 1.3 percent.
...
$81,218 in taxes on a home worth $61,000.
MacArthur “Mac” Alexander.. sold his Maywood four-bedroom, two-bath historic Victorian at 903 N. Third Ave. on Feb. 3 for $61,000.
He originally paid $400,000 -- $467,642 in today’s dollars -- for the home in November 2008,
...
His taxes last year: $9,379, or 15 percent of his home sale price. Cook County claims the home is currently worth $133,318, an effective rate of 7 percent.
In 10 years of ownership, Alexander paid $81,218 in property taxes.
(Excerpt) Read more at westcooknews.com ...
Bookmark
If you buy a house today you do not get to use In CA Prop. 13 limits taxes can be up to 14 k on a normal house,you just got lucky because you ought on early.
The Prop 13 percentage of 1% remains the same for anyone buying a home in CA today. The valuation of the house purchased determines the Cost.
Buy my House today which is valued at 800,000 and the Property Tax Bill is around $10,000. If you are over 55 and coming from a lower valued home you can transfer the lower property tax bill to the new home purchase.
The assessed value can only rise by 2% a year.
The Prop 13 percentage of 1% remains the same for anyone buying a home in CA today.
The home owners I talked to say the number don’t wok that way.
1% plus any Voter Approved Bonded Indebtedness. In our case it works out to 1.25%.
Don’t know what your friends are talking about unless they bought in an area that has aa additional 1% Mello-Roos Assessment.
Prop 13 has time limits.
Please explain.
The only thing threatening Prop 13 are CA Politicians. In their case it is indeed a matter of time.
Just like Governor Loathsome deciding that the Death Penalty is really mean and should be banned even though the People of CA just Voted to speed up the Appeal Process and get er done.
Prop 13 is only good if one buys a house in a time frame not late buys.
I do not understand your Post. The Valuation on the House determines the Property Taxes.
If you buy in an up Market and the price of Housing falls substantially, you can get the House Reassessed to reflect the drop in Value and reduce your Property Tax Bill.
However, of the reverse is true, Prop 13 limits the amount the House Value increases to just 2% a Year.
The cheaper the House, the lower the Taxes, but the “rate” is still limited to 1% plus any Voter approved Bond Measures.
My Friends living in Texas pay 3% plus in Property Taxes but for the most part they get more House for their Money. They also get hit with yearly Assessment increased that I believe are limited to 4%. I’m sure some Texas FReepers can validate whether that is true or not.
Check the rules in Prop 13 and you will get it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.