Property Tax

[dxkj]

My wife and I were looking at a few houses in the area, and when we were having expected payments computed we were surprised by the amount of property tax.

215k house, 1100 mortgage payment, 550 dollars in propert tax each month.

This is 3% of the homes value each year. No other tax I've run into compares to this. At least you only have to pay sales tax once, and tax from your paycheck once. This is a penalty for home ownership it appears.

 

[jagec]

It pays for the $.03 gas in Iraq.

 

[Heisenberg]

Yes, it really sucks. Kansas has property tax on cars too which really blows.

 

[PingSpike]

Our tax code only rewards people for debt and poor money management skills.

 

[ElFenix]

Originally posted by: Heisenberg
Yes, it really sucks. Kansas has property tax on cars too which really blows.

damn, do they at least account for rampant depreciation?

 

[Hammer]

Originally posted by: dxkj
My wife and I were looking at a few houses in the area, and when we were having expected payments computed we were surprised by the amount of property tax.

215k house, 1100 mortgage payment, 550 dollars in propert tax each month.

This is 3% of the homes value each year. No other tax I've run into compares to this. At least you only have to pay sales tax once, and tax from your paycheck once. This is a penalty for home ownership it appears.

is this in illinois?

 

[FoBoT]

it pays for stuff in your community and state. if you don't like it, get involved with state/local govt. to decide what stuff you want and don't want to pay for

complaining to ATOT about it won't change it

p.s. your alternative is to move to a place with lower taxes

 

[Heisenberg]

Originally posted by: ElFenix

Originally posted by: Heisenberg
Yes, it really sucks. Kansas has property tax on cars too which really blows.

damn, do they at least account for rampant depreciation?

Yeah, they do. There's been a move to get rid of it for a while, but I'm not sure how far it's gotten. AKAIK, the tax is still there.

 

[SuperTool]

Because property taxes are being used to cover income tax shortfalls.

 

[bunker]

Damn...I thought my $375 a month was high. If the house is in Chicago as your profile indicates, number one, you have a damn tiny house for that amount of money, and number two, property taxes are almost always very high in a big city. Have to pay for all those city/county programs somehow.

 

[amish]

Originally posted by: jagec
It pays for the $.03 gas in Iraq.

you do realize that property taxes are a state tax and not a federal tax, right? therefore, this pays for nothing in iraq at all. the tax pays for the five guys trying to put up a street sign in your state, county or city.

 

[welst10]

You pay property tax too if you rent. It'll be part of your rent.

 

[GasX]

Sounds like you have a tax rate similar to mine. What state are you in?

(tax bill poll here)

 

[dman]

I don't like it either, but, I'm not upset enough to get off my behind and do anything about it. It sucks that I pay a larger perecentage of taxes and consume less services than others... but... such is life in the good 'ol USA.

 

[Argo]

Connecticut has car tax as well. Just paid $450 for my car last week What a load a crock!!!

 

[Mermaidman]

Slightly OT, but here is a site that compares the cost-of-living at different cities:
Calculate Cost-of-Living Difference

 

[CPA]

Originally posted by: PingSpike
Our tax code only rewards people for debt and poor money management skills.

you pay property taxes no matter if you live in a house (tax bill or escrow) or apartment (part of rent). It has nothing to do with debt or poor money management skills.

 

[waggy]

I have to agree. i feel that homeowners get screwed when it comes to homeowner taxes. but thats part of owning a home.

 

[blackdogdeek]

we pay about 8k in property taxes on a 3 bdr/2 bath house.

the next town over has taxes that are about 50% higher than ours.

doesn't property tax also pay for public schooling?

 

[jadinolf]

My tax is $1432 per year..?

I'm lucky, right?

 

[DaveSimmons]

Tax rates are just as bad here in Washington state, because on top of the normal general property tax there are literally dozens of "special levies" for "special" items that really should be paid out of the general tax (911, police, fire, ambulance, schools, libraries).

Every year some new group tries to tack on more, "it's just $30 a year! think of the children!" but when you multiply $30 per $100K by 10 or 20 you've got thousands of dollars on a $300K home. And housing prices are so insane in the Seattle area that $300K is just for a starter house.

 

[waggy]

Originally posted by: DaveSimmons
Tax rates are just as bad here in Washington state, because on top of the normal general property tax there are literally dozens of "special levies" for "special" items that really should be paid out of the general tax (911, police, fire, ambulance, schools, libraries).

Every year some new group tries to tack on more, "it's just $30 a year! think of the children!" but when you multiply $30 per $100K by 10 or 20 you've got thousands of dollars on a $300K home. And housing prices are so insane in the Seattle area that $300K is just for a starter house.

yeap thats what they keep doing here in IL.

taxes were almost half of what they are now about 5 years ago.

We bought my wife's parents house. they had to move because it was so expensive. they have records where 4 years ago they were paying was around $2500 a year. When we bought the house the bill we got was for $4700! WTF thats insane.

they keep adding small amounts every year. Then they turn around and give developers a huge tax break if they build yet another store, mini-mall or sub-division.

 

[n0cmonkey]

Originally posted by: Heisenberg

Originally posted by: ElFenix

Originally posted by: Heisenberg
Yes, it really sucks. Kansas has property tax on cars too which really blows.

damn, do they at least account for rampant depreciation?

Yeah, they do. There's been a move to get rid of it for a while, but I'm not sure how far it's gotten. AKAIK, the tax is still there.

We've been "getting rid of ours" here in VA for a while now. :roll:

Good luck.

 

[lobadobadingdong]

good grief, I hope your county has massive amounts of community services.

 

[cyclistca]

What? People bitch and complain about taxes in Canada but my property taxes on a 275000 town house are only 1200 a year or there abouts.