I’m hoping to do some real estate investing later next year and one of the biggest things I hear people talking about here, (Upstate NY), is the high property taxes that we pay.
Here…property taxes are based on the assessed value of the property…with something like $38 per $1000 of assessment being pretty much the norm. As an example, today I looked at a 3-plex that was listed for $199,000 and had an assessed value of $135,000.
This would equate to annual property taxes of approximately $5100, ($38 * 135M).
Anyways…I’m interested in getting a better feel for what property taxes are like in other parts of the country.
Are we really paying an arm and a leg for property taxes here.
I’m not really bound to staying in New York and have been considering South Carolina.
I would thing that property taxes are a big part of the equation if someone is going to do real estate investing for a living.
Can anyone shed some more light on this…(what other regions’ property taxes are like…and how they are computed).
It varies in the State of Texas (even within neighboring jurisdictions). It can run anywhere from the low-to-high 2%'s. For instance, my primary residence is roughly 2.5%, but a neighboring tax jurisdiction is 2.35%. On the other side of that, it’s almost 2.7%. Regardless, Texas is a state that has one of the highest property tax rates in the country.
We do have high property taxes an a govt that can not reform the school tax. Would we be better off without schools. I used to think so when in school but not now. Keep in mind that we have no State Income Tax. Maybe that would be better than too high property taxes. Texas did not need income taxes because of all the oil revenue that generated income for the State. With higher property taxes maybe some other tax form should be considered.