Post # 1
Fiance and I went to a few open houses today, the first actual homes we’ve looked at more than just stalking online. At the first house we went to there was the realtor and a guy from a lending company. The guy from the lending company had a paper detailing all the costs of ownership.
For a 125,000 house, with 3.5% down and a 4% mortgage for 30 years, the monthly payment was over $1,200. I thought this was crazy so I was looking at the break down and the property tax was $445 a month! That’s over 5,000 a year. The house wasn’t in a great or terrible neighborhood, so I was very surprised by this… and it got me thinking how much the average property tax was. When I got home I looked online and I couldn’t find a home with property tax under 4,000 a year! I know NY has high taxes but this is crazy!
So I really want to know, how much is your property tax? How do you afford that ontop of the mortage every month?
Post # 3
$5050 this year on a ~$220k house. We have a certain amount automatically moved into a savings account every month, and pay the bill in full every year.
Post # 4
Yes! Taxes are a lot in ny. Mine are 8,000 and I have a 3 bedroom ranch in ny. It is crazy, however, when you do buy you get money back when you do your taxes. So it really does make sense to buy rather than rent. Good luck!
Post # 5
- Wedding: October 2011 - Bed & Breakfast
Ours are $7200/year, or $600/month. We also have one of the premier school systems in the country, and it’s cheaper than the private school tuition I was paying when we lived in a county with a lower tax rate. So to me, it’s money well spent. 🙂
Post # 6
Ours is about $3200/year or $800 ish every 3 months. Very nice area in the country, good schools etc. Mortgage is around $300k …. Definitely factor taxes into your budget!
Post # 7
Ours will be $1800/year. We also live in a very affordable area of the country.
Post # 8
$1900/yr. but we’re facing an increase. Originally, before we decided to look in the city we were facing 3500 in the burBs.
Post # 9
DC : $1600 on a house with ~$700k value ($240k on the mortgage but they tax you on the assessed value, not what you owe on it), however I bought when they were giving various exemptions to new homeowners. No tax on the first $85k value, and a tiered tax rate above that, plus they cannot raise property taxes more than 4% a year regardless of how much my home increases in value. One of the many, many reasons I chose to buy in DC instead of the suburbs.
Post # 10
$1900 a year on a single family $150k house.
Post # 11
My husband finished building our house last Aug. Last wk we got our property taxes and owe 1700.
Post # 12
@lovekiss: Is that just municiple?
From what I’ve seen, taxes will be a bit under $3000 when we buy.
Post # 13
@StaceyA: Yeah I’m still trying to figure out all of these added costs that come with home ownership. I was already budgeting for the tax but I didn’t realize it would be as much as our montly rent is!
Post # 14
about $5K on a $230K house. its just something you have to factor in, when you are purchasing a house.
Post # 15
Our mortgage $475,000 and our taxes are $3500
Post # 16
Factor in future tax increases. Even if your mortgage doesn’t go up, your taxes can, because taxes are based on the assessed value of the home, not the price you paid for it or how much you owe on it. Your actual mortgage doesn’t have anything to do with the taxes. You’ll still pay taxes once your mortgage is paid off.