Bought a new Mazda CX-5

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Originally Posted By: JHZR2
I love living in NJ and gladly pay it for top notch schools in small school districts so my kids dont have to ride a disgisting school bus to a school with 8000 kids where nobody knows anyone else.

Yup. That's definitely better than paying $10K in property taxes and not getting much out of it, like it seems to be the case in my neck of the woods.
 
Ouch. $750 is about what we're paying for both cars on short-term loans. The Fit is 2/3 paid, the Cruze is 1/2 paid. Once the Fit is paid off in about 8 months, the Cruze will get that $750 thrown at it each month to get it paid. Then we'll have cars that are 4 years old and 2 years old that are paid for. After the cars are paid, we're splitting that payment between paying off student debt and a car repair/replace fund.
 
Originally Posted By: Hokiefyd
At $700 per month, I hope they mow your grass for you and wash your car!
wink.gif


I pay a total of about $1,700/year, and that includes city and county tax.

Affluent, educated folks tend to live in very nice areas.... not some armpit slum of a city. But that's the reward for hard work.
 
Originally Posted By: OVERK1LL
Meh, I guess I pay it in other ways.


Yep, every jurisdiction gets their money *somehow*. North Carolina has one of the highest gasoline taxes in the nation. We also pay a not-all-that-low 7% sales tax. That's fairly high for a state that also collects an income tax.
 
Originally Posted By: LT4 Vette
But that's the reward for hard work.


The reward for hard work is satisfaction out of life in general, including living where you wish. Residing in an urban area is simply a lifestyle choice, one that some will enjoy and one that others will not enjoy.
 
Originally Posted By: OVERK1LL
Originally Posted By: JHZR2
Originally Posted By: Hokiefyd
I should have included that our mortgage payment includes escrow for insurance and property taxes. If only considering principle and interest, our mortgage is only something like $550/month. Fortunately, our home values have increased here since we bought, and especially in the last five years. Living close to a strong and growing military installation does that kind of thing. The value of our home has increased 27% compared to what we paid for it. That's fair market value, not a tax or rebuild value.

I suspect we're drifting off-topic here, but maybe still relevant to a discussion about personal finances and extending oneself to far on a home or a vehicle.


LOL, I pay >$700/mo in property taxes alone!

Anyway, back OT...



WOW!!!!!!!!!!
crazy2.gif


Mine are under 3K a year, LOL!


I know people who pay over $3k a month in local property taxes.

Waterfront property isn't cheap.
 
Originally Posted By: hattaresguy
Originally Posted By: OVERK1LL
Originally Posted By: JHZR2
Originally Posted By: Hokiefyd
I should have included that our mortgage payment includes escrow for insurance and property taxes. If only considering principle and interest, our mortgage is only something like $550/month. Fortunately, our home values have increased here since we bought, and especially in the last five years. Living close to a strong and growing military installation does that kind of thing. The value of our home has increased 27% compared to what we paid for it. That's fair market value, not a tax or rebuild value.

I suspect we're drifting off-topic here, but maybe still relevant to a discussion about personal finances and extending oneself to far on a home or a vehicle.


LOL, I pay >$700/mo in property taxes alone!

Anyway, back OT...



WOW!!!!!!!!!!
crazy2.gif


Mine are under 3K a year, LOL!


I know people who pay over $3k a month in local property taxes.

Waterfront property isn't cheap.


Our property taxes on like 500M of prime shorefront on Lake Rosseau with one of the few natural sand beaches on the entire lake were less than 10 grand a year. And we owned a huge chunk of land on top of that.

I'm thinking it is just the difference between how we are taxed up here versus how it is done down there.
 
Clark Howard has good financial advice. I'd see what he has to say. Send him an email. I wonder if its even possible to get out of this deal since it was so misleading. Esp if the media gets involved. Like an I-team reporter. Why have this thing hanging over his head for years. I suspect the interest rate was even increased. Heres a link to Clark Howard:

http://www.clarkhoward.com/cac/ask_team_clark.html
 
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Originally Posted By: OVERK1LL
Originally Posted By: hattaresguy
Originally Posted By: OVERK1LL
JHZR2 said:
WOW!!!!!!!!!!
crazy2.gif


Mine are under 3K a year, LOL!


I know people who pay over $3k a month in local property taxes.

Waterfront property isn't cheap.


Our property taxes on like 500M of prime shorefront on Lake Rosseau with one of the few natural sand beaches on the entire lake were less than 10 grand a year. And we owned a huge chunk of land on top of that.

I'm thinking it is just the difference between how we are taxed up here versus how it is done down there.


Property taxes in my state are based on 70% of assessed value times the mill rate, which I think in my city is .028 this year.

So in the case of my friends house its worth about $2m, so 70% of that is $1.4, and x .028 is $39,200.

I don't know how they do it in Canada, but these are local city taxes, not state or federal.

OTOH I sail with a guy who has a place in FL, and FL has cheap property taxes, but he still pays....$170,000 a year. He has a nice spread though....

NJ has very high property taxes. My buddy bought a house down their and pays $10k a year, up here that same house would be half that. Camden sucks up a lot of resources.
Click to expand...
 
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Originally Posted By: hattaresguy
Originally Posted By: OVERK1LL
Originally Posted By: hattaresguy
Originally Posted By: OVERK1LL
JHZR2 said:
WOW!!!!!!!!!!
crazy2.gif


Mine are under 3K a year, LOL!


I know people who pay over $3k a month in local property taxes.

Waterfront property isn't cheap.


Our property taxes on like 500M of prime shorefront on Lake Rosseau with one of the few natural sand beaches on the entire lake were less than 10 grand a year. And we owned a huge chunk of land on top of that.

I'm thinking it is just the difference between how we are taxed up here versus how it is done down there.


Property taxes in my state are based on 70% of assessed value times the mill rate, which I think in my city is .028 this year.

So in the case of my friends house its worth about $2m, so 70% of that is $1.4, and x .028 is $39,200.

I don't know how they do it in Canada, but these are local city taxes, not state or federal.

OTOH I sail with a guy who has a place in FL, and FL has cheap property taxes, but he still pays....$170,000 a year. He has a nice spread though....

NJ has very high property taxes. My buddy bought a house down their and pays $10k a year, up here that same house would be half that. Camden sucks up a lot of resources.


We'd have been paying 70K a year in property taxes if we were taxed the same way you guys are. That's insane!!!

The taxes here are local as well, not provincial or federal.
Click to expand...
 
Yeah but I see that in a lot of rural areas of the US as well, property taxes are a lot lower. I can go out into the woods of VT or out west and pay hardly anything too.

The north east is just expensive to live in, you want to be close to NY and Boston your going to pay.

NJ seems to be the worst. My other buddy lives right outside of Cherry Hill and is paying $10k a year on a $300k colonial.
 
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Originally Posted By: Vikas
How much property tax is Nick paying? I am trying to figure out how the discussion ended up here :)


We could talk about vehicle taxes lol!

My city would soak Nick for about $600 a year in taxes on that nice new Mazda.
 
Originally Posted By: Hokiefyd
Originally Posted By: JHZR2
$1065 isnt a mortgage payment anywhere that Ive lived...


It is in many parts of the country. We own a 1,700 sq ft house built in 1993. Very typical: 3 BR, 2 BA, 2 car garage, 1/3 acre lot, decent little neighborhood, etc. Our mortgage payment is about $790/month on a 30 year note of about $100k borrowed.

The bank told us we were approved for a $180k loan when we bought the house 10 years ago, back when I was making half of what I do today. Yeah, right!! I watch a lot of home shows where young kids are using their bank approval number to set the price of the houses they shop!


I still see that now too! I'm glad I went with a fixer upper. I pay less in mortgage than when I was renting. Once that better job is found, we'll be ahead of the game. Allow me to really be able to do what I want- save large!
smile.gif
 
Originally Posted By: hattaresguy
Originally Posted By: Vikas
How much property tax is Nick paying? I am trying to figure out how the discussion ended up here :)


We could talk about vehicle taxes lol!

My city would soak Nick for about $600 a year in taxes on that nice new Mazda.


Where I am, it will run about $870 for a 25k car for the first year of personal property tax. Don't forget about the $30 for the sticker. That is after paying sales tax on the purchase, and continues every year based on book value. I still pay on my 2000 Civic with 195k on it.
 
TO the OP, dont' feel so bad. I made a terrible mistake with a USED 4 year old Volvo S60 back in 08.

We had a 97 Escort that was running like clock work. EVERYTHING worked and worked well too. I just got sick of the car and purchased a lightly used Volvo on impulse. The car was meant to be my long-term car that I was gonna own till I was an old man andI made sure to get the most reliable engine tranny configuration (NA 5 cyl with 5 speed stick).

Purchased the car for 16g's cash and put a new set of tires on it (an additional $1000). Then winter hit a few days and our 3 day old all seasons were totally USELESS. Had to purchase another set of winter wheel and tires for about 500. Purchased a few extra jugs of 5w40 syn and filters so I could do my own oil changes.

Within 2 months of owning the car I realized I didn't want it. Sure the seats were comfy, sure the heater was great, but it just wasn't sporty....at all! Maybe I shoulda got the turbo model?

Regardless, the car had a horrible turning radius and the car had odd electrical issues that were not consistant. Also, the suspension made odd noises that the dealer could not diagnose nor repair.

The warranty was about to run out in a few months so I ditched the car for 13g's. At that point I had lost about 3-4 g's on that impuse buy. Heck I didn't even own the car for 7 months! put only a mere 4-5k miles on it too. Total waste of $

Did I learn my lesson? you bet! no boring sedans for me! if it has more than 2 doors, the car is NOT for me!

Shortly thereafter I got a 93 Grand Am sedan with shot suspension and wind up windows, burn out headlight and finky smelling interior for 900 bucks. Got me through till I found the right daily for me
 
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Originally Posted By: Stanley Rockafeller
Within 2 months of owning the car I realized I didn't want it. Sure the seats were comfy, sure the heater was great, but it just wasn't sporty....at all! Maybe I shoulda got the turbo model?

Should have gotten the R.
smile.gif
 
You have no idea how often I said that to myself.

From that point forward, I realized how important it is to always purchase the car you want and not rely on doing modifications. Doing mods is far more tedious and $$$ than just buying the car already finished
 
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