$1500/yr on a house assessed at 65K in Baltimore City.
What do you pay yearly for property taxes.
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Property taxes expressed as $$ per $1k assessed value, or Mill Rate, is the best way to figure out how heavy it all is.
Anybody know the average U.S. Mill Rate?
Anybody know the average U.S. Mill Rate?
Found a USA Today article that said the national average mill rate is $11.50.
So take your property tax bill , and divide by your assessed value, and if its more than 0.0115 then you pay more than average.
https://www.usatoday.com/story/money/per...d-dc/100314754/
So take your property tax bill , and divide by your assessed value, and if its more than 0.0115 then you pay more than average.
https://www.usatoday.com/story/money/per...d-dc/100314754/
Mill rate or effective rate (yearly tax expressed as a percent of the assessed value) are the only apples to apples type comparisons.
For Minnesota, the effective tax rate on homesteaded residential property statewide is 1.28% for 2016.
My home I pay $3500 a year in property tax, with an estimated value of $294,300. (effective tax rate of 1.19%)
And no, property taxes aren't a crime. They are a part of an overall tax system to fund essential government. Period. In many places, it is the only direct source of funding for local government.
For Minnesota, the effective tax rate on homesteaded residential property statewide is 1.28% for 2016.
My home I pay $3500 a year in property tax, with an estimated value of $294,300. (effective tax rate of 1.19%)
And no, property taxes aren't a crime. They are a part of an overall tax system to fund essential government. Period. In many places, it is the only direct source of funding for local government.
Property taxes are a "crime", as some have said here in this thread, only if you believe other kinds of taxes should fund the government.
I tend to be in favor of consumption taxes, mainly energy taxes, and if they are heavy enough, they can wipe out Property Taxes, Income Tax, and Sales Tax too!!
I tend to be in favor of consumption taxes, mainly energy taxes, and if they are heavy enough, they can wipe out Property Taxes, Income Tax, and Sales Tax too!!
Originally Posted By: oil_film_movies
Property taxes are a "crime", as some have said here in this thread, only if you believe other kinds of taxes should fund the government.
I tend to be in favor of consumption taxes, mainly energy taxes, and if they are heavy enough, they can wipe out Property Taxes, Income Tax, and Sales Tax too!!
I'm sort of in on this principle, but - property taxes stay within the community. While IL as a state has one of the lowest funding ratios to public schools (I think they fund only 14% of my high school's budget), the trade off is that I know my property taxes go to my school district. My high taxes aren't subsidizing a district elsewhere.
The same goes with the other local things like fire protection and my village.
User fees are fine, but you're only doing one half of the equation. How and who decides who and how the money is then distributed is a hang up to me.
Property taxes are a "crime", as some have said here in this thread, only if you believe other kinds of taxes should fund the government.
I tend to be in favor of consumption taxes, mainly energy taxes, and if they are heavy enough, they can wipe out Property Taxes, Income Tax, and Sales Tax too!!
I'm sort of in on this principle, but - property taxes stay within the community. While IL as a state has one of the lowest funding ratios to public schools (I think they fund only 14% of my high school's budget), the trade off is that I know my property taxes go to my school district. My high taxes aren't subsidizing a district elsewhere.
The same goes with the other local things like fire protection and my village.
User fees are fine, but you're only doing one half of the equation. How and who decides who and how the money is then distributed is a hang up to me.
I guess I'm trying to wrap my head around what energy tax would replace property taxes, income tax, and sales tax. To my knowledge, no such utopia exists, and there are reasons for that.
$752.51 based on tax assessment of $217,400. However, just refinanced back in November and appraisal came in at $245,000.
IMO a progressive income tax is the fairest form of taxation, but property tax is a necessary evil. I have a basic house (3 BR 2 bath 1100+ square foot) w/o garage and pay $1,600/yr. Personal property (car) tax is about $2,000+.
Originally Posted By: oil_film_movies
Property taxes expressed as $$ per $1k assessed value, or Mill Rate, is the best way to figure out how heavy it all is.
Anybody know the average U.S. Mill Rate?
That doesn't really tell you anything either. In Missouri property is expressed on dollars per hundred and assessments are at 19% of property value-- probably to obfuscate things in the tax payer's mind. Lots of states do unique and confusing playing with tax rates. In Missouri every type of property is adjusted for different percentage rates and agricultural land worth millions is taxed at $20 or $30 per acre because some developer can put some soybeans on a non developed lot. Best way to compare is to figure out actual value of your property and what you pay in taxes.
Property taxes expressed as $$ per $1k assessed value, or Mill Rate, is the best way to figure out how heavy it all is.
Anybody know the average U.S. Mill Rate?
That doesn't really tell you anything either. In Missouri property is expressed on dollars per hundred and assessments are at 19% of property value-- probably to obfuscate things in the tax payer's mind. Lots of states do unique and confusing playing with tax rates. In Missouri every type of property is adjusted for different percentage rates and agricultural land worth millions is taxed at $20 or $30 per acre because some developer can put some soybeans on a non developed lot. Best way to compare is to figure out actual value of your property and what you pay in taxes.
Property taxes here in Ottawa are right around 1% of house value. Buying even a townhouse now is around the 400k mark. I pay $4500/yr for my 800 sq.ft condo.
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TOO much and went up $200 a year when new high school was built. Now we are hearing the city needs a new law enforcement building and a new fire house. Tax payers got their fill of it and flat voted down bond issue for new library two years ago. Police and fire bond issues may get the same reception. The various taxing entities don't seem to understand the difference between need and want.
Have 2 properties to split my family in, about $22k total. Mine is considered low relative to the nicer homes here.
Can't complain though, the school is good and the prices it never dropped during the 08 recession (I think it actually went up) and I'd never have to worry about prices drop or unemployment here, and the prop 13 makes it increase slow as inflation vs annual appraisal increase.
Can't complain though, the school is good and the prices it never dropped during the 08 recession (I think it actually went up) and I'd never have to worry about prices drop or unemployment here, and the prop 13 makes it increase slow as inflation vs annual appraisal increase.
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Originally Posted By: Silverado12
IMO a progressive income tax is the fairest form of taxation, but property tax is a necessary evil. I have a basic house (3 BR 2 bath 1100+ square foot) w/o garage and pay $1,600/yr. Personal property (car) tax is about $2,000+.
The thing is, many of the necessary evil like good school and good neighborhood (low crime) cost money, so if you want the property value to go up it is kind of needed. I'll never live in a high crime bad school district if I have school going kids, no matter how "affordable" it is, the risk is not worth it.
And private school is even more expensive (i.e. $20-30k a year easily for K12), and you have to interview to get in or alumni connection.
IMO a progressive income tax is the fairest form of taxation, but property tax is a necessary evil. I have a basic house (3 BR 2 bath 1100+ square foot) w/o garage and pay $1,600/yr. Personal property (car) tax is about $2,000+.
The thing is, many of the necessary evil like good school and good neighborhood (low crime) cost money, so if you want the property value to go up it is kind of needed. I'll never live in a high crime bad school district if I have school going kids, no matter how "affordable" it is, the risk is not worth it.
And private school is even more expensive (i.e. $20-30k a year easily for K12), and you have to interview to get in or alumni connection.
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