Mr. Gibson Posted June 7, 2019 Share Posted June 7, 2019 I'm tax and insurance poor,that's the trouble of owning anything . Young people don't own anything,then no one can take it away from you if you end up in the nursing home. Word. Quote Link to comment Share on other sites More sharing options...
Twang Gang Posted June 10, 2019 Share Posted June 10, 2019 Sticking just with Property tax (on your home) it varies a great deal from state to state, and even from county to county within a state. I lived in the northern suburbs of Chicago for close to 30 years in Lake county. There was very little business or industry in Lake county, mostly residential properties. Many of those houses had children in them that need to go to public schools (buildings, and teachers must be paid for) so property taxes were quite high. I owned a small condo (2 bedroom, 1.5 bath, one car garage) valued at about $200K - taxes were about $5,000 per year. A few miles south of me in Cook county (which contains the city of Chicago and a lot of business and industry) the same property would be taxed at about $1000 per year. I retired and moved to South Carolina, have a single family home on a half an acre lot, 3 bedrooms, 2 full baths, 2 car garage and my property tax is about $600 per year on a property with about the same $200K value as I had in Illinois. So there is no one percentage of formula for property taxes - it depends on the location and the taxing body. When you buy a new home in the USA you need to find out what the taxes will be. You might be able to afford the house, but find out too late that you can't afford to live there! 1 Quote Link to comment Share on other sites More sharing options...
01GT eibach Posted June 11, 2019 Share Posted June 11, 2019 11 hours ago, Twang Gang said: Sticking just with Property tax (on your home) it varies a great deal from state to state, and even from county to county ... I lived in the northern suburbs of Chicago for close to 30 years in Lake county ... taxes were about $5,000 per year. A few miles south of me in Cook county (which contains the city of Chicago and a lot of business and industry) the same property would be taxed at about $1000 per year. Huge variance in property tax by county is mostly not the rule, but definitely exists in spots. Another example of this Allegheny County in Pennsylvania (that contains Pittsburgh, and is a massive county). In Allegheny County, you pay 3+%, but the county to the north you pay 1%. I do not miss living in "Taxxsylvania". Quote Link to comment Share on other sites More sharing options...
Murph Posted June 11, 2019 Share Posted June 11, 2019 I'm in Illinois. I win. Quote Link to comment Share on other sites More sharing options...
LarryUK Posted June 11, 2019 Author Share Posted June 11, 2019 So, if your house is $10m. You'd pay between $100k and $300k a year? Quote Link to comment Share on other sites More sharing options...
zigzag Posted June 11, 2019 Share Posted June 11, 2019 (edited) On 6/6/2019 at 9:51 AM, FZ Fan said: When I go down to SC, if I don't get out of the house and if I spend every minute with my wife (as much as I love her) I will loose my mind. And it will bring in a little extra change. I'm retired and live in a small town in SC very near the NC line. My wife and I have several (different from each other) inexpensive hobbies, plus my wife and I like to take day trips to larger towns in the area. Usually, the problem with traveling is that we often spend more money than staying home. If you go to see the sights and learn the local history, you can do it less expensively. SC is a poor state. It also costs less to live here, but we have poor roads, poor schools, poor healthcare, and a low average income. That is the tradeoff for lower taxes and revenues. A funny story... In 1992, I moved to the area from Richmond, VA. I'm originally from Charlotte, NC and moved from there in 1980. The locals considered me a yankee. It's a different culture. Edited June 11, 2019 by zigzag Quote Link to comment Share on other sites More sharing options...
zigzag Posted June 11, 2019 Share Posted June 11, 2019 3 hours ago, FZ Fan said: VA is the south but not really. I like the Little River area where the house is. The Little River area is nice... unlike most of rural SC. Quote Link to comment Share on other sites More sharing options...
zigzag Posted June 11, 2019 Share Posted June 11, 2019 (edited) Little River is a good location near North Myrtle, Cherry Grove, and the Wilmington areas. Hope you like golf, fishing, and the beaches. It is definitely an area for retired people... inexpensive, relatively low taxes, slow paced. But there is enough in the area for a younger crowd if you like Myrtle Beach and Wilmington. (Personally, I'd rather be in hell than in Myrtle Beach.) It also reaps the benefits of SC tax revenues and the spending in Horry County. Edited June 11, 2019 by zigzag Quote Link to comment Share on other sites More sharing options...
'Scales Posted June 14, 2019 Share Posted June 14, 2019 You're from America, so everyone down here thinks your a Yankeee, no matter which bit you were born in. Funny old world Quote Link to comment Share on other sites More sharing options...
'Scales Posted June 14, 2019 Share Posted June 14, 2019 On 11 June 2019 at 11:02 PM, zigzag said: A funny story... In 1992, I moved to the area from Richmond, VA. I'm originally from Charlotte, NC and moved from there in 1980. The locals considered me a yankee. It's a different culture. Well down here the fact you are American makes you a Yankee irrespective of what part of it you come from...funny old world Quote Link to comment Share on other sites More sharing options...
LarryUK Posted June 14, 2019 Author Share Posted June 14, 2019 (edited) 6 hours ago, 'Scales said: Well down here the fact you are American makes you a Yankee irrespective of what part of it you come from...funny old world When my brother tours America, he says his favourite place is Texas. But the only problem with it is the people. I don't know what he means though. Edited June 14, 2019 by LarryUK Quote Link to comment Share on other sites More sharing options...
IanHenry Posted June 14, 2019 Share Posted June 14, 2019 23 minutes ago, LarryUK said: When my brother tours America, he says his favourite place is Texas. But the only problem with it is the people. I don't know what he means though. It's a bit like Wales then🙂 Quote Link to comment Share on other sites More sharing options...
SmokeyGhost Posted June 19, 2019 Share Posted June 19, 2019 What I've concluded form all of this is there ain't no consistency. Same applies here. Federal income tax, local State tax on homes (called rates and currently assessed on unimproved value of the land the house sits on,) stamp duty on purchase, if investor there is land tax, absentee tax, you name it tax - I don't and never have invested in residential or commercial property as there are way too many hassles . Equivalent of VAT (called Goods and Services Tax) on most but not all goods at 10%. Capital Gains Tax on sale of investments - 50% discount if held for mot than 12 months but included in your income and taxed at marginal rate. So frigging confusing I try and keep all my financial matters as simple as possible. Quote Link to comment Share on other sites More sharing options...
Navy Vet. Posted June 23, 2019 Share Posted June 23, 2019 I live in Alabama and property tax is low compared to other regions of the country. I owned a home in Hoover and my tax was just a tad over one thousand. I owned a home in Wauwatosa Wisconsin and the property tax on a smaller home and less property was over 5 grand. I moved back to Alabama and I now live in a small town property tax is 450. 00. It’s all about location. I lived in Los Angeles for a decade and I couldn’t afford to buy a home. Quote Link to comment Share on other sites More sharing options...
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