9 ms·

Those property taxes sound high! I pay over $3500 to rent a house in Santa Cruz while my landlord only pays $2700 per year in property tax. The place is worth

by rcpt 9y ago

Those property taxes sound high! I pay over $3500 to rent a house in Santa Cruz while my landlord only pays $2700 per year in property tax. The place is worth $1-2M depending on what website I'm checking.

deleted 9y ago
[deleted]
astura 9y ago
I pay $4,500/year in property taxes on a house that's worth less than $250,000.
pound 9y ago
How much do you know about Proposition 13 in CA? That's also one of the reasons why real estate market is fucked in CA (together with zoning and 'let's not build enough so our assets will cost even more')
- rcpt 9y ago
  I know enough to blame all the state's financial problems on it.
tyingq 9y ago
It varies wildly. Property taxes in Texas, for example, could easily be $15k for a $450k house.
segmondy 9y ago
I paid $3600 on $100k property in Detroit 10yrs ago. Property tax in most places is not based on the amount the house will sell for but based on what it original sold for and then it grows slowly. So Perhaps your landlord bought the property for $200k many years ago and the property tax was $1k and has now grown to $2.7k.
cletus 9y ago
They are high. Apartment buildings in NYS are taxed so ARV (assessed rental value) so a $3M brownstone in Park Slope might only pay $700/month. A $3m condo might pay 3-4x that. NYC can’t fix this and the state won’t because it’s beholden to SFH owners upstate who (now) don’t pay their fair share and don’t want to start now. Additionally NYS doesn’t have Prop 13 but it has lots of things that look like it. Reduced increases, caps on rates, etc that greatly benefit incumbents. Same as in California people raise the specter of evicting or bankrupting the elderly from their ancestral home if this was changed. It’s a false dilemma. You could easily relieve taxes because of hardship (or simply being over 65 for a principal residence) on a case by case basis.

by rcpt 9y ago

deleted 9y ago

[deleted]

astura 9y ago

I pay $4,500/year in property taxes on a house that's worth less than $250,000.

pound 9y ago

How much do you know about Proposition 13 in CA? That's also one of the reasons why real estate market is fucked in CA (together with zoning and 'let's not build enough so our assets will cost even more')

rcpt 9y ago
I know enough to blame all the state's financial problems on it.

tyingq 9y ago

It varies wildly. Property taxes in Texas, for example, could easily be $15k for a $450k house.

segmondy 9y ago

I paid $3600 on $100k property in Detroit 10yrs ago. Property tax in most places is not based on the amount the house will sell for but based on what it original sold for and then it grows slowly. So Perhaps your landlord bought the property for $200k many years ago and the property tax was $1k and has now grown to $2.7k.

cletus 9y ago

They are high. Apartment buildings in NYS are taxed so ARV (assessed rental value) so a $3M brownstone in Park Slope might only pay $700/month. A $3m condo might pay 3-4x that. NYC can’t fix this and the state won’t because it’s beholden to SFH owners upstate who (now) don’t pay their fair share and don’t want to start now. Additionally NYS doesn’t have Prop 13 but it has lots of things that look like it. Reduced increases, caps on rates, etc that greatly benefit incumbents. Same as in California people raise the specter of evicting or bankrupting the elderly from their ancestral home if this was changed. It’s a false dilemma. You could easily relieve taxes because of hardship (or simply being over 65 for a principal residence) on a case by case basis.