Vehicle taxes where you live... how bad?
I live in Aiken County, SC. Last year when we purchased our new tow vehicle - a 2013 Sierra 2500HD SLT crew cab 2WD with the DuraMax - the sales taxes weren't bad at all (I mean really reasonable). Re...
Forum Discussion
NJRVer,
Similar to Michigan as our property taxes are calculated on 50% of basic home valuation/neighborhood home values minus $25,000 for the (one home) homestead deduction if you own your home and actually live in it. Owned a rented doesn't get the $25,000 deduction as it's a business. Then the taxes are calculated at X mills per final $1000 taxable valuation.
It basically works this way: If the home is valued at say $100,000 which is almost always below market value because the valuation is modified by the surrounding homes/neighborhood home values and their final selling price history which is always in the past. Homes in our area appreciate constantly but some state have had a real bust in home selling prices and have not lowered the taxable value like Florida for instance, explained below.
Back to the local basic property tax information.
Then the 50% assessed value would be $50,000 on the $100,000 home and if you live in it is further reduced by $25,000 homestead meaning your taxes are calculated on only $25,000 adjusted taxable valuation. If the total tax rate for your city or township jurisdiction is 35 mills/1000 then your annual property tax would be $875. (35 times 25 = 875)
Explained for above: Homes in our area appreciate constantly and didn't even lose 5% in selling prices during the last recession but have quickly surpassed the previous selling prices. However, some states have had a real bust in home selling prices and have not yet lowered the taxable values. Like parts of Florida for instance, where home prices had dropped 30% to 50% in many areas since 2008 and are just starting to edge up now. Many of our family down there, now retired since 2008 - just in time by the way, were subdivision developers etc/land/golf course/condos/trailer parks/marina developers in several counties and in just one area of a county in Florida have over 22,000 living in their connected developements of 5 big projects that took nearly 20 years to complete. My brother's fancy gated 2200 sq ft retirement home built in 2001 on 1.75 acres in a high class area was valued at $640,000 before 2008 and now wouldn't sell for even $350,000 but they won't lower his assessed valuation saying it will return to even a higher valuation than $640,000 in a few years. That was back in 2011 and has barely inched up so far so he'll never see it but pays anyway. Many homes in the area have sold for even less than that and so many have been foreclosed on and short sold. His Annual taxes are more than 3-1/2 times ours and yet he couldn't sell his home for as much as we can ours. He and his wife (in very poor health) and going on 83 and not going to sell anyway but their property taxes based on valuation now are very wrong.
Insurance rates for homes and vehicles have gone bezerk in the last less than 10 years down there also and makes us so happy we'd got rid of our place down there in 2007 and only RV there in winter now. Paying out 12 months a year and only using it 2-3 months dosen't make financial sense and especially not with the escalated prices, taxes, and insurance costs.
Similar to Michigan as our property taxes are calculated on 50% of basic home valuation/neighborhood home values minus $25,000 for the (one home) homestead deduction if you own your home and actually live in it. Owned a rented doesn't get the $25,000 deduction as it's a business. Then the taxes are calculated at X mills per final $1000 taxable valuation.
It basically works this way: If the home is valued at say $100,000 which is almost always below market value because the valuation is modified by the surrounding homes/neighborhood home values and their final selling price history which is always in the past. Homes in our area appreciate constantly but some state have had a real bust in home selling prices and have not lowered the taxable value like Florida for instance, explained below.
Back to the local basic property tax information.
Then the 50% assessed value would be $50,000 on the $100,000 home and if you live in it is further reduced by $25,000 homestead meaning your taxes are calculated on only $25,000 adjusted taxable valuation. If the total tax rate for your city or township jurisdiction is 35 mills/1000 then your annual property tax would be $875. (35 times 25 = 875)
Explained for above: Homes in our area appreciate constantly and didn't even lose 5% in selling prices during the last recession but have quickly surpassed the previous selling prices. However, some states have had a real bust in home selling prices and have not yet lowered the taxable values. Like parts of Florida for instance, where home prices had dropped 30% to 50% in many areas since 2008 and are just starting to edge up now. Many of our family down there, now retired since 2008 - just in time by the way, were subdivision developers etc/land/golf course/condos/trailer parks/marina developers in several counties and in just one area of a county in Florida have over 22,000 living in their connected developements of 5 big projects that took nearly 20 years to complete. My brother's fancy gated 2200 sq ft retirement home built in 2001 on 1.75 acres in a high class area was valued at $640,000 before 2008 and now wouldn't sell for even $350,000 but they won't lower his assessed valuation saying it will return to even a higher valuation than $640,000 in a few years. That was back in 2011 and has barely inched up so far so he'll never see it but pays anyway. Many homes in the area have sold for even less than that and so many have been foreclosed on and short sold. His Annual taxes are more than 3-1/2 times ours and yet he couldn't sell his home for as much as we can ours. He and his wife (in very poor health) and going on 83 and not going to sell anyway but their property taxes based on valuation now are very wrong.
Insurance rates for homes and vehicles have gone bezerk in the last less than 10 years down there also and makes us so happy we'd got rid of our place down there in 2007 and only RV there in winter now. Paying out 12 months a year and only using it 2-3 months dosen't make financial sense and especially not with the escalated prices, taxes, and insurance costs.
