Annual. :frown:Just trying to learn, is the property tax annual? Or a one time only fee?
Annual. :frown:Just trying to learn, is the property tax annual? Or a one time only fee?
Anyone fmilar with Studio City, North Hollywood, Sherman Oaks Area?
Annual. :frown:
Holy cow So the government of US is getting annual fee for every home in the country...!?
So far I was jealous of you guys having so cheap cars. But keep the cars, suddenly my home felt cheap in comparasion :biggrin:
Property taxes are usually collected by and pay for services in the county in which you live, with some portion going to the state. The Fed gets its taxes the old fashioned way; it takes them from your income.
California's property taxes are approximately 1.2% of assessed property or most recent selling value, which on my place works out to be about $300 per month (We can split it and pay half each time, semi-annually, and it's tax deductible). Not bad for police, firestations, public schools, parks, roads, that sort of stuff.
With all the talk about the high cost of living in other parts of the country I thought I would start a thread about what 600k-900k buys in my area. Here are a couple of places near where I live. Look at the amount of taxes on each property.
...California's property taxes are approximately 1.2% of assessed property or most recent selling value...
California law limits base property tax to a maximum of 1% of a homes assessed value. Local governments and even special districts w/in cities can add more fees to the tax. In the end most CA residents pay somewhere between 1.1% to 1.5% of assessed value for property tax annually.
Ok - I can undestand the the tech guys can only do well in Bay Area, or Austin, Boston Etc.
But, what about the rest of the California gang. Why do prefer to live there - I know beautiful weather, etc etc. But doesn't the cost of living, housing, traffic, smog, taxes, crime etc etc - negate some of the positives.
Couple of house we have looked at:
http://www.tylerhomes.com/listings.htm?action=details&Type=MLS_Residential&LN=9955324
http://www.tylerhomes.com/listings.htm?action=details&Type=MLS_Residential&LN=9955230
Which is why I said "approximately 1.2%", which is also the amount that I pay to the LA County Tax Assesors office annually.
Those homes are practically free! Holy crap those are some rock bottom prices. Taxes are a little scary though. You'll get about 1900-2200 sq. ft. on less than 1/4 acre for $550-650K out where I live.
LOL on those listings categories <$70K, $70K - $99K, and $100K+
But, what about the rest of the California gang. Why do prefer to live there - I know beautiful weather, etc etc. But doesn't the cost of living, housing, traffic, smog, taxes, crime etc etc - negate some of the positives.
For $250K, there are a limited number of 700-800 sq foot condos which were converted from apartment complexes in San Jose, but those are rare and hard to find.
Ok - I can undestand the the tech guys can only do well in Bay Area, or Austin, Boston Etc.
But, what about the rest of the California gang. Why do prefer to live there - I know beautiful weather, etc etc. But doesn't the cost of living, housing, traffic, smog, taxes, crime etc etc - negate some of the positives.
Couple of house we have looked at:
http://www.tylerhomes.com/listings.htm?action=details&Type=MLS_Residential&LN=9955324
http://www.tylerhomes.com/listings.htm?action=details&Type=MLS_Residential&LN=9955230
That is a very interesting point, I didn't think about that. The ceiling is pretty low out there. I saw a listing in the our local paper about a month ago for a $50,000,000 (fifty million) home which was deeply discounted because it was in great need of a remodel. Now that is quite extreme as you can get some amazing homes with beautiful mountain views, on a couple of acres, in the middle of the city for ~$5-$7 million out here. Those homes will be about equivalent to what you have shown, but there is obliviously a long way to go on the upside before you hit the ceiling of luxury.But wait...those homes are the BEST ones in the area. That is where all the top money makers live. It does not get better than that.
That is a very interesting point, I didn't think about that. The ceiling is pretty low out there. I saw a listing in the our local paper about a month ago for a $50,000,000 (fifty million) home which was deeply discounted because it was in great need of a remodel. Now that is quite extreme as you can get some amazing homes with beautiful mountain views, on a couple of acres, in the middle of the city for ~$5-$7 million out here. Those homes will be about equivalent to what you have shown, but there is obliviously a long way to go on the upside before you hit the ceiling of luxury.
BTW, thanks for this thread. It is really interesting for me to see the differences in house/$ that you can get across our country.
To steveny,
A great many of us choose to live in California because simply it is the place we've grown up, where our main group of friends live, etc. And while I agree with you that the housing prices are insane, the recent depreciation tells me that there is still some hope. Currently I live with my parents, and both my brother and I contribute to the monthly mortgage (we are both just out of college). With all three incomes, it makes sense that my family remain here though we will eventually have to move out after saving enough.
My parents have often talked about selling for a premium and moving somewhere cheaper, but the reality is that it can be daunting to just leave everything you own. Say they move out somewhere to retire, they might have a nice place to live but they won't know anyone. I suspect this fear of the unknown, combined with a sense of "security" provided by friends/family/familiarity etc. is what keeps the majority of us here.
Buying an expensive house is like buying an expensive car, but with more financial upside. Sure, it costs more, but it's worth more when you sell it too. And since homes here appreciate just as much if not more than in most other parts of the country, the bottom line is often better in the long run. The most difficult part is saving up the larger amount needed for the down payment.
A great many of us choose to live in California because simply it is the place we've grown up, where our main group of friends live, etc. And while I agree with you that the housing prices are insane, the recent depreciation tells me that there is still some hope. Currently I live with my parents, and both my brother and I contribute to the monthly mortgage (we are both just out of college). With all three incomes, it makes sense that my family remain here though we will eventually have to move out after saving enough. My parents have often talked about selling for a premium and moving somewhere cheaper, but the reality is that it can be daunting to just leave everything you own. Say they move out somewhere to retire, they might have a nice place to live but they won't know anyone. I suspect this fear of the unknown, combined with a sense of "security" provided by friends/family/familiarity etc. is what keeps the majority of us here.
So you lied to me... those aren't the BEST homes out there. :wink: :biggrin:There is a 70 Million dollar home here. It is owned by Roy Park Jr. a local media mogal. The house is super nice! The fence around the property was over a million dollars. Roy Park Sr. was on the fourtune 500 list at one point.