Cost of Living and Tax Burden by State: Topic related to living wage

[Eagle-Keeper]

@adroit

My property taxes are about $7000 on a valuation of a little over $300,000, or 2.31%. In my previous home which was a new build, the property taxes were 3.1%. I know some who have a rate of 3.3 - 3.5%. These numbers include all levels of property tax - school, municipality, county, LID, MUD, etc. That’s why it varies quite a bit.

Is $7,000 on the high end for Texas? For NJ $10,000 is pretty normal. NJ also has high state and sales taxes as well. How are those taxes in Texas.

It depends? I think my rate is actually on the lower end in my area at 2.3%.

We don’t have state income tax. Sales tax in my area is 8.25%.

Regarding Property taxes in Texas, have they gone up substantially over the past decade or so? Still a bit surprised at the rates you mentioned.

[adroit]

@Eagle-Keeper

Regarding Property taxes in Texas, have they gone up substantially over the past decade or so? Still a bit surprised at the rates you mentioned.

Rates aren’t typically what move. It’s the valuation every year. By law, they can be increased by I think 10% every year. You can protest before an “objective/independent” committee, but it’s basically rigged for the assessors. You have to show that your increase is significantly above market rates. Hard to do when they raise entire areas at the same time.

[BlueTex]

@adroit

Rates aren’t typically what move. It’s the valuation every year. By law, they can be increased by I think 10% every year. You can protest before an “objective/independent” committee, but it’s basically rigged for the assessors. You have to show that your increase is significantly above market rates. Hard to do when they raise entire areas at the same time.

I am in North Texas and my property taxes this year are about $9200 on a $425K-$450K valuation… Insurance is about $2K/year Unlike a state income tax, property taxes and insurance do not go away when you retire…

[Eagle-Keeper]

@BlueTex

I am in North Texas and my property taxes this year are about $9200 on a $425K-$450K valuation… Insurance is about $2K/year Unlike a state income tax, property taxes and insurance do not go away when you retire…

Yeah, I’m still surprised by the numbers you guys are mentioning. Did Texas always have high property taxes or have they gone up more so over the past decade or so?

[BlueTex]

@Eagle-Keeper

Yeah, I’m still surprised by the numbers you guys are mentioning. Did Texas always have high property taxes or have they gone up more so over the past decade or so?

They have gone up but it’s based on valuation and our 20+ year old school finance law.

[Eagle-Keeper]

@adroit

I live in Texas. My mortgage, property taxes and insurance come out to about $32,500 per year. But I’m on a 15 year mortgage and live in a 3000sqft home in a burb of Houston.

Does that include state taxes as well? I remember reading that property taxes in Texas were high but not as high as NJ. I also had a neighbor who was moving to Texas for his job and he was going to be able to buy a lot more house for his buck that what he had in NJ. Nonetheless that number sounds really high?

My property taxes are about $7000 on a valuation of a little over $300,000, or 2.31%. In my previous home which was a new build, the property taxes were 3.1%. I know some who have a rate of 3.3 - 3.5%. These numbers include all levels of property tax - school, municipality, county, LID, MUD, etc. That’s why it varies quite a bit.

I was just trying to figure out my square footage and it is at best 2,000 square feet. So you are definitely getting more bang for your buck in TX.

[Eagle-Keeper]

@Cynic

The reality is the OP is misleading, it wants to conflate all expenses as some “tax burden”, but we all know his mortgage is by far the biggest burden. That is the truth for anyone living in the best parts of the country. Unless you own free and clear, your lifestyle is controlled by your monthly expense to have a roof over your head in the city of your choice.

I just double checked my numbers and the fact is that for a family of four living in NJ in a house the cost of living including property taxes is about $60,000. Now that does not include state taxes or federal taxes, which on a combined income of $100,000 is about what $20,000? And I still haven’t included health insurance costs. So if it is indeed the role of government to ensure that everyone can “comfortably” support their family then in NJ it would seem that this so-called living wage would have to be substantially higher than $15/hour?

[noSpaces]

This thread highlights the beauty of capitalism.

[Eagle-Keeper]

@noSpaces

This thread highlights the beauty of capitalism.

And your point is??? Socialism is better???

[noSpaces]

You could remove all the taxes and ensure zero public benefit to yourself and family then watch your remaining money evaporate away through corporate price hikes and various tolls and watch your funds flows to various shareholders who have no public accountability.

[Eagle-Keeper]

Look with all due respect I’m not looking to debate the issue of big government vs no government at all. I’m looking to have a discussion involving the cost of living and tax burden by state.

[lulubee]

@BlueTex

I am in North Texas and my property taxes this year are about $9200 on a $425K-$450K valuation… Insurance is about $2K/year Unlike a state income tax, property taxes and insurance do not go away when you retire…

I live in upstate NY. My property taxes are $10k a year on house assessed at $260K.

We also pay state income tax and our sales tax in my county is 8% (4% State tax plus 4% county tax.)

Also, between state and local taxes on gasoline it adds approx. $0.45 per gallon.

I lol when I see people in low tax states complaining about their taxes.

[markdido]

@Cynic

The fact you were compelled to include a homophobic reference says all we need to know.

And the fact that you referred to Alabama as “podunk” speaks volumes as well.

Elitism is an ugly thing.