Property Taxes

[shade2u2]

There was some discussion regarding property taxes in another post. I thought that we may continue here without attempting to pry into anyone's personal financial circumstances. I'm considering buying a farm here in Ohio & the documents indicate the annual taxes to be $781. Here's a description of the property:
75 acres (1/2 tillable, 1/2 wooded hllls)
3200 sqr ft brick farmhouse (built 1870-1890)
detached 3 car garage
35 X 50 barn
2 gas wells
Our 3 bedroom home in our small town runs abt $550 per year.
None of these costs cover trash, water or sewer...

 

[Anonymous Poster]

From where I'm sittin, in New York, that sounds like a giveaway. I paid $2600 last year Property tax and school tax on a 10 acre place with 2 houses and a barn on it. On top of that, 8% sales tax on eveerything including clothing. Had to fight like he11 5 years ago to get my assessment down after reassessment, when they had tripled mine. At the hearing, the one examiner looked at the other realtor and said "I'd hate to have to sell a place like that". Around here they just keep raising tax assessments figuring most folks won't, or don't know how to fight it. The Town no longer haz any agricultural zoning, so farms are zoned as residential property.
It's all a scam so they can get more money for the politicians to whiz away, usually building parks for the people who won't invest in their own land. Thank God we have right to farm laws.

 

[Bird]

Braggart! What's the property valuation on that? And does it include all the property taxes; school, county, etc.?

With an agricultural appraisal, homestead exemption, etc., I have my appraisal down to $56k plus and my total taxes are just under $1k.

<P ID="edit"><FONT SIZE=-1>Edited by Bird on 12/23/01 03:40 PM (server time).</FONT></P>

 

[rmorgan]

John--I assume you're benefiting from Ohio's combined agricultural use valuation ("CAUV") which dramatically lowers the real estate taxes on farm land. In our part of Ohio, our CAUV taxes are about 40% what I think they would be if we were paying "ful price." Otherwise, farmers in the counties which are urbanizing would be driven off the land by the taxes even more so than they already are.

Rick

 

[shade2u2]

Bird, I don't have the actual valuation figure. The property is on the market for $190,000 which I think is at least 25% high, but have not seen any appraisal.
Rick, your assessment is probably right. I do not claim to know much about the tax laws.

 

[Egon]

Taxes in Nova Scotia.
We pay $1600/yr for a 2000 sf house in Bridgewater and also have to pay for water.
68 acres classified as woodland costs us $150/yr.
On top of all this we also get to pay 15% HST tax on everything we buy. Remember thats in Canadian Dollars.
Egon

 

[toddwulf]

Sounds awfully cheap to me. In California, we keep everybody in the money as we're all paying about 1.18% of assessed value annually. People buying homes for $1M in the Bay Area are paying almost $1K every month just in property taxes

'98 NH 1920 4x4

 

[Youare]

I just got my tax bill a couple of weeks ago in New Hampshire. We do not have a sales tax, except for rooms and meals, and we do not have a State income tax, yet. Over 70% of my property tax bill goes to fund our local schools.

My house and 4 arces is assesed at $75,000. My property tax bill just increased from $2,200./year to 2,900./year. When you figure what other States charge for sales and income taxes we come out about the same. If you own 11 acres or more you can put 10 acres in what is called current use and the assesed evaluation drops dramatically, 1 acre has to be designated for the house lot if you have one on the property.

Your taxes sound really cheap, if that is all you have to pay.

Randy

 

[ronjhall]

John
In Michigan we have a clause that only allows property tax increases at a rate equal to inflation with a cap of 5%. I have lived in my place for 30 years. The valuation is quite low compared to what could be assessed if it was at market value. When I sell, the new owner will be assessed at the selling price. Over $100,000.00 will be added to the value. This will double the taxes on a new owner. I do not plan on selling for many more years. My taxes will stay much lower than my new neighbors. Ohio may have a similar tax setup along with agriculture rates. Call the local Township Clerks office and get the current rates per $1000 valuation.

 

[jfakerj]

shade2u2
That sounds really low to me. Where I'm living in Wash. State we pay $13.10 per $1000 valuation. If you're a senior it's $9 and something per $1000. If you figure that out for your valuation, I'll bet you'll find that you guys back there have got a heck of a deal.

Jerry