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

 

[Thomas]

Well I'll make this short,don't want to get/w3tcompact/icons/frown.gif
Where I live..about 6 acres plus a home my taxes run about $4,000.oo+ EVERY SIX MONTHS./w3tcompact/icons/mad.gifAND i LIVE ON A SIDE OF SMALL MOUNTAIN...arrrrr.



Thomas..NH /w3tcompact/icons/wink.gif

 

[woodmills1]

my house and four acres runs around $4000 here in the urban area of southern NH the rest at 81 acres is $70 due to the very good tax program called current use. as long as i keep it in its current use of forest it is cheap. know i had to do the math and paper work to get into this program but it is great. there is a penalty of 10% of fair market value if the use changes.

James "woody" Mills

 

[GlueGuy]

That sounds pretty high to me. As stated previously, California property tax is pegged at roughly 1.18% of the purchase price (not the "assessed value). So your $2,900 would match up to a property value of roughly $245,000. Also the tax cannot be raised more than 2% per year, or the inflation rate whichever is less.

The GlueGuy

 

[billboe]

When you consider no sales tax and no income tax, that sound very reasonable to me!

Billboe

 

[Thomas]

Thats does indeed sound like a good deal.
Living next to Dartmouth College and Dartmouth Hitchcock Hospital etc...
land prices are out of this world also the taxes./w3tcompact/icons/frown.gif
Like my father told me many years ago"the best investment you can make on land,for they stop making it a long time ago."
I would really like to vent on this subject..but this wouldn't be the place,for the TBNer's I feel understand..better than the City of Lebanon...maybe the City of Lebanon and there grand master plan along w/there $$$ boo-boos should get out behind there desk and....oh great..I'm doing it..venting /w3tcompact/icons/shocked.gif/w3tcompact/icons/frown.gif..got to go,for the coffee ready./w3tcompact/icons/wink.gif

May you and your family have a safe and wonderful holiday.

Thomas..NH /w3tcompact/icons/wink.gif

 

[snowman]

You need to look close at the assessment that the current taxes are based on.

It may be that the property hasn't been reassessed in many many years. Here in New York, when property is sold, the selling price basically acts as the new asssessment.

Therefore, of the assessment is based on an old $20,000 value, for example, and you're buying it for $200,000, multiply the current taxes by ten to get an idea of what you'll end up paying after you become the owner.

Also look close to see if the current owner is taking advantage of property tax exemptions that you may not be able to take advantage of (like senior citizen, war vet, etc).

 

[cowboydoc]

Yea don't feel too bad here in Communist Midwest it is way out of hand. We have a 7% sales tax, the third highest state income tax in the country and the property taxes have increased every year by about 10% for the last five years. My house and 25 acres is appraised at about $250,000 and the taxes are $3800 a year. My other land is ag. and it's $10 per acre per year on it. My office building is in town and it's appraised at $310,000 and the taxes on it are $14,000 a year because it's zoned commercial. I'm fighting them right now because they moved some of my ground from ag. use to commercial use and it's still being used for ag. use. Not sure how that's going to go.

 

[shade2u2]

Very good points. This property is with it's 2nd owner(family) of it's 130 year existance. It has probably been some time since a re-valuation.
I'm trying to attach a couple pics...

 

[shade2u2]

barn...

 

[shade2u2]

sideview...