farkmedown: redmid17: FrancoFile: Don't cry for me, Egg Harbor.He's a victim of his own success. House went from $350k to $1.1M in 20 years. Boo-farking-hoo. Downsize, get a reverse mortgage, or move to Florida.You're a quick one. If only he had followed your advice....FTA: McCullough says he hopes to find another home in the township. But if he doesn't, the couple purchased a $150,000 waterfront condominium in Florida, where the property taxes are $2,569.$2569's still too high for a basic home. But, then, so is having to pay $150K.
robbiex0r: Lucksbane: Thunderpipes: Can't believe farkers think 31k property taxes on 1.1 million is fine, because of the evil rich.....Jesus! $31K on $1.1M? Do the trashmen personally come in and empty all the cans around the house for you? What are you getting for that? I live in Orange County, CA (arguably one of the more expensive counties in the country to live) and my property taxes on a house of that value would be about $12K.You get to live on the waterfront. Last I heard they weren't building anymore waterfronts.
Jument: That seems pretty crazy. $31k on a $1.1M valuation is 2.8%. I pay 1.2% on my home in a small town outside of Seattle.
gar1013: Math, how does it work?If you compound $350k over 20 year, you have an annual growth rate of just under 5.75%. Compare that to annualized growth rates over a similar period for the DJIA (7.1%), the S&P500 (6.1%) and the NASDAQ (7.93%). The result is that waterfront realestate in an affluent community lags these other benchmarks....BUT WAIT!!!!If you bought and held a basket of any of the above, you'd only get hit for taxes when you received dividends or when you actually sold.What about the property? Well, he's paying about 2.8% of the property valuation PER YEAR in taxes. So that annual growth rate of 5.75% is actually a bit of an illusion. If you subtract out the value of the property taxes he's paying per year (assuming a constant tax rate), the compound annual growth rate is more like 3.67%. And that's before we incorporate any assumptions regarding inflation.It's also before we consider the financing structure utilized as well. The point being is that your comparison is about as valid as someone screaming "this is an outrage" that Coca Cola doesn't cost a nickle anymore.
FrancoFile: Factor in the amount of rent he'd be paying if he put that $300k into an alternate investment and lived in a rental house with equivalent space & amenities. As I said, cry me a river.
Giltric: I was paying 16k in property tax on a 1500 square foot house on less than a half acre 20 years or so ago in NJ.
MyRandomName: FrancoFile: Don't cry for me, Egg Harbor.He's a victim of his own success. House went from $350k to $1.1M in 20 years. Boo-farking-hoo. Downsize, get a reverse mortgage, or move to Florida.So you are the one person who cheers when the elderly woman who has lived in their house for 50 years has to leave because she cant pay taxes. She should just downsize. fark her.
Pangea: Giltric: I was paying 16k in property tax on a 1500 square foot house on less than a half acre 20 years or so ago in NJ.You meant $1600 right? 16k is more than the mortgage on most 1500 sq foot homes. If so, that seems criminal.
Links are submitted by members of the Fark community.
When community members submit a link, they also write a custom headline for the story.
Other Farkers comment on the links. This is the number of comments. Click here to read them.
You need to create an account to submit links or post comments.
Click here to submit a link.
Also on Fark
Submit a Link »
Copyright © 1999 - 2017 Fark, Inc | Last updated: Jul 21 2017 12:56:52
Runtime: 0.257 sec (257 ms)