SF Real Estate is Insane!

[Chef Jim]

Here in Henrico(Richmond) it is .87 per $100.

 

Had dinner with friends the other night in NYC. They bought a condo in Harlem bout 5 years ago before completely gentrified, paid $550/sq ft, going now for about $1,000/sq st.

 

They said mid town or Chelsea now at $ 1400 sq ft.Wowser, $1.4M for a 1000 ft condo.

 

Almost that bad here. A 1200 sq ft condo is going for $1.3M. In the same building there is one we could actually afford. It's only $650k! But it's 605 sq ft. Holy crap. That's essentially useless.

 

For a state by state comparison of average property tax rates as a % of market value, based on 2007-2009 data, see:

 

http://local.dexknows.com/property-tax-rates-by-state-find-out-where-you-rank/

 

That's kind if strange. I assume it's based on current market value kind if like current yield for bonds. It shows CA at .76% when our base is 1%. Also it doesn't say how the future taxes are assessed. Here since prop 13 it's a 1% base but they can raise it 2% a year which the unusually do.

[Nanker]

Oh I knew what they were in NY. I was just wondering where Nanker was from.

Princeton, NJ area. It's cheaper here than in Bergen County.

4-5 bedroom 2.5 baths 1/2 acre lot. The usuals.

Edited September 15, 2013 by Nanker

[Fan in San Diego]

No. How much would they be on a 200k house. I pay about 6k on a 150k house in Illinois.

 

Basically it is 1% in California, some counties have fees they add in.

[ICanSleepWhenI'mDead]

That's kind if strange. I assume it's based on current market value kind if like current yield for bonds. It shows CA at .76% when our base is 1%. Also it doesn't say how the future taxes are assessed. Here since prop 13 it's a 1% base but they can raise it 2% a year which the unusually do.

Maybe this is why it seems strange:

 

It's 1% based on current market value for new owners, but there are lots of people who bought CA homes that have seen their property taxes go up 2% per year since purchase, but their long term appreciation rate go up by far more than 2% per year. So anybody that bought a CA home before or at the early stages of the bubble now pays annual property tax at a rate of significantly less than 1% of current market value. That brings the average rate for all taxpayers (including recent buyers and people who bought long ago) down below 1%.