10-12K in property taxes are common here, in PA on relatively new homes valued 500K and above. add up-keeping cost and you can finish with 20K a year easily. 20K a year is a half of typical salary in US. + mortgage and interest and you are in deep sh**t in a blink, if one family member lost his job NJ is far worse: http://www.usatoday.com/money/perfi/housing/2006-08-10-nj-property-taxes_x.htm
You seriously doubt this? You could even find these levels of property taxation in select areas of the Midwest where there are probably a few thousand properties that have been assessed over $1,000,000. Here, take a ritzy suburb like Lake Forest, Illinois on the North Shore of Chicago. #50 on the list pays $76,000 per year in property taxes. Granted, I realize these are the extremely wealthy, but...you can go thru many high end suburbs and find at least 15-20 or more properties taxed at $50,000+ per year. http://chicago.blockshopper.com/taxes/by_city/lake_forest
People that own houses like that don't have problems with yearly taxes. Last sale on that house was 6.9 million and it's 13k sq ft.
It doesn't matter if there's a bottom right here. Most people should buy a property as a home, somewhere to live and possibly raise a family. Still too much talk about 'making money' on houses. That probably means they're not going up for the next 5+ years.
To be blunt, I've got no idea what your point is. That's over 175 properties in one suburb that pay more than $50,000 per year in property taxes. I'm sure that you are right that most of these people have no problem paying them, but you were the guy who doubted the veracity of Trefoil's claim that there were properties with $50k tax bills.
ironic indeed..cause they are the cause that these taxes are so high. in most places school taxes are the biggest portion of real estate related taxes,not real estate taxes themselves. imo-specially not fair,for folks,who doesn't have any children or their children grove up already and not attending any public school. why do i have to pay $2500 each year school tax? would be better to go completely private. teachers salaries in our area are out of control,averaging 80-100K a year. it's insane..
And the funny thing is ask any teacher how their job is, most will complain about how hard it is. How do I know, I know many, many, many teachers and most will complain about how hard there job is. I guess they completely ignore the fact that most of these teachers after being on the job just 7 or 8 years are making $100k+!!!!! I have a good friend who taught grade school, their salary after 5 years was closing in on $80k a year, and guess what they don't even work a full 8 hour day. My friend teaches about 4 classes a day with an hour and half lunch break in between, and also has time off in the day when she is not scheduled to teach classes. I think teachers are wayyyy too overpaid, but dont tell them that because they think they need even more money, hahaha. Some of these teachers should be lucky to still have a job, most of the stimulus went to saving a lot of jobs in education.
nothing new here..it's a human nature..i tired to explain it couple times. if there is the money just falling from a sky(let's say $1 bills,all day long) and one have to do nothing, but just pick them up all day long-i guarantee you that at some point this person will say-aa..fuck it,it's boring, i have enough and going to do something else. Stalin know exactly how to straighten people up,back in the day. to make them happy all you have to do is just put them in the deep shit and then-back where they are before, or slightly above that deep shit.. that's it. very simple. those teachers have to experience couple years of unemployment,while dealing with their debt. then they would appreciate 35-40K salary and will be happy with it. same with contractors\carpenters..at least in our area. i can't agree with them on anything. any job related to house is over priced up to the roof. hardwood floor installation. 3K,cash only for the job alone, for 1000 sqf. it's less than a week for 1 person. it's a job that anyone can do,does not require any specific knowledge. i've done this in 10 days,spent about $200 for tools and nails. zero experience in anything floor related, working few hours a day, after dinner. sold gun later for $120 on craigslist, so it cost me $80. my point is simple-can i do their job? yes. can they do my job? no. not after year,not after 10 years of trying. that's why in my opinion it's not worth this much. these leaches need that deep dip...
I couldn't agree more. It's also a major reason why so much work has moved offshore. Unfortunately, we are stuck with alot of these $80k-$100k per year teachers that get summers off and still bitch and moan about their jobs.