These are very region dependant. My state has no income or sales tax, but the property taxes are higher, my 1 acre with a mobile home is basically 3k. It’s almost certainly cheaper than renting, but you can’t just make sweeping statements like that.
Sounds like you have the fortune of living where these things are cheaper. In Ontario, home insurance is much higher and property tax being less than 1K a year is completely unheard of.
Only $1k/year in property taxes? I found this really hard to believe, then looked it up to find that Boston has one of the lowest property tax rates in the nation at an average of .49%. Consider yourself lucky I suppose, most of us are paying quite a bit more yearly. If the home you own is in fact a condo, I guess this makes more sense.
Yeah, MA and most towns in MA have made the choice to have higher income taxes and more business taxes and more sales tax than to have high property tax. Putting it all together, the COLA here is just as bad as LA, it just comes out of different types of spending and income cuts.
I actually think part of what drives our property rates so high is that the tax rate is so low. Instead of paying a chunk to taxes, you just have a much bigger mortgage and suddenly it’s a wash.
Plus to your point about condos. It’s definitely more fair to compare a condo to an apartment in terms of costs. since they are usually similar structures with similar sq footage and amenities. Standalone homes are usually what people are thinking of when they compare renting to owning and I think that leads to these extreme studies that are basically comparing apples and oranges.
The property tax on my house is $7000/year… and that is with a fixed assessment from 12 years ago. If I were to buy my house today, my tax would be $21000/year.
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These are very region dependant. My state has no income or sales tax, but the property taxes are higher, my 1 acre with a mobile home is basically 3k. It’s almost certainly cheaper than renting, but you can’t just make sweeping statements like that.
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Sounds like you have the fortune of living where these things are cheaper. In Ontario, home insurance is much higher and property tax being less than 1K a year is completely unheard of.
Only $1k/year in property taxes? I found this really hard to believe, then looked it up to find that Boston has one of the lowest property tax rates in the nation at an average of .49%. Consider yourself lucky I suppose, most of us are paying quite a bit more yearly. If the home you own is in fact a condo, I guess this makes more sense.
Yeah, MA and most towns in MA have made the choice to have higher income taxes and more business taxes and more sales tax than to have high property tax. Putting it all together, the COLA here is just as bad as LA, it just comes out of different types of spending and income cuts.
I actually think part of what drives our property rates so high is that the tax rate is so low. Instead of paying a chunk to taxes, you just have a much bigger mortgage and suddenly it’s a wash.
Plus to your point about condos. It’s definitely more fair to compare a condo to an apartment in terms of costs. since they are usually similar structures with similar sq footage and amenities. Standalone homes are usually what people are thinking of when they compare renting to owning and I think that leads to these extreme studies that are basically comparing apples and oranges.
The property tax on my house is $7000/year… and that is with a fixed assessment from 12 years ago. If I were to buy my house today, my tax would be $21000/year.
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