Property tax bill...reasonable?

[BeaufortTJustice]

Got my first annual property tax bill in the mail the other day. $312 for a boat with a tax value of roughly $6700. WTH?

Without discussing the politics of taxes and such, can anyone give me some feedback on whether this amount is high, low, or average based on their perspective.

I'm not asking for exact amounts, as that is none of my business. Just talking "in general".

Are your prperty taxes higher, lower, or comparable in your area?

 

[angus63]

Re: Property tax bill...reasonable?

My property taxes on Long Island are over 3x the National average according to the local paper in an article last week. I am the wrong guy to reply on this subject.

 

[xxxflhrci]

Re: Property tax bill...reasonable?

I just looked at my personal property bill for the county. I have a $7500 dollar vehicle that was taxed $184....That was county, only. I will also get a bill from the town. However, it is only a fraction of what the county charges.

 

[Brewman61]

Re: Property tax bill...reasonable?

Minnesota only makes us pay preoerty taxes (dearly, IMHO) for the value of real estate.
It's based on a mil rate applied to the taxable value of the property. Way more complicated, but you get the idea.......

Do you know how the state came up with that amount? Is their version of the value of your boat in alignment with yours?
You'd have to have some understanding of how they arrived at this tax, to evaluate if their calculation is valid.
Is this an annual tax, or is it just a one time thing?
Most tax authorities have an appeals process, perhaps pursue that.

 

[ezmobee]

Re: Property tax bill...reasonable?

These "personal" property taxes are the most horrible thing I have ever heard of in that department. That bill of yours is bad at any price but for that low of a value it's INSANE. Awful, just awful.

I'm also the wrong one to talk to since I just got my "escrow shortage" bill yesterday that I get every year due to increasing real estate property taxes. Mine are pushing $4k for an appraised value of like $157k. I know many of you have it worse but I know many of you have it much better. The idea that you "own" anything in this country in a joke.

Yes I'm a moderator and I'm talking politics.

 

[WIMUSKY]

Re: Property tax bill...reasonable?

Property taxes are even higher in WI(compared to Mn). Depends on the county and school district that you live in too. In my neck of the woods, we're considered "property rich and dollar poor". I have some land in N Mn. And those taxes are starting to get out of hand. I do pay personal property taxes on my business equipment. Not on toys, cars etc. That's gotta suck for those that do....

Ezmobee - Wow!

 

[marlboro180]

Re: Property tax bill...reasonable?

Property taxes are even higher in WI(compared to Mn). Depends on the county and school district that you live in too. In my neck of the woods, we're considered "property rich and dollar poor". I have some land in N Mn. And those taxes are starting to get out of hand.

I agree on the real estate, but that was not the OP's query., Here in WI we do not pay annual personal property taxes on boats. Just registration fees.

 

[Summer Fun]

Re: Property tax bill...reasonable?

we do not pay annual personal property taxes on boats. Just registration fees.

The same here too.

Yes I'm a moderator and I'm talking politics

This is your last warning then its in the timeout room for you.

.

 

[dingbat]

Re: Property tax bill...reasonable?

That's 4.5% so that's not all that bad. We pay 6% on the purchse of a boat. Only registration fees after that,

 

[OldePharte]

Re: Property tax bill...reasonable?

I afraid to mention what ours are. My old deck boat, worth about $7k, a one-well floating dock, and household furniture in a 3 bedroom lake house cost me about $38 in PP tax last year.

This year will be interesting with the new pontoon. Who knows, it could go all the way up to $100.

 

[Boomyal]

Re: Property tax bill...reasonable?

Washington State pays (depending on area) about 7-8.5% sales tax on the value of the purchase, then pays only an annual registration fee of around $26.00.

I do think that boats over a certain size or value get hit with an annual personal property tax, though.

 

[jkust]

Re: Property tax bill...reasonable?

Property taxes are even higher in WI(compared to Mn).

During the housing boom the WI equivalent to MN new homes were dirt cheap but eventually you pay it off and in WI the higher taxes never end. Lots of MN folks moved to WI/MN border towns to reap the cheap new real estate and commute to Minneapolis. MN still gives a homestead credit for primary residence that keeps our number down. We get a statement yearly showing what we would pay without it. The bummer is that you couldn't buy new construction for under 600,000 (which were pretty cheepo homes) for several years and lots of new homes were hovering around $1M and there were lines out the door to buy one. Now those homes are worth much less but the high tax bills remain.

 

[Limited-Time]

Re: Property tax bill...reasonable?

SC max sales tax on a car, boat,rv is $300.00. no matter the cost. If this is the OP first tax bill on the boat that $300.00 dollars sales tax may be included. You do not pay sales tax/PP tax on a vehicle until you registered it. If I remember correctly. The PP tax on my 96 bow rider (10K value) is less than a 90 bucks. And my truck (2004 F250 4X4 Super Duty Extended Cab) for comparison was right at $200.00.

 

[Boomyal]

Re: Property tax bill...reasonable?

......Every small business I know of goes to extreme lengths to get rid of inventory by the end of December. If you don't own it at the end of the year there are no taxes on it.

To pay tax on inventory sucks. In Washington, Oregon and California, you only pay property taxes on equipment such as heavy equipment, office/shop equipment and tools, etc. Each year as the value of those items decline, so does the tax.

There are still business that will advertise year end clearance sales that imply that they are doing it to reduce their tax liability. They are lying.

 

[WIMUSKY]

Re: Property tax bill...reasonable?

Property taxes are even higher in WI(compared to Mn).

During the housing boom the WI equivalent to MN new homes were dirt cheap but eventually you pay it off and in WI the higher taxes never end. Lots of MN folks moved to WI/MN border towns to reap the cheap new real estate and commute to Minneapolis. MN still gives a homestead credit for primary residence that keeps our number down. We get a statement yearly showing what we would pay without it. The bummer is that you couldn't buy new construction for under 600,000 (which were pretty cheepo homes) for several years and lots of new homes were hovering around $1M and there were lines out the door to buy one. Now those homes are worth much less but the high tax bills remain.

That's why we ended up in WI rather than Mn. At the time when we were moving from MPLS area and looking for a home(late '90s), we found we got more bang for our buck in WI..... But as stated, we get nailed in taxes...

 

[jkust]

Re: Property tax bill...reasonable?

I recall seeing some pics of the homes some colleagues at the time were building for unbelievable low prices in WI just over the border. I grew up way outside the loop but had to drive anyway to get to town. I vowed now more driving so picked the suburbs for our former and current house we wanted and went in with the schools in mind not the price. 5,200 + square feet in Maple Grove was worth the price but we got in in early 03 before the crazy run up.

 

[Fly Rod]

Re: Property tax bill...reasonable?

In Massachusetts we pay a yearly excise tax on grown up toys such as boats, cars, motor homes,four wheelers etc.

Property tax varies in each and every city and town and you pay on the assessed value. In my city for the 2010 year we pay $10.49 per thousand of assessed value. If your home is valued at 500,000 X 10.49 = 5,245.00

The city I live in is between two towns, one town is assessed at 12.26 cents per thousand and the other towns rate is 8.96 per thosand.

If you own a home no matter where you live you should see if you can file for an abatement of your property taxes. Most states allow you to file for a rebate once a year and you only have about a month to file it. Where I live you can only file in the month of January.

 

[jkust]

Re: Property tax bill...reasonable?

In Massachusetts we pay a yearly excise tax on grown up toys such as boats, cars, motor homes,four wheelers etc.

Property tax varies in each and every city and town and you pay on the assessed value. In my city for the 2010 year we pay $10.49 per thousand of assessed value. If your home is valued at 500,000 X 10.49 = 5,245.00

The city I live in is between two towns, one town is assessed at 12.26 cents per thousand and the other towns rate is 8.96 per thosand.

If you own a home no matter where you live you should see if you can file for an abatement of your property taxes. Most states allow you to file for a rebate once a year and you only have about a month to file it. Where I live you can only file in the month of January.

We can file for a property tax rebate here in MN as well if certain things occur such as your property taxes rising by a certain percentage etc. Everything is income sensative so I don't know of anyone who has actually received a rebate. I don't know anyone that actually knows the figure above here in MN either. There is a state calculation and a city/town calculation but they aren't broken out as neatly as your Mass numbers. Realtors would never discuss the property taxes when you were looking at new construction. It was a taboo topic and they'd avoid it like the plague when you'd ask as you were in a model home. A 10k or 12k property tax bill is typical if you built in the last several years. Probably not a big number in a lot of East or Western states but in the Midwest we are simple folk. I still remember when the first $1M home made its way on the the Parade of Homes tour here when that meant Mansion on the river, acres of land and an elevator to get your collector cars into your basement show room. That was probably 1997 or 8.

 

[ezmobee]

Re: Property tax bill...reasonable?

Property taxes are my biggest political issue. They need to figure out some kind of relief. They are already forcing seniors from their homes they've worked their lives the pay off and it's only getting worse. The school boards know they have an open checkbook so there's no reason for them to NOT raise them by the maximum allowed amount each year. What adds to the issue for me is the large disparity in the school districts in just one county. Our schools are "good" and the district next to ours "sucks" just cuz there's no tax-paying industry there. They need to pool it together state-wide. I'd much rather my kid go to "PA Public High School #345" than "Northeastern York High School." One of the options being considered is raising the state sales tax. While I'd hate any new taxes, at least that I can control. If I don't have any money this month, I can just not buy stuff. As it is, the property tax bill still comes due whether I can afford it or not.

I know I shouldn't even be posting this but it's not really a right vs. left issue so hopefully it doesn't degenerate into a vicious argument and gets closed. I've already personally made the thread political but I couldn't help it as property taxes really irk me and for those of you that have to pay these "luxury" taxes, I really feel for you.

 

[jkust]

Re: Property tax bill...reasonable?

Property taxes are my biggest political issue. They need to figure out some kind of relief. They are already forcing seniors from their homes they've worked their lives the pay off and it's only getting worse. The school boards know they have an open checkbook so there's no reason for them to NOT raise them by the maximum allowed amount each year. What adds to the issue for me is the large disparity in the school districts in just one county. Our schools are "good" and the district next to ours "sucks" just cuz there's no tax-paying industry there. They need to pool it together state-wide. I'd much rather my kid go to "PA Public High School #345" than "Northeastern York High School." One of the options being considered is raising the state sales tax. While I'd hate any new taxes, at least that I can control. If I don't have any money this month, I can just not buy stuff. As it is, the property tax bill still comes due whether I can afford it or not.

I know I shouldn't even be posting this but it's not really a right vs. left issue so hopefully it doesn't degenerate into a vicious argument and gets closed. I've already personally made the thread political but I couldn't help it as property taxes really irk me and for those of you that have to pay these "luxury" taxes, I really feel for you.

One of the little know facts here in mn is that they do take taxes from the wealthier areas and send that money elsewhere to other discricts to equalize the disparity. What makes a good school 'good' is the level of parental involvement both in the schools and at home among other factors. I live in a top tier suburb (there are several here) and the school my kids go to is not among the best in the state but is the best where the technical scores are concerned. As odd as it is, the suburb next to us is the antithesis. Section 8 housing everywhere and according to teachers I know, parental involvement very low. Both of these two suburbs are in the same school discrict. I won't drive through that city but though it is the same district they get the free full time kindergarden and we pay $4,000 per year for it. I was unhappy to see it in writing when we got the note earlier this year. Basically I read it as people who have made good choices pay and those that did not get a free ride. I think part of the situation is that unelected officials make some of the decisions and the ones that are made by elected officials are against the will of the majority.