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Posted by Pseudonyme on June 19, 2008, 2:39 pm
001
Owning a property in the US implies to pay a huge amount of Property
Tax
(local ass USD 1.000.000 house leads to a USD 30.000 P.Tax/year)
002
25% of the yearly house gross rent goes to the Property Tax.
(3 months of rent : USD 3.000 of P. Tax for a US 1.000 month rent)
003
Is the Property Tax social prohibited in the U.S. (taboo) ?
60 hours carrefuly listening to CNN Financial analysts and Tresury
Chief : NONE of the gurus never mentioned to Property Tax as the
Number 1 or 2 reasons to Banks Foreclosures.
004
20% to 40% of house owner would still honour their mortgage payment
with a 0-value Property Tax.
005
LEASE TO PURCHASE
This model might be an alternative to buy a properties in the US.
I am not aware that model exists in Madrid.
http://www.lease2purchase.com/featuresnbenefits.php
006
if a non-republican is elected the exit tax (Capital Gain taxation)
will increase. (15 to 30%) This not an increase of 2 or 3 points, this
leads to double the C.G. tax !
007
Any feed back experience using the LEASE TO PURCHASE ? or any
analysis ?
Many thanks for your analysis that relates to the LEASE TO PURCHASE
Cougloff
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Posted by on June 19, 2008, 3:22 pm
> 001
> Owning a property in the US implies to pay a huge amount of Property
> Tax
> (local ass USD 1.000.000 house leads to a USD 30.000 P.Tax/year)
The US Average property tax rate is 1.38% of the property value.
The very highest state-level average is 2.57% (Texas, which has
no income tax).
There are individual exceptions - these are averages - but your
numbers are way off.
(source: Moody's Economy.com, via the New York Times)
> 002
> 25% of the yearly house gross rent goes to the Property Tax.
> (3 months of rent : USD 3.000 of P. Tax for a US 1.000 month rent)
A property with $3000 taxes should be worth, depending on the
state, something on the order of $250,000. Are you really
charging only $1000 rent on a property valued so high? Sounds
like you need to raise the rent - or get your property
re-assessed if it's not worth that much.
> 003
> Is the Property Tax social prohibited in the U.S. (taboo) ?
Please clarify.
> if a non-republican is elected the exit tax (Capital Gain taxation)
> will increase. (15 to 30%) This not an increase of 2 or 3 points, this
> leads to double the C.G. tax !
Actually, he's said, variously, 25% or 28% (the latter is what
it was under Reagan).
He'd have to fight pretty hard to get that increase passed,
but regardless, at the moment, this is pure speculation.
Given your incorrect numbers re property taxes, I wonder
what you're trying to say/ask. And what "lease to purchase"
has to do with any of this.
--
Plain Bread alone for e-mail, thanks. The rest gets trashed.
No HTML in E-Mail! -- http://www.expita.com/nomime.html
Are you posting responses that are easy for others to follow?
http://www.greenend.org.uk/rjk/2000/06/14/quoting
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Posted by PeterL on June 19, 2008, 3:50 pm
> 001
> Owning a property in the US implies to pay a huge amount of Property
> Tax
> (local ass USD 1.000.000 house leads to a USD 30.000 P.Tax/year)
>
> 002
> 25% of the yearly house gross rent goes to the Property Tax.
> (3 months of rent : USD 3.000 of P. Tax for a US 1.000 month rent)
>
> 003
> Is the Property Tax social prohibited in the U.S. (taboo) ?
> 60 hours carrefuly listening to CNN Financial analysts and Tresury
> Chief : NONE of the gurus never mentioned to Property Tax as the
> Number 1 or 2 reasons to Banks Foreclosures.
>
> 004
> 20% to 40% of house owner would still honour their mortgage payment
> with a 0-value Property Tax.
>
> 005
> LEASE TO PURCHASE
>
> This model might be an alternative to buy a properties in the US.
> I am not aware that model exists in
Madrid.http://www.lease2purchase.com/featuresnbenefits.php
>
> 006
> if a non-republican is elected the exit tax (Capital Gain taxation)
> will increase. (15 to 30%) This not an increase of 2 or 3 points, this
> leads to double the C.G. tax !
>
> 007
>
> Any feed back experience using the LEASE TO PURCHASE ? or any
> analysis ?
>
> Many thanks for your analysis that relates to the LEASE TO PURCHASE
>
> Cougloff
>
You made a lot of assumptions here, so let me make one. I assume you
are not here to spam your site. That said, point 001 may or may not
be true, depending on what you mean by "huge". We pay 1% of the sale
price, and property tax do not increase as long as we own the house,
which I think is very fair.
Points 3 & 4, what is your basis for making these assumptions? I
doubt that your #4 is correct.
#5, I didn't bother to click on your link. but lease to purchase has
been in existence in the US for a very long time.
#6, huge assumption, scare tactic. It may or may not happen. And
whether, if it happens, that it will also apply to individually owned
homes is not known.
#7, you are welcome.
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Posted by Gil Faver on June 19, 2008, 5:25 pm
We pay 1% of the sale
> price, and property tax do not increase as long as we own the house,
> which I think is very fair.
what are you talking about? In California, where property taxes are rather
low, we pay more than 1% of the purchase price (when you count the various
district taxes, etc.), and it does increase year after year.
Other states, I assume, are even worse.
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Posted by PeterL on June 19, 2008, 5:50 pm
> We pay 1% of the sale
>
> > price, and property tax do not increase as long as we own the house,
> > which I think is very fair.
>
> what are you talking about? In California, where property taxes are rather
> low, we pay more than 1% of the purchase price (when you count the various
> district taxes, etc.), and it does increase year after year.
>
> Other states, I assume, are even worse.
>
The addition of local taxes, and the annual increase, are relatively
minor. For example, I have now owned my home for 11 years, and it's
value has doubled. Yet my real estate tax remains 1.1% of the
original purchase price. So my effective real estate tax is 0.5% of
the value of my house.
The main point is my property is not reassessed periodically and my
real estate taxes don't increase materially.
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