A lot of times being inside or outside city limits makes it big difference in property taxes. Estimated property value and location. I built our house about 45 minutes outside of Nashville. The difference between my taxes being about 500 yards from the city limits is awesome. We built a 3800 square foot house with 4 bd, 3bth house on an acre corner lot, with a privacy fence and huge pool and patio and our property taxes are sub $5,000 a year.
Vegas is nearly as hot as Arizona with summer temps in the 40-45°C range and even a little higher than that on an abnormally hot day. The highest temperature ever recorded in Phoenix was 50°C, and 47°C in Vegas. If you don't like that heat, you're trading higher temps for much higher humidity in Miami and Houston, so it ends up feeling just as hot, or worse, because even sweating won't help you cool off unlike out west where it's a dry heat.
Property taxes and school taxes are based on the location and the size of the home. Plus the type of flooring and central air and other up grades. I worked in the assessment office in NY for about a decade in the 1990s. Schools vote on their taxes and the town or county decides on the government property taxes. I lived in one home with low taxes and two blocks away that same home paid double just because of the location closer to the water. It looked like my home but it was more expensive tax wise. The school taxes were the same because we both were in in the same school district. The tax amounts listed in this video mot likely include the school taxes. School taxes are for the local public school from Kindergarten to 12th grade. Most sellers must give the complete tax total before finalizing the sale.
And suddenly mine doubled last year in Montgomery Alabama because the voting dummies decided that the failing schools would pump out scholars if money was thrown down the drain.
Think small house with lots of land. That way you can rent the land to hunters, the dept. of transportation, tree harvesting, etc. That means less taxes, insurance, and yearly upkeep. Best thing of all, no HOA fees.
A lot of stuff is left out in țhis video. 1. Some states have higher property tax because they dont have a state income tax. 2. Some states have very strong protections for home owners and some do not. 3. Desert states like Arizona and Nevada have serious water problems (so a pool in Las Vegas isnt wise, also both states get their water from California) 4. Condominiums, like in Miami, charge monthly maintenence fees (hundreds to thousands). 5. Homeowners insurance and in some areas separate flood insurance, is required (in the thousands) 6.HOAs charge dues which tend to go up annually. 7. Mortgage insurance is charged monthly, if 20% of the mortgage isnt put as a down payment.
Vegas=gambling,Lake Meade (camping/fishing), hiking, bars, shows, concerts, çlubs, thè symphony (university and city), first Friday festival, parks, movies, restaurants, world class shopping museums, all sports to play and watch, throw your own parties (lots of venues), join social clubs, take classes, go to recreation centers,golf, SWIM, sķi ( water or snow)...there's a lot to do here.
Property taxes differ state by state, because they are local taxes. There is federal income tax and state income tax, but property taxes are municipal.
Property Taxes are also our Council taxes. Many times taxes are determined by town, city or State governments based on zoning. Rural areas may have higher taxes because there aren't as many businesses to support government funding through taxation, cities may have higher taxes for infrastructure support, some places specifically have lower tax rates to incentivise people and businesses to move to an area. There are many variations and factors that determine taxation. One thing that you can rely on is that you will pay more for less in the most desirable areas. Houston, Vegas, Miami and Phoenix are awful weather cities. Vegas and Phoenix are in the dessert and will be in the 100 F/37.7 C+ temperature range for long stretches. A friend in Phoenix had the bumper melt off his car while he was at work a couple years ago. Houston and Miami have been hit by hurricanes regularly and both cities are below sea level. Not a good combo for not having your house flood or take damage every couple of years.
To answer your question about the tax disparity, there is no federal property tax rate across America. Like sales tax, every state, county, or city may impose property taxes. In Florida, it's the county governments (the next smallest subdivision of political power in Florida after the state of Florida) that imposes property taxes on the property within county boundaries. So if you write a check to pay your property tax, you address the check to the county government, not the state of Florida. Usually a state constitution will provide for how property tax is levied and collected in each state. Some states separate property taxes from other assessments or taxes that can also be levied against the property. In Pennsylvania, I remember there being a school tax in addition to property tax. In Florida, schools are funded through the general property tax but you can have special assessments and use fees for certain municipal services or benefits your property receives.
I live just outside of Baltimore, Maryland… and my yearly property taxes are 2200. a year. Detroit City isn’t great, crime-wise… but lower Michigan overall is pretty nice. Taxes vary widely because cities, townships, and parishes/counties establish different rates to cover the needs of the jurisdiction. The taxes are folded into the mortgage payments… so adding 20k/yr to payments on a million dollar house will create a 6k month total payment for 30 years.
I don’t know if many from the IK understand our city and state concept. Because it seems if they hear something about Detroit they don’t get that it’s one city in the state of Michigan. Which means there are other places (cities) in Michigan that have great neighborhoods there isn’t just Detroit. If you say Texas they think Texas is nice. Well,You may have certain cities in Texas that aren’t necessarily nice. I know it’s complicated to most non-Americans. It’s just really hard to grasp America if you don’t live here.
Americans don't know what "council tax" is, but property tax covers a variety of things. Many cities do fund things like street maintenance out of property tax; many school districts get a significant portion of their budget from it as well. Property tax rates are locally determined and correlate positively with population density, but they correlate more strongly with median income. Property tax generally does *not* cover utilities (electricity, gas, water and sewer, etc.), because your bill for those things depends on how much you use. Your property tax bill depends on the value of your property.
My favorite was the Nashville home. You also have to consider things like weather, jobs, schools, etc. Nothing is standard here and it varies WIDELY depending on where you are. And the tax situation is very dependent on your state, then county, then municipality. Property taxes usually pay for schools, so the richer the neighborhood the better the schools. That does vary, however.
There are local, state, and federal taxes that change the cost of yearly taxes. New York, Chicago, and San Francisco are some of the highest in the US. Also, it depends on location on how big a home you can get. There are places in New York City that only billionaires can afford that are still just condos, while in places in the Midwest or the South that can be huge houses.
The one in Phoenix also comes with lots of wildlife from wolves to coyotes to javelina to rattlesnakes to black widows to brown recluse and more than likely some mountain lions, bobcats, maybe some deer and bears as well. I live in Tempe, Arizona just outside of Phoenix where that house was and yes in the summer it gets extremely hot up to about 49.4°C.
Taxes pay for the area you live. If there's not a huge budget needed to provide the essentials (roads, schools, fire, police, emt etc...), then the taxes are lower. I live at 41 Pheasant Hill Trl in Florida and my taxes are just 3,333/year for a 410K 4 bd/2.5 bath home. Lots of people are moving to this particular area, so the taxes will increase over time. The Google street view is over a year old, but if you look it's a decent house with a huge yard.
The Nashville house and Indianapolis house were the best deals IMO and had thr most land attached to them. Just like you said, location is everything! The taxes are calculated down to counties within each state. If it's more rural, they tend to be cheaper, downtowns are higher. Great watch!
I can only speak to property taxes in the city of Baltimore as they vary and are calculated differently in every state and municipality. Here we pay city/county (Baltimore city is a county equivalent, not part of any county) and Maryland property tax. It's assessed on the value of the land and the value of the improvements(buildings) on that land. I have a 1880s Era 12 foot wide 60ish foot long row home in a very desirable area. Property tax bills are semi annual and come out in June and December. With my homesteaders tax credit, last year they were $6,800. My next door neighbor, who doesn't qualify for that credit, pays a little over 10grand. If you have a mortgage, the lender will break the bill down to 12 payments and will keep that in an escrow account and use that money to pay the bill on your behalf. Your mortgage bill will be broken down to show what your part of your payment goes to escrow, principal, and interest. And yes, property tax bills usually go up every year, especially if you're home is in an area in gentrification.
Detroit is on the come back. You're not buying the Decor or the wall colors. Property taxes don't cover the pool unless it's a municipal one. For certain communities & developments like the one with a community pool, the cost of maintenance is paid out of your HOA fees. These fees are separate from your mortgage or property tax. Property taxes are collect by your country/town or city and are used for things like infrastructure & maintenance, police department, fire department, schools, courts etc. HOA fees are collected by your development HOA board and covers things like salaries for building employees, maintenance, upkeep for common area such as the pool or lobby.
These homes in cities will have Homeowner Association fees(HOA), maintenance fees, etc. Regular detached homes in subdivision will have HOA fees. I live in a nice condominium in FL and my monthly maintenance fee is $600 plus $500 for my 40ft boat slip. The huge unexpected expense for me was the homeowners insurance cost that has increased 4 fold to $2,800 per month. I am lucky because I get a big discount on property taxes because I am a disabled veteran. I save $5,000 a year because of that. The cost of living is not sustainable. I am leaving Florida soon and moving to the midwest.
A million dollars will get you over two of my houses in my part of Florida. Quite a large piece of land for beingi n a neighborhood. Wrap around screened front porch . Bottom floor has living and dining rooms , 3 bedrooms and 3 baths. Lg. Kitchen, family rm and laundry room. Top floor is a one bedroom apartment with balcony overlooking a screened in pool, and a back porch poolside. I have a rare Florida basement and stairs leading to an attic that were used as servants quarters at one time.
@@Ryarios if you like it and are comfortable in it and it meets your needs then ot course your home is special. It is yours! The only reason I got mone is because i needed a semi separate space for mY mother so I could give her the help she needs. If this house was in Orlando or Miami there would be no way I could afford it.
@@user-qp8jh9vl7v oh, I like it well enough. It fits me just right. I will admit the stairs are becoming difficult, but with some luck, I won’t have to ever move.
I dont think you can do an exchange rate because i think 1 million in the USA is just like 1 million in the UK. Because the house would be in each country respectively.
9:00 the other thing that makes Las Vegas a decent place to have a mansion is that the State has no income tax, as it makes enough off of the entertainment taxes (aka "sin tax"), sales tax, and property taxes from the hotels and casinos (which have their own tax bracket in Nevada).
Phoenix’s does get insanely hot. I lived there for 4 years. The hottest I saw it was 123f or 50c. To get an idea of what it feels like, it’s essentially the same experience as opening your oven door, you’re just blasted with heat it feels like your skin might cook.
Get a 3br 2 bath double wide trailer on an acre in KY for 68,000, back in 09 after the bubble. With real estate, its the land over structure. That can certainly change, but ultimately, always land. And a "professional" appraisal which i have no doubt is equivalent to an elementary school test "scratch A,B,C, ir the enfomous D.
Suburban town of 8,000 and county of 30,000, has all the needs of food and eminities itself for the smaller communities that surround it. Is also a 30 minute drive from a growing city of 320,000.
I get showing metro areas, but if you think that's impressing, choose a small city like Harrisburg, PA or Harrisonburg, VA. Plenty of jobs within the immediate area, or not so far from it. You'll find loads of houses that are HOA-free and taxes are likely more reasonable, too. Our property taxes in our township are about $1800 per year. We live in a small village on a corner lot of just over 2 acres. Three bedrooms, two baths, wrap around porch, paved driveway and large pole barn for vehicles or whatever. We do not have city water or sewage here - it's wells and septic tanks. Our own water is excellent drinking water with good water pressure. (These things MATTER in semi-rural living.) We're just 5 miles from our small city's center and within 3-3.5 hours you can be in New York City, Philadelphia or perhaps DC. Every state has loads of these kinds of communities, many of them much better situated than we are, in relation to larger metro areas. Another huge benefit of living in a smaller community is that you're far more likely to actually get to know your neighbors. You may or may not like that, but for some of us, it's wonderful. Our own street is a dead-end street. At 65 and 70, my husband are the 2nd youngest on our street. Of course, we've lived here for 42 years. Coming in to our little area of about 8 houses, we're the first on the street, with that lovely wrap-around porch. As long as the weather is decent, without fail, you'll find 2 or more of the neighborhood men gathered on the front corner, solving the problems of the world. The Old Man's Club. I get the biggest kick out of it. They come trekking from up and down the street, usually on a 4-wheeler, golf cart, or a lawn mower, although they all walk down about 10 am.
The decor does not come with the home, you are responsible for the furniture and appliances. Taxes are usually by the square foot, each City or County charges different rates, this does not include State and Federal taxes. Homes can be reassced if property value is not the current rate.
San Francisco being desirable: depends on who you ask. Some people claim its the pit of hell. Ive been there. Its seen better days, but its not that bad. And the thing is, it will get better. And there's lots to do, not just in the city itself, but in the whole Bay area.
Kabir this was a smart choice. After all the back and forth about the Connecticut house you decide to see exactly what is a million dollar house in America. By the way Vegas and Los Angeles are only four hours apart. Here that’s not that far. And those of us that stated that house was an average house was right. It is a nice house but these houses put that into perspective. As I’ve said many people judge things from their living standards and you don’t always make an accurate assumption from that standpoint. Very nice homes. That Atlanta house was a poor representation of what Atlanta has to offer. They have beautiful homes in Atlanta for a million even half a million.
Property taxes in the United States vary by the location and value of the property. There can be a half million dollar difference between 2 identical houses in different cities. My sister's $232,000 home in Alaska will cost you 1.5 million dollars in California.
I know a guy who had a house in Long Island New York he was paying 59 thousand dollars in property taxes and another 11 thousand in school taxes and he didn’t even have a kid he moved to South Carolina bought a house on 8 acres of land and now pays 3850 dollars a year in property
Kabir, personal income tax is much lower in usa, as compared with UK. (for the average person).Here in Ct, we have town govt and not county govt. The town controls education system, roads,fire dept,police which. People want local control.A lot of families stay in the highly taxed areas while their kids are in school to obtain a better education,then they move to a less taxed area when their kids have grown up.
Sorry Kabir , property taxes does not pay for your community pool maintanic . When living in gated communities , It is your HMO that pays for all your amenities their . Same with the condos . The fee can be as high as the property taxes ... The taxes are for city maintenance police , fireman road and other city works.
Location is what the price of a home is based on, but that may change, at least a little. As people work from home more, where you live becomes less important. There is still the social aspect of location, but the business aspect seems to be changing.🤗❤️🐝
Hey Kabir, you mentioned if you lived in Las Vegas it might be too tempting to gamble every weekend. In the U.S., many Native American tribes have huge casinos and nice hotels in many states. They are considered on soverign land so are not subject to a state law that would prohibit gambling. You wouldn’t have to be in Las Vegas to gamble. Many states with Native American casinos would mean you could live a lot of different places and gamble to your heart's content...or til your $$ runs out. Haha!
As somone born and raised in Vegas, you don't really gamble when you live there. Like when my parent's first moved there they played a bit but then it gets old since you can do it everyday. Most of the casinos give local discounts/ member cards for perks. It's only a few hours from California people daily drive it so, it's not that far. I live in Arizona now and yes it gets hot but so does Vegas upwards of 110F (43C). It's a chill 95F (35C) as I type this.
In Louisiana, the assessed value of a property is determined by the parish (county) assessor or the Louisiana Tax commission in accordance with requirements and procedures established in the Louisiana constitution, law, and as prescribed by the Louisiana Tax Commission.
San Francisco is insane. Their prices are so damn high because of San Jose. It’s become the new Silicon Valley. They are in close proximity to each other. Basically you live in San Francisco to commute to San Jose or pay the unlivable rent of San Jose. It’s just unsustainable.
Property tax covers anything the state county & city government wants to use it for, plus school taxes are all included in "property tax." If you're in a Planned Unit Developement PUD for short or a gated community, you'll have a Home Owners Association HOA fees. Each state lays out how the tax money gets divided for roads salaries, etc. School taxes vary from place to place but it's collected within your property taxes in New Jersey anyway.
I have a little Cape Cod cottage in the Midwest--it's about 750 ft ². Plus full basement & attic, nearly tripling floor area. Real estate taxes are ridiculously low--about $750/6 mos. Homestead occupancy gives a nice discount. Not fancy, but it's my hole in the weather.
You're going to find property tax vary in different parts of the country. Situation is very complex. You got to be a go-getter constantly improving your life. You got to do your homework on this. My personal feelings. There are certain states that are too expensive you know like New York California Dallas Hawaii you must do a feasibility study on the state you're going to go to and live.
If you want to live comfortable in another country, believe it or not the cheapest and best place to retire is Vietnam. Check out some videos. Lots of Brits and Americans are moving there.
Detroit is booming bro , I've lived here for 55 years there are more businesses coming here constantly especially in the metro area , I believe it's due to the water supply and being a major hub for the east coast where most of the population lives .
You'd have to drag me back to Detroit to live there again by my hair. No way, no how would I ever go back and live there. I was born in downtown Detroit 56 years ago. It's worse and even more depressing now. If I didn't have family there, I'd consider it a "no go zone."
Well, we gotta pay homeworkers insurance too plus your electricity, gas, cable etc! DO NOT GO TO DETROIT! Not safe! But that Vegas house was beautiful and I know that’s a safe area😊
What a million dollars would get you in this economy vs what it would have got you years ago is night and day difference. Basically you only get half of what you would before depending on state
This video must be REALLY old! I live in Nashville. You can't get that for $1,000,000. That's at least $3-4 million in today's economy. As for property taxes, there are state, county, and city taxes all rolled up into the rate. Each state, city, and county sets their own rates, which do tend to vary by size and land area, but ultimately, that means that tax rates vary very broadly from place to place.
Some of those million-dollar extravaganzas are not only out of my budget range, they are also way out of my comfort range. What does one do with multiple living rooms? We barely use the one we have. On the bright side, I guess if you can afford six bathrooms you can also afford the services of a cleaning crew! Loved your reaction, as always. Peace …
I was floored by how outrageous the taxes were on these places! If I had any remaining doubt that people who choose to live in big cities are nuts this just wiped them away. Generally, the farther away you get from a big city the lower your taxes will be. More house for less money too.
Big salaries in big cities,or you wouldn’t survive. My daughter lives in NYC,pays $ 2100.00 for 700 sq ft,no utilities but right on the subway line. Considered a bargain!
Taxes can vary state to state due to factors like some states don't collect income tax and instead get the money from property. Some states have to pay for roads where the weather is terrible and they have to repave every few years than say a road in the desert or in sunny California.
Dont forget nsurance costs...easier since covid to get jobs where you work from home like tech for ex...loc loc loc is diff in taxes. Air conditioning is almost a necessity. With heat waves making 4 seasons into 2 (im in OH and really no winters anymore, summer is almost as bad as desert...) Too many poor and elderly die because a/c costs $.
Nothing to do in Vegas? Its called sin city for a reason. Even if you don't drink or gamble there are countless other things to do like catch a show, watch a NFL game, eat at wordclass restaurants
Wait not much to do in Vegas? You’re kidding right? that place has everything and that’s a gated community where that house is so it’s probably 10 miles from the Vegas strip but you don’t have to gamble. I mean there shows restaurants, theaters bars, clubs it has everything and I know this because I live there.
Kabir, not just Arizona, even in New England, it can hit 40 C in the Summer. I have personally sat in 100 plus degrees F [more or less 40 C] while sitting in the shade looking out at the Atlantic Ocean. Arizona is FAR worse !!
40°C is 104°F. That is basically higher than the all-time records of some of the New England states. Triple digits are pretty rare in New England. Even 95 isn't terribly common. The hottest city in New England is Hartford, and even there 90 only happens on average 17 days a year and has an all-time record high temperature of 102. There's a reason New England along with Alaska and Hawaii have the lowest all-time record high temperatures - these are really the only places that escape the high heat of summer.
I would avoid anything in a neighborhood with an HOA.. unless you like the idea of some Karen knocking on your door several times a week to reprimand you for the tiniest violation of their ridiculous policies
