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.
That’s why I caveated with if you are already a homeowner for a while. It’s totally different to be buying a house now and comparing it to rent now. The important bit is the cost is fixed and rent is not. In our case it only took two years for rent to surpass us.
But yeah. Especially if you live in a state with no income taxes, the property tax story is very region dependent. If property taxes are that extreme though, it’s almost certainly also being built into peoples rent which means it’s not contributing heavily to the difference in cost from renting and owning
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.
That’s why I caveated with if you are already a homeowner for a while. It’s totally different to be buying a house now and comparing it to rent now. The important bit is the cost is fixed and rent is not. In our case it only took two years for rent to surpass us.
But yeah. Especially if you live in a state with no income taxes, the property tax story is very region dependent. If property taxes are that extreme though, it’s almost certainly also being built into peoples rent which means it’s not contributing heavily to the difference in cost from renting and owning