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DANG! It costs that much right now for me to get my tag in NYIn the mid 90s it cost me over $400/year to get my tags on a car and truck.
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DANG! It costs that much right now for me to get my tag in NYIn the mid 90s it cost me over $400/year to get my tags on a car and truck.
I also don't think you actually have to roll it into your payment. I know some banks say that is their policy, but the last one that told me that I said then I'm not closing with you, and they removed it.
I am including having to pay your personal property tax on the vehicles and present the receipt and proof of inspection(was $25 IIRC) before you got to pay the tag fees.DANG! It costs that much right now for me to get my tag in NY
We had to do that for the first five years of our loan. Either it was a state law, or our attorney screwed us. I can't recall which, might have been both.Just make sure you aren’t paying PMI.
You're getting hosed, mine are around 2500
Nope, not aware of any other charges. Our "land" is a parcel that's only 100 X 25 feet. I forget what percentage of an acre that is, and it's mostly the house. The "yard" is about the size of a billiard table, but not the same color.Is this just your taxes on your home or is that all of your taxes combined associated with your home? Because don't you pay a city tax as well...a total of 3 different taxes? I'm paying more than that on the main house I live in. $1340 in October for school taxes and $2653 was this January for the house/land ... just the home I live in.
Nope, not aware of any other charges. Our "land" is a parcel that's only 100 X 25 feet. I forget what percentage of an acre that is, and it's mostly the house. The "yard" is about the size of a billiard table, but not the same color.
Again, our tax burden is smaller thanks to all the businesses and corporations that are nearby. They pick up the majority of the tab -- and then pass it back to us in the form of higher prices for goods and services.
We just got the annual assessor's notice about a week ago, and while the house lost value from the previous year, it's still worth more than double what we paid for it 20 years ago. Then they have this complex formula for how they come up with the taxable amount, based on things like the zone, size, etc. I had a guy explain it to me years ago but the only thing I remember is "thank all the businesses that are in your zone"It makes sense the way you explain it with your tax base being so large. So that $2500 includes your school taxes? I assume your home values are very high which is even more impressive.
Why would you think they're going up by over $2500/year? That would be a lot of taxes and insurance increases in a single year. And in Michigan taxable value increases from year to year by the rate of inflation or 5%, whichever is lower. So the most you could see your taxable value increase this year is 5% in Michigan (i'd imagine states have similar rules in place to prevent exactly what you're thinking). If the cost of my home doubles from one year to the next, that doesn't mean my taxable value does.I don't like escrow because you are required to have like a $2500 cushion or something.. Not sure what is going to happen if Escrows can't cover home insurance if they go up that much. some people here are saying its almost doubled with the "value of housing" up plus the supplies up.
Why would you think they're going up by over $2500/year? That would be a lot of taxes and insurance increases in a single year.
Oh dang. Ours is capped at 5%/year or inflation. Since inflation was bonkers, it would be 5% (assuming the value increased that much from 2022).my tax rate is low for texas at 3.75% - My property value increased at the 10% homestead cap for Texas so that right there is around 1,400 a year.
When they renew my homeowners insurance - they will have to increase the value of the home and with their already increased rates that should easily go from 4k to around 5 or 5.5k a year.
No way man; you're fucking retarded. Your lender should 100% escrow for you.My homeowner's policy went up about 8% this year, but it actually was down the previous year, so it's not much more than I was paying in 2021.
Fuck escrow. I'll hold my own money and pay my own bills, thanks. I understand why some people like it, and that's fine, it's just not for me.
Yeah, I love the escrow. One less thing I have to think about. One monthly payment with taxes/insurance/mortgage all rolled into one. Insurance just bills the bank, the bank sends my taxes in and I do nothing. I'd very literally pay more for that service vs having to do it myself and it's free lol. I think when we closed we had to throw an extra $2k at it for the buffer, but it's not like that money isn't still yours and it's nothing in context of a mortgage.No way man; you're fucking retarded. Your lender should 100% escrow for you.
We had to do that for the first five years of our loan. Either it was a state law, or our attorney screwed us. I can't recall which, might have been both.
Yeah that's probably it. We had a "jumbo" loan and only put about 10% down. We got away with it because it's a 2-family, and we could claim the rental income from the second apartment.It happens when your loan amount exceeds a certain limit and you don’t have a second. Often caused by a high Loan to Value ratio. Pretty common for first time home buyers who don’t have 20% to put down.
Interesting. My taxes are higher, but my insurance is lower.I think my taxes were around 8k or so and property insurance will be around 5k when i renew in June.
You should cup my retarded balls.No way man; you're fucking retarded. Your lender should 100% escrow for you.