Re:For Sale: The $100 House
by patio11 on Wednesday March 18, 2009 @03:09AM
(#521330)
Most of us could easily afford it, free and clear.
$55 per $1,000 in assessed value due in property taxes, per year.
$75 if the property isn't covered by the "homestead" exception (i.e. you get one discount for a primary residence, everything else gets assessed at $75 per $1k.)
I rather doubt the city assessor's office will agree that the fair market value of your $1 house is $1, particularly after you invest money in making it habitable and/or after you successfully cause the neighborhood to be desirable.
Though for a fraction of what you pay in rent in San Fransisco you could own a perfectly suitable house in a perfectly suitable neighborhood in much of the Midwest.
Re:For Sale: The $100 House
by lliiffee on Wednesday March 18, 2009 @11:49AM
(#521824)
Interestingly, the "assessed" value in Michigan appears to be 50% of the "fair market value" of the house. So that would be an effective tax rate of 2.25%, not 5.5%. (This still seems to be higher than other midwestern areas.)
Re:For Sale: The $100 House
by dkokelley on Wednesday March 18, 2009 @02:03PM
(#522017)
Although provided you have fixed up a house or two and made the neighbourhood desirable, you could rent out one of the houses and use the income to pay the property taxes on all of them.
$55 per $1,000 in assessed value due in property taxes, per year.
$75 if the property isn't covered by the "homestead" exception (i.e. you get one discount for a primary residence, everything else gets assessed at $75 per $1k.)
I rather doubt the city assessor's office will agree that the fair market value of your $1 house is $1, particularly after you invest money in making it habitable and/or after you successfully cause the neighborhood to be desirable.
Though for a fraction of what you pay in rent in San Fransisco you could own a perfectly suitable house in a perfectly suitable neighborhood in much of the Midwest.