$7k year taxes? If only! Ours are three times that.
There is lots of variance in taxes though here based on if previous owners aggressively grieved the taxes. Some homes have disproportionally high taxes (sometimes by as much as $10k/year). Those houses are definitely struggling on the market.
Wow. I pay $10k a yr on my 2kish sq ft house (which includes my basement) that’s assessed for $300k.
I thought the change in SALT was going to have a big effect where I live here, but I was wrong.
Average property tax in our county a few years ago was $17,000. Mean house value is $500,000-$750,000, but prices vary wildly by town. In some house you’ll pay a million for 2500 sf, in other’s you’ll pay half that.
A $750k house here in the greater Seattle area can be anywhere from 1,000 to 4,000 sft and pays about $7k-$10k in property taxes depending on local tax levies.
$750K here comes with a property tax of around $16K.
We don’t have state income tax, but still…
California has Prop 13 which keeps our property taxes at 1% of the assessed value. My small home in a So Cal beach city would sell for around $800k today. My property taxes are only $3k a year, but we have very high state income tax.
No state income tax here in WA. Most recent attempts to get one going faced fierce opposition and constitutional challenges.
https://mcmansionhell.com/post/183417051691/in-honor-of-the-college-admissions-scandal
For a CC take on the thread. Lol.
Rick Singer and the rest of the cast of characters and their McMansion glory.
Important for you non-Californians to realize that California property taxes are 1% of the assessed value, and the assessed value can only go up some small percent per year. As a result, for longtime homeowners the assessed value is a fraction of the actual value. Yes, this is ridiculous and unfair to new homeowners.
Isn’t the Loughlin/Gianulli house valued at about 37 million dollars? Wouldn’t that actually be a real mansion?
A mansion can still be a McMansion “McMansion” generally refers to newer construction / renovation / expansion of questionable architectural value and often oversized in relation to the lot, but not the value of the property. The Loughlin/Gianulli house was expanded in 2015. Aaron Spelling’s $150M 123-room “house” would also be a McMansion.
Well, knock me over with a feather. I just picked up a voicemail from a realtor saying he has a client who wants to buy my house. It’s not even on the market. 
I get a number of those… They seem to target popular neighborhoods, hoping to catch someone. May or may not have someone interested in your particular home. Then again, maybe an easy sale if you’re ready.
My parents get those all the time. I guess it’s nice for them to know that they are in a desirable area, but they have no intention of downsizing at this time.
Spoke to the realtor. His clients really love our neighborhood, so they looked at our next door neighbors’ home, which is for sale. It has a pool, and they don’t want one. They liked our house and looked it up online. They saw that the master has two separate full baths, so they had him call us. Realtor wants to show it to them when they get back from a vacation right after July 4 weekend. We are going to let him show it. We’ve been flirting with the idea of selling later next spring, so we don’t have anything to lose I guess.
@Nrdsb4 that is a popular method of house hunting in my area in certain school districts.
I’m not totally up to date on the housing market in my immediate neighborhood. What I have observed in noticing what sells quickly is more a matter of price than size. If the house is in the lower entry market price for a neighborhood it’s sells fast. I’ve noticed two recent sells in my neighborhood that were priced low for the area. One was smaller house on a small lot. It is an abnormal lot size for the area, under an acre in a association that has minimum 1.5 acre lots. The other was a older large ranch house on a large lot. I thought the price was low. Both of them went into escrow the first day on the market. On the other hand the houses for sale in the multi million range are sitting. I still can’t wrap my mind around houses selling for the prices some people are trying to get.
My DH has said before that if we ever got asking price or sold in a matter of days, that he would say “damn, I priced it too low.”
Now that I think about it, this is how we found our lake house. DH called every homeowner on a specific cliff line we admired. He found someone who, as we later found out, was sitting at the kitchen table with his wife discussing putting their house on the market at the exact moment that DH called.
Anyway, we shall see. DH is a commercial broker and investor who negotiates deals every single day of his life. He is a master at getting what he wants-if not, he walks the deal without looking back. It has pushed me almost to an anxiety attack a few times when we’ve wanted to buy or sell something. We even walked out of a car dealership once over a $100 difference. I was so mortified. But the salesman came running after us and actually said “Okay, fine! YOU WIN.”
I can’t stand the process, but he seems to love doing it. One time we had a moving sale and were trying to unload a really heavy piece of furniture that I did NOT want to have to move. I told DH on the second day that the next person who walked in the door was going to hear me offer him $100 to take it off my hands. DH said, “I’ll be there in a minute.” He relieved me, and when he got home, he told me he got $900 for it. I said “but the price tag was only $800!” He said, “Oh, that was just a ballpark number.” Lol.
Anyway, we don’t need to sell, so unless these people are willing to pay us enough to convince us we should sell, we will just decline any offer that’s not high enough.
Just got a similar phone call from a realtor who allegedly has clients that are willing to offer a “market price” for our house that we got just a couple of years ago. “No way” was my reaction but I think Mr. got very interested… “Market price” is a euphemism for dirt cheap. It would take quite a lot to make us consider moving.
@BunsenBurner, it seems weird to me to call someone who has shown no desire or need to sell (house not listed) and offer them a dirt cheap offer. It seems like that would be more likely to work for someone whose house has been languishing on the market for a long long time with no good offers. Also, rudimentary discovery via tax rolls should show you haven’t been in your house all that long, further decreasing chances that you would consider moving.
Or am I missing something?
Our current house had been on the market and then taken off. Friends thought it might still be available, so my husband knocked on the door. It was pretty clear why it hadn’t sold. Pink stained cat pee smelling wall to wall carpet everywhere, but otherwise great bones. We refinished the floors and painted everything.
Taxes on a $750,000 house could be anywhere from $15,000 a year to at least twice that depending on the town. Our town hasn’t had a reassessment since the 1950s, and people fight to get them lowered all the time. Older houses tend to be way underassessed.