Jesus, never really looked at the property tax rates broken down by state. I always figured CA was up there, but we are at 32. We are right at $9,000 a year for us.
Pay off the car or put a dent in student loan?
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Jesus, never really looked at the property tax rates broken down by state. I always figured CA was up there, but we are at 32. We are right at $9,000 a year for us.
You guys make up for it on ridiculous property values and high income tax - 2018’s Tax Burden by State
Before Republican governor Scott Walker served from 2010 to 2018, we were in the top 10 for tax burden and sometimes as high as #5.
Heh, I moved into a new community 2 years ago in Oakley. We have normal CoCo county tax plus special tax for police department, park maintenance and mello-roos (development tax). In total we are roughly at 2%. The special assessments don’t get counted in the list.
$9k a year is around 700-800k home in CoCo. Don’t know what Alameda, Santa Clara, Solano counties tax rates are.
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So you are at about 12k a year taxes for a house assessed at $609k? Even with all the special assessments, you are only at 1.97% of property value. Still less than the 2.16% I pay.
Wow - didn't realize that CoCo county was so high. Looks like the special assessments are really screwing you guys over.
Here is mine from Santa Clara County:
Description Values Tax Rate Tax Amount
Land $299,978.00
Improvements $450,013.00
Total Land and Improvements $749,991.00 .0042% $31.50
Personal Property $0.00
Other Exemption $0.00
Total Value $742,991.00 1.1983% $8,903.25
Special Assessments (Detailed Below) $160.46
Total Taxes $9,095.21
Special Assessments
Code Assessment Name Contact Number Amount
0851 LIBRARY JPA CD 2013-1 408-293-2326 x3004 $33.66
0980 MEASURE AA 888-508-8157 $12.00
0848 MOSQUITO ASMT #2 800-273-5167 x105 $8.36
0728 SAFE, CLEAN WATER 408-630-2810 $65.36
0847 SCCO VECTOR CONTROL 800-273-5167 x105 $5.08
0990 SCVOSA ASMT # 1 800-273-5167 x105 $12.00
0991 SCVOSA MEASURE Q 800-273-5167 x105 $24.00
Super off-topic!
This could change in the near future. We have a fire protection funding problem. The districts that surround us are still getting funding as though it were in the 70’s. Although the population grew a lot the property tax dollars are being distributed toward the more populated cities, even though these districts have grown larger than those cities. We don’t have enough money to pay for fire fighters and response times are in the 15-18 minutes range. For the last 3 years the Chief has lost at requesting a new calculation and is now trying for supplemental funding!
City I live has terrible sales tax revenue because we lack shopping centers, malls and restaurants. Which is why we pay a supplemental tax for police department noted as P-6 on my bill.
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This could change in the near future. We have a fire protection funding problem. The districts that surround us are still getting funding as though it were in the 70’s. Although the population grew a lot the property tax dollars are being distributed toward the more populated cities, even though these districts have grown larger than those cities. We don’t have enough money to pay for fire fighters and response times are in the 15-18 minutes range. For the last 3 years the Chief has lost at requesting a new calculation and is now trying for supplemental funding!
City I live has terrible sales tax revenue because we lack shopping centers, malls and restaurants. Which is why we pay a supplemental tax for police department noted as P-6 on my bill.
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I specifically add my additional money to pay on the principal.
Sounds like you’re good.
Roger that. Thank you
Just special assessments. My last house, also in CoCo, we had normal property tax and was no where near what I pay now.
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I think my property tax is about $10,500. With my taxes, insurance, principle, and interest my payment each month is $4400.
I grew up in Oakley, still a nice little town
This. It’s a huge monkey off your back and justifies the schooling. Sure, it might have a lower interest rate than your car loan, but that’s what I’d do, assuming you’re not anxious to decrease your monthly bills. Keep paying the car and loans off at your current rate and take a chunk of the principal off the loans
Paying off the car gives you flexibility. If you instead choose to pay down, but don’t eliminate the student loan, and you still have the car payment, then your required outlay is still equal to both payments. I’d rather have the flexibility. Life happens. Sometimes a bigger expense pops up... insurance ...tires... refrigerator craps out... having only one required payment helps you in these cases.
Your examples keep assuming his car loan is a 0% interest loan, which was never stated to be fact. I would be really surprised to learn he has a zero % loan as they are rather rare. If at any point I have a 0% interest loan it would be last to be paid.
Chances are the student loans and the car loan are really close in interest rate in reality. He can use the money that was going to the car and apply it to the principal. And as pointed out you can claim the interest of the student loans on taxes. Also consider the flexibility not having to make two payments gives you.
The interest rates were just for illustration. Pay off the higher rate loan first. I've seen more 0-4% car loans than student loans. Fed loans could be 4-6% and private loans could be 8-12%. It makes no difference which loan he pays first as long as he's paying the higher rate first he will pay less $$ in interest over the amortization period.
Correct...My PMI is only around $85/month but that's still $85/month being pissed away. I checked into the rules on this and PMI can be removed after 2 years of loan origination, hence my 2 year plan to be at 80%
Yes. This allows you to put money where it counts to really knock the balance down without having to have a MANDATORY higher "15 year mortgage payment"
Payoff the car, then use your car payment to add on to your current student loan payments and then make a dent in those. Makes good financial sense in the event something happens to the car and you need to get another vehicle.
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That's what I've always heard, have the extra money going to the principle. Principle goes directly to your house and over time it adds up.
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I think my property tax is about $10,500. With my taxes, insurance, principle, and interest my payment each month is $4400.
I'd have a heart attack if mine was that much. Mine is $1,800 every 6 months and I think that is outrageous!
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