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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (12628)	8/19/2003 12:08:44 AM
From: GraceZ	Respond to of 306849

Well you have states and locales that have the worst of all worlds, high RE tax, high sales tax, and high income tax. NYC and CA for two. There may be people in CA who pay little RE tax, but the per home RE tax collected is far higher than other states. Combine that with 8% sales tax and 8-9% income tax, higher gasoline tax. About the only bargains there are fresh vegetables and sunshine. Our sales tax is 5%, state income tax 7% (the effective rate is far lower because of the way it is computed) and real estate is 3.5% of assessed value but the kicker is that the assessed value is far below the sale price in most cases and they give you a break for living in your home. The assessed value on my house is 2/3s of what I could sell my home today.