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Thank you for your excellent explanation!

For comparison, the annual property tax on real estate in Colorado for a private house valued at about $230,000 is around $1200. This is on the low end of the tax scale in the U.S. There is no transaction tax involved in purchasing a house (other than some small fees), but if it increases in value during your ownership of it then you have to account for capital gains tax after selling.

Real estate scams here involve getting your property listed as agricultural or unimproved land, which have very low tax rates. This generally involves a shady deal with the local tax office, and is quite common.

by asdf on Tue Jun 14th, 2011 at 05:20:24 PM EST
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A couple caveats to that. I'm in NY and I bought a huge mansion in my upstate city. It cost me $250k for 8,000 square feet, turn of the 20th century woodwork, arts and crafts movement. My property taxes are $9k a year. And now you know why housing stock here is relatively cheap.

Our transaction taxes in NY are relatively high. it takes about $8k to close, but most of those are fees for title searches, surveys, appraisals and the like. Only $2k of that goes to the state as tax.

Lastly, I believe federal law has changed now and homes that sell for under half a million are no longer subject to capital gains.

by Upstate NY on Wed Jun 15th, 2011 at 12:35:49 AM EST
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I had a house like that--not 8000 square feet, but same general concept. After fighting with plumbing, electricity, HVAC, roof, landscaping for a few years it got old and I moved to a brand new house. Where I can get the rarely needed plumbing part at Home Depot instead of from the guy who custom makes them on his basement lathe for $250 a pop.
by asdf on Sun Jun 19th, 2011 at 12:15:18 PM EST
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Tell me about it!! Upkeep is insane. But, we do replace copper pipe with PVC. The problem is the asbestos.
by Upstate NY on Sun Jun 19th, 2011 at 12:30:06 PM EST
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