The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
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.
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 joelado - Oct 20 10 comments
by Frank Schnittger - Oct 19 21 comments
by Frank Schnittger - Oct 16 7 comments
by Frank Schnittger - Oct 14 1 comment
by Frank Schnittger - Oct 5 120 comments
by DoDo - Oct 2 10 comments
by gmoke - Sep 27 9 comments
by joelado - Oct 2010 comments
by Frank Schnittger - Oct 1921 comments
by Frank Schnittger - Oct 167 comments
by Frank Schnittger - Oct 141 comment
by Frank Schnittger - Oct 5120 comments
by DoDo - Oct 210 comments
by gmoke - Sep 279 comments
by gmoke - Sep 25
by Frank Schnittger - Sep 17162 comments