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[cnn]Chinese homebuyers are flocking to these U.S. states

Discussion in 'BBS Hangout: Debate & Discussion' started by tinman, Jul 24, 2014.

  1. Kyakko

    Kyakko Contributing Member

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    And they pay property tax on it which is usually higher than federal taxes... at least for me.
     
  2. DCkid

    DCkid Contributing Member

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    [​IMG]

    That's crazy!
     
  3. Kyakko

    Kyakko Contributing Member

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    I live in Northern California and we're taxed (~1.2%) on our property by the estimated market value. Needless to say, it's high.
     
  4. Cohete Rojo

    Cohete Rojo Contributing Member

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    I pay more than 1.2% federal taxes on my income. I don't follow. Could you explain?
     
  5. DCkid

    DCkid Contributing Member

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    Well, federal tax for median income (51k) is around $5,180.

    House would have to be around $431k to equal that in property tax with a 1.2% rate...then of course you probably pay less than $5,180 due to deducting property taxes, state taxes, mortgage interest, etc.

    So yeah, I see how it's possible.
     
  6. Kyakko

    Kyakko Contributing Member

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    What DCKid said.
     
  7. Invisible Fan

    Invisible Fan Contributing Member

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    Cali homes are ridiculously pricey.
     

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