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

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

 

That's crazy!

 

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.

 

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

 

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.

 

What DCKid said.

 

Cali homes are ridiculously pricey.