Johns Creek Homes and Real Estate

[eyephone]

It doesn?t really matter. There?s a $10k SALT limit.

Thanks for teaching me something new as I thought that MR was calculated by the % of the property price vs a fixed bond amount. When I was looking to buy a Manzanita home in Portola Springs between 2009 - 2010, I remember that the property tax + MR was right at 1.8 - 1.9% of the purchase price. Are you allowed to write off your MR taxes just like you would with your property taxes?

MR is a fixed bond amount and not a % of the property price.  It should really be calculated separated from property tax as the "effective tax rate" will vary depending on your purchase price.  The MR for Casalon tract was $2078.  For the later phases, this would translate into an effective property tax rate of 1.4%.  As the homes appreciate and the MR bonds get paid off, the ROI starts to look much better.

 

[panda]

Thanks for the reminding me of the new SALT Limit. Here in Forsyth County one needs to own home over a $1 Million Dollars to hit the cap of the SALT limit.

It doesn?t really matter. There?s a $10k SALT limit.

Thanks for teaching me something new as I thought that MR was calculated by the % of the property price vs a fixed bond amount. When I was looking to buy a Manzanita home in Portola Springs between 2009 - 2010, I remember that the property tax + MR was right at 1.8 - 1.9% of the purchase price. Are you allowed to write off your MR taxes just like you would with your property taxes?

MR is a fixed bond amount and not a % of the property price.  It should really be calculated separated from property tax as the "effective tax rate" will vary depending on your purchase price.  The MR for Casalon tract was $2078.  For the later phases, this would translate into an effective property tax rate of 1.4%.  As the homes appreciate and the MR bonds get paid off, the ROI starts to look much better.

 

[irvinebullhousing]

We?re dicussed the writeoff of MRs quite a bit here and I believe you can based on an IRS letter because CA doesn?t provide sufficient breakout on what is deductible.

Right, so for the past 20 + years, I've always include the full amount I received from OC Tax office for property tax deduction.

Going forward it is limit with the 10K max annual, which will stings somewhat, this only applies to your primary ownership. However, I've got rentals and the rental units is considered unlimited for tax deduction.

 

[woodburyowner]

Woodbury, at the other end of the spectrum, there are several homes in south Forsyth where the market value are trading around $780k and taxes are around $6000. I guess 1% property tax would be a good rule of thumb in Forsyth County. As Forsyth County's population continues to grow, I would imagine that property taxes will rise over time as well. $256k would be considered the entry price point into Forsyth County, as the lowest entry new construction is now starting in the mid $260s. The attractiveness of owning property in this County is due to low property taxes, good schools, and being known as the wealthiest and fastest growing County in the state.

Forsyth County property taxes are probably similar to owning an older home built in the 80s in Turtle Rock and Woodbridge where the effective tax rate is just 1% without Mello Roos.

Forsyth County's effective tax rate is about half that of Buckhead at 0.9% of the home value. 

I just looked at a random property in Forsyth County and see the county "appraised value" of $256k with a property tax bill of $2844.  Wouldn't this make the property tax 1.1%?

I guess the question really is how the county determines FMV of a property.  It sounds like you are saying some properties have a higher market value than what the county calculates the FMV to be.  Does Forsyth have something similar to CA Prop 13 where the assessed property value can only go up max 2% a year?  How would the county FMV be that much lower than true market value?

 

[irvinebullhousing]

Woodbury, at the other end of the spectrum, there are several homes in south Forsyth where the market value are trading around $780k and taxes are around $6000. I guess 1% property tax would be a good rule of thumb in Forsyth County. As Forsyth County's population continues to grow, I would imagine that property taxes will rise over time as well. $256k would be considered the entry price point into Forsyth County, as the lowest entry new construction is now starting in the mid $260s. The attractiveness of owning property in this County is due to low property taxes, good schools, and being known as the wealthiest and fastest growing County in the state.

Forsyth County property taxes are probably similar to owning an older home built in the 80s in Turtle Rock and Woodbridge where the effective tax rate is just 1% without Mello Roos.

Forsyth County's effective tax rate is about half that of Buckhead at 0.9% of the home value. 

I just looked at a random property in Forsyth County and see the county "appraised value" of $256k with a property tax bill of $2844.  Wouldn't this make the property tax 1.1%?

I understand now, so the FMV in tax is what I saw, even though the house bought at 215K FMV overtimes tax is risen to close to 6K. GA does not have prop 13. In this example, if one would to purchase it today, what would the total tax be value at?

2395 Bronze Ct
Cumming, GA 30041
$635,000
Price
6
Beds
5
Baths
6,299 Sq. Ft.
$101 / Sq. Ft.

 

[eyephone]

We?re dicussed the writeoff of MRs quite a bit here and I believe you can based on an IRS letter because CA doesn?t provide sufficient breakout on what is deductible.

Going forward it is limit with the 10K max annual, which will stings somewhat, this only applies to your primary ownership.

It?s going to sting like a stingray.

 

[panda]

 

[Irvinecommuter]

That seems like way too much upkeep.

 

[bones]

That seems like way too much upkeep.

Can?t believe I?m agreeing with IC but I agree! 
Isn?t the trend towards smaller living?  People having less kids. Want less space. The cost to furnish these homes... man.

 

[Irvinecommuter]

That seems like way too much upkeep.

Can?t believe I?m agreeing with IC but I agree! 
Isn?t the trend towards smaller living?  People having less kids. Want less space. The cost to furnish these homes... man.

Not in the South!

 

[panda]

I guess you can apply the annual Mello Roos Tax credit from Forsyth County for the cost to furnish these homes as we don't have MR tax here.

That seems like way too much upkeep.

Can?t believe I?m agreeing with IC but I agree! 
Isn?t the trend towards smaller living?  People having less kids. Want less space. The cost to furnish these homes... man.

 

[Irvinecommuter]

I guess you can apply the annual Mello Roos Tax credit from Forsyth County for the cost to furnish these homes as we don't have MR tax here.

That seems like way too much upkeep.

Can?t believe I?m agreeing with IC but I agree! 
Isn?t the trend towards smaller living?  People having less kids. Want less space. The cost to furnish these homes... man.

It's not about the money..it's about the time and energy and you are still in Georgia.

 

[bones]

I guess you can apply the annual Mello Roos Tax credit from Forsyth County for the cost to furnish these homes as we don't have MR tax here.

That seems like way too much upkeep.

Can?t believe I?m agreeing with IC but I agree! 
Isn?t the trend towards smaller living?  People having less kids. Want less space. The cost to furnish these homes... man.

Sooooo the county is giving you back Mello Roos tax money to entice you to live there?


On the plus side.  $1.5m for 10,000 square feet on the golf course!  That backyard though.

https://www.redfin.com/GA/Duluth/8050-Derbyshire-Ct-30097/home/24246862?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

 

[Kings]

I guess you can apply the annual Mello Roos Tax credit from Forsyth County for the cost to furnish these homes as we don't have MR tax here.

That seems like way too much upkeep.

Can?t believe I?m agreeing with IC but I agree! 
Isn?t the trend towards smaller living?  People having less kids. Want less space. The cost to furnish these homes... man.

Sooooo the county is giving you back Mello Roos tax money to entice you to live there?


On the plus side.  $1.5m for 10,000 square feet on the golf course!  That backyard though.

https://www.redfin.com/GA/Duluth/8050-Derbyshire-Ct-30097/home/24246862?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

$19/mo hoa dues way too high and not stucco boxy enough

pass.

 

[Burn That Belly]

x

 

[Liar Loan]

I guess you can apply the annual Mello Roos Tax credit from Forsyth County for the cost to furnish these homes as we don't have MR tax here.

That seems like way too much upkeep.

Can?t believe I?m agreeing with IC but I agree! 
Isn?t the trend towards smaller living?  People having less kids. Want less space. The cost to furnish these homes... man.

Sooooo the county is giving you back Mello Roos tax money to entice you to live there?


On the plus side.  $1.5m for 10,000 square feet on the golf course!  That backyard though.

https://www.redfin.com/GA/Duluth/8050-Derbyshire-Ct-30097/home/24246862?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

$19/mo hoa dues way too high and not stucco boxy enough

pass.

Panda, when are these designs going to propagate to Johns Creek? These are hot sellers in season.

Are those the new veteran's shelters?

 

[irvinebullhousing]

I guess you can apply the annual Mello Roos Tax credit from Forsyth County for the cost to furnish these homes as we don't have MR tax here.

That seems like way too much upkeep.

Can?t believe I?m agreeing with IC but I agree! 
Isn?t the trend towards smaller living?  People having less kids. Want less space. The cost to furnish these homes... man.

Sooooo the county is giving you back Mello Roos tax money to entice you to live there?


On the plus side.  $1.5m for 10,000 square feet on the golf course!  That backyard though.

https://www.redfin.com/GA/Duluth/8050-Derbyshire-Ct-30097/home/24246862?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

$19/mo hoa dues way too high and not stucco boxy enough

pass.

Panda, when are these designs going to propagate to Johns Creek? These are hot sellers in season.

Are those the new veteran's shelters?

Sign me up.

 

[woodburyowner]

Woodbury, at the other end of the spectrum, there are several homes in south Forsyth where the market value are trading around $780k and taxes are around $6000. I guess 1% property tax would be a good rule of thumb in Forsyth County. As Forsyth County's population continues to grow, I would imagine that property taxes will rise over time as well. $256k would be considered the entry price point into Forsyth County, as the lowest entry new construction is now starting in the mid $260s. The attractiveness of owning property in this County is due to low property taxes, good schools, and being known as the wealthiest and fastest growing County in the state.

Forsyth County property taxes are probably similar to owning an older home built in the 80s in Turtle Rock and Woodbridge where the effective tax rate is just 1% without Mello Roos.

Forsyth County's effective tax rate is about half that of Buckhead at 0.9% of the home value. 

I just looked at a random property in Forsyth County and see the county "appraised value" of $256k with a property tax bill of $2844.  Wouldn't this make the property tax 1.1%?

I understand now, so the FMV in tax is what I saw, even though the house bought at 215K FMV overtimes tax is risen to close to 6K. GA does not have prop 13. In this example, if one would to purchase it today, what would the total tax be value at?

2395 Bronze Ct
Cumming, GA 30041
$635,000
Price
6
Beds
5
Baths
6,299 Sq. Ft.
$101 / Sq. Ft.

1.1%.

 

[panda]

Year over year from March 2017 - March 2018, the Los Angeles index has appreciated 8.1% whereas the Atlanta market index has appreciated 6.2%. The Los Angeles index is now 2.3% above the last peak of Sept 2006.

An outlier to note is Nashville Tennessee. Appreciation year over year is 8.8% and their real estate prices are above 40% from its last peak. Atlanta is 4.9% above last peak, and Los Angeles is above by 2.3%.

 

[panda]