From: "Paul A Thomas" 
Newsgroups: misc.consumers.house misc.taxes
Subject: Re: Taxes to pay on winning a $1.2 million home
Date: Mon, 24 May 2004 11:24:49 -0400


 wrote
> On Mon, 24 May 2004 07:05:24 -0500, "David W." 
> wrote:
>
> >That also assumes that you have enough income to cover the monthly
payment
> >on a $400K loan.A 30 year 5.5% fixed mortgage would cost nearly
> >$2500/month. How much are property taxes on a $1.2M house in CA?
>
> The house is located in Georgia, so I would hope/assume taxes there
> would be a lot cheaper than in California.


At a minimum, the property tax would be 1% of value, so somewhere above
$12,000 is my guess.  There are some areas that, while property values are
somewhat high, the property tax rate is lower (the county makes their money
from other sources), but there are other counties where the rate is higher.

If for some reason Georgia deems this to be Georgia source income, Georgia
income tax is also due, at 6% maximum.

Of course, being in Georgia, you could jack it up, put the wheels back under
it, and haul it on down the road, right?


-- 
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net