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What Do Millionaires Pay in Property Taxes?
The exact amount will depend on the location of the home, as well as its value.
Colton Pace co-foundedOwnwell, a company that helps homeowners lower their property tax bills.
Do Millionaires Pay a Lower Property Tax Rate?
Pace had plenty of data for comparing property tax rates at Ownwell.
How is that possible?
Collins also noted millionaires are more likely to take action to reduce high tax bills.
But millionaires cant always lower their property tax bills.
Scott Sturgeon, wealth advisor and founder ofOread Wealth Partners, has seen many wealthy clients pay high rates.
With that might come better schools,more manicured parksor public spaces, and so on.
Thats something that commonly gets overlooked.
How Much Do Millionaires Spend on Maintenance?
Collins has seen his clients spend a pretty penny on home maintenance costs.
The very wealthy may prefer to hire full-time staff to handle all aspects of maintaining their homes.
Others opt formore affordable optionssuch as hiring contractors or using online platforms to find independent workers for specific tasks.
You often see this with luxury condominiums or planned developments that offer a lot of amenities.
Homes in HOAs dont just cost more in dues.
Sturgeon pointed out that more expensive homes come with more expensive insurance premiums.
[Costlyhomeowners insurance] applies to areas prone to natural disasters.
Policies can be really hard to find and really expensive.
Thats on top of heightened hurricane risks and increased maintenance costs that come from beachfront property.
Turns out saltwater is pretty corrosive on things like AC units.
The Bottom Line
Moreexpensive homescome with more expensive bills.
You may not like what you find.
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