Lets suppose he lives in CA where the annual rate for owner occupied is 0.74%. His house would be worth approx 1.6 million dollars.
That’s largely due to the property inflation from the tech sector and not consistent across the state. You could be in San Fransisco and see your land 10x in value as the city explodes around you or you could be at the ass end of Oakland or the rural east end and still live in a slum.
This guy could also be from Texas - in the exurbs of Austin, Dallas, Houston, or El Paso - and be looking at closer to 1.5-2% annual rates. Very possible he acquired some dirt cheap land in Beaumont or Bexar County only to see his $5k plot balloon to $100-200k over the course of 20 years.
That’s largely due to the property inflation from the tech sector and not consistent across the state. You could be in San Fransisco and see your land 10x in value as the city explodes around you or you could be at the ass end of Oakland or the rural east end and still live in a slum.
This guy could also be from Texas - in the exurbs of Austin, Dallas, Houston, or El Paso - and be looking at closer to 1.5-2% annual rates. Very possible he acquired some dirt cheap land in Beaumont or Bexar County only to see his $5k plot balloon to $100-200k over the course of 20 years.
If this was so it wouldn’t be half his ss in property taxes. Average ss is 1900 a month