Some eye rolling happened a few weeks back with the announcement of property acquired by former President Barack Obama and his family. While many will not forget former President Obama’s lecturing people for having too much money, he and his wife seem to be on a spending spree for multi-million dollar properties since leaving office in January 2017.
I was curious to how much they were paying in property taxes. Property taxes of course funds local government. The tool of reference I will use to calculate their yearly property tax bills will be a property tax calculator from Smart Asset. Any numbers I crunch will be assessed value. I will use their purchase price for these properties as assessed value. I may also move the numbers up or down as well.
First property will be the Obama’s Chicago residence. This home is was purchased in 2005 for $1.65 Million. Chicago is known for high property taxes. Since not much is known about the property area, lets just assume assessed value of what they paid for it. With a property tax rate of 2. 117%, the Obama’s are paying a yearly property tax of $34,931.
Their second property was acquired in 2017 once Barack left office. The mansion is located in Washington DC and was bought for $8.1 Million. The District of Columbia has a property tax rate of 0.545% and using the purchase price as the value of the home, they pay around $44,145 a year in property taxes.
The last property is at Martha’s Vineyard. This addition is officially their second mansion they own in their realty portfolio. The mansion is officially listed in the Edgartown section of Duke County, Massachusetts. The Obama’s purchased it for $11.75 Million and Duke County property tax rate is 0.559%. Taking their purchase price as assessed value, the annual property tax is $65,682.
For all three properties the Obama’s owe, they pay a combined property tax bill of $144,758.