My property taxes went up $1200 this year. All for renovations in the schools. The people have voted against the referendums the town put out for years. Last spring election they gave us 2 options to spend money. We voted for the “less expensive” option.
Now we have to deal with mill rates, assessed rates, and market value rates. My property taxes cost more than my mortgage.
This actually is something that is extremely important to me. Florida has a max cap of 3 percent and you can’t tax higher even if the value goes up.
Even in Florida with the cap what ends up happening is that property taxes ends up outpacing a lot of people's original mortgage loan principle and interest.
Just wild to think that property taxes are going to be higher than interest paid on a 30 year home loan.
Ten years ago when I bought my home the property taxes were 1/3 the value of total interest paid for the year on my home year 1. Fast forward to today and right now at this pace by the middle portion of my 30 year home loan it is projected to be flipped. To the point that my property taxes are projected to climb to be two times higher or three times higher than the total interest I paid on mortgage for the year as I near pay off my home loan.
My (Ohio) taxes were recently reassessed using current market value rather than what we originally paid, because the real estate prices had risen so much. It is no different than "unrealized capital gains." I think if they are going to force you to pay property tax, it should not be assessed for more than it was when you purchased it and can only be adjusted downward. (Edit: to be clear, I'm all for abolishing it).
Exactly...in PA over here and every couple years they go up...now more than my mortgage payment. Doesn't matter if we vote against referendums they still go up.
I think Trumps plan to audit the government is the tip of the iceberg...I see it tricky down to state and local municipalities and we will uncover the true amount of waste and laundering that goes on.
I read that the people against this said it can hurt far more if this passes. Really, how? So maybe sales tax goes higher? So what. Then you have a choice. Property taxes we have no choice.
Exactly, plus in that case you can't lose your home for not paying it. That's the real issue - the fact that we don't really own our property, we're renting it.
North Dakota does have what is called a Legacy Fund which collects money from oil revenues. That is capped at 30%. Plus the state has a budget surplus so the state can afford to put an end to property taxes.
The worst thing about capital gains is that they effectively mean you don't own your
house or land. The 2nd worst thing about property taxes is the same thing Kamala wants to do for capital gains: unrealized gains. How can you tax me on my home's value if I'm not selling it?
End the tax then deal with the fallout. If we wait for a program to replace the property tax then there will be a forever debate and everything stays the same.
Many largely agricultural states, face the same problem. Land taxes paid for the relatively few farmers, for benefits that the farmers will never see.
Farmers have to deal with variables, like weather and market prices - costs of feeding animals, fields, machinery - then bear the bulk of the state's land taxes; forcing them to sell land that may have been in the family for generations.
They work all year long, no sick leave, no vacation or holidays - and seem to be the least heard.
Time to end property tax in every state.
👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼
Translation:
To this, I say, finally.
My property taxes went up $1200 this year. All for renovations in the schools. The people have voted against the referendums the town put out for years. Last spring election they gave us 2 options to spend money. We voted for the “less expensive” option.
Now we have to deal with mill rates, assessed rates, and market value rates. My property taxes cost more than my mortgage.
This actually is something that is extremely important to me. Florida has a max cap of 3 percent and you can’t tax higher even if the value goes up.
Property taxes stress so many people.
Even in Florida with the cap what ends up happening is that property taxes ends up outpacing a lot of people's original mortgage loan principle and interest.
Just wild to think that property taxes are going to be higher than interest paid on a 30 year home loan.
Ten years ago when I bought my home the property taxes were 1/3 the value of total interest paid for the year on my home year 1. Fast forward to today and right now at this pace by the middle portion of my 30 year home loan it is projected to be flipped. To the point that my property taxes are projected to climb to be two times higher or three times higher than the total interest I paid on mortgage for the year as I near pay off my home loan.
My (Ohio) taxes were recently reassessed using current market value rather than what we originally paid, because the real estate prices had risen so much. It is no different than "unrealized capital gains." I think if they are going to force you to pay property tax, it should not be assessed for more than it was when you purchased it and can only be adjusted downward. (Edit: to be clear, I'm all for abolishing it).
Exactly...in PA over here and every couple years they go up...now more than my mortgage payment. Doesn't matter if we vote against referendums they still go up.
I think Trumps plan to audit the government is the tip of the iceberg...I see it tricky down to state and local municipalities and we will uncover the true amount of waste and laundering that goes on.
I read that the people against this said it can hurt far more if this passes. Really, how? So maybe sales tax goes higher? So what. Then you have a choice. Property taxes we have no choice.
Exactly, plus in that case you can't lose your home for not paying it. That's the real issue - the fact that we don't really own our property, we're renting it.
North Dakota does have what is called a Legacy Fund which collects money from oil revenues. That is capped at 30%. Plus the state has a budget surplus so the state can afford to put an end to property taxes.
That's okay, Jersey will just double ours.
Make sure there’s no election fraud here.
The worst thing about capital gains is that they effectively mean you don't own your house or land. The 2nd worst thing about property taxes is the same thing Kamala wants to do for capital gains: unrealized gains. How can you tax me on my home's value if I'm not selling it?
Such a solid point!
Reading this immediately after watching the video of Trump discussing the elimination of federal taxes is a great way to start a great day.
https://greatawakening.win/p/199OKUEo8E/most-of-have-expected-this-many-/c/
End the tax then deal with the fallout. If we wait for a program to replace the property tax then there will be a forever debate and everything stays the same.
Many largely agricultural states, face the same problem. Land taxes paid for the relatively few farmers, for benefits that the farmers will never see.
Farmers have to deal with variables, like weather and market prices - costs of feeding animals, fields, machinery - then bear the bulk of the state's land taxes; forcing them to sell land that may have been in the family for generations.
They work all year long, no sick leave, no vacation or holidays - and seem to be the least heard.