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Started By
Message
re: With rising property valuations in Texas, do you wish the $10K SALT cap was higher?
Posted on 7/17/22 at 10:40 am to euphemus
Posted on 7/17/22 at 10:40 am to euphemus
Savannah, GA has the Stephens Day Bill. When you buy your property, the taxes remain at that purchase day level until sold again or renovations done. That is helpful, as older homeowners were being priced out of their neighborhoods. They did mess around with the millage rate, but no humongous increases in property taxes.
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Posted on 7/17/22 at 10:43 am to PrecedentedTimes
quote:
If you tear down a house but leave one wall it is not considered new construction, but only a renovation which doesn’t reset the tax base.
This is happening left and right in my neighborhood. Most of the time they build a wall around the old wall.
Posted on 7/17/22 at 11:43 am to DarthRebel
quote:
It does not reduce it dipshit, but caps the increase
How does it cap increases?
It's a set deduction from the appraisal.
Posted on 7/17/22 at 12:00 pm to C
quote:
No way the govt needs +10% annual increases in revenue
A responsible state? No.
Texas, with their huge unfunded state pension liability? Yes, unfortunately they do. Which is why I believe they may screw over their own native population by doing nothing about it in the next legislative session.
Posted on 7/17/22 at 1:48 pm to DarthRebel
BS
You are paying ~2% of your homes value every year in taxes. That’s nearly everyone’s most expensive asset they own by a mile and you are paying 40% of the value of the home in 20 years in property tax if it doesn’t even go up which it does! Poof gone with barely any deductions tied to that that’s worth a frick.
Even if your income goes down guess what, your biggest asset is being taxed at the same rate.
You are paying ~2% of your homes value every year in taxes. That’s nearly everyone’s most expensive asset they own by a mile and you are paying 40% of the value of the home in 20 years in property tax if it doesn’t even go up which it does! Poof gone with barely any deductions tied to that that’s worth a frick.
Even if your income goes down guess what, your biggest asset is being taxed at the same rate.
This post was edited on 7/17/22 at 1:50 pm
Posted on 7/17/22 at 1:50 pm to theronswanson
quote:
The SALT cap was passed to punish taxpayers in blue states like California and New York who paid high amounts of state and local taxes. Guess it’s backfiring on Texas.
To punish, jeez. SALT Taxes should always be capped, or states will just take advantage of it and never pay federal taxes.
Posted on 7/17/22 at 2:45 pm to theenemy
quote:
How does it cap increases
Texas has a 10% cap with homestead.
In the 18 years I have been in my house it has kicked in 6 times. First time reduced my appraised values $388. This year it reduced appraised value $58,857.
Texas has 10% increase cap on unlimited value.
Posted on 7/17/22 at 2:47 pm to BigWillyMetry
quote:
You are paying ~2% of your homes value every year in taxes. That’s nearly everyone’s most expensive asset they own by a mile and you are paying 40% of the value of the home in 20 years in property tax if it doesn’t even go up which it does! Poof gone with barely any deductions tied to that that’s worth a frick.
What point are you trying to make?
Should we not pay taxes
Posted on 7/17/22 at 2:49 pm to euphemus
quote:
Is Texas passing its own version of California's Prop 13 a possible solution?
I wish, but Texas doesn't allow private citizens to add propositions to the ballot. It takes 2/3rds of both houses of the state legislature to put props on the ballot.
Posted on 7/17/22 at 2:52 pm to Powerman
quote:
I know people who are close to getting priced out of homes where they've lived for 10 years because the taxes are such a burden
This sucks. Luckily for me I got to the grandfathered age and I am locked in on property tax. But my damned house price had about doubled in appraisal and I only grandfathered recently. They raised my taxes while they could.
Posted on 7/17/22 at 3:11 pm to PrecedentedTimes
quote:
A responsible state? No.
Texas, with their huge unfunded state pension liability? Yes, unfortunately they do. Which is why I believe they may screw over their own native population by doing nothing about it in the next legislative session.
Property taxes don't go to the state.
Posted on 7/17/22 at 3:12 pm to BigWillyMetry
quote:
You are paying ~2% of your homes value every year in taxes.
This is almost certainly untrue, especially if you lived in your home 5 or more years.
Posted on 7/17/22 at 3:24 pm to Mingo Was His NameO
quote:
Property taxes don't go to the state.
Very valid point. My 4 entities for prop taxes are
County
City
ISD
Local community College
Rate is roughly 2%.
Local ISD (1.4%) has tried to increase tax rate past 2 years and have been shot down twice by voters. They do not have a revenue problem, they have a spending problem.
Posted on 7/17/22 at 4:11 pm to Scrowe
quote:
Why should folks who pay less state taxes pay more federal taxes? There should be no deduction as it is, make the citizens of states with high local and state taxes feel the full burn of their voting and governing body's decisions.
This. Do away with it completely. In a perfect world they could lower federal taxes to compensate, but in reality they would just spend it more elsewhere.
The other thing that needs to be changed is how to “call out” stupidly low assessments. Homes that would sell in under 60 minutes for 50% more than assessed value.
This post was edited on 7/17/22 at 4:12 pm
Posted on 7/17/22 at 4:26 pm to euphemus
No. Property taxes keep roads and schools being built. Also keeps out the riff raft.
Posted on 7/17/22 at 4:39 pm to euphemus
They’ll get it somewhere else if they don’t get it from property taxes. Fuel, sin, toll, you name it.
Posted on 7/17/22 at 4:43 pm to Nephropidae
quote:
Fuel, sin, toll, you name it.
None of these go to the same entity as property taxes.
Posted on 7/17/22 at 5:50 pm to theronswanson
Equitable taxing. SALT makes all people pay their share of federal income taxes.
15% flat tax with no deduction is the way to go
15% flat tax with no deduction is the way to go
Posted on 7/17/22 at 6:20 pm to LSU7096
quote:
15% flat tax with no deduction is the way to go
Why are you for raising taxes?
Posted on 7/18/22 at 8:20 am to Mingo Was His NameO
Did we finally come to the conclusion Powerman was lying, yet again?
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