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re: Trump Tax Initiatives - Timing
Posted on 1/19/25 at 9:42 pm to Mingo Was His NameO
Posted on 1/19/25 at 9:42 pm to Mingo Was His NameO
Assuming you are in Texas, but didn't the Texas legislature increase the homestead exemption to cause it to be lower? I'm in Tarrant county and every year the appraisal district assess my property at 10% more than the previous year and I have to fight it and settle for only a 2 - 5% increase based on nothing but their formula. They've picked comps that aren't even remotely in my area. It is much better than income taxes imo, but a cap/control needs to be applied to reign in the appraisal district.
2
Posted on 1/19/25 at 9:45 pm to LSUSUPERSTAR
I mean, you’re house has probably doubled in value the past 5 years 
Posted on 1/19/25 at 9:48 pm to LSUSUPERSTAR
quote:
but a cap/control needs to be applied to reign in the appraisal district.
They did, without the 10% cap the increases would be way higher than that in several of most of the last, what 10-15 years
Posted on 1/19/25 at 9:57 pm to JohnnyKilroy
I bought my house in July 2019, it hasn't doubled. Similar houses are selling for 40 - 50% more than when I bought, but that is unrealized gains. I can't sell and get anything else due to the market/interest rates, yet my taxes keep going up. This is my primary and only residence, so it isn't like I'm making money on it. Over time I potentially could sell and cash out, but I still need to live somewhere. What happens if when I retire and the market takes a dump, but I need to sell below what I bought it for, will the appraisal district give me money back, frick no.
Posted on 1/19/25 at 10:00 pm to LSUSUPERSTAR
quote:
I bought my house in July 2019, it hasn't doubled
I find this incredibly hard to believe.
quote:
I can't sell and get anything else due to the market/interest rat
Sure you can. Also this doesn’t reconcile with your statement above.
quote:
This is my primary and only residence, so it isn't like I'm making money on it. Over time I potentially could sell and cash out, but I still need to live somewhere. What happens if when I retire and the market takes a dump, but I need to sell below what I bought it for, will the appraisal district give me money back, frick no.
This is all just drivel. I really with the taxing districts would give people an option to opt out. None of you would once you realize what that means.
My property taxes were about 1.5% of my gross income last year. I’ll gladly keep that
Posted on 1/19/25 at 10:03 pm to LSUSUPERSTAR
quote:why would they?
will the appraisal district give me money back, frick no.
Posted on 1/19/25 at 10:10 pm to Mingo Was His NameO
Don't really care what you believe, just stating facts about my specific home.
What does that have to do with taxing a primary residence? If I made $1M a year, the issue would still be the large increase in property taxes due to the current laws in place. The appraisal districts are abusing the system and the laws need updating to reign them in.
quote:
My property taxes were about 1.5% of my gross income last year. I’ll gladly keep that
What does that have to do with taxing a primary residence? If I made $1M a year, the issue would still be the large increase in property taxes due to the current laws in place. The appraisal districts are abusing the system and the laws need updating to reign them in.
Posted on 1/19/25 at 10:12 pm to LSUSUPERSTAR
quote:
The appraisal districts are abusing the system
Disagree, and I work with them in an adversarial context. I’ve found they generally are pretty fair to work with. That is not the case in a lot of states
quote:
the laws need updating to reign them in.
Double edged sword. The state couldn’t just lower rates because they’re local taxes for local funding, but the state has a huge surplus. I do wish they could find a solution to that without taking away autonomy from the local governments
Posted on 1/19/25 at 10:13 pm to JohnnyKilroy
Because I would have empirical data showing that all those years it wasn't really worth what I was taxed on. This is no different than the libs trying to tax unrealized gains on stock. It is actually worse because it is people's domiciles.
Posted on 1/19/25 at 10:13 pm to Mingo Was His NameO
What county are you in?
They aren't going to lower the taxing rates in the cities, just what the increase can be capped at. 10% every year is too much imo, 2-3% is at least a reasonable amount.
They aren't going to lower the taxing rates in the cities, just what the increase can be capped at. 10% every year is too much imo, 2-3% is at least a reasonable amount.
This post was edited on 1/19/25 at 10:16 pm
Posted on 1/19/25 at 10:15 pm to LSUSUPERSTAR
quote:
What county are you in?
Dallas. I’ve worked with counties all over this state and others
Posted on 1/19/25 at 10:18 pm to Mingo Was His NameO
I'm glad you are making out better than most, but in Tarrant, we are getting screwed. Look up articles about TAD, it's bullshite.
Posted on 1/19/25 at 10:21 pm to LSUSUPERSTAR
quote:
Look up articles about TAD, it's bullshite.
I’ve worked with Tarrant. The market there is exploding and the county does a good job of delivering services. I don’t feel bad for you
Posted on 1/19/25 at 10:23 pm to LSUSUPERSTAR
quote:
The appraisal districts are abusing the system and the laws need updating to reign them in.
There was literally a massive overhaul that did exactly that and provided a larger homestead exemption relief like 2 years ago.
Posted on 1/19/25 at 10:24 pm to LSUSUPERSTAR
quote:
Because I would have empirical data showing that all those years it wasn't really worth what I was taxed on
Lol it was probably worth much more.
My house in texas was assessed WAY below its actual value.
Posted on 1/19/25 at 10:26 pm to Mingo Was His NameO
Can you pay some of my property taxes then if you are so happy?
Posted on 1/19/25 at 10:45 pm to JohnnyKilroy
Actual value is only realized once something is sold. I can't believe people are advocating for constant tax increases every year without a vote on the matter. The TX state legislature increased homestead exemption but that did very little to slow down rising property taxes. It is especially hard on those with fixed incomes.
Posted on 1/19/25 at 10:47 pm to LSUSUPERSTAR
quote:
The TX state legislature increased homestead exemption but that did very little to slow down rising property taxes.
My property taxes went down almost 20% last year
Posted on 1/19/25 at 10:49 pm to Mingo Was His NameO
Good for you, must be nice.
Posted on 1/19/25 at 10:50 pm to LSUSUPERSTAR
quote:
Actual value is only realized once something is sold.
I guarantee your house wasn’t assessed at the value you paid for it the year you bought it. Did you volunteer to pay more that first year?
How much is your house assessed for now vs its fmv?
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