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re: Texas is all fun and freedom until the tax bill comes
Posted on 4/18/23 at 12:00 pm to Alyosha
Posted on 4/18/23 at 12:00 pm to Alyosha
quote:
California's overall property taxes are below the national average. The average effective property tax rate in California is 0.71%, compared to the national rate, which sits at 0.99%.
Now do all the other taxes
Posted on 4/18/23 at 12:09 pm to JohnnyKilroy
It’s all fine and good until you retire and your income drastically decreases but your tax burden continues to increase
Posted on 4/18/23 at 12:14 pm to bayoudude
quote:Truth.
It’s all fine and good until you retire and your income drastically decreases but your tax burden continues to increase
Many of these people gonna have to move outta their McMansions when they retire.
This post was edited on 4/18/23 at 12:15 pm
Posted on 4/18/23 at 12:50 pm to Eighteen
quote:
Exactly. My property tax has gone up but
-so has my property value
-my kids can walk to a top rated elementary school
-there are three amazing, clean parks in our neighborhood to use
-really nice pool and splash pad
-low crime
-I’ve gotten raises at work and not taxed any extra on them
Where do you live? Asking for a friend
Posted on 4/18/23 at 1:09 pm to bhtigerfan
quote:
Many of these people gonna have to move outta their McMansions when they retire.
This. What if you don't make a lot of money but saved up, bought a nice house and live within your means.
Income tax doesn't hurt you, but property tax could push you out of your own home.
Posted on 4/18/23 at 1:16 pm to ghost2most
quote:
This. What if you don't make a lot of money but saved up, bought a nice house and live within your means.
Income tax doesn't hurt you, but property tax could push you out of your own home.
Then add skyrocketing home insurance prices in places like LA and FL and it's a double whammy.
Posted on 4/18/23 at 1:24 pm to ghost2most
quote:
if you don't make a lot of money but saved up
If you saved up in a tax shelter such as a 401k, you pay income tax on what you draw from that. And on any gains from outside investments. In a no income tax state, you aren't taxed. Everyone takes their property tax into account when making hime purchases here. Home values reflect it (my house is a 600k home in LA, but only 400k here). I'll likely downsize my home and move to a more rural area when kids graduate and that'll be a savings on property tax. I will never avoid income or property tax. I'll be drawing income and living somewhere till the day I die. I much rather pay property taxes which more directly benefit me locally.
Posted on 4/18/23 at 1:36 pm to bhtigerfan
quote:
Truth. Many of these people gonna have to move outta their McMansions when they retire.
There are tons of various freezes, breaks and deferments available to seniors (65+) that prevent this from occurring.
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