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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 7/18/22 at 8:25 am to euphemus
Posted on 7/18/22 at 8:25 am to euphemus
While property taxes in Texas (especially the popular burb areas) have been increasing at a pretty good clip lately, when I still factor in vs. where we were at in Louisiana roughly ten years ago:
No state income tax
Not paying for private K-12 education
Sales tax rates generally lower
Better income market
Better roads for our shocks and frame
More overall reliable "government services"
I'm still way ahead.
No state income tax
Not paying for private K-12 education
Sales tax rates generally lower
Better income market
Better roads for our shocks and frame
More overall reliable "government services"
I'm still way ahead.
0
Posted on 7/18/22 at 9:39 am to Mingo Was His NameO
Totally true in Texas. It’s not 1% like Louisiana and without an exemption, Texas is close to 2.5% in Houston.
I forget we have to spell everything out like we are dealing with 3rd graders in this forum.
To another posters dumb response, the point is, you will always be paying massive tax on your largest asset. If that asset price gets assessed up which it will for quite some time, then you could absolutely find yourself in a house that used to be affordable and is not in its current form.
This happens to plenty of divorcees/retirees in expensive parts of Houston, see it all the time.
I forget we have to spell everything out like we are dealing with 3rd graders in this forum.
To another posters dumb response, the point is, you will always be paying massive tax on your largest asset. If that asset price gets assessed up which it will for quite some time, then you could absolutely find yourself in a house that used to be affordable and is not in its current form.
This happens to plenty of divorcees/retirees in expensive parts of Houston, see it all the time.
Posted on 7/18/22 at 9:42 am 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.
It wasn't passed to punish anyone. There shouldn't be a SALT deduction whatsoever. Perhaps then people would actually pay attention to what their local governments are doing. The federal government should not be subsidizing states' artificially high SALT taxes by foregoing tax revenue.
Posted on 7/18/22 at 10:30 am to BigWillyMetry
quote:
To another posters dumb response, the point is, you will always be paying massive tax on your largest asset. If that asset price gets assessed up which it will for quite some time, then you could absolutely find yourself in a house that used to be affordable and is not in its current form.
What kind of houses are you people living in or how tight is your income. You are looking at $2000 per $100,000 on average.
If you cannot afford the $10,000 tax on your $500,000 home, you cannot afford the home to begin with. That is the main issue, people are living well beyond their means.
quote:
This happens to plenty of divorcees/retirees in expensive parts of Houston, see it all the time.
Maybe they should not live there
Edit to add - Over 65 get even more breaks. So are these people making so much money they can retire before 65. Sounds like they retired too early.
This post was edited on 7/18/22 at 11:10 am
Posted on 7/18/22 at 10:31 am to BigWillyMetry
quote:
Totally true in Texas. It’s not 1% like Louisiana and without an exemption, Texas is close to 2.5% in Houston.
I forget we have to spell everything out like we are dealing with 3rd graders in this forum.
Your post implyed to that property taxes weren't capped, which just isn't true.
Posted on 7/18/22 at 11:14 am to DarthRebel
Posted on 7/18/22 at 11:52 am to DarthRebel
quote:
What kind of houses are you people living in or how tight is your income. You are looking at $2000 per $100,000 on average.
If you cannot afford the $10,000 tax on your $500,000 home, you cannot afford the home to begin with. That is the main issue, people are living well beyond their means.
That's all fine and dandy, except that your $500,000 home was purchased for $195,000 ten years ago and now you're married with 2-3 kids. And maybe your salary hasn't gone up 10% per year like your appraised value? So for some people maybe the difference between the $3900 they bought off on and the $10K they're paying today is more significant than it is for you?
This post was edited on 7/18/22 at 11:53 am
Posted on 7/18/22 at 7:42 pm to DarthRebel
It doesn’t matter what price house, the gov is putting its grubby hands all over your money and giving shite service in return.
Many homes In memorial were 600k in the 90s, they are now $2mm plus. Get it? Of course you don’t lol
Many homes In memorial were 600k in the 90s, they are now $2mm plus. Get it? Of course you don’t lol
Posted on 7/18/22 at 8:19 pm to PrecedentedTimes
quote:
Texas, with their huge unfunded state pension liability?
That was addressed by the Texas legislature in 2021.
Posted on 7/18/22 at 8:22 pm to Zappas Stache
quote:
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
California's prop system was a disaster. There was a reason The Federalist Papers discuss the negative attributes of pure democracies.
Posted on 7/18/22 at 9:27 pm to flyingtexastiger
quote:It might be "significant", but the point remains: if $6100 is make or break for your family's finances, you are in RADICALLY too much house.
So for some people maybe the difference between the $3900 they bought off on and the $10K they're paying today is more significant than it is for you?
Also, I'm guessing the vast majority of homes are vastly UNDER-appraised the vast majority of the time.
Posted on 7/18/22 at 10:20 pm to BigWillyMetry
quote:
Many homes In memorial were 600k in the 90s, they are now $2mm plus. Get it? Of course you don’t lol
I do get it, at this point you should own the house and not have a mortgage. That is assuming you are are not a financial idiot. Any house purchased in the 90s should be paid off.
Is taxes are so high, why would you even sit on $2 million in equity? Holy shite that would be stupid.
Posted on 7/18/22 at 10:29 pm to flyingtexastiger
quote:
That's all fine and dandy, except that your $500,000 home was purchased for $195,000 ten years ago and now you're married with 2-3 kids. And maybe your salary hasn't gone up 10% per year like your appraised value? So for some people maybe the difference between the $3900 they bought off on and the $10K they're paying today is more significant than it is for you?
In your example, it would seem this family is sitting on at least $350,000 of equity.
So explain to me how their net worth went up $350K and we are supposed to feel bad for them.
Posted on 7/18/22 at 10:30 pm to Big Scrub TX
quote:
if $6100 is make or break for your family's finances, you are in RADICALLY too much house.
Posted on 7/19/22 at 11:54 pm to Mingo Was His NameO
quote:not clear what on what entity you are referring to. All taxes make their way to their respective and appropriate taxing authority.
None of these go to the same entity as property taxes.
Posted on 7/20/22 at 12:40 am to DarthRebel
H.E. generally gives exemption on the 1st $75,000 tax free.
The rest is taxable
The rest is taxable
Posted on 7/20/22 at 12:45 am to PrecedentedTimes
quote:Texas most definitely does not have a shitty power grid
2) a shitty power grid
Posted on 7/20/22 at 12:56 am to PrecedentedTimes
quote:
So let me get this straight:
Texas, which has prided itself for decades on its
1) no-nonsense strategy of deriving tax revenue nearly 100% from property tax
2) reputation for being as anti-California as possible
Now has…
1) a growing desire to emulate Cali’s property tax law (which will inflate home values even higher as they become, in essence, valued similar to an investment)
2) a shitty power grid
Well well well
None of what you posted is true. It's weird how much of a small dick complex some of you have about an entire state with more than 29 million people and at least 5 distinct regions.
Posted on 7/20/22 at 12:59 am to Dead Snake
I have lived in the Houston area for 27 years.
The power grid is failing as Texas does not share with other states, equipment in use is old with much deferred maintenance. Many years since new plants constructed. Yet idiot Gov Abbott says we will not have any power grid failures.
The money is there to build more power generation as Texas has about $11 billion in rainy day funds
Most states get their revenue from sales tax, property tax and income tax. Texas thinks it gets a better deal since it has no state income tax. Wrong. They still need a certain amount so they just go up on sales and property tax.
Property tax - appeal it every year. Do some research on what you have to do and yes it is a pain in the arse but that is the only way to get it lowered.
The power grid is failing as Texas does not share with other states, equipment in use is old with much deferred maintenance. Many years since new plants constructed. Yet idiot Gov Abbott says we will not have any power grid failures.
The money is there to build more power generation as Texas has about $11 billion in rainy day funds
Most states get their revenue from sales tax, property tax and income tax. Texas thinks it gets a better deal since it has no state income tax. Wrong. They still need a certain amount so they just go up on sales and property tax.
Property tax - appeal it every year. Do some research on what you have to do and yes it is a pain in the arse but that is the only way to get it lowered.
Posted on 7/20/22 at 1:38 am to Purplehaze
quote:Yeah I laugh when people think it matters. The state will get their money one way or another you can be assured of that
Most states get their revenue from sales tax, property tax and income tax. Texas thinks it gets a better deal since it has no state income tax. Wrong. They still need a certain amount so they just go up on sales and property tax.
Property tax - appeal it every year. Do some research on what you have to do and yes it is a pain in the arse but that is the only way to get it lowered.
It can be advantageous for certain situations though
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