Property taxes

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Ruark
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Re: Property taxes

#16

Post by Ruark » Tue Apr 09, 2019 10:15 pm

Yeah, property taxes are just plain evil. I mean, jeez. You throw up a little shed to keep your lawn mower in. Here comes the county, saying that OK, because you built that shed, you have to pay us MONEY for it, every year.
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K.Mooneyham
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Re: Property taxes

#17

Post by K.Mooneyham » Tue Apr 09, 2019 10:56 pm

Well, the administration of schools is out of control in a lot of places, IMO. There are so many schools who employ large numbers of principles that suck up the pay of two or three teachers (and don't we always hear that teacher pay is too low?). A high school will have a main principle, a vice-principle, and several assistant vice-principles. They all make big bucks compared to what I make as an aircraft electronics technician...and I'm not impressed with the educational level of kids these days at all. Also, so many people are willing to pay those high taxes to live in supposedly nice places. However, at some point the taxes become so onerous, and the return you get on your taxes in the form of services is so abysmal, that pretty much anyone who can, moves out. What happens to a city where people abandon it? Look at Detroit. Taxes may be a "necessary evil", but there are limits to everything.
“I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” ― Winston S. Churchill

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Flightmare
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Re: Property taxes

#18

Post by Flightmare » Tue Apr 09, 2019 11:18 pm

K.Mooneyham wrote:
Tue Apr 09, 2019 10:56 pm
Well, the administration of schools is out of control in a lot of places, IMO. There are so many schools who employ large numbers of principles that suck up the pay of two or three teachers (and don't we always hear that teacher pay is too low?). A high school will have a main principle, a vice-principle, and several assistant vice-principles. They all make big bucks compared to what I make as an aircraft electronics technician...and I'm not impressed with the educational level of kids these days at all. Also, so many people are willing to pay those high taxes to live in supposedly nice places. However, at some point the taxes become so onerous, and the return you get on your taxes in the form of services is so abysmal, that pretty much anyone who can, moves out. What happens to a city where people abandon it? Look at Detroit. Taxes may be a "necessary evil", but there are limits to everything.
“I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” ― Winston S. Churchill
Problem is sometimes you get districts like Plano ISD where a large chunk of the property taxes collected (at the ISD level) are sent to recapture (aka Robin Hood). Plano ISD is second only to Austin ISD in total dollars sent to the state via recapture since it's inception. And each year, the amount goes up. There was an old saying; "you get what you pay for". I guess recapture is the exception to that rule.
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Lynyrd
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Re: Property taxes

#19

Post by Lynyrd » Wed Apr 10, 2019 10:59 am

The very worst thing about property taxes are school bond elections. They want to build something, so they call an election to gain approval to borrow money by issuing bonds. Along with that bond issue comes an increase in taxes to pay off the bonds. In 10 or 20 years when the bonds are paid off, the original reason for raising the taxes is now gone. But do they ever roll back that tax when the bonds are retired? NO! The system is rigged to push taxes higher and higher.
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Grumpy1993
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Re: Property taxes

#20

Post by Grumpy1993 » Wed Apr 10, 2019 5:31 pm

Bonnen and crew gutting property tax protection for Texans this session, along with their ramped up spending, makes it very unattractive to retire in Texas. While it's nice not to have to file a state income tax return, I have a friend in a mid Atlantic state with similar income and home value, and his combined state taxes aren't any higher than mine. After this legislative session, I wouldn't be surprised if his state taxes are lower than mine. :???:
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jason812
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Re: Property taxes

#21

Post by jason812 » Wed Apr 10, 2019 6:41 pm

I kept hearing on the radio today that the governor has proposed a 1% increase in sales tax to offset any reduction in property taxes. The way the radio was reporting, it would be after there is a reduction in property taxes. How come I got a feeling we about to get taxed more not less? I get the feeling that there will not be much of a reduction in property taxes, just enough for them to blow smoke up our you know what's about how they "helped" us out.

I bet a 1% increase in sales taxes could eliminate property taxes.


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Re: Property taxes

#22

Post by Alf » Wed Apr 10, 2019 7:33 pm

jason812 wrote:
Wed Apr 10, 2019 6:41 pm
I kept hearing on the radio today that the governor has proposed a 1% increase in sales tax to offset any reduction in property taxes. The way the radio was reporting, it would be after there is a reduction in property taxes. How come I got a feeling we about to get taxed more not less? I get the feeling that there will not be much of a reduction in property taxes, just enough for them to blow smoke up our you know what's about how they "helped" us out.

I bet a 1% increase in sales taxes could eliminate property taxes.
Maybe at the city or county level, but the state doesn't get any revenue from property taxes. So the governor's proposal makes no sense at the state level.

What are the biggest revenue sources for the state? Only two contribute 10% or more of the total.
Federal Income $39,618,568,311 (33.0%)
Sales Tax $31,937,235,078 (26.6%)

So sales tax and federal kickbacks make up $72 Billion or 60% of the state's revenue. Source is https://comptroller.texas.gov/transpare ... by-source/


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Re: Property taxes

#23

Post by srothstein » Wed Apr 10, 2019 10:12 pm

jason812 wrote:
Wed Apr 10, 2019 6:41 pm
I bet a 1% increase in sales taxes could eliminate property taxes.
Not by a long shot. Property taxes amount to more than 50% of all taxes collected in Texas at all levels. Check the amount of taxes collected by source listed on page 1 of this report from the state Comptroller. You might find some other interesting facts about taxes in Texas in this report.
Steve Rothstein


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jason812
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Re: Property taxes

#24

Post by jason812 » Wed Apr 10, 2019 10:29 pm

srothstein wrote:
Wed Apr 10, 2019 10:12 pm
jason812 wrote:
Wed Apr 10, 2019 6:41 pm
I bet a 1% increase in sales taxes could eliminate property taxes.
Not by a long shot. Property taxes amount to more than 50% of all taxes collected in Texas at all levels. Check the amount of taxes collected by source listed on page 1 of this report from the state Comptroller. You might find some other interesting facts about taxes in Texas in this report.
I was way wrong. So Texas collects $112 BILLION in taxes. Roughly half comes from property taxes and half of that is school taxes. Some how I don't think we are getting our money's worth on any of it. I guess as long as the kids have nice football stadiums it's all ok.

If my math is correct, a 1% state sales tax increase would raise $8 billion. If you want a net zero with a reduction in property taxes, your tax bill will go down approximately $500 for a $3300 tax bill. Not very much.

The whole thing just flat out stinks.


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Re: Property taxes

#25

Post by apostate » Wed Apr 10, 2019 10:46 pm

Abbott, Patrick, and Bonnen are making it abundantly clear this year, the only way my vote matters, is if I vote with my feet. Not that they'll notice, but at least I can try to save myself. Fortunately for me, Yankees and Californies seem eager to buy homes inside the loop.

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SQLGeek
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Re: Property taxes

#26

Post by SQLGeek » Thu Apr 11, 2019 7:34 am

Grumpy1993 wrote:
Wed Apr 10, 2019 5:31 pm
While it's nice not to have to file a state income tax return, I have a friend in a mid Atlantic state with similar income and home value, and his combined state taxes aren't any higher than mine.
Yes, this.

When we moved back to Texas, I was also looking at North Carolina which would have actually been better from a work perspective. I haven't run the numbers in detail but I'm fairly certain my overall tax burden would have been than lower than here, too.

For how much California stinks in so many ways, my tax burden is just a tiny bit lower here.

Unless there's a significant change in property taxes, I don't see myself retiring in Texas.
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thechl
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Re: Property taxes

#27

Post by thechl » Thu Apr 11, 2019 9:41 am

The real evil is the agricultural exemption. I pay more property tax on my little plot in a suburban neighborhood than many pay for their hundreds of acres that produce little/nothing. But those folks who own vast tracts of land have bought enough legislative influence that the ag exemption will never go away, nor even be modified fairly.

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Grumpy1993
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Re: Property taxes

#28

Post by Grumpy1993 » Thu Apr 11, 2019 9:46 am

SQLGeek wrote:
Thu Apr 11, 2019 7:34 am
Grumpy1993 wrote:
Wed Apr 10, 2019 5:31 pm
While it's nice not to have to file a state income tax return, I have a friend in a mid Atlantic state with similar income and home value, and his combined state taxes aren't any higher than mine.
Yes, this.

When we moved back to Texas, I was also looking at North Carolina which would have actually been better from a work perspective. I haven't run the numbers in detail but I'm fairly certain my overall tax burden would have been than lower than here, too.

For how much California stinks in so many ways, my tax burden is just a tiny bit lower here.

Unless there's a significant change in property taxes, I don't see myself retiring in Texas.
Texas is a good place to work but a bad place to own a home. Unless you live in one of the robbing 'hoods I suppose.

I can't wait to find out how much worse the socialist majority made that wealth redistribution scam this session.
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The Annoyed Man
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Re: Property taxes

#29

Post by The Annoyed Man » Thu Apr 11, 2019 9:54 am

jason812 wrote:
Wed Apr 10, 2019 10:29 pm
srothstein wrote:
Wed Apr 10, 2019 10:12 pm
jason812 wrote:
Wed Apr 10, 2019 6:41 pm
I bet a 1% increase in sales taxes could eliminate property taxes.
Not by a long shot. Property taxes amount to more than 50% of all taxes collected in Texas at all levels. Check the amount of taxes collected by source listed on page 1 of this report from the state Comptroller. You might find some other interesting facts about taxes in Texas in this report.
I was way wrong. So Texas collects $112 BILLION in taxes. Roughly half comes from property taxes and half of that is school taxes. Some how I don't think we are getting our money's worth on any of it. I guess as long as the kids have nice football stadiums it's all ok.

If my math is correct, a 1% state sales tax increase would raise $8 billion. If you want a net zero with a reduction in property taxes, your tax bill will go down approximately $500 for a $3300 tax bill. Not very much.

The whole thing just flat out stinks.
Our property tax increase this year is going to add roughly $600/month to the mortgage payment. That is a SIGNIFICANT increase. I believe that a 1% increase in sales tax would be much easier to bear.....for me and mine, since we don’t spend much on sales tax to begin with, due to our purchasing habits.

Better yet, how about we stop robbing Peter to pay Paul.
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mojo84
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Re: Property taxes

#30

Post by mojo84 » Thu Apr 11, 2019 12:58 pm

TAM, that is quite excessive for just a tax increase. That would equate to roughly $8400 per year. Is this the second or third year of owning the house? If so, I suspect the mortgage company grossly underestimated your tax and insurance escrow amount and they are correcting that along with increasing the escrow to cover a tax increase.
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