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Old 09-04-2008, 10:46 AM
 
Location: The Big D
14,862 posts, read 42,877,627 times
Reputation: 5787

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Quote:
Originally Posted by mkarla View Post
Non state income tax payers, without research do you know what may be the State income tax in Illinois? Since you think that based on your income you would be paying more than you do in property tax.
Definition
The Illinois Income Tax is imposed on every individual, corporation, trust, and estate earning or receiving income in Illinois. The tax is calculated by multiplying net income by a flat rate. The Illinois Income Tax is based, to a large extent, on the federal Internal Revenue Code (IRC).


Tax Rate
The rate is 3 percent of net income.
---------------------------------

MY personal property tax rate is less than 3% and ONLY based on what my PERSONAL PROPERTY IS and does NOT INCLUDE my investments or trusts or all of my possessions.

Oh, and WE can go down and fight to get these lowered. Have you EVER tried to fight to pay less than 3% on a state income tax? Is it even allowed? Nope, didn't think so.
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Old 09-04-2008, 11:41 AM
 
13 posts, read 46,298 times
Reputation: 11
Good research.
Do you how property tax is calculated?
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Old 09-04-2008, 11:48 AM
 
Location: The Big D
14,862 posts, read 42,877,627 times
Reputation: 5787
Quote:
Originally Posted by mkarla View Post
Good research.
Do you how property tax is calculated?
Yes, very much so (do YOU). I gather all of my data every year and go protest my property taxes. Every year I get the amount lowered. Well, I take that back. I did not go this last year as they did not raise it one penny from last years value AND my taxes went DOWN! My income went UP though

Maybe YOU should learn to do some due diligence BEFORE you move anywhere to see ALL of the expenses. All it took was 2 seconds to find the tax rate for Ill. You can do the same thing on property tax rates. BTW, PLEASE answer where you live in this area? That can make a HUGE difference in the tax rate YOU pay over others.
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Old 09-04-2008, 11:50 AM
 
13 posts, read 46,298 times
Reputation: 11
East Dallas.

Last edited by mkarla; 09-04-2008 at 01:16 PM..
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Old 09-04-2008, 12:03 PM
 
13 posts, read 46,298 times
Reputation: 11
Cook County's Single family residences are assessed at 16% of of its market value. So property taxes paid are based on 16% of its market value. Here in Dallas the percentage is based on whatever the city says the market value of the home is. As an example there is a home that has been on the market for well over a year, the price of the home is $280, 000 but the city thinks it's worth $474,210 since in the area homes have sold for over $400,000. To me that home is not worth more than $280,000 because it's just sitting there. If someone buys that house the property taxes on that home would be $11,925.23, this is right out of DCAD. So how do you get the city to value the home at around $280,000 if the rest of the neighborhood is valued at $350,000 and up? The other thing is where is the money going?? That is probably the biggest question, our surroundings are not very nice, there is never enough police watch, the streets are full of pot holes, the sidewalks are cracked, and there are panhandlers all over the city (Dallas). If I knew that my money was going towards making the city better then it would not be an issue but I don’t see anyone’s money anywhere.
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Old 09-04-2008, 12:12 PM
 
1,101 posts, read 4,329,642 times
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Quote:
Originally Posted by mkarla View Post
Here in Dallas the percentage is based on whatever the city says the market value of the home is.
The tax appraisal is performed by the county appraisal district, not the city.

Quote:
So how do you get the city to value the home at around $280,000 if the rest of the neighborhood is valued at $350,000 and up?
By protesting your assessment with the county tax office, using comparable sales data for the neighborhood, along with infomation about the features and condition of the home. If the house actually sells for $280,000, then that would be a good argument to take before the appraiser.

Quote:
The other thing is where is the money going?? That is probably the biggest question, our surroundings are not very nice, there is never enough police watch, the streets are full of pot holes, the sidewalks are cracked, and there are panhandlers all over the city (Dallas). If I knew that my money was going towards making the city better then it would not be an issue but I don’t see anyone’s money anywhere.
Only a relatively small piece (less than a third) of the property tax goes towards the city - the largest recipient is the school district. Taxes are typically assessed by three entities - the school district, the city, and the county (in Dallas county, you also have the community college district and the hospital district). As far as the use of the tax funds by the city, the best way to get a voice in how it is spent is to participate in your city government (vote, volunteer, attend city council meetings or even run for city council).

Last edited by TriumphOfTheSprint; 09-04-2008 at 12:23 PM..
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Old 09-04-2008, 01:20 PM
 
Location: Dallas, TX
937 posts, read 2,907,215 times
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Quote:
Originally Posted by mkarla View Post
East Dallas.
Are you using your homestead exemption? I live in east Dallas as well and my tax rate comes to about 2.1% when u factor in the homestead exemption.
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Old 09-04-2008, 03:15 PM
 
Location: The Big D
14,862 posts, read 42,877,627 times
Reputation: 5787
I'm still ahead here in Texas. In the Chicago area to get a home COMPARABLE to what I have here (hubby has a hobby that requires a LOT of room like at least a 5-6 car garage) w/ a nice swimming pool and updates it would cost us about $1.3M. I'd be paying property taxes on the first 16% eh, that is still $208K and you only get a $5K Homestead Exemption. Never found the tax rate (got other things to do ) but say it is only 1.5% I'd still be paying a little over $3K in property taxes. THEN the STATE Income Tax. Add a bonus for the rise in the COL for that area and based on hubbies profession we would be paying well over $9K in INCOME TAX for the STATE! Gets a bonus - we pay more in taxes. Gets a raise - we pay more in taxes. Oh, and I did not even include the trusts or other investments for income taxes. But we don't have to move and no one is forcing us to buy a big house or a more expensive one. But I sure don't want to say, "we can't make any more money or we will pay more in income taxes". I'd prefer to get my rise in income and keep the housing lower. At least my taxes are LOCAL and not sent to the state and can end up being spend ANYWHERE in the state for ANYTHING.
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Old 09-05-2008, 01:25 PM
 
23 posts, read 88,737 times
Reputation: 21
momof2dfw / mkarla - you are too funny. Reading your post is just simply hilarious.

mkarla - I moved to dfw from Illinois (southern illinois) but I lived in Chicago for 7 years and I just think Dallas offers far more for your money. Now I don't own here yet, but will soon and I never owned in Illinois but I do know the homes you can get here for $300k are far superior than a 300k home back in Illinois..i'm sorry but it is. Now my hubby and I have found that some things are more expensive here, taxes being one and insurance being the other. But not having a state income tax is pretty good and you know I couldn't figure out why my grocery bill decreased until i looked at my receipt and noticed you are not paying a sales tax for groceries (this is not the case in illinois). I also am renting in Tarrant county (one of the highest taxed counties in DFW) and I am paying about $70 more per month for rent in an exceptional community than I was paying over 8years ago in Chicago (subburbs). I lived in an exceptional community there too but my apartment in chicago has nothing on how i'm living now. Now don't get me wrong Chicago is a great place to live, I loved it there but come on lets be real you get much more for your money here as fare as cost of living goes. Now I dont' know momof2dfw personally at all but when my hubby and i were moving here and curious about certain areas, she provided us excellent feed back in her post and I have to say now that we are here and have had time to get settled I can't say her post were not on point so instead of arguing with her why don't you ask her what you can to or ask her to offer some advice because she obviously knows the DFW area quite well and doesn't mind sharing what she knows on this website.
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Old 09-06-2008, 01:06 PM
 
144 posts, read 552,503 times
Reputation: 108
How do I know how much I paid in income tax last year? I live in Missouri, and we make a pretty decent income between my husband and I (atleast for being 25 years old). We are considering a relocation to Texas, but are scared of the super high property tax a little. Our current home in Missouri was 110,000 (in Joplin that buys a pretty decent house-new construction, etc). We live in a top school district and pay 1200ish in property taxes. I have never paid any attention to what we pay in property taxes but I am guessing the saving would more than make up for the difference in property tax?
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