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Old 11-11-2017, 08:22 AM
JL
 
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Quote:
Originally Posted by detachable arm View Post
Up to a certain predetermined point though. Once you pass that threshold you pay out the ass, even as a senior.
With my cousin's property value(went up $2000) staying relatively the same this year, he is paying $2,500 in taxes more this year after changing his mother's over 65 homestead exemption on his house to his name instead. She lives with him, so he had the house under her name for years, but decided to finally switch to under his name. It makes a big difference between over 65 homestead exemption vs. a standard homestead exemption.
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Old 01-15-2018, 07:12 PM
 
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How does the new tax bill (tax cap of $10k on property & state taxes) affect the property taxes and home buying & selling in Houston (specifically The Woodlands market)?
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Old 01-16-2018, 08:53 AM
 
Location: The Woodlands, TX
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Originally Posted by usc619 View Post
No, renters pay the rent....
You know what they meant... c'mon.

It all rolls down hill.
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Old 01-16-2018, 09:08 AM
 
Location: The Woodlands, TX
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Originally Posted by notkim View Post
How does the new tax bill (tax cap of $10k on property & state taxes) affect the property taxes and home buying & selling in Houston (specifically The Woodlands market)?
Unless your property taxes last year were more than 10k... probably not at all. I don't think too many people in The Woodlands pay more than 10k in property taxes. A lot may be dancing on the edge of that though...

Scrambling To Prepay 2018 Property Taxes? Maybe You Shouldn't | Texas Public Radio

"Before, if someone paid $24,000 in property taxes — as some people in higher tax states like New York and California do — and then paid $20,000 in state and local income taxes they were allowed to deduct $44,000 on their federal tax return. Now that number is capped at $10,000. The change could cost some people thousands of dollars."

Last edited by Texas Minded; 01-16-2018 at 09:16 AM..
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Old 01-16-2018, 01:23 PM
 
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Quote:
Originally Posted by Texas Minded View Post
Unless your property taxes last year were more than 10k... probably not at all. I don't think too many people in The Woodlands pay more than 10k in property taxes. A lot may be dancing on the edge of that though...

Scrambling To Prepay 2018 Property Taxes? Maybe You Shouldn't | Texas Public Radio

"Before, if someone paid $24,000 in property taxes as some people in higher tax states like New York and California do and then paid $20,000 in state and local income taxes they were allowed to deduct $44,000 on their federal tax return. Now that number is capped at $10,000. The change could cost some people thousands of dollars."
With a +/- 2.4% rate on assessed value, I suspect there are plenty paying over $10K.
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Old 01-16-2018, 07:58 PM
 
Location: The Woodlands, TX
1,307 posts, read 671,453 times
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Quote:
Originally Posted by vwgto View Post
With a +/- 2.4% rate on assessed value, I suspect there are plenty paying over $10K.
I hear you. There may be more than I think.

I pay just under 10k when I factor in the MUD.
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