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Old 12-30-2007, 06:44 AM
 
Location: DC Area, for now
3,517 posts, read 12,047,444 times
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I've been looking into this question and it seems that they get your taxes one way or another. All those services (police, fire, roads, etc.) have to be paid for so jurisdictions need to get taxes in one form or another. It isn't easy to ferret out the total tax load in a new area. I have yet to find a single one of those web sites that reports where I live now accurately so I don't trust them for places I don't know.

I think I would rather have an income-based tax than out of control things like property tax. Income taxes are predictable and are proportioned to the amount of money coming in. Property tax can go up and up on a theoretical valuation that cannot be realized unless you sell the property. You can literally get taxed right out of your home.

In the end, unless you are living right on the poverty line, pick where you want to live first, then look at places around there to find something you can afford and enjoy.
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Old 12-30-2007, 06:46 AM
 
Location: Fort Worth, Texas
10,732 posts, read 31,775,842 times
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I heard that in Texas once you cross the 60 or 65 mark, you can apply for a reduction in your property taxes.
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Old 12-30-2007, 07:12 AM
 
Location: Forests of Maine
30,669 posts, read 49,416,421 times
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We live in Maine. We moved here after I retired.

With this state's personal exemptions and deductions a married couple needs to earn nearly $20k before they become eligible to pay any income taxes, and then the same write-offs apply as they do when filing your Federal income taxes. So medical expenses including medical insurance are still a write-off, as is everything else that you write-off on your taxes.

I do understand that statistically the people who compare these things, say that Maine ranks low. Maybe it is more expensive in our cities.

It is hard for me to agree with that however.

If I were paying income taxes, then it would be easier for me to agree. But I am not so as you can see I would have to side with those who say that Maine is great for retirees.

Our property tax mil rate is 0.00842

I bought 42 acres of forest land alongside a river for $900 per acre. Hunting and fishing is abundant here. And I do a big garden. The roads are plowed starting with the first snow flake, the schools are good, we live very near to a state university campus, and crime seems very low. For this I pay $47 each year in property taxes.

My car's annual registration costs me $15.

Each person's tax situation will be different.

If you like rural living; the ability to hunt, fish, and be well away from your nearest neighbor, it is hard to beat these low taxes and low cost-of-living.

And yes you can file for a 'homestead exemption' on your property taxes here, and they offer a 65+ exemption, and a blind exemption, and a disabled vet exemption. So if paying under $50 a year is too much, it can be lowered.
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Old 12-30-2007, 07:55 AM
 
702 posts, read 2,229,803 times
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My wife and I are seriously considering moving to Panama for several reasons:
1) no tax on your foreign source income or interest income
2) no property tax on the purchase of a new home for the first 20 years
3) cost of living a fraction of US
4) housing costs extremely affordable
5) excellent health care at a fraction of the US cost
6) great climate

http://www.internationalliving.com/c...s/panama/taxes
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Old 12-30-2007, 09:23 AM
 
Location: WA
5,392 posts, read 21,382,389 times
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Quote:
Originally Posted by Lindsey_Mcfarren View Post
I heard that in Texas once you cross the 60 or 65 mark, you can apply for a reduction in your property taxes.
You will get an additional exemption and a freeze. For those that hit 65 a long time ago you will find exceptionally low taxes (the freeze works), but for those just turning 65 the change from the extremely high rates you have been paying (Texas property taxes are some of the highest in the country) will not be so dramatic.
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Old 12-31-2007, 06:40 AM
 
Location: Utopia
1,999 posts, read 9,440,338 times
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Wait...are you saying that Texas freezes the property tax on your residence when you turn 65? So, if you are paying $3,000 a year, when you turn 65 it will stay at that rate until you move or die?
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Old 12-31-2007, 08:31 AM
 
Location: Forests of Maine
30,669 posts, read 49,416,421 times
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Quote:
Originally Posted by TootsieWootsie View Post
Wait...are you saying that Texas freezes the property tax on your residence when you turn 65? So, if you are paying $3,000 a year, when you turn 65 it will stay at that rate until you move or die?
Isn't $3,000 rather high if your living on SSA?
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Old 12-31-2007, 11:54 AM
 
Location: WA
5,392 posts, read 21,382,389 times
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Quote:
Originally Posted by forest beekeeper View Post
Isn't $3,000 rather high if your living on SSA?
Yes, the dollar amount of (most) property taxes are frozen at 65. but....

$3000 is reasonable as far as todays Texas property taxes go... most in Texas runs from about 1.9% to 3.5% of appraised value so it is not unusual to see taxes at $10K to $20K and higher.

My mother has a fifty year old 1200 ft home in Dallas that is appraised at $120K so the average person would pay $2K to $3K a year while her taxes are about $970 as she turned 65 over twenty years ago.

We considered a very nice home in Texas (about $450K) but found that we were just not willing to pay the $14K a year in taxes.
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Old 12-31-2007, 12:33 PM
 
Location: Forests of Maine
30,669 posts, read 49,416,421 times
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Quote:
Originally Posted by cdelena View Post
Yes, the dollar amount of (most) property taxes are frozen at 65. but....

$3000 is reasonable as far as todays Texas property taxes go...

We considered a very nice home in Texas ... to pay the $14K a year in taxes.
Wow!

That is amazing
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Old 12-31-2007, 06:42 PM
 
Location: home...finally, home .
8,235 posts, read 18,505,219 times
Reputation: 17765
BOTTOM 10 Overall
42 D.C.
43 Nebraska
44 Oregon
45 Maine
46 Vermont
47 Wisconsin
48 Minnesota
49 New York
50 Montana
51 Rhode Island


What makes Oregon so high (I would like to move there) ? Do they tax salaries ? Or pensions from other states? HIgh property taxes without senior rebates as they have in NY ? How would we know for sure (sometimes those sites are difficult to understand ).
Any help would be wonderful !
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