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So no, in terms of NY, I don't think it evens out as any small benefit we see from a reduced or eliminated tax on clothing and food make it worth the bloated property tax rates. It may well be more equitable in states like MN where the property taxes on an average house will only put you out a thousand or so.
NY is the worst, in all regards to all taxes. For a shack, you'll pay at least $4,000 year in property taxes. After ten years that's $40,000. Imagine what you could do with that money if it didn't go to the overseer.
As I said before, my main objection to property taxes is that there is no connection to the ability to pay. I don't know of any other tax that is like this.
Amount of income tax paid goes up and down with the amount of income earned. Sales tax does not come into effect until something is purchased.
Property tax is a continuous tax on something you own. To me, it is like you never really own your property! You are just tolerated until you can't pay, then you are booted out and your property resold.
I would like to live knowing that I would never become homeless because of property taxes.
As I said before, my main objection to property taxes is that there is no connection to the ability to pay. I don't know of any other tax that is like this.
Amount of income tax paid goes up and down with the amount of income earned. Sales tax does not come into effect until something is purchased.
Property tax is a continuous tax on something you own. To me, it is like you never really own your property! You are just tolerated until you can't pay, then you are booted out and your property resold.
I would like to live knowing that I would never become homeless because of property taxes.
California's Prop13 came about because of the frustration of not being able to predict what next year's taxes were going to be. And they were just ballooning out of control. The state's assembly and senate (and Jerry Brown) really blew it by not reining it in with some sort of legislation so it went to the people and now we have a maximum 2% raise per year. This gives us predictability that allows us to forecast our retirement years.
It turns out that California's income taxes are low for low/medium income so with a little planning, you can have a terrific retirement in California with a paid off house, low property taxes, requiring very little income, therefore paying very little income taxes. And, with Prop13, I know what my property taxes will be next year, 10 years from now, 20 years from now, etc.
NY is the worst, in all regards to all taxes. For a shack, you'll pay at least $4,000 year in property taxes. After ten years that's $40,000. Imagine what you could do with that money if it didn't go to the overseer.
It's really disheartening sometimes. I say this because if you live anywhere in the state of NY within a commutable radius of Manhattan, 4K is a "steal." Average is closer to 10-20K, and more if your house value falls into the 7-figure range or you have a lot of land.
We just went through the first round of school budget votes up here and only 2 towns voted to reduce the school budget, with most voting for an increase. Also, our town had a school district fundraising event a while back as well as many local fundraisers/car washes, etc throughout the season. What I fail to understand is how the school district can possibly require fundraising when 80% of the average property taxes are earmarked for schools with an average 10K in property taxes per home. My only guess is that a large chunk is going to pay for pensions and salaries instead of overhead costs...? It's crazy.
There are substantial differences in the tax burden between states. I moved from Ohio to Washington this past year.
Ohio doesn't have the highest tax rate in any particular category...but it has high values for every single one of them. State income tax, city income tax, property tax, sales tax, etc.
Here in WA, no state or city income tax, and lower property tax. Just a slightly higher sales tax, which is easily avoided shopping across the river in Portland with no sales tax. All told I've got an extra $500/month in my pocket each month from reduced taxes. All while having much better schools and gov't services than we got in Ohio.
you mention income tax at the state level and city level. if you read the 10th Amendment and apply it to the 16th Amendment, then no entity outside of the federal government should be allowed to have any kind of income tax at all. after all, the 10th Amendment forbids it.
I live in Wyoming and we supposedly have one of the lowest rates. The problem that they reassess the property every year and raise its value. Some places are reasonably fair but some places just seem to base the value of your property on what they need to collect. I have a little 2 unit apartment in which I can collect a grand total of 800 per month on and it is valued at 219,000 this year. It is just a box. So my taxes are near 1800 per year. 2 months rent. Most of the time only one unit is rented so it is more like 3 months rent just for property taxes.
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