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The bigger property tax problem is something that will never be solved. However, things can certainly be done to help ease the burden. This seems like an interesting idea that could help quite a few people, and worth trying out.
The tax break would also be available to renters who make less than $250,000 and for whom the part of their rent that covers the property taxes of the owner is more than 6 percent of their income.
Who will this help more? Low income tenants or homeowners who reside in the house they own? (i.e. not landlords.)
Moved to Florida last week. Save 10k a year on my property taxes and 7 k a year on my wife's state income tax. Thanks Andy!!! lol
^^This is why I nixed my original plan to rent the house before I buy. NC treats me like a cash machine, and I don't want to keep funding our rich pensioners.
Exactly. Sorry, 250k + income can more than afford the taxes here. Its to help people who are struggling.
Newsflash, people who make at or just above the 250k mark are not the "millionaire/billionaires" that the left love to demonize. Socialism is all fine and dandy until you start running out of other people's money.
Don't think that article mentioned it, but anyone above $75k household is getting $1500 (or maybe $1750) max out of this. (this screenshot is also confusing, but it's what I figure). Also note the bit about your town needing to be below the 2% cap.
Quote:
Originally Posted by 85dumbo
why $250k income cut off???
They also need to change the mansion tax to like 2 million and above.
I'm about to buy a house for just over a million and its definitely NOT a mansion.
But how much are the taxes because if you're $250k, you need to take what's above 6% of that ($15k) and halve the difference. So if you pay $18k taxes (places like Manhasset don't necessarily have high taxes), that's only $3k above and you'd halve it for your credit = $1500. I bring this up because if you're not even over $15k in taxes (a friend pays only $13k in taxes on an $800k house in Manhasset), they'd get $0 from this.
One thing I haven't heard on TV/radio news but I read on online news is that you would only qualify for the credit if your property tax is greater than 6% of your income. Not sure if it's gross or net, but that will definitely disqualify a lot of people.
Newsflash, people who make at or just above the 250k mark are not the "millionaire/billionaires" that the left love to demonize. Socialism is all fine and dandy until you start running out of other people's money.
Look I get the whole anti socialism thing. But the last people on LI who need a personal property tax break are those making 250k and up. Its not like its a massive tax credit anyway.
When all is said and done, I'm in favor of it because it'll raise home values. Rises in LI home prices have been stunted largely because of the taxes, in spite of years of low interest rates. People will be more willing to scoop up a house here if they can get a rebate on the tax bill.
Look I get the whole anti socialism thing. But the last people on LI who need a personal property tax break are those making 250k and up. Its not like its a massive tax credit anyway.
250K is not much when you consider you should purchase a home that is 2.5x income.
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