Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
It doesn't get rid of it but it gives it a good whack. My town left a message on my answering machine that I might want to consider prepaying 2018 property taxes to take advantage of the 2017 deduction. No mention of lowering taxes, nonono.
For real games...look what California is considering...
"One option that could be considered by the Legislature would be to redefine state and local taxes as charitable contributions, which remain fully deductible under the GOP tax proposals. The idea isn’t as implausible as it seems: The Internal Revenue Service and federal courts have ruled that government entities can count as charities for the purpose of the charitable deduction, even when the donor receives a full state or local tax credit in return."
Interesting, I didn't know that WA had no state income tax but instead relied upon high sales tax.
Yeah, this is definitely a tax code change that is going to hit some areas MUCH harder than others.
Look at all those "average" homes in the eastern US corridor that are 700k or so.
With a 500k mortgage at 4% they're at 20k right there, plus you have to figure they're already paying huge state income tax and likely another 10k in property tax (at least).
Now sure, there is already AMTI in play but this is definitely a change that will have really disparate impacts.
I think you're looking at the interest not the property tax.
Where I used to live on the east coast in MD. A house with ~650k value is paying about 1 percent. I looked up an address to verify that figure and $6242 is the property tax.
Well, when you need to go to an emergency room and it's filled to the brim with people who have no insurance and they pad your hospital bill with a nice, fat surcharge to pay for all those "emergencies" ...don't complain!
I think you're looking at the interest not the property tax.
Where I used to live on the east coast in MD. A house with ~650k value is paying about 1 percent. I looked up an address to verify that figure and $6242 is the property tax.
Maryland must be cheap like California! My old house in NJ is assessed at $191,000 and the property taxes are $7800.
These tax threads show much about the differences between Democrats and Republicans. D’s tend to think in group terms as in “what’s best for the society or community where I live” while R’s tend to focus on “what about me”.
“What about me” works for a Ted Kaczynski living off the grid and isolated from the rest of society, but not so much for people who live close to other people and in need of what only government can provide; infrastructure, public education and social safety nets.
If government means loss of freedom, then the person marooned on a desert island is in the utopian libertarian paradise, even if he’s living in squalor and likely to die in a few days. People that live in cities are always more likely to be in favor of government than people living in the middle of nowhere because with the advantages that come with urban life there’s also an inner dependency and need for cooperation with others. Generally the advantages of urban life outweigh the disadvantages, but there’s always a trade off.
Here’s the last lines from an article from Forbes by former Republican Chris Ladd on the tax bill.
Maryland must be cheap like California! My old house in NJ is assessed at $191,000 and the property taxes are $7800.
That's insane. In Texas a 190k house, after using the homestead deduction, pays ~4000-4500. We have no state income tax so property tax is used to get our money. Depending on where you live of course, the land was valued at ~50k and the house at ~140k.
That's insane. In Texas a 190k house, after using the homestead deduction, pays ~4000-4500. We have no state income tax so property tax is used to get our money. Depending on where you live of course, the land was valued at ~50k and the house at ~140k.
I pay about eight grand on a $300,000 house in Baltimore City. Yup, the Democrats are terrible and anyone paying property taxes in these blue areas knows it.
Yet, the Democrats continue to easily win re-election. It really is mind-boggling.
I pay about eight grand on a $300,000 house in Baltimore City. Yup, the Democrats are terrible and anyone paying property taxes in these blue areas knows it.
Yet, the Democrats continue to easily win re-election. It really is mind-boggling.
That's "cheap" by NJ standards! One of the three Republican Congressmen voted against the tax bill because his average constituent paid $21,000 in property taxes (wealthy upper-middle class area) and he knew he'd be a goner if he voted for it! Even so having an R next to his name, may well assure he'll be replaced by a Democrat. Calculate your property tax value with a $4 to $5 per assessed 100 rate and you'll know what you'd pay in Northern NJ! And double the assessed value of your house because it's NJ and $300,000 houses are Cape Cod fixer-uppers for that low price!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
