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Anyone getting a refund needs a new accountant. You are having too much tax taken out thereby giving the govt an interest free loan. I never have any taxes deducted. I wait for Uncle Sam to send me a bill.
Agree 100%. I pay quarterly tax estimates, as required, but I still end up owing a little. No way do I give the Fed Gov an interest free loan.
For some, this made the process much more simple. In all fairness, I don't prepare my own taxes. I don't trust myself to catch everything. Thank goodness my tax lady does that for me.
Not sure how complex your taxes are but I always think unless you have a complex return, it's better to do them yourself. You then learn how taxes work so you make better tax decisions.
Let's try it again: average home prices (32nd expensive)
So, the houses there are cheap, and although the rate is more or less the same as Texas, the total tax will not be high, unless the house happens to be very expensive. In other words, you will end up with a high tax bill no matter where you live if you choose to live in an expensive house.
Hawaii has the lowest property tax rates, but the homes are expensive.
Texas is not a blue State, but they have very high property tax rates (more than NY or California).
In general, home prices are higher in metro areas, which happen to be the more productive areas in the nation, and they are being punished for it.
Agree 100%. I pay quarterly tax estimates, as required, but I still end up owing a little. No way do I give the Fed Gov an interest free loan.
Neither do I. Never have. First, I need that money through the year and second, I'm disciplined enough to save. It's my money. If anyone's going to earn interest on it, it'll be me. I don't even pay extra to the mortgage company for tax and insurance impound. I pay those myself.
Not sure how complex your taxes are but I always think unless you have a complex return, it's better to do them yourself. You then learn how taxes work so you make better tax decisions.
It's somewhat complex with losses and fwiw I used to prepare them myself but I was missing a lot of deductions so now I just save the docs and let my brilliant tax lady handle it. Besides, I'm getting a bit older now and, it's true what they say, the memory might still be good but it's not what it was when I was 30, 40 or even 50. <sigh>
More New Yorkers in Florida will turn FL from purple to Blue, and Californians moving to TX, will turn that State from red to purple, and then to blue. Not sure if GOP had this in mind, but it seems to be happening.
Unintended consequences.
Yeah, I think that was shortsighted on their part.
Let's try it again: average home prices (32nd expensive)
So, the houses there are cheap, and although the rate is more or less the same as Texas, the total tax will not be high, unless the house happens to be very expensive. In other words, you will end up with a high tax bill no matter where you live if you choose to live in an expensive house.
Hawaii has the lowest property tax rates, but the homes are expensive.
Texas is not a blue State, but they have very high property tax rates (more than NY or California).
In general, home prices are higher in metro areas, which happen to be the more productive areas in the nation, and they are being punished for it.
Looks review how property taxes are determined on both Chicago and Texas.
Cook County
$300,000 Estimated Market Value
X.10 Assessment Level (10%)
$30,000 Proposed Assessed Valuation
X 2.9627 State Equalizer
$88,881 Equalized Assessed Value
-10,000 Homeowner Exemption( **new increased exemption amount)
$78,881 Adjusted Equalized Assessed Value
X.10 Sample Tax Rate (your tax rate could vary)
$7,881 Estimated Tax Bill in dollars
It should be noted that Illinois has a state income tax of 4.95%.
I am not sure what method is used to determine property tax in Austin, but according to Travis County's tax calculator, the bill (with no exemptions) would be significantly less.
Texas has no state income tax.
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Georgia has a very simple method of determining property taxes for households.
$300,000.00 - Fair Market Value
X 40% - GA Assessment Ration (no exemptions)
$120,000 - Assessed Value
X County Millage Rate (varies) but my county is 33.7 mils or .03370
$4044.00 - My actual rate is significantly lower due to the homestead exemption
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