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Old 02-06-2019, 10:30 AM
 
Location: the very edge of the continent
88,776 posts, read 44,594,609 times
Reputation: 13622

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Quote:
Originally Posted by Finn_Jarber View Post
That's interesting given the fact that IL is in the cheaper end when it comes to average home prices (32nd expensive). The property tax there is more or less the same as in Texas.
Incorrect. Highest real estate/property tax rates by state:

1. NJ
2. CT
3. NH
4. NY
5. MA
6. IL
...

https://finance.yahoo.com/news/state...090000576.html
Blue staters are finally going to start to even approach paying their fair share of the federal income tax revenue.
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Old 02-06-2019, 11:18 AM
 
Location: Florida
77,013 posts, read 47,481,489 times
Reputation: 14806
Quote:
Originally Posted by InformedConsent View Post
Incorrect. Highest real estate/property tax rates by state:

1. NJ
2. CT
3. NH
4. NY
5. MA
6. IL
...

https://finance.yahoo.com/news/state...090000576.html
Blue staters are finally going to start to even approach paying their fair share of the federal income tax revenue.
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.
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Old 02-06-2019, 11:27 AM
 
21,826 posts, read 9,386,613 times
Reputation: 19325
Quote:
Originally Posted by sware2cod View Post
44% itemize. It's projected that only 16% will itemize after the recent tax law change.
That doesn't mean their taxes went up. I really hate when people who obviously know nothing about taxes spew their nonsense. Standard deduction was raised so fewer people need to itemize. Oh, and tax brackets were lowered.
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Old 02-06-2019, 11:28 AM
 
21,826 posts, read 9,386,613 times
Reputation: 19325
Quote:
Originally Posted by Leo58 View Post
Yes, I am in a high-tax state. My combined state income and property taxes are about $23,000, but I can only deduct $10,000. So I am getting hammered. Why would you say "rightly so"? People in my state contribute more than their share to the Federal government, while the low-tax states with their lousy schools and healthcare systems get the bulk of government aid.
You are not getting hammered. Your tax RATES went down.
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Old 02-06-2019, 11:30 AM
 
78,013 posts, read 60,221,209 times
Reputation: 49404
Quote:
Originally Posted by Finn_Jarber View Post
That's interesting given the fact that IL is in the cheaper end when it comes to average home prices (32nd expensive). The property tax there is more or less the same as in Texas.
I don't believe that IL used to be as high of property taxation as it is there now. Almost all of my family lives there and we were talking about property taxes recently and I was stunned at how high they were.

Now sure, Chicago & burbs is one thing but my family lives out in the rural parts of the state and even those are like 3% of house value or more. When I left the state mine were more like 2% of home value.

I think that with the states dire financial situation (they're the only state with a bond rating that is SIGNIFICANTLY lower than the other 49) that the state has been pulling money back from the county and city etc. levels and so to keep the lights on and the sewers flowing....the local property taxes have had to increase.

Now, all things in reasonable comparison...some states still have higher property taxes like Texas (no income tax though) and WI has really high property taxes.
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Old 02-06-2019, 11:37 AM
 
21,826 posts, read 9,386,613 times
Reputation: 19325
Quote:
Originally Posted by Ariadne22 View Post
At the expense of a BALLOONING DEFICIT AND DEBIT - all of which creates serious fiscal instability (think financial crash) in this country going forward.

THERE IS NO FREE LUNCH.

The GOP KNEW that tax reform was CRIMINALLY IRRESPONSIBLE when they wrote it - that any little thing could create SPIRALING DEBT. Well Trump sure did with his tariffs - 80% of corporate guidance going forward is lower - which means lower tax receipts and unemployment - causing further deficits.

The bill itself was THEFT - borrowing money this country doesn't - and won't - ever have.

How stupid are the Trump voters in this country??? VERY VERY STUPID.
Please show me your posts from the past when Obama doubled the debt from $9 to $18T when you were concerned about the debt. I'll wait.

The stupid people are the ones who believe government runs anything better. The stupid ones are the ones who want Medicare for all at a COST OF $32T.
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Old 02-06-2019, 11:40 AM
 
Location: Brooklyn, New York
5,447 posts, read 5,678,312 times
Reputation: 6052
Quote:
Originally Posted by CA4Now View Post
It has nothing to do with whether it impacts me. The initial post to which I replied was that somehow, those of us who own property in high tax states "should be getting hammered right about now, and rightfully so."
Why do you keep quoting me? I already responded with my reasons. This is scenario of the people who should be getting hammered the most from these changes. People who live in expensive homes, pay over $10k+ in property taxes, and are childless. They finally get to actually pay the taxes they signed up for, instead of getting subsidized by people from other states. Again, rightfully so.
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Old 02-06-2019, 12:05 PM
 
20,703 posts, read 8,472,156 times
Reputation: 14325
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.
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Old 02-06-2019, 12:14 PM
 
21,826 posts, read 9,386,613 times
Reputation: 19325
Quote:
Originally Posted by craigiri View Post
I always find it amazing how selfish the average American taxpayer is.

All this talk about whether a person got more or less back.....from Deficit which their children and grandchildren will have to pay back..with interest.

In a sane society more posts would care about that - instead, the doubling of the yearly deficit to give (mostly) corporation a bit break...and a little to others...ends up being a contest as to who screwed future generations the most.

Another big deal which won't hit home for another year (when people figure it out) is that charitable deducts aren't deductible for the vast majority of Americans any longer. That is going to hurt charities.

"Donations to charity peaked in 2017, now they're in a downward spiral"

People wonder what is wrong with this country....then they say the direction is wrong. Then they celebrate that they helped break the bank and even the bank for their children.

Sorry, I'm scratching my head......

Also, those with income producing hobbies now have to declare all the income - BUT, they probably can't declare the expenses and costs. So instead of making a 30% profit, you now have to declare an infinite profit (100% of the revenue). That's not helpful to those whose hobbies might grow into a business.

Trump did put billions in breaks for Real Estate Investors tho....again, paid for by the rest of us.
I find it amazing how the average Obama voter cared not at all about the deficit when Obama doubled it from $9 to $18 T. Not a word.
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Old 02-06-2019, 12:34 PM
 
Location: in a galaxy far far away
19,164 posts, read 16,585,247 times
Reputation: 33251
Quote:
Originally Posted by Grlzrl View Post
That doesn't mean their taxes went up. I really hate when people who obviously know nothing about taxes spew their nonsense. Standard deduction was raised so fewer people need to itemize. Oh, and tax brackets were lowered.
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.
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