I Hate Dialysis Message Board
Dialysis Discussion => Dialysis: General Discussion => Topic started by: dkerr on December 09, 2008, 10:31:39 AM
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I was at the property tax office this morning and as I understand it, I can defer the payment on property taxes on my residence until I either sell my home or die. They charge an 8% annual interest rate. Anybody out there from Texas whose done this? I'm wondering if this would be a good thing to do. It makes sense to me but I'm looking for any problems with it.
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I have not done that and would be afraid to do so. I did go to my tax assessor office and they added the disability discount which took off a couple hundred dollars of my annual taxes.
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Im not 100% sure how that works.
But they are not doing this to help you thats for sure :-)
If you sell you will owe a small fortune. If you die and leave the home to someone the lien on it may be overwhelming for them to actualy collect or sell the home themselvs???
property taxes are cheap in texas arnt they?
here in Jersey we have the highest property taxes. Average home taxes on a small plot are $6500 a year and climbing yearly.
Good luck with your decision.
P&K
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Here's tax info for Texas http://www.window.state.tx.us/taxinfo/proptax/tx96_295/paying.html
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Im not 100% sure how that works.
But they are not doing this to help you thats for sure :-)
If you sell you will owe a small fortune. If you die and leave the home to someone the lien on it may be overwhelming for them to actualy collect or sell the home themselvs???
property taxes are cheap in texas arnt they?
here in Jersey we have the highest property taxes. Average home taxes on a small plot are $6500 a year and climbing yearly.
Good luck with your decision.
P&K
HOLY COW|!!!! $6500!! I paid about $900 for my house with the disability discount I think it is supposed to be about $600 (that is also with the homestead exemption)!!! Then again my house is valued at $50,000 for tax purposes (and I'm not telling them any different LOL).
I don't live in a shack either.... I have a 3 bedroom 2 1/2 bath brick home... alomost 2300 square feet.
Thanks paul.karen! You have made me feel alot better about how much I pay in taxes!!!cc :cheer:
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After my disability discount, my taxes will be just under 1900 a year. I spoke with my CPA yesterday afternoon. Unless some unforseen thing happens, we plan on staying here. My kids will be able to sell the house. They'll have six months to do so and use some of the proceeds to pay off the tax bill. They will also have life insurance to help them out.
It means 1900 a year I won't have to come up with now since our income is going to be significantly reduced. My husband is an electrician and was laid off in October so all we have to live on at this time is unemployment. Sigh.
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Dkerr sorry to hear about the layoff :-(
That truly is a burbun. I am also glad you found the information you were looking for. Every little bit does truly help. I hope your husband can find a new electrical job SOON. When i lived in Texas i worked for Glaze electric. But that was a lifetime ago..............
Donnia :-)
Glad i made you feel better. it is a true shame here in jersey. We also have some of the highest Auto inurance rates in the nation. And the state Goverment wont let in many insurance companies which in reality would bring down the cost of auto insurance if we had more competition.
It seems they want the regular joes like me to move out of jersey and make it a home for the rich only who dont want to live in NYC........
P&K
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Thanks. I don't think the attitude of only wanting the rich is a Jersey thing. About 15 years ago the city planning commission where I live refused to build anything smaller than 2000 feet. When told people couldn't afford to live here, they said they could lives somewhere else. Backfired though . . . they've had huge problems with foreclosure here and lots of empty homes and therefore lots of homes not paying property tax.
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dkerr - Sorry to hear about the layoff, hope he can find something soon.
Paul/Karen - I hear ya about the taxes and insurance. Here in Massachusetts (home of the Kennedy's) we are famously known for our high taxes and ridiculously high insurance rates. It stinks!
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oregon is another state with high property taxes. since the state doesn't have sales tax, property tax pay for everything. my father's entire retirement check from the city of san francisco, went to cover property taxes on their house when they lived on the coast and they owned the house outright. i don't think they pay quite so much now that they are in corvallis, but still......
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oregon is another state with high property taxes. since the state doesn't have sales tax, property tax pay for everything. my father's entire retirement check from the city of san francisco, went to cover property taxes on their house when they lived on the coast and they owned the house outright. i don't think they pay quite so much now that they are in corvallis, but still......
One of our ballot questions this year was a bill to eliminate the sales tax in Massachusetts. It was a landslide vote of No to eliminate the tax because we didn't want our property taxes skyrocketing. It would have also been a disaster for public education and public saftey employees.