So.....you'll post your TSP balance and time in service, but you don't want to share your local tax info ?
Okay...
Stoplight...
Okay, so I got my preliminary estimate of my FL “property taxes” recently. I know each State and local government has different tax structures and sources of revenue... Here in FL, we’re touted as being a good place to retire, because we have no State income tax or variation thereof (“personal property tax”, etc etc), so my property tax bill is the only place I pay additional taxes, besides the State and local sales tax...I’m not counting other taxes, like gasoline, or “sin” taxes, etc.
I’ve never really compared how much I spent on taxes in Maryland (with a State income tax on both of our earnings) , vs. what I pay now in FL, when we moved back “home” in 2009 (both now retired). However, it got me thinking...I wonder how other TSP Talk member’s situation compares to mine ?
My intent is NOT to create a “b^#%h session about government, taxes, etc...save that for the “Politics” thread !!! If inclined, please join in and post what State you live in, and the following :
State income/”personal property” tax you paid last year :
Property tax you paid last year :
State and local sales tax rate :
Increase/decrease in assessed “Market Value” of your property over last year (as a percentage) :
Amount of projected “property taxes” (includes schools, water management district, fire protection district (in my case) ; also includes any homestead exemptions or the like, but excludes any early payment “discount”) :
Assessed “taxable value” of your property (after exemptions, etc) :
Just curious to see how property values are doing in other parts of the country, and what others are paying for the State and local government services they receive !!!
So I’ll start this with my info !
State income/”personal property” tax you paid last year :
None
Property tax you paid last year :
$1,582.60
State and local sales tax rate :
6.5% (7.5% the next County over !)
Increase/decrease in assessed “Market Value” of your property over last year (as a percentage) :
+6.2%
Amount of projected “property taxes” (includes schools, water management district, fire protection district (in my case) ; also includes any homestead exemptions or the like, but excludes any early payment “discount”) :
$1,641
Assessed “taxable value” of your property (after exemptions, etc) :
$125,898 (max)
Thanks for reading !!!
Stoplight...
"Too old to rock and roll...too young to die"... - I. Anderson
So.....you'll post your TSP balance and time in service, but you don't want to share your local tax info ?
Okay...
Stoplight...
"Too old to rock and roll...too young to die"... - I. Anderson
I don't mind just too lazy to go look all that up. It's better after you pass 65 years old.
My home value is valued by the taxman at 175K. In Michigan. I live in a low tax area in the country now.
My property taxes are 2K per year.
I used to live in a different area, where at 40K house had a tax of 2K per year in the city.
We have 4.1% income tax, and everything is taxed including retirement income.
Values do not change more than inflation- 2.3% next year.
6% sales tax on everything except food.
How about this in Texas? Home appraised at 380K, Property Taxes $10,500 this year.
Sales Tax=8.125%
No State Taxes in Texas but as I tell my friends, the State gets their money one way or another. I guess the other option would be to rent?
In Dog Beers I've only had two.
House in Utah appraised at $201K. Property tax for 2014 is $1632.
Utah income tax is a flat 5%. Everything is taxed including retirement income.
Sales tax varies by city but is somewhere in the range of 6.5% to 7% in the places I shop. Sales tax on food is about half that.
Allocations as of COB Dec 28 : 100% S. | Retirement Date:Dec 2025
Past Returns: 2020 31.85%,2019 27.97%,2018 -3.36%,2017 13.10%, 2016 -1.79%, 5Yr Avg 12.61%
State - VA, assessment ~ $400K.
2014 Property tax for 2014 is ~$5200.
VA state income tax rate is 5.75%. Everything is taxed including retirement income.
Sales tax ~of 6% in the city I reside in.
State - VA, assessment ~ $225K.
2014 Property tax for 2014 is ~$2500.
VA state income tax rate is 5.75%. Everything is taxed including retirement income.
Sales tax ~of 6% in the city I reside in.
Alcohol Sales Tax 11.5%
THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
Tracker = Check my position
Interesting results...thanks, all, for sharing !
I'm surprised that the property tax rates are pretty consistent...from 0.8% (UT) to 2.8% (TX). The rest of us are 1.1 - 1.3%.
I'm also surprised that the sales tax rates are also pretty consistent.
I live in rural NW Florida, and each County sets their own prop tax rate...so my Brother, in the Clearwater area, pays ~1.7% vs. my 1.3%. Of course, his house is about as nice as mine, but is worth a lot more
Just crunching a few more numbers...said Capt Obvious ! ...from a strictly dollars and cents point of view, not having a State income tax saves me around $2400/year. I dunno...I guess I thought that other places would have lower property tax rates, since they also have a state income tax. I thought maybe FL was like TX, and had a higher rate to "make up the difference".
Stoplight...
"Too old to rock and roll...too young to die"... - I. Anderson
Interesting this showed up today:
http://finance.yahoo.com/news/how-mu...152310027.html
THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
Tracker = Check my position
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