“My local School District has a levy for just over that amount in store for my city. They do not understand that people are out of work, unable to sell their homes or move, are in foreclosure, or at a minimum, financially strapped; regardless of how much they make.”
They certainly understand you cannot sell your home and move; that is WHY they are able to keep increasing taxes. Even worse, prior to the housing meltdown, those taxes increases (at least here in NJ, among the highest property taxes in the nation) were such a drag on home prices. Who wants to buy a house in a so-so neighborhood with taxes of $8K annually? When you own it outright you’ll still pay $650+ per month to live their...
Anyone under thirty who hasn’t bought a home yet is smart enough to make sure they never do; at least here in NJ, any fed. income tax benefit is more than offset by very high property taxes. Now that the younger generations seem to have sworn off breeding, why would they expose themselves to such robbery? Also, they’ll keep the mobility to follow their jobs from state to state (or another country) as we become China.
Many years ago, when I lived in NJ, there was no state income tax. Is there a state income tax now? In Florida there is no state income tax, but the hurricane insurance costs are much higher than insurance in other states. I helped my son buy a 3 bedroom house in Miami in 2001 for $120,000. My daughter-in-law tells me the house is now worth $88,000.