Yep. When retirees in high property tax states (CA, NY, TX, FL, etc.) see their federal tax bills rise in 2018, they are going to take that anger into the voting booths in 2020. Good luck GOP and Trump.
“When retirees in high property tax states (CA, NY, TX, FL, etc.) see their federal tax bills rise in 2018, they are going to take that anger into the voting booths in 2020. Good luck GOP and Trump.”
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True. But on the bright side, at least the Federal government will be getting their money to fritter away!
(And, yes, that’s sarc re:the pyrrhic tax victory)
>>>When retirees in high property tax states (CA, NY, TX, FL, etc.)<<<
CA isn’t a high Property Tax State. It is a high cost of living State, especially along the Coast. If you are a Retiree with a modest Income who has your Home paid off, CA is the place to be of you can stand the Liberal Politics. It also has the best Weather in the Country.
Proposition 13 restricts Property Taxes to 1% of Assessed Value in CA which can only rise 2% a year. The only added costs are for any Voter approved Bond indebtedness which pushes our Property Tax to 1.25% of Assessed Value.
For instance, we bought our Home in 1991 for about $240,000. Our Property Taxes were $2,500 a year. Now, 16 Years later our Home is worth about $750,000 and our Property Taxes are $3,600.
The State of NY has high Income Taxes and high Property Taxes and is bleeding Residents. All our Relatives left there years ago and ended up in FL.
My understanding is TX is you get more House for your Money, but the Property Taxes are outrageous. Not a good place to be if you are a Retiree.
I have no idea what the situation is in FL outside of Watching Beachfront Bargain Hunt on HGTV. They never mention Property Taxes or Flood Insurance costs though.