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Thinking About Moving Part 2
By JLP | March 14, 2006
Yesterday I mentioned that my wife and I are thinking about a possible move (relocation) in our future. Several of the commenters mentioned the fact that the taxes at $11,000 per year seemed high. I agree that it is high. However, keep in mind that Texas does not have state income tax. So, although $11,000 seems high, it isn’t as bad as paying $10,000 in New York PLUS state income tax.
I don’t like the property tax because it essentially goes up every year or so, depending on the assessed value of the property. I also don’t like that fact that there are two ways to raise property tax revenue: 1. increasing property values and 2. rate adjustments. I remember a couple of years ago, our property value went up every year by a sizeable amount. Then, our county decided to push through a rate increase claiming that there hadn’t been a tax increase in several years. Yeah right!
Most municipalities offer some sort of break to retirees but my guess is that it isn’t that much. For retirees, a state income tax would be better for them than no state income tax and higher property taxes. I just hate the thought of paying off a house and still having to come up with $1,000 per month just to pay taxes.
Topics: Housing Market, Taxes | No Comments »