Anyone else prepaying property taxes so you can still deduct them this year?

[Dakota731]

ADD another corporation to the list:
“Sinclair, one of the largest owners of local television stations in the country, announced Friday that around 9,000 full and part-time employees at all of its stations and subsidiaries, excluding senior-level executives and employees covered by collective bargaining agreements currently being negotiated, will receive a $1,000 bonus.”

My husband’s company, for the first time in decades, will be adding jobs in the US instead of overseas due to the lower corporate taxes.

 

[arminnie]

Ignore the subsidy between states crud. But why do some places need so much more money to provide the services other places do for so much less?

I pay less than $2000 a year in taxes on a lovely home. My city has excellent schools, fire and police. New state of the art facilities. A beautiful new senior center and a gigantic up to date aquatic and activity center for all ages. Good streets with no potholes.

 

[starry_solo]

And as one of the losing families for the past eight years, I’m glad to be finally on the winning side. My husband is hoping to retire in a few years so his booming IRAs have been a great Christmas gift to us. And the several small business owners in my family were very grateful for the relief they have gotten. For all the news coverage that the poor would be hurt by this bill, it seems to be those who have mortgages over $750000 and property taxes more than $10000 who are complaining. And no matter where you live those are not middle class numbers!

Middle class depends on where you live and how many are in your family. There are a lot of high cost of living areas that tax the heckout of its residents.

In CA, where I'm from, it ranges from $27k to $180k, depending on family size.


https://www.cnbc.com/2017/03/30/how...e-considered-middle-class-in-every-state.html

 

[TwoMisfits]

But why do some places need so much more money to provide the services other places do for so much less?
.

1. They have less ability to generate revenue other places than residents (vacation destinations, large corporate strongholds, etc)
2. They have higher retirement and health benefits for state/county employees and higher overall numbers of state/county employees
3. They pay higher social benefit programs - whether those are targeted to poor, non-residents, desired social outcomes, etc

There's more, but these cover a lot of the biggies...

 

[Dakota731]

But why do some places need so much more money to provide the services other places do for so much less?

I pay less than $2000 a year in taxes on a lovely home. My city has excellent schools, fire and police. New state of the art facilities. A beautiful new senior center and a gigantic up to date aquatic and activity center

I’ll give a real life simplified answer from our town. We are a suburban school district that backs up to an urban one. We pay $4000 a year for great schools while my friend who lives in the urban area pays $7000 property tax for a smaller home with failing schools. Why? because only 70% of families in her district are working with taxable income so she has to pick up the slack. The sad part is she likes her neighborhood and being close to restaurants etc but soon will have to move to the suburbs because she can’t afford the taxes. So there will go another taxpayer from that district so the remaining working families will have to pay more.

 

[tinatark]

Here's a calculator for those so inclined:
http://taxplancalculator.com/

Eh - put my 2016 numbers in from Turbo Tax. Results were exactly the same.

 

[wendow]

Houses aren't very expensive in Texas.

Never said they were. It's property taxes that can be high. We live in CO now. Our 500k house has less than 3k in annual property taxes. We are considering moving back to TX cause that is where I grew up and all my family is there. The 290k house we looked at this past summer in Round Rock had a tax bill of over 10k. We have friends in central TX who have a 700k house and pay 15k in taxes. My 90yo grandma lives in a little dinky town on the Louisiana border and has a 90k house but pays over 2k in taxes. My inlaws live outside Dallas in a 300k house with 8k taxes per year. Obviously, your family has better taxes for their towns but not all of TX has property taxes that low. That is all I was saying. The home prices themselves are not high.

 

[mjkacmom]

And as one of the losing families for the past eight years, I’m glad to be finally on the winning side. My husband is hoping to retire in a few years so his booming IRAs have been a great Christmas gift to us. And the several small business owners in my family were very grateful for the relief they have gotten. For all the news coverage that the poor would be hurt by this bill, it seems to be those who have mortgages over $750000 and property taxes more than $10000 who are complaining. And no matter where you live those are not middle class numbers!

My home is worth around $450,000 and we pay $12,000 in property taxes. We vacation once e dry three or four years, drive 10+ year old vehicles, and live in a small home on a small lot. We would be considered lower middle class here. The median household income is $85,000, but we are a family of seven. I don’t know any families under $100,000, I assume those residents occupy the small apartments. One problem is the pouring our tax dollars into failing urban school systems, where the average property tax is closer to $5000.

ETA, the property taxes on this modest 3 bedroom is probably triple $10,000. https://www.realtor.com/realestatea...ve-Cir_Millburn_NJ_07041_M53047-29546#photo18

 

[cruiser21]

We haven’t done a 529 plan with only having one child and wanting to get funds stuck unused but this may help us move in that direction since we are definitely considering private school for our 6th grader who skipped a grade.

I homeschool. Can you put money in and pull it out at will? Do you have to maintain a minimum balance in the account.

 

[cruiser21]

Plus 215 IT workers, plus 700 installers, plus 700 additional workers.

It's pretty normal to layoff and restructure at this time of the year. My company just laid off 1300 from one sector, but then they are hiring like crazy in others. The unemployment rate is low. I don't think it's that hard to find a job.

 

[Bree]

I’m happy about the tax cuts for the upper class and corporations. The top 10% of income earners make 47% of all income, but pay 71% of all income taxes. How is that fair? I’ve done multiple calculators for this new tax plan and we will be getting an awesome tax break.

We are not prepaying our property taxes or making extra mortgage payments. Our taxes are under $10K and we have a very low interest rate on our tiny mortgage.

 

[floridafam]

We are in Florida and pay around $700 in property taxes on our smaller home. We paid four times that in Michigan.

We also don’t have a state income tax. I guess I should consider us lucky.

Now that DH’s company said they are going to issue bonuses, I’d like to get it. With two in college, every little bit helps.

 

[wendow]

I homeschool. Can you put money in and pull it out at will? Do you have to maintain a minimum balance in the account.

We are homeschoolers also. The new tax reform bill was supposed to allow 529 accounts to be able to be accessed for curriculum and homeschool purchases but they pulled that from the reform bill at the last hour. So disappointing! We spend a lot of money homeschooling and still pay school taxes too.

 

[tvguy]

Never said they were. It's property taxes that can be high. We live in CO now. Our 500k house has less than 3k in annual property taxes. We are considering moving back to TX cause that is where I grew up and all my family is there. The 290k house we looked at this past summer in Round Rock had a tax bill of over 10k. We have friends in central TX who have a 700k house and pay 15k in taxes. My 90yo grandma lives in a little dinky town on the Louisiana border and has a 90k house but pays over 2k in taxes. My inlaws live outside Dallas in a 300k house with 8k taxes per year. Obviously, your family has better taxes for their towns but not all of TX has property taxes that low. That is all I was saying. The home prices themselves are not high.

Wow. Property taxes as set by state law here in California. 1% of appraised value.

 

[cruiser21]

Never said they were. It's property taxes that can be high. We live in CO now. Our 500k house has less than 3k in annual property taxes. We are considering moving back to TX cause that is where I grew up and all my family is there. The 290k house we looked at this past summer in Round Rock had a tax bill of over 10k. We have friends in central TX who have a 700k house and pay 15k in taxes. My 90yo grandma lives in a little dinky town on the Louisiana border and has a 90k house but pays over 2k in taxes. My inlaws live outside Dallas in a 300k house with 8k taxes per year. Obviously, your family has better taxes for their towns but not all of TX has property taxes that low. That is all I was saying. The home prices themselves are not high.

There's no state income tax in Texas.I would think it would all even out.
[

 

[chicagodisneyfan]

THen remember that next time you vote for your state leaders. We in the the fiscally stable states have been subsidizing states (with our federal taxes) who aren’t financially responsible for years now (CA, NY, NJ, IL) so enough is enough

Do you have a source for this? Everything I have read says the above statement is a lie.​

 

[Dakota731]

My $35000 a year school teacher daughter will be getting a lot more in her paycheck as per the tax calculator My son and his wife are both physicians and even they will be saving $20 a week with this new tax bill so it seems to be helping a wide range of people with a huge range of incomes so looks like a win for our family!

 

[tvguy]

My $35000 a year school teacher daughter will be getting a lot more in her paycheck as per the tax calculator My son and his wife are both physicians and even they will be saving $20 a week with this new tax bill so it seems to be helping a wide range of people with a huge range of incomes so looks like a win for our family!

What state does your daughter teach in and how long has she been there? The difference in teacher salaries across this country AMAZES me. The district here base pay starts at $45,738 with a Bachelors degree and tops out at 20 years at $92,352.37. That is before stipends for a Masters Degree, teaching summer school, coaching a sport or leading a band or choir or teaching special ed. The average teachers in my district is $97,627 so the teachers must have a lot of tenure and stipends.

 

[cruiser21]

I would assume teachers salaries are based on cost of living. Cost of living is very high in California.

 

[AmyAnne]

I would assume teachers salaries are based on cost of living. Cost of living is very high in California.

Also depends on public or private school. One of my kids is also a teacher, and his salary essentially doubled when he switched from teaching at a private school to a public school.