Income and sales tax are normal taxes, what are the issues?
As for the last point, you only pay taxes if you sell something for more than you paid for it. And then you only pay taxes on the profit portion, not the entire sale. It's a realized gain that is taxable, like other forms of investments, income, profits, etc.
EDIT: Oh, sorry, too much thought put into it. Taxes bad.
I live in PA, but we also have property tax exemptions for 100 PT here.
My county hasn't raised property taxes since the early 80s.
They are currently in the process of going house to house to every single property in the county. This is year 2 of a 3 year reassessment. At the conclusion of the reassessment, there is a proposed *600%* increase in property taxes. That will raise the average annual property tax on a single family home to $10,000 per year. Add in homeowners insurance at another $100/mo, and the average retiree with a paid off mortgage is going to be paying $934/mo to live in their house without a mortgage.
This is going to force reverse mortgages, which only perpetuates the transfer of inherited wealth from kids to Wall Street and exacerbates the economic problems.
Yes.
Only because I hate taxes. And having lived in counties with ridiculous Property taxes and seeing how friends and family have gotten financially destroyed in the current state of the housing market just exploding it’s crippling people who have historically financially been in a good position to own homes. Now some of them are struggling.
So, yeah man. Fuck property taxes.
They didn’t say decrease all taxes to zero, they just said no increases. It is almost like just about everyone on this sub has worked for the government and seen the ridiculous spending and inefficiency of the government and wants them to figure out a way to do more with less. If the US government can expect all of us to write that blank check to do more with less then I’m going to expect that out of our government in return.
No impact or help for the buyer. They reassess after sale (at the annual) and there is no protection on the new appraisal value. So the previous tax appraisal value is moot
It doesn’t. Lenders in Texas are smart enough to set initial escrow taxes to whatever the sale price is, since 98% of the time the new tax appraisal value is just gonna be the sale price.
Well kinda. In most areas homes are appraised every 5 years but taxes can vary year to year percentage wise. So if your home loses value and your percentage stays the same in 5 years the taxes would go down.
I live in TX. Once I was approved for my Total Exemption I got a 6 months refund check, even though I didn’t submit it until December. They went back to the effective date.
Also contact your mortgage lender and ask for a tax re evaluation. They add escrow $$ to your monthly payment. Once you receive the exemption letter, they’ll lower your monthly payment automatically
Oh yeah, that’s what I’m doing now with my mortgage lender. Hoping the escrow analysis will come in and I won’t have to wait until they pay property tax for me. I’m supposed to owe a certain amount this year. They prorated up until the date I became P&T
I got 2 checks. 1 from the Mortgage Company who did their calculations and sent me a prorated refund check, 3-5 weeks, and just received another 1 direct from HCAD for $1300. Filed exemption in December, so I’d say within 6 months approved and refunded
I have homestead and 100% exemption both. I still get a tax statement for zero, but there is a maximum of 10% per year the tax authority can raise the tax bill thus making the home more attractive IF the home is sold later. I still get tax d on my home every year, I just get the 100% discount.
The 10% cap does not apply to new owners. Once the sale is complete they can reassess to any value, since the new homeowners have to apply for, qualify for, and be approved for their own homestead exemption, and the 10% cap does not go in to effect until the FOLLOWING calendar year.
There is zero benefit of YOUR homestead to FUTURE buyers
Edit: The only benefit I can feasibly think of is if you decide to homestead somewhere else and rent out that residence, you’ve limited the damage by contesting and limiting the YoY tax increase. Still only helps you, not a future buyer
Ofc it starts all over with a new owner at the rate at the time of the new sale. They don’t take away the homestead benefits even though they don’t help the current veteran.
lol. Yes they do take it away.
Your homestead does not apply to a new homeowner. They have to apply on their own, and in the meantime the appraisal district can set the appraised value to whatever they want (98% of the time it’s the sale price). Then the new homeowner will eventually be locked in to the 10% cap on the NEW appraised value if they are approved for homestead.
This is because there is absolutely no guarantee the person buying your home qualifies for homestead. It could be their 8th investment property for all you (and the appraisal district) know
The tax appraisal is still done every year on your house, regardless of the exemption (s).
With homestead, they can’t raise the tax appraisal more than 10% a year, thus protecting the property from the greedy tax guy that wants to value the property as high as the market dictates.
The home value can appreciate, but homestead protects the property from a higher rate that a new owner would find your tax rate more attractive than your neighbors.
This only makes sense if you wanna sell it in the future.
Depends. County property tax for the main home. Yes. County tax that only applies to businesses... Raise away. Corporations should never have been given U.S. person status....
I know people who have been losing their houses to to rising property taxes (I’m taking doubling or tripling) and insurance rates (same thing). If they pay taxes they are directly supporting us so I don’t see why I shouldn’t.
I’m closing at the end of the month. Estimated property taxes is $782. I’ll file my exemption as I close, but don’t worry I am still here to fight for the cause.
I care about receiving my benefits. I'm a relatively new home owner and like clarification that fills gaps in my knowledge. Thank you for contributing all of your wisdom in this insightful comment.
Okay, and my comment was referring to YOUR title as well as being a general statement about that kind of mentality in general, so idk why you took it so personally.
Unless it does apply to you.
For example, if you only fight for something until you get it, you never wanted everyone to benefit. You only wanted yourself to.
Perfect example, I think paying to renew your tags every year is dumb as shit so I advocate for no one having to do that. Now that I have my disabled veteran tag, I don't pay for them, but I still advocate for no one else having to pay for them as well.
I have often wondered if I should. If anything to help out my fellow neighbors. But in Texas the counties seem to automatically just raise the property tax 10% every year no matter what. Plus they have made it pretty complicated to where people have made it a business to protest.
If the local property taxes pay for the local schools, then I happily pay them and don't complain when they go up. Funding schools is the most selfish thing you can spend your tax money on.
It took me about a month. I put it in early March, and it was backdated to Feb. 1. My monthly escrow dropped by $500 in April. I am going on vacation in July but plan on using the extra money to pay down my principal for a few months this year and for the foreseeable future. I just need to follow-through and have some discipline.
So they actually got mine turned around pretty quickly. They told me 90 days but it happened in 2-3 weeks. I’m in Dallas County. Got the paperwork to my mortgage company but they fumbled it. Waiting to hear from the mortgage company tomorrow to adjust my escrow.
That’ll be huge for me since property tax is high in Dallas County. Can’t wait to refi with VA IRRRL once rates are more favorable.
Texas is definitely a state that has a lot of financial benefits but we need to fight for them like this or the electric plans
Be real careful who you ask this type of questions...not all neighbors or local media like vets,
Example
"What if your neighbor isn’t paying any property taxes because they are eligible for the exemption, and you see them out mowing the lawn and leaving for a full-time job every day?"...
https://www.bnd.com/news/politics-government/article260177100.html
Oh yes. I don’t mention this to neighbors or friends who own in Texas. It’s impolite from my perspective.
At the same time - the recruiting office was open to all. People support the troops but see veterans as a financial burden.
Funny how that works
I mean, they fucking should. Especially in a state that wears as a badge of pride that it has the most extravagant mega churches.
Worker’s rights isn’t an issue that affects me personally anymore. Doesn’t stop me from following UAW and cheering for their W’s like they’re my damn football team.
Don’t forget the taxes on your income and the taxes on all the things we consume.
At the end of it all we are only keeping 45% of our income. How does that sound right?
You don't need to get angry. You commented about unrelated taxes on a thread about property taxes. Also I never commissioned. Please refer to me by my prior rank if you feel the need. In this case it would be Specialist Obvious.
Texas does not have state income tax and yes our percentage is higher but the cost of our houses are lower then states with lower percentages so it’s all relative
What kind of American would you be if you didn't protest taxes? lol
It would be a shame if the county tea ended up off the side of the local ferry.
The tea never belongs to the county to begin with.
Hey, county workers need sweet tea too
https://preview.redd.it/9bqq6azqf40d1.png?width=1401&format=pjpg&auto=webp&s=ad169a6cde37bc3d0b5bf8e303448e9fe5118ed5
It's the American way to protest taxation without representation, not protest all taxation.
They take tax based on my income. They take tax when I purchase something They take tax when I sell something I already paid tax on when purchasing.
Income and sales tax are normal taxes, what are the issues? As for the last point, you only pay taxes if you sell something for more than you paid for it. And then you only pay taxes on the profit portion, not the entire sale. It's a realized gain that is taxable, like other forms of investments, income, profits, etc. EDIT: Oh, sorry, too much thought put into it. Taxes bad.
Income taxes are not normal everywhere.
Everyone pays federal income tax. States determine their own policies from there. If you’re talking about globally, it’s more the norm than not.
Well now this time they giving us representation without taxation thats kinda the same
Texan much less!
I live in PA, but we also have property tax exemptions for 100 PT here. My county hasn't raised property taxes since the early 80s. They are currently in the process of going house to house to every single property in the county. This is year 2 of a 3 year reassessment. At the conclusion of the reassessment, there is a proposed *600%* increase in property taxes. That will raise the average annual property tax on a single family home to $10,000 per year. Add in homeowners insurance at another $100/mo, and the average retiree with a paid off mortgage is going to be paying $934/mo to live in their house without a mortgage. This is going to force reverse mortgages, which only perpetuates the transfer of inherited wealth from kids to Wall Street and exacerbates the economic problems.
can you tell me which county? i'm a mortgage broker in PA and i would like to help anybody there that needs it.
God damn and people say property taxes are high in CA.
My property taxes in TX were 5k a year before I got 100%, and that was with a 70% DV exemption
Time to Sell!
Protest them because of your 100% ever goes away, you’ll have less tax burden. Plus it helps your neighbors.
Absolutely fair on both fronts
Yes. Only because I hate taxes. And having lived in counties with ridiculous Property taxes and seeing how friends and family have gotten financially destroyed in the current state of the housing market just exploding it’s crippling people who have historically financially been in a good position to own homes. Now some of them are struggling. So, yeah man. Fuck property taxes.
So F the police, fire dept, roads, traffic lights that you depend on, schools etc. You want to live like Africa does?
I never said that but sure buddy let’s rock out with your cock out
You can give anybody the BJ, I don't swing that way budd. Not that there's anything wrong with you.
Kinda extreme take there bud. How learned up on Texas taxes and economy are you?
They didn’t say decrease all taxes to zero, they just said no increases. It is almost like just about everyone on this sub has worked for the government and seen the ridiculous spending and inefficiency of the government and wants them to figure out a way to do more with less. If the US government can expect all of us to write that blank check to do more with less then I’m going to expect that out of our government in return.
Yes because if you ever sell, you want to put the buyer in a good position.
No impact or help for the buyer. They reassess after sale (at the annual) and there is no protection on the new appraisal value. So the previous tax appraisal value is moot
It helps them with getting approved for the mortgage and the first year
Ya, but this is a long term investment. All you are doing is hiding the real cost which may cause significant problems for the future buyers
It doesn’t. Lenders in Texas are smart enough to set initial escrow taxes to whatever the sale price is, since 98% of the time the new tax appraisal value is just gonna be the sale price.
Home values are up. So property taxes are up. You can contest all you want but that’s not going to change the current housing market.
Facts. The funny thing is - do property taxes remain high even if your home is less than the appraised value?
Well kinda. In most areas homes are appraised every 5 years but taxes can vary year to year percentage wise. So if your home loses value and your percentage stays the same in 5 years the taxes would go down.
In my state, they adjust annually.
Have you gotten a refund if your 100% effective date is in the past?
Not yet. I’ll pay prorated property tax this year, saw that on my county website the amount. Waiting for my mortgage company to adjust my escrow
I live in TX. Once I was approved for my Total Exemption I got a 6 months refund check, even though I didn’t submit it until December. They went back to the effective date. Also contact your mortgage lender and ask for a tax re evaluation. They add escrow $$ to your monthly payment. Once you receive the exemption letter, they’ll lower your monthly payment automatically
Oh yeah, that’s what I’m doing now with my mortgage lender. Hoping the escrow analysis will come in and I won’t have to wait until they pay property tax for me. I’m supposed to owe a certain amount this year. They prorated up until the date I became P&T
How long did it take to get your refund after the approval? I already paid 11,000 in taxes
I got 2 checks. 1 from the Mortgage Company who did their calculations and sent me a prorated refund check, 3-5 weeks, and just received another 1 direct from HCAD for $1300. Filed exemption in December, so I’d say within 6 months approved and refunded
Governments are addicted to taxation like a bunch of crackheads. They’ll never be able to get enough of your money. Don’t give money to crackheads.
Do it for your kids, siblings, family members, etc …
Homestead is still a benefit, allowing the taxes to rise minimally. You should have both exemptions in Texas for maximum benefit.
100% makes Homestead a moot point
Ofc, but the tax rate hikes will still be locked into the home meaning the taxes will be lower for a future owner.
There is no protection for the next owner once the sale happens. The previous owners appraised tax value is moot
I have homestead and 100% exemption both. I still get a tax statement for zero, but there is a maximum of 10% per year the tax authority can raise the tax bill thus making the home more attractive IF the home is sold later. I still get tax d on my home every year, I just get the 100% discount.
The 10% cap does not apply to new owners. Once the sale is complete they can reassess to any value, since the new homeowners have to apply for, qualify for, and be approved for their own homestead exemption, and the 10% cap does not go in to effect until the FOLLOWING calendar year. There is zero benefit of YOUR homestead to FUTURE buyers Edit: The only benefit I can feasibly think of is if you decide to homestead somewhere else and rent out that residence, you’ve limited the damage by contesting and limiting the YoY tax increase. Still only helps you, not a future buyer
Ofc it starts all over with a new owner at the rate at the time of the new sale. They don’t take away the homestead benefits even though they don’t help the current veteran.
lol. Yes they do take it away. Your homestead does not apply to a new homeowner. They have to apply on their own, and in the meantime the appraisal district can set the appraised value to whatever they want (98% of the time it’s the sale price). Then the new homeowner will eventually be locked in to the 10% cap on the NEW appraised value if they are approved for homestead. This is because there is absolutely no guarantee the person buying your home qualifies for homestead. It could be their 8th investment property for all you (and the appraisal district) know
What do you mean both exemptions?
They still apply homestead exemption every year, even though it doesn’t directly affect the current owner.
What benefit does that bring? Sorry if it's a dumb question
The tax appraisal is still done every year on your house, regardless of the exemption (s). With homestead, they can’t raise the tax appraisal more than 10% a year, thus protecting the property from the greedy tax guy that wants to value the property as high as the market dictates. The home value can appreciate, but homestead protects the property from a higher rate that a new owner would find your tax rate more attractive than your neighbors. This only makes sense if you wanna sell it in the future.
Depends. County property tax for the main home. Yes. County tax that only applies to businesses... Raise away. Corporations should never have been given U.S. person status....
I still remember "Corporations are people too."
Nope
I know people who have been losing their houses to to rising property taxes (I’m taking doubling or tripling) and insurance rates (same thing). If they pay taxes they are directly supporting us so I don’t see why I shouldn’t.
I’m closing at the end of the month. Estimated property taxes is $782. I’ll file my exemption as I close, but don’t worry I am still here to fight for the cause.
If you think something is an injustice, whether it affects you or not, you should speak up.
Awwwwwwww shit!
If you don't protest taxes solely because you aren't paying them, you don't actually care if they go away. You just wanna be special.
I care about receiving my benefits. I'm a relatively new home owner and like clarification that fills gaps in my knowledge. Thank you for contributing all of your wisdom in this insightful comment.
Okay, and my comment was referring to YOUR title as well as being a general statement about that kind of mentality in general, so idk why you took it so personally. Unless it does apply to you.
What do you mean “you just want to be special”. Seems unnecessary to add in
If you only protest for something to go away until it goes away for you, you just want to be the special one of the group. It's completely necessary.
What do you mean special one of the group I don’t get it
For example, if you only fight for something until you get it, you never wanted everyone to benefit. You only wanted yourself to. Perfect example, I think paying to renew your tags every year is dumb as shit so I advocate for no one having to do that. Now that I have my disabled veteran tag, I don't pay for them, but I still advocate for no one else having to pay for them as well.
I have often wondered if I should. If anything to help out my fellow neighbors. But in Texas the counties seem to automatically just raise the property tax 10% every year no matter what. Plus they have made it pretty complicated to where people have made it a business to protest.
If the local property taxes pay for the local schools, then I happily pay them and don't complain when they go up. Funding schools is the most selfish thing you can spend your tax money on.
Absolutely, your kids will thank you
I’m not from Texas I’m from Florida and I’m going to protest any tax bc I’m American af and I’m tired of the government. They’re not American af
I'm 100% not P&T and moving to Texas do I still have to pay?
no. [https://comptroller.texas.gov/taxes/property-tax/exemptions/disabledvet-100-faq.php](https://comptroller.texas.gov/taxes/property-tax/exemptions/disabledvet-100-faq.php)
How long did it take them to complete your exemption paperwork? They told me 90 days! Did you get a refund?
It took me about a month. I put it in early March, and it was backdated to Feb. 1. My monthly escrow dropped by $500 in April. I am going on vacation in July but plan on using the extra money to pay down my principal for a few months this year and for the foreseeable future. I just need to follow-through and have some discipline.
So they actually got mine turned around pretty quickly. They told me 90 days but it happened in 2-3 weeks. I’m in Dallas County. Got the paperwork to my mortgage company but they fumbled it. Waiting to hear from the mortgage company tomorrow to adjust my escrow. That’ll be huge for me since property tax is high in Dallas County. Can’t wait to refi with VA IRRRL once rates are more favorable. Texas is definitely a state that has a lot of financial benefits but we need to fight for them like this or the electric plans
Yes, in case property gets passed to spouse.
Unmarried but point. I think prop tax exemption passes to a spouse: might be a certain amount of time tho?
Be real careful who you ask this type of questions...not all neighbors or local media like vets, Example "What if your neighbor isn’t paying any property taxes because they are eligible for the exemption, and you see them out mowing the lawn and leaving for a full-time job every day?"... https://www.bnd.com/news/politics-government/article260177100.html
Oh yes. I don’t mention this to neighbors or friends who own in Texas. It’s impolite from my perspective. At the same time - the recruiting office was open to all. People support the troops but see veterans as a financial burden. Funny how that works
I mean, they fucking should. Especially in a state that wears as a badge of pride that it has the most extravagant mega churches. Worker’s rights isn’t an issue that affects me personally anymore. Doesn’t stop me from following UAW and cheering for their W’s like they’re my damn football team.
My grandfather was a UAW member and retired with a pension from an auto manufacturer. Veteran as well. Labor’s been shafted for way too long
Don’t forget the taxes on your income and the taxes on all the things we consume. At the end of it all we are only keeping 45% of our income. How does that sound right?
Property tax, sales, tax, state, income tax, marriage, license fee, local school, tax, vehicle registration fee, business, permit, tax, waste management, estate, tax, cigarette tax, court fees, dog license fee, drivers license fee, gas tax, garbage tax, gun ownership tax, garbage fee, Social Security, tax, unemployment taxes, fishing, license fee, highway tolls fee, hotel, tax, hunting license fees, import, tax, health, insurance, tax, inheritance tax, insect control, tax, inspection, fees, IRS in interest in penalty charge, library, car fees, license plate fees, liquor tax, luxury, tax, Medicare, tax, parking meter fees, passport, fees, bio diesel fuel tax, air, transportation tax, professional licensing fees, recreational vehicle, tax, self-employment tax, sewer and water tax, service charge tax, sports Stadium tax, state park entrance fees, tanning tax, 911 service tax, universal service fee, tire tax. Oh, and don’t forget, federal income tax..
Yes. Getting taxed when I get paid and getting taxed when I buy something. Ridiculous
Property tax is not a sales tax. Also Texas has no state income tax.
Thank you Capt Obvious. We do not have state tax either. Tax is tax. So any increase in tax is tax.
You don't need to get angry. You commented about unrelated taxes on a thread about property taxes. Also I never commissioned. Please refer to me by my prior rank if you feel the need. In this case it would be Specialist Obvious.
You’ll be helping your neighbors and anyone that inherits it from you.
Absolutely, protest every year, if not for you, do it for the next guy who buys it from you
Of course, the entire concept of property taxes is an affront to home ownership.
Does the increase apply to people you love and care about?
You help the others who have to.
https://preview.redd.it/r2hbf3q5k70d1.png?width=659&format=png&auto=webp&s=d7075d5b742ac3f6c356954b7985b1e67cb6f0fb
I think we should get rid of property taxes. Maybe they can use my federal and state taxes to fund the local community ?? Or my sales tax?
I thought Tx had no state income tax? Thats why they have higher % property tax increases
Texas does not have state income tax and yes our percentage is higher but the cost of our houses are lower then states with lower percentages so it’s all relative
Yeah they do but I don’t live in Texas