I am 56 years old and the taxes on my home are now over $6,000. I want to be able to keep the home in the family, passing it down to one of our sons, but with those kind of Minnesota taxes it may be impossible.
We just passed another school levy which will raise our taxes even more. The school had a student group out drumming up support for it. These kids think there is nothing wrong with taking 10% of people’s income just for real estate taxes.
Untill they grow up and buy property of their own, THEN they will see how wrong it is.
The school had a student group out drumming up support for it.
In Kansas, my property taxes continue to climb every year. However, where this state really gets its honest residents in the short hairs is what they tax us on our vehicles, motorcyles, and boats. Our personal property taxes have to easily be the highest in the country. However, more and more Kansans are registering vehicles, etc. in other states to evade that tax. Only the honest Kansans are left paying out the @ss for these things. Our legislatures haven’t figured out, if the thing isn’t stationary, like a house, people will seek other alternatives, to evade any enormous tax.
We’ve got much the same problem in Texas except that we don’t have an income tax so the property taxes here are astronomical. It’s a big reason why so many of my co-workers are retiring to Mexico or to “decline” states like Louisiana and Mississippi. Facing tax problems like this into our elder years makes the final outcome look welcome.
and thanks to the alternative minimum tax (amt) i bet many seniors wont deduct the property taxes from their income tax returns.