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Keyword: propertytaxes

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  • What You Need to Know About Amendment 73 and Public Education Funding (Colorado)

    09/18/2018 7:33:28 PM PDT · by george76 · 20 replies
    Independence Institute - Fiscal Policy Center ^ | September 18, 2018 | Linda Gorman
    In November 2018, voters will decide on Amendment 73, a state constitutional amendment which would increase income, property and corporate taxes in Colorado .... Amendment 73 effectively ends protections against continuous increases in residential property taxes. It increases the state residential property tax assessment rate for school districts. Commercial property will enjoy reduced rates. ... Amendment 73 reduces legislative oversight by locking increased spending into the state constitution. There is no guarantee that more spending will increase educational opportunities for existing students.
  • New Haven takes another credit rating hit

    07/28/2018 5:46:31 PM PDT · by george76 · 31 replies
    Hearst Media ^ | July 26, 2018 | Mary E. O’Leary
    NEW HAVEN — More disappointing news for the city. Fitch has downgraded the city’s credit rating on the heels of a similar downgrade Wednesday from S&P Global Retings as New Haven gets ready to sell bonds around Aug. 2. Fitch downgraded the rating from A- to BBB, with a negative outlook from stable. S&P gave the city a BBB+ rating with a negative outlook. The new bonds are $58,030,000 to finance city and school projects and $160 million in refunding bonds, which will be used for debt service savings and to cover an estimated $15 million fiscal year 2018 deficit....
  • House of pain: Illinois property taxes up, but home prices lag

    04/08/2018 6:55:58 AM PDT · by george76 · 47 replies
    Illinois Policy ^ | 4/8/2018 | Orphe Divounguy, Bryce Hill, Joe Tabor
    Skyrocketing property taxes, a sluggish state economy and Illinois’ outmigration crisis could spell trouble for the housing market. Most people view their decision to buy a home at least in part as an investment. For most households, the net equity in their home represents the bulk of their net worth. But it’s more than just a financial decision – it’s a sign of trust and certainty in the future of a given community. Unfortunately, government data suggest home prices in Illinois are still down 10 percent compared with 2006. And over the same time, property tax bills have gone up...
  • State and Local Income, Sales and Property Taxes All Hit Records in 2017

    03/22/2018 10:52:47 AM PDT · by Red Badger · 14 replies
    CNS ^ | 3-22-2018 | By Terence P. Jeffrey
    (CNSNews.com) - Real state and local income, sales and property taxes all hit records in 2017, according to data released this week by the Census Bureau. State and local governments collected a record $404,509,000,000 in individual income taxes in 2017, according to the Census Bureau. Before 2017, the greatest level of individual income tax revenues collected by state and local governments occurred in 2015, when those governments collected $399,933,270,000 in individual income taxes (in constant 2017 dollars converted using the Bureau of Labor Statistics inflation calculator). State and local governments also collected a record $386,153,000,000 in general sales and gross...
  • IRS says many who prepaid property taxes may still face cap on deductions

    12/28/2017 4:42:11 AM PST · by SkyPilot · 83 replies
    The Washington Post ^ | Peter Jamison, Jeff Stein and Patricia Sullivan
    Sean Zielenbach writes a check to prepay his property taxes Wednesday at Alexandria City Hall. People across the United States rushed this week to pay their 2018 property taxes early, hoping to take advantage one last time of a federal deduction that will be scaled back under the tax-code overhaul signed by President Trump. On Wednesday, however, the ­Internal Revenue Service announced that those prepayments could be deducted only in limited circumstances, a decision that appeared to invalidate many taxpayers’ efforts and raised the prospect that local governments could come under pressure to refund millions of dollars. The announcement...
  • Want to prepay property taxes to beat federal tax overhaul? Here's what we've learned

    12/24/2017 4:21:04 AM PST · by SkyPilot · 106 replies
    Syracuse.com ^ | 22 Dec 17 | Michelle Breidenbach
    The people who collect taxes in New York are acting fast to help taxpayers try to get ahead of a pitfall for homeowners in the new federal tax overhaul. The tax bill, which passed earlier this week, is confusing. Here's what we know: The bill will no longer allow taxpayers to deduct more than $10,000 in state and local income and property taxes from their federal income taxes. At the same time, it doubles the standard deduction to $12,000 for a single taxpayer and $24,000 for a family. That means more people will no longer itemize their taxes. But...
  • The GOP is set to eliminate one of the biggest benefits of owning a home

    12/05/2017 7:47:01 AM PST · by SeekAndFind · 114 replies
    Yahoo Finance via Business Insider ^ | 12/05/2017 | Akin Oyedele
    Housing-industry trade organizations immediately condemned House Republicans' tax bill when it passed in mid-November.Senate Republicans' version passed over the weekend. Unlike the House's bill, it doesn't halve the mortgage interest deduction, but it could still remove tax benefits for homeowners.The Senate's bill raises the standard deduction, meaning households would be less likely to exceed that threshold and choose to itemize their mortgage interest.Both versions could end up weakening home prices. The GOP tax bill should keep homeowners on alert.Early on Saturday, Senate Republicans passed their version of the bill, called the Tax Cuts and Jobs Act, pushing it closer...
  • IS THE MORTGAGE DEDUCTION GOOD FOR AMERICA?

    12/05/2017 8:10:58 AM PST · by DIRTYSECRET · 64 replies
    My friends it's government interference in the market. Why should some millionaire owner get a tax break when he can just buy something cheaper? If the idea is to make housing affordable ONE house is plenty of help. No need for help on a second home. Government grants for college make tuition rates go up. Won't the deduction do the same for housing? The Milton Friedmans out there will say it's bad for housing. I agree. WE start the discussion. The Yahoo article posted earlier was written by yahoos.
  • The Tax Bill: Placing a Dagger in the American Dream of Home Ownership

    11/12/2017 3:50:03 AM PST · by SkyPilot · 145 replies
    Huffington Post ^ | 11 Nov 17 | Miles Zaremski
    As we now know, both chambers of Congress have introduced their versions of legislation to overhaul our tax system, or, rather, the tax code. Some say it is reform, others more properly say it is merely a tax cut for the wealthiest and most powerful of American persons and corporations at the hands of those less fortunate, the middle class. But to give the rich their largesse, the middle class is being looked to as the sacrificial lamb by having certain deductions stripped away from them. Among the most critical of these deductions are the ones that make home ownership——the...
  • U.S. Home Flipping Rate Plateaus in Q2 2017 Flipping Returns Decline for 3rd Consecutive Quarter

    09/14/2017 6:49:17 PM PDT · by SeekAndFind · 7 replies
    Rate Up in 53 Percent of Local Markets Led by Metros in Louisiana, New York, Alabama;Dollar Volume of Flipper Financing Rises to Nearly 10-Year High of $4.4 BillionIRVINE, Calif. – Sept. 14, 2017 — ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Q2 2017 U.S. Home Flipping Report, which shows that 53,638 single family homes and condos were flipped nationwide in the second quarter of 2017, a home flipping rate of 5.6 percent of all home sales during the quarter. The home flipping rate of 5.6 percent in Q2 2017 was down from 6.9...
  • The Myth Of Owning Your Home And The American Dream

    08/29/2017 4:26:00 AM PDT · by gaggs · 56 replies
    Think You Own Home? Well You Don’t And Never Will! Even if you think you own your home free and clear, you really don’t own it at all. You lease it from the State and it sets the terms and conditions that allow you to occupy the house or sell it to another lessee. The State owns the house and land in perpetuity and you can not alter this arrangement.
  • Property taxes grow faster than Illinoisans’ ability to pay for them

    08/21/2017 1:52:22 PM PDT · by george76 · 45 replies
    Illinois Policy ^ | July 16, 2017 | John Klingner
    Illinoisans already pay some of the highest, if not the highest, property taxes in the nation. An analysis of the past 15 years shows that property taxes are growing far faster than residents’ ability to pay for them. Between 2000 and 2015, the total property taxes Illinois local governments collected doubled. Household incomes in Illinois, in contrast, only grew 31 percent over that time period. Because taxes have grown so much faster than income, the burden property taxes impose on Illinoisans has grown significantly. In 2000, property taxes consumed 4.4 percent of household incomes. In 2015, property taxes consumed 6.7...
  • 23 Percent of Public Schoolchildren Live in Immigrant Households

    03/16/2017 10:59:08 AM PDT · by qaz123 · 16 replies
    Lifezette.com ^ | 16Mar17 | Brendan Kirby
    Because immigrants are not evenly distributed throughout the country, however, some schools have significantly higher percentages of immigrant children. The report breaks down the data by census units called public use microdata areas, which are roughly between 100,000 and 200,000 residents and generally respect county or city boundaries. The average number of public school students in each PUMA is about 20.600
  • It's Time to Scrap Property Taxes

    02/22/2017 9:22:26 AM PST · by Kaslin · 53 replies
    American Thinker ^ | February 22, 2017 | Justin Haskins
    Since the dawn of human civilization, governments have relied on property taxes to pay for public services. In ancient Egypt, the pharaoh’s tax collectors levied taxes on individuals’ grain, oil, livestock, and land. When Alexander the Great conquered the world more than 2,300 years ago, he established administrators to assess local property taxes in the communities he ruled over, with some of the more troublesome nations paying more as a penalty for their disobedience. European monarchs would later assess their own property taxes, which, on occasion, led to full-scale wars between wealthy land-owning rivals. The British property tax system would...
  • N.J. property taxes hit another new high in 2016

    01/25/2017 8:01:29 PM PST · by Olog-hai · 30 replies
    NJ Advance Media for NJ.com ^ | January 25, 2017 at 7:01 PM | Susan K. Livio and Carla Astudillo
    New Jersey’s infamously high property tax bills topped $8,500 per home in 2016, a 2.35 percent increase over the previous year, according to figures released Wednesday by the Department of Community Affairs. Property owners paid $8,549 — $196 more than they did in 2015 when the average tax bill rose about 2.2 percent, according to the analysis. The average residential bill has risen from $8,161 in 2014 to $8,353 in 2015 to $8,549 in 2016. Each year, the average bill set a new high bar for what Garden State property owners pay. […] Gov. Chris Christie’s spokesman Brian Murray said...
  • Face it: Property taxes are forcing Illinoisans out of their homes

    10/14/2016 10:09:51 AM PDT · by george76 · 109 replies
    Illinois Policy ^ | October 13, 2016 | Austin Berg
    Pardess Mitchell is watching her community crumble. She and her husband have lived in Lake County for 16 years. They pay more in property taxes than they do on their mortgage. The tax bill is $15,000 a year on a house they bought for $227,000 in 2013. “They’re taxing us out of the neighborhood. They’re pushing us out. They’re pushing us out of our homes and communities,” she said. “If it continues this way we’ll have to leave.” A Paul Simon Public Policy Institute poll released Oct. 10 revealed nearly half of registered Illinois voters said they would leave the...
  • Vote against School Millage tax increases in Arkansas September 20th

    09/17/2016 11:00:03 AM PDT · by pulaskibush · 14 replies
    9/17/16 | Kenny Wallis
    The Sheridan millage tax increase scheduled on September 20th of 3.8 Mills will transfer $30,500,000 from already overtaxed private sector to public sector bureaucrats. The Clarksville Millage Tax of 4.8 Mills would cost taxpayers $19,000,000. The Hot Springs Millage Tax Increase would add $54,000,000 on top of a $50 million sales tax increase passed June 28th 2016. The Wonderview School District Millage Tax would be $12,300,000. A grand total of $115,500,000 in tax increases will be voted on Tuesday September 20th! This money will go towards a Public Education System that is plagued with leftist indoctrination, gender politics, unsecure gun...
  • Property taxes jump, and jaws drop ( Chicago )

    07/28/2016 6:27:27 AM PDT · by george76 · 73 replies
    Crain's Chicago Business ^ | July 28, 2016 | Dennis Rodkin
    The property tax bill on Jeff and Roberta Price's Lincoln Park home was about $400 in 1977, the first year they lived there. It's been going up ever since but rarely with the jolt of this year's 63 percent increase. The increase, from $8,652 to $14,104, has the couple re-considering their plan to retire in the Kenmore Avenue home, where they raised their kids. They're looking at homes in Indiana "as a backup plan" for the time when Roberta retires in a few years, said Jeff, who is already retired. "We have lived in our home for almost 39 years...
  • Ministering to the Poor

    06/19/2016 7:56:42 PM PDT · by metmom · 4 replies
    Grace to You.org ^ | 1993 | John MacArthur, Grace Community Church
    "If a man comes into your assembly with a gold ring and dressed in fine clothes, and there also comes in a poor man in dirty clothes, and you pay special attention to the one who is wearing the fine clothes, and say, 'You sit here in a good place,' and you say to the poor man, 'You stand over there, or sit down by my footstool,' have you not made distinctions among yourselves, and become judges with evil motives?" (James 2:2-4). You must show equal respect to poor and rich alike. Partiality is an age-old problem that exists in...
  • Average Chicago property tax bill up nearly 13 percent

    06/14/2016 2:15:58 PM PDT · by george76 · 26 replies
    Chicago Tribune ^ | 6/14/2016 | Hal Dardick
    Chicago homeowners should brace themselves for sticker shock when they open their mailbox at the end of the month: property tax bills on average 13 percent higher than last year. The big increase is mostly being driven by the record tax increase Mayor Rahm Emanuel engineered last fall to fix city pension funds for police officers and firefighters. Cook County Clerk David Orr released tax rate figures Monday, revealing the practical effects of City Hall's painful decision. The owner of a single-family home with the current average sale price of about $225,000 can expect to see a property tax bill...