Property Tax disparity

Yes I am. But that wasn’t the point. Tax is not spending, as it doesn’t elevate anything in your life.

You’re weighting Property Tax, Income Tax, and Sales tax

Say you’re an ordinary actua-donk.

The Property tax is calculated on 1 million each year
The Income tax is calculated on 150k each year
The Sales tax is calculated on <75k each year (I hope)

If one state has double the property tax of another state, I don’t think the other two taxes matter at all.

You make $150k/year and you want to buy a $1M home? Do you really think that is reasonble?

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That’s kind of irrelevant. The property value is always going to be significantly higher than your annual income or annual purchase.

Not to mention your property value is out of your control. I bought a condo in 2013 for around 500k and I barely made 6 figs at the time. In 2 years I sold the condo for close to 1 mil.

My salary didn’t increase by that amount, but my property taxes scaled with the housing market significantly. So yeah, I basically would be paying the property tax on a 1 mil condo while making around 150k had I stayed there.

(and no, I don’t make 150k now, this was maybe 2015/2016)

You see, spending money he has proves that he’s rich. Spending money he doesn’t have must prove him even richer!!

But, I would recommend he spend the money he has on other things.

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oh babes, don’t you worry about me.

I think that is in every state. You pay taxes and the legislature services you.

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What are they doing with those taxes? Certainly not building some civic infrastructure. Improvements coming to your neighborhood that include say sidewalk repairs and curb/gutter? Congrats, you’re goinjg to get billed for it. It’s not out of some common fund, it’s assessed on each property owner.

At my prior house, the neighborhood got much-needed road improvements, which came out of the city’s fund for road improvements. Also got ditches re-dug and leveled out correctly and new culverts because water drainage was a real problem; that was not paid for out of a fund of any kind. Our old house ended up with a bill for $19,500 because it was a corner property; the house next door that isn’t on a corner was “only” $7,500. The year prior, the city decided to re-pave a street (good, dirt would have been better than what it was) and drop in sidewalks and put in curb-and-gutter. There were properties that got assessments of nearly $50K for that.

Yes, they’re insane. Don’t worry, the city will be “gracious” enough to let them pay that over 5 years at some specified interest rate.

$1 million will buy a very different property in Wisconsin than in Washington.

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This reminds me: Illinois passed something similar years ago because property taxes were going up double-digits every year, so now any increase over 5% requires a public hearing. (“Truth in taxation” hearing.)

Strangely enough, most taxing entities there now file for 4.99% increases every year whether they need it or not. Can’t imagine how that came to be.

Says the guy who lives in CA where many of those new Texans came from.

Of the former Californians I know who now live in Texas, it can have them. They’ll fit right in.
Good news is that both states increased their IQ’s.

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Utah passed a truth in taxation law that says the rate is adjusted on an entity by entity basis so that they only get an increase based on new taxable value. So while your houses taxable value may increase, if all the houses in your area increased then the rate is going to go down. But if new houses were built then the taxing entity gets the full new rate on the increase from what was there before.

If they want to rate the rate over their certified rate, then they have to have a hearing. So what happens? No one raises their rate until they absolutely have to and they then raise it 10-50%. They have one huge angry hearing and then they don’t touch it for another decade or so. Just as stupid.

You should sneak some eye-rolls in there and see what happens.

Optimal: live in Vancouver, WA. no income tax. Go to Costco across the border, pay in cash, no sales tax. No one’s the wiser.
(Unless Costco uses the address on your membership. If so, go to Smart&Final.)

Um, are you joking?

Maybe in the 1950s or something.

Oh, I guess if you only count the portion that goes to the state and ignore the local sales taxes that stack on top of the state sales tax. I’m not sure why you’d do that unless you were running a retail business and filing your sales tax forms though.

I’m not sure what Seattle is up to these days but I was actually in Tacoma fairly recently and the sales tax there was over 10%.

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I just googled state sales taxes to see, and it said 6.5% and was one of the highest. The cities have sales taxes too? Ouch.

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Hmmm, I wonder what else Nevada has that other states do not that would bring in a lot of revenue to the state…

Where in Washington state do they have a 5.69% sales tax???

The state’s portion is 6.5% and then you add county tax on top of that. Are there counties in Washington with a negative sales tax???

None that I’ve ever shopped in, that’s for sure, and I lived in or within 10 miles of Washington state for most of my adult life.

I thought this was America! Are you saying it’s not?

The Pinball Hall of Fame

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