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Feb 7th, 2025
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 Re: Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners
[Re: SnakeWrangler]
#9161258
12/31/24 10:01 AM
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Joined: Jul 2019
Posts: 15,909
Hudbone
THF Celebrity
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THF Celebrity
Joined: Jul 2019
Posts: 15,909 |
It's not what you make, it's what you keep.
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Re: Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners
[Re: Hudbone]
#9161327
12/31/24 02:37 PM
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Joined: Aug 2008
Posts: 15,224
don k
THF Celebrity
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THF Celebrity
Joined: Aug 2008
Posts: 15,224 |
It's not what you make, it's what you keep. Ain't that the truth.
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Re: Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners
[Re: txtrophy85]
#9161368
12/31/24 03:47 PM
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Joined: Sep 2005
Posts: 6,537
ndhunter
THF Trophy Hunter
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THF Trophy Hunter
Joined: Sep 2005
Posts: 6,537 |
Texas gets around the state income tax by having high property taxes.
Property Taxes in other states are lower, but most have a state income tax ( and other taxes)
No free lunch, but it really hits people hard who have done well, retired and are being penalized for their owning property, especially their home. Or done well, are well below 65 years of age and are getting taxed to death.
I do not agree with the current tax rates, school rates, etc. for primary homesteads. But, the money has to come from somewhere…. Yeah the Governor wants to make "property taxes go away" but the price tag is estimated at $81.5 billion. Where's the money going to come from?
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Re: Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners
[Re: Dave Davidson]
#9161375
12/31/24 03:57 PM
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Joined: Nov 2009
Posts: 6,942
jskin
THF Trophy Hunter
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THF Trophy Hunter
Joined: Nov 2009
Posts: 6,942 |
I have a 3-1 1/2-1 nice 1500 sq ft brick house in Hurst. It’s a rental. I bought it from my mother many years ago when my grandparents passed away. $36,000.
Grandson was at my house when renter stopped by to pay the $1,200 monthly rent. He was recently married and told us they were living in a one bedroom apartment in Grapevine at $1,900 per month and had gotten notice of a rent increase to $2,200 per month. When he left I told my wife that things are going to change. The lease had expired so I told the renter that I had other plans for the house.
He and wife are now paying me $900 per month. I’m losing money every month just on property taxes on the deal which I can afford. I’ve seen too many marriages come apart due to money issues. This also allows them to have retirement investment accounts.
Of course, he has no idea that I’m losing $. But, I can afford it. Noble, but don’t do too many favors. Struggles build character as well
Last edited by jskin; 12/31/24 03:57 PM.
"While we are postponing, life speeds by"
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Re: Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners
[Re: ndhunter]
#9161405
12/31/24 04:40 PM
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Joined: Jul 2019
Posts: 15,909
Hudbone
THF Celebrity
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THF Celebrity
Joined: Jul 2019
Posts: 15,909 |
Texas gets around the state income tax by having high property taxes.
Property Taxes in other states are lower, but most have a state income tax ( and other taxes)
No free lunch, but it really hits people hard who have done well, retired and are being penalized for their owning property, especially their home. Or done well, are well below 65 years of age and are getting taxed to death.
I do not agree with the current tax rates, school rates, etc. for primary homesteads. But, the money has to come from somewhere…. Yeah the Governor wants to make "property taxes go away" but the price tag is estimated at $81.5 billion. Where's the money going to come from? Property taxes are a known burden and especially so to those who have been succesful and to those who have inherited wealth. If the burden becomes too great, it's your issue to deal with. You have to pay to play. The issue is not how taxes are collected, it's how they are spent.
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Re: Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners
[Re: SnakeWrangler]
#9161489
12/31/24 07:05 PM
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Joined: Sep 2005
Posts: 6,537
ndhunter
THF Trophy Hunter
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THF Trophy Hunter
Joined: Sep 2005
Posts: 6,537 |
What are you talking about?
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Re: Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners
[Re: ndhunter]
#9161491
12/31/24 07:22 PM
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Joined: Apr 2007
Posts: 63,231
BOBO the Clown
kind of a big deal
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kind of a big deal
Joined: Apr 2007
Posts: 63,231 |
What are you talking about? No state penalty to working harder and increasing salary/income. Only penalty is if your real estate asset increases in value and you know the tax penalty when you buy, way read it
Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure, than to take rank with those poor spirits who neither enjoy much nor suffer much, b/c they know not victory nor defeat"- #26 TR
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Re: Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners
[Re: Hudbone]
#9161499
12/31/24 07:35 PM
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Joined: Dec 2009
Posts: 10,936
The Dude Abides
THF Celebrity
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THF Celebrity
Joined: Dec 2009
Posts: 10,936 |
[quote=txtrophy85]Texas gets around the state income tax by having high property taxes.
Property Taxes in other states are lower, but most have a state income tax ( and other taxes)
No free lunch, but it really hits people hard who have done well, retired and are being penalized for their owning property, especially their home. Or done well, are well below 65 years of age and are getting taxed to death.
I do not agree with the current tax rates, school rates, etc. for primary homesteads. But, the money has to come from somewhere…. This is the biggest problem. No accountability on how taxes are spent. It's easier to raise taxes.
I am still looking for the perfect apron, one with reinforced knee areas would be perfect. Some people live an entire lifetime & wonder if they ever made a difference in the world, a veteran doesn't have that problem. Reagan
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