Tax Tax Tax

[Einthewoods]

Another thing I cannot believe hasn't been done is that when you retire, you stop paying property tax.

Hit your retirement age (same as with social security) and you stop paying property tax on your primary residence. If you own more than one home, you pay tax on the others, but not your primary. I hate the thought of buying a home, paying on it for decades and all the taxes through those years (possibly 40-50 years of property tax) and then once retired maybe have to sell your home to be able to afford to live. Outrageous.

 

[ultrarunner]

Taxes are my biggest expense bar none... property, sales, use, excise, income, etc...

California collects a Use Tax of vehicles... also, Sales Tax is due on the full amount of purchase with no deduction for trade in... crazy.

The minimum tags run about $120 for a bucket... and going up.

My 1985 Chevrolet Van still runs $230 a year for tags...

 

[oosik]

Einthewoods - right now and probably until the day I expire - my biggest expense is, by far, my property tax. I retired at 50 - twenty five years ago. Unfortunately, I do pay income taxes on ALL the income I receive. All the income I receive is EARNED income also.

I've paid property taxes on my current property for all the years I've owned it - 51 years - and now in retirement it worries me that some day I might not be able to pay the rising taxes. Its unbelievable that in my remaining years I might be forced to leave my retirement property.

 

[ultrarunner]

Not to make this too specific but my Washington plans were definitely affected when 18 months after I bought my assessment increased 80% over what I had just paid for the property...

$6800 to $12,000 was a huge shock...

To put things into perspective... My property taxes were $1000 a month on a property that rented for $1800 a month.

Since then... the tax has "Dipped" to 10k and now pushing 14k... really not seeing how this is going to play out long term which is sad reality...

Now California is not cheap by any means... but an 80% property tax increase would be impossible in California... Prop 13 does provide some predictability and requires Voter Approval for new taxes.

I did my research and while $6800 was not cheap but doable as Washington voters passed I-747 which limited Property Tax Increases and that was all tossed when a King County judge threw it out... Thurston County didn't waste anytime putting in my 80% increase and similar for my neighbors...

 

[Einthewoods]

Taxes are my biggest expense bar none... property, sales, use, excise, income, etc...

California collects a Use Tax of vehicles... also, Sales Tax is due on the full amount of purchase with no deduction for trade in... crazy.

The minimum tags run about $120 for a bucket... and going up.

My 1985 Chevrolet Van still runs $230 a year for tags...

Exactly my point. This seems absolutely crazy that it hasn't been proposed and done to remove a single property from tax burden on retirement age people. Just goes to show that the government owns your land and you are only renting it from them.

 

[LouNY]

I'm in one of the highly over taxed states NY,
my property taxes are kind of high, full property would be over $3000 reduced by $1100 for a veterans exemption,
then an additional school tax of over $3600 and this is on a property valued at $226,000.
And a great many of our town roads are unpaved, no streetlights in town, no garbage pickup (except private), no water, no sewer, Volunteer Fire Department and Rescue Squad,
then add in sales use and income taxes at least I don't have a village or city tax.

 

[buckeyefarmer]

retired folks shouldn't be allowed to vote?

Do they pay property tax, or taxes on their retirement?

 

[MossRoad]

Taxes are my biggest expense bar none... property, sales, use, excise, income, etc...

California collects a Use Tax of vehicles... also, Sales Tax is due on the full amount of purchase with no deduction for trade in... crazy.

The minimum tags run about $120 for a bucket... and going up.

My 1985 Chevrolet Van still runs $230 a year for tags...

WOW! As I mentioned, our '93 Suburban is $12.

Our biggest expense is food, next to income tax, of course.

 

[ultrarunner]

Exactly my point. This seems absolutely crazy that it hasn't been proposed and done to remove a single property from tax burden on retirement age people. Just goes to show that the government owns your land and you are only renting it from them.

There was a deferment program that allowed seniors that qualified to deffer taxes to paid upon sale... this was working OK until the market crashed and the program was suspended.

As to vehicles... my one and only new one is year model 2002... I can buy a good car for what friends are paying just in Sales Tax... not to mention license fees!

 

[ultrarunner]

WOW! As I mentioned, our '93 Suburban is $12.

Our biggest expense is food, next to income tax, of course.

I'm cheap when it comes to eats... unless I'm taking out the family... Mom loves Seafood and honest to gosh taking her to Red Lobster is something she really enjoys... it is nice to be able to do something when you know it is appreciated.

California License Fees are going up again... bridge tolls may be heading in the $13 range worst case... BART ridership is down two consecutive years... but the "Good News" according to the transit agency is most of the funding comes via taxes so decreased ridership has but a small impact...

That said... if you bought a modest home here and stayed put... Prop 13 can make property taxes quite affordable...

When I bought my 1725 square feet Oakland home... my Sellers were paying $1200 property tax in 2004... the moment I bought it went to $8800 and now 11,400... this is all original 1958 decor... Formica and Lino...