Retirement Planning - Lessons Learned

[MossRoad]

I've heard the term homestead exemption, but don't really know what that means. Are you saying you get 50% off your property taxes simply by having a mortgage? Not sure I understand the logic.

There are two property tax deductions. The mortgage deduction and the homestead deduction.

If you are buying property on a recorded mortgage or recorded contract and are a resident of Indiana, you could qualify for a mortgage deduction on your property tax bill. This deduction is either one half of the property’s assessed value or $3,000, whichever is less.

If you own a home and use it as your primary place of residence, your home and up to one acre of land could qualify for homestead deductions on your property tax bill. The standard homestead deduction is either 60% of your property’s assessed value or a maximum of $45,000, whichever is less.

 

[MossRoad]

 

[Jstpssng]

I've never understood the zombie craze, so my concerns are my health and the economy... in that order.

 

[drssg]

View attachment 684500

Ha, good one!



I swear I'm done now.

 

[ultrarunner]

Retirement planning has degraded into prepping for the zombie apocalypse. :laughing:

Where you live can be make it break in retirement...

Friends in rural Key peninsula Wa thought they had it covered but the rural theft and distance from law enforcement forced their hand to move into a gated community... not being safe and constant worry takes a toll.

Not saying big cities any better... last weekend here over a thousand people with 600 vehicles occupied a Oakland neighborhood... police RECOVERED over 200 shell casings... scary stuff for those retiring...

Oakland Police Say Sideshows Getting Bigger and More Dangerous – NBC Bay Area

 

[ultrarunner]

There are two property tax deductions. The mortgage deduction and the homestead deduction.

If you are buying property on a recorded mortgage or recorded contract and are a resident of Indiana, you could qualify for a mortgage deduction on your property tax bill. This deduction is either one half of the property’s assessed value or $3,000, whichever is less.

If you own a home and use it as your primary place of residence, your home and up to one acre of land could qualify for homestead deductions on your property tax bill. The standard homestead deduction is either 60% of your property’s assessed value or a maximum of $45,000, whichever is less.

Homestead exemption amounts to $75 reduction to CA homeowners... not much on a 15k property bill.

 

[JethroB]

This discussion on property taxes got me curious:

 

[Jstpssng]

This discussion on property taxes got me curious:

View attachment 684504

Wow. Maybe I'll move to Alabama, so I can complain about how much it's different than where I came from, and all of the things which should be done to improve things.

 

[cdaigle430]

This is interesting..so in order to claim homestead you have to have a mortgage? Maybe I don't want to pay if my mortgage..just refinance with a lower payment perhaps?

We have a home equity loan. It's considered a mortgage. We use that available money to make large purchases, pay college tuition, etc... rather than depleting cash. We pay it off quickly, though.

By having that mortgage, it qualifies us for a homestead exemption, which cuts our property taxes almost in half. We save about $600 per year in property taxes. Most years, we pay about $300 in interest on that mortgage. So most years, by having a mortgage, it saves us about $300. Woo hoo! It's the only thing we've ever done where we feel we've come out ahead and beat the system. :laughing:

 

[drssg]

Where you live can be make it break in retirement...

Friends in rural Key peninsula Wa thought they had it covered but the rural theft and distance from law enforcement forced their hand to move into a gated community... not being safe and constant worry takes a toll.

Not saying big cities any better... last weekend here over a thousand people with 600 vehicles occupied a Oakland neighborhood... police RECOVERED over 200 shell casings... scary stuff for those retiring...

Oakland Police Say Sideshows Getting Bigger and More Dangerous – NBC Bay Area

Holy crap, that is beyond messed up. They have the budget to inspect your garbage for recyclable content, but controlling massive lawless mobs just doesn't fit into their priorities.