Homestead Property Tax Credit...what a ripoff

[ultrarunner]

Annual Property tax on my home is fast approaching half of the what the home sold for in 1960...

and... my home still has the same Formica Counters and Linoleum from 1960!

 

[Threepoint]

Annual Property tax on my home is fast approaching half of the what the home sold for in 1960...

and... my home still has the same Formica Counters and Linoleum from 1960!

Ultrarunner, WOW. If you, or more likely your folks, bought it in 1960, that's a serious jump in assessed value, even allowing for a tax rate increase. :drink: Time to bite the bullet and upgrade to granite countertops and ceramic floor tile!

 

[Gunny]

Here (Kentucky), the Homestead Exemption is for over 65 and only applies to your primary residence, currently at $36,900. which is subtracted from your assessed value, that's it, they don't care about your income (for this tax purpose only)

 

[ultrarunner]

Ultrarunner, WOW. If you, or more likely your folks, bought it in 1960, that's a serious jump in assessed value, even allowing for a tax rate increase. :drink: Time to bite the bullet and upgrade to granite countertops and ceramic floor tile!

I bought from the original owners that built the house... he was a Navy Commander and it was the only home he had ever owned... just about everything is original.

To add to the discussion... I need to replace the shake roof and shake is no longer permitted in my city... so I will need to sheath the entire roof after full tear off... the prices I'm getting for a new roof is what exactly how much the home cost in 1960 including the lot and utilities...

Just goes to show how far prices have come...

 

[jack707]

Those kids are paying for your Social Security. You want them as well-educated as possible.

I think they are UNEDUCATED because of the teachers today rewriting history.Can a kid go to a map of the world today and find Iraq or Afagan.?

 

[GPintheMitten]

In Michigan, Homestead Property Tax Credit is meant to help offset some of the property taxes for lower income families or individuals.

If the taxable value of the homestead is greater than 135,000 or your income is greater than 50,000, you don't qualify.

I've been retired for 13 years and started drawing ss about 3 years ago. Between my wife's and my pension, I haven't qualified for it since we married 9 years ago.

I probably got it before that for 2 or 3 years.

 

[GPintheMitten]

I think they are UNEDUCATED because of the teachers today rewriting history.Can a kid go to a map of the world today and find Iraq or Afagan.?

Where is Afagan?

 

[GPintheMitten]

Sorry retiredguy. But someone misinformed you.

 

[EddieWalker]

The biggest portion of my property tax goes to the Junior College. It's not a place I ever plan on going to, or have any interest in. I'm all for those who want to go to higher education being able to do so, but I feel that I shouldn't have to pay for it. What is really bad is how it keeps growing and demanding that they need more and more money because if they don't keep adding new buildings, taking neighboring houses and increasing payroll, they won't be competitive with other schools. I don't know why I should care if they have the best pool pool house, or a new football field, or 8 new tennis courts where 6 houses used to be, plus more parking lots and now a new 4 story nursing school. Even worse is that it was discovered after one of their tax increases that they had millions in savings.

 

[jack707]

Where is Afagan?

I didn't feel like spelling it all out AFGANAstan