People Lining Up To Beat the 10,000 Dollar Property Tax Deduction Limit.

originally posted by: FauxMulder
You should move. Along with what seems like ridiculously high taxes, NJ has the worst drivers in the country. Unless you are one of them, then you stay your a$$ up there.

I've thought of having my house transported to Dunn, N.C. so I can torment Network from next door.

And I drive like a lunatic.

10k for property taxes... what the heck, I was pissed when mine went up to 1200 a year in Oklahoma.

My dad pays about 3500 a year in Florida and we consider that to be high.

originally posted by: Edumakated
It is a valid consideration though for retirement planning though. Often times the best way to get real wealth in retirement for people who didn't make a ton over the course of their careers, but diligently paid off a house or live in an area with high appreciation. My grandmother used one and it was a lifesaver for her as the house represented pretty much all her wealth.

Valid points.

Our point still stands though, being house rich does not make one a millionaire in the conventional sense.

I would discount anyone claiming to be a millionaire solely on the basis of their home's worth.

originally posted by: AugustusMasonicus

originally posted by: Edumakated
It is a valid consideration though for retirement planning though. Often times the best way to get real wealth in retirement for people who didn't make a ton over the course of their careers, but diligently paid off a house or live in an area with high appreciation. My grandmother used one and it was a lifesaver for her as the house represented pretty much all her wealth.

Valid points.

Our point still stands though, being house rich does not make one a millionaire in the conventional sense.

I would discount anyone claiming to be a millionaire solely on the basis of their home's worth.

Exactly. Heck, I know some people that say you aren't even a millionaire if the money is in a IRA / 401k.

originally posted by: AugustusMasonicus

I've thought of having my house transported to Dunn, N.C. so I can torment Network from next door.

NC is nice all around. Taxes, people, cost of living. At least you could give him some beer.

And I drive like a lunatic.

Once when driving home from the Outer-banks NC, some jackass from New Jersey rammed the crap out of us from behind a few times and then went around and side swiped a tractor trailer. When he went by, I saw his wife on his lap. My daughter was a sleep in the back at the time and needless to say, I thought they were doing the dirty while going down the road. I got out ready to kill this mother fluffer. Turns out he was having heart problems and was passing out. That didn't do much to calm me down though. The cops had to move us away from them because I was disorderly to put it mildly. He had lost his license because of his medical condition and shouldn't have been driving. F##ken Jersey people.

So this tax cut was designed to attack blue states? My my. Republicans enjoy your power while it lasts.

originally posted by: FauxMulder
Once when driving home from the Outer-banks NC, some jackass from New Jersey rammed the crap out of us from behind a few times and then went around and side swiped a tractor trailer. When he went by, I saw his wife on his lap. My daughter was a sleep in the back at the time and needless to say, I thought they were doing the dirty while going down the road. I got out ready to kill this mother fluffer. Turns out he was having heart problems and was passing out. That didn't do much to calm me down though. The cops had to move us away from them because I was disorderly to put it mildly. He had lost his license because of his medical condition and shouldn't have been driving. F##ken Jersey people.

I suspect the only reason he didn't flip you off as well was due to the medical situation, otherwise you had it coming for being in the way.

a reply to: MOMof3

Some "blue states" get to write off their state taxes in their federal taxes. But thanks to this tax law that is no more. Why should people in states like Idaho have to help pay for the high state tax for people in NY? Makes no sense. Now people in blue states will wake up to how high they are being taxed.

originally posted by: bigfatfurrytexan

originally posted by: UKTruth

originally posted by: AugustusMasonicus
a reply to: UKTruth


Your home, if it is unencumbered, is only worth something if you collateralize it for investment purposes or sell it. You could be residing in a $1,000,000 home but it is only worth that when someone gives you the money for it.

Assets count towards wealth, liquid or not.

Which is why i've known millionaires who couldn't pay their bills...without liquidity, the wealth means nothing when you need to transact a payment.

You can't spend your house at the grocer.

Agree with that, but I am talking about wealth.
If you have a lot of money locked up in assets, but can't afford to pay your bills - time to sell the asset. In the case of a home, downsize or move to a cheaper location.

originally posted by: Edumakated

originally posted by: carewemust

originally posted by: Allaroundyou
a reply to: carewemust
Well now you should know that all left winging media is going to grab at all branches they can just the same as the right media. I did not see that segment but I shall YouTube it though. Why are property taxes so high up there? Seems about $8.500 higher than the south or here in Nevada.


:edit: I pay about $2.500 is property taxes actually. Though I have a few things going on that take that down ALOT, lucky me I guess

I was wondering why so much media focus is on New York state, when it ranks #11 (high-to-low) of the 50 states. The property taxes are higher here in Illinois, according to the map at:
taxfoundation.org...

Those are just mean (average) amounts. It doesn't really tell you anything at the state level. You have to look at the county level and where the income is concentrated. Also, you have to consider property values as well. Downstate IL may have 2% property taxes, but homes aren't that expensive. However, a 1.5% property tax in a suburban area of NYC with $1.5 million homes is the norm is a much bigger expense. NYC, NJ, CT, and other areas have some very wealthy suburban enclaves with exorbitant property taxes and home prices.

Democrats should love seeing those Elite homeowners in Long Island take a financial hit.

But then again, maybe most of those Elite homeowners are Democrats.

a reply to: FauxMulder

Idaho is red state that has income tax and all the other taxes. You think the taxes on 1000 acre wheat farms is pocket change.

a reply to: MOMof3

What does that have to do with what I said? Prior to this tax bill people in places like NY or California write off their ridiculously high state tax in their federal taxes. Do people of any red state get to do that? The answer is no.

originally posted by: carewemust
But then again, maybe most of those Elite homeowners are Democrats.

Nassau and Suffolk Counties typically vote Republican.

a reply to: carewemust

It all depends on where you live in NY. Some areas like Westchester are through the roof, as well as North of Westchester. I met people with not-too-expensive houses paying over $10k a year. The taxes alone are like a mini mortgage.

a reply to: nOraKat

Can you imagine all the Wailing and crying that would be occurring if Hillary was elected and raised taxes on every working American by $8,000 a year?

a reply to: FauxMulder

You don’t know what you are taliking , that’s insane. Idaho my red state writes off their state tax burden on fed forms like all 50 states can.

a reply to: MOMof3

Yea, you're right I got confused with this little bit while reading about it. Which is backwards from what I was thinking it was saying.

Of the 41 states that impose a tax on earned income, only six allow taxpayers to deduct their federal income taxes.

Maybe these really high taxed states will lower taxes now that people will be paying more to the state. Probably not but we'll see what happens.

a reply to: FauxMulder

If you don’t own a 1000 acres or a mansion what do you care what they pay. People with that kind of money can move anywhere.

originally posted by: FauxMulder
a reply to: MOMof3

Yea, you're right I got confused with this little bit while reading about it. Which is backwards from what I was thinking it was saying.

Of the 41 states that impose a tax on earned income, only six allow taxpayers to deduct their federal income taxes.

How could you not know this? You are not an American tax payer?

edit on 28-12-2017 by MOMof3 because: (no reason given)

Dp