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Old 11-26-2022, 03:24 PM   #21
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Our too high NJ property taxes of $6200 on our small 2 bedroom retirement single family get us excellent services at least. About half of our pre-retirement taxes on larger SFH.
In 2023, we will qualify for a 'senior freeze' going forward.
That is much anticipated and will be appreciated.
I qualified for the senior freeze for the first time this year, and it was very nice, although it will be dwarfed by the ANCHOR rebate that most will get next year. New Jersey is no longer a bad place for retirees -IF your income is under $100,000. Social Security is not taxed, and retirement income from pensions and IRAs is not taxed under $100,000. Plus there's a property tax feeze for seniors with similar income restrictions, and that upcoming ANCHOR rebate said to be worth between $1,000 and $1,500 for most.

The high taxes fund good services for seniors who need assistance - subsidized meals, transportation, senior care coordinators. My 85 year old friend could benefit from many of these, but the trick is figuring out how to access them.
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Old 11-26-2022, 03:31 PM   #22
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A related follow-up question from the OP. Does your state offer a property tax rebate or something similar ?

South Central Minnesota (Single) My rebates for the past 5 years.

Year- - - - Federal AGI- - Property Taxes- - Rebate Amount
2017 - - - - $44,939- - - - $1480 - - - - - - - - $335
2018 - - - - $48,522 - - - - $1506 - - - - - - - - $292
2019 - - - - $43,245 - - - - $1506 - - - - - - - - $396
2020 - - - - $44,962 - - - - $1712 - - - - - - - - $520
2021 - - - - $46,637 - - - - $1786 - - - - - - - - $550
2022 - - - - - - ? - - - - - - - $2042 - - - - - - - - - ?

I should be eligible for a ‘Targeting Property Tax Refund’ refund next year.
The special or "targeting" property tax refund requires your net property tax to have increased by at least 12%

The special property tax refund is not based on income.

https://www.house.leg.state.mn.us/hr.../ss/sstrgt.pdf

48,522 Put me over the cliff by around $200, which cost me around $6000.
Definitely don't miss the cliff
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Old 11-26-2022, 04:04 PM   #23
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First year last year in Illinois.... Coincidence that it was an election year for the governor.... Hard to say.
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Old 11-26-2022, 04:33 PM   #24
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Ours are $16,744, up about $120 from the year before. Won't get the 2023 tax bill until next May. Most of the property taxes in NY go to school funding, and there is an annual 2% cap on that unless voters approve a larger budget.
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Old 11-26-2022, 06:32 PM   #25
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Ours is up 8% here in NC. But they said they review every 5 years, so should be steady for the next few years.
NC requires local counties to reassess at least every 8 years...many do so every 4, like mine.

Property tax is cut in half for those over 65 with a annual household income under ~$34k (limit increases annually)
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Old 11-26-2022, 06:57 PM   #26
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Nevada is the land of cheap property taxes. It’s a combination of the age of the house and value. For instance on my 44 year old condo worth 250k I pay 400/year.
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Old 11-26-2022, 09:54 PM   #27
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Property tax is cut in half for those over 65 with a annual household income under ~$34k (limit increases annually)
We can have our assessment frozen if over 65 with about the same income. I actually qualified for that one year! But not any more.
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Old 11-27-2022, 04:13 PM   #28
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We can have our assessment frozen if over 65 with about the same income. I actually qualified for that one year! But not any more.
I think the way to go here in my state is to own a farm.

A friend did that when his kids were young so they had over 50 acres of meadow, forest, creeks, hills to play on.

Generating some modest amount of revenue, not profit (~$1k/year, IIRC) from 'farm sales' allows him to defer property taxes on everything except the farmhouse & the land it occupies...no taxes on barns, equipment, etc.

He's moved out-of-state, but some of the kids still live there.
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Old 11-28-2022, 06:58 AM   #29
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2022 property tax on our Florida condo is less than 1% over 2021. For our Vermont summer home, a hair over 1% for 2022 compared to 2021.
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Old 11-28-2022, 07:37 AM   #30
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Property Tax in CT is outrageous. In my town the mill rate is 30.89 per thousand (3.09%).

So I'm paying $9,050 on a $293k assessed value home, plus add on the property tax for vehicles and it's over $10k/yr Tax credit is limited to $200 for low-income residents, so no credit.
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Old 11-28-2022, 08:05 AM   #31
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We are in Florida, assessed value last year was $365,710 with tax bill of $4,325.46. We just paid the latest tax bill this month, the assessed value went up to $376,680 and the tax bill paid was $4,014.86.

Difference is that both the county millage rate and the county school board millage rates were slightly reduced.
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Old 11-28-2022, 09:24 AM   #32
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Property Tax in CT is outrageous. In my town the mill rate is 30.89 per thousand (3.09%).

So I'm paying $9,050 on a $293k assessed value home, plus add on the property tax for vehicles and it's over $10k/yr Tax credit is limited to $200 for low-income residents, so no credit.
You must really like it there!!
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Old 11-28-2022, 12:35 PM   #33
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Originally Posted by ExPatKiwi View Post
Property Tax in CT is outrageous. In my town the mill rate is 30.89 per thousand (3.09%).

So I'm paying $9,050 on a $293k assessed value home, plus add on the property tax for vehicles and it's over $10k/yr Tax credit is limited to $200 for low-income residents, so no credit.

I just love it when people keep pounding on me about our "high" Texas property taxes when ours are between 1.5 % - 2% per thousand and we have NO STATE INCOME TAX.

I lived in CT when property taxes were low and the state had no income tax. Remember those days (1980's), CT residents?
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Old 11-28-2022, 01:34 PM   #34
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You must really like it there!!
Wife and kids have anchored us here. But the funny thing is the number of MA residents moving to CT to retire and save on taxes.
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Old 11-28-2022, 02:40 PM   #35
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Thanks to a hot local RE market, my appraised value just increased 37% from 2022 to 2023. My property tax for 2022 was $6,461 and I'm a little nervous as to what 2023 bill will be. I may have to fight this one on principle.
Many, many, many, here's ago. California property owners had same problem.
"Howard Jarvis, Proposition 13" was passed. Limited yearly property tax increase to 2%. (based on original cost).

Recently, greedy politicians, passed, prop. 19. Which took away some of the benefits of prop. 13. But that is another story.
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Old 11-28-2022, 04:14 PM   #36
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We haven't received our 2023 tax assessment yet, but typically it increases about $200-$500 per year in Illinois. This past year we paid $9,806 on an assessed value of $147,590. So, either this coming year or the next we should pass the $10K mark on property taxes. Ridiculous.
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Old 11-28-2022, 04:43 PM   #37
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It's brutal in Texas (more specifically, Austin, Texas). Home value went up about 25%, rates went up too. They do cap the yearly increase, but new values guarantee future increases. My understanding is we are one of the lucky few states that allow us to protest property taxes, so we use a company to do that for us every year. While it has no doubt saved us thousands, property tax is still crazy high: 10 years ago, we paid about $5K/year, and this year it will be north of $12K.
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Old 11-28-2022, 04:54 PM   #38
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Florida is great - tax out-of-staters just enough to complain, but not enough to bail, while keeping taxes low for residents.
Ha, my Florida property taxes are up 11%. I’d complain, but won’t do any good!
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Old 11-28-2022, 08:21 PM   #39
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It's brutal in Texas (more specifically, Austin, Texas). Home value went up about 25%, rates went up too. They do cap the yearly increase, but new values guarantee future increases. My understanding is we are one of the lucky few states that allow us to protest property taxes, so we use a company to do that for us every year. While it has no doubt saved us thousands, property tax is still crazy high: 10 years ago, we paid about $5K/year, and this year it will be north of $12K.
I remember those Texas property/school taxes, from back when I lived there! You're right, they're truly brutal. Especially in College Station, where I lived from 1984-1996, and where the best (and probably most expensive!) public schools in that part of Texas were located.

My unsolicited advice? Just keep repeating to yourself that it's OK, you don't have to pay state income taxes. That helps at least a little bit.
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Old 11-28-2022, 09:25 PM   #40
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In Nevada, 23-year old home costing about a million, property tax is $4,200.
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