leftyfrizzell1963
Dryer sheet aficionado
- Joined
- Aug 7, 2018
- Messages
- 43
I'm born and raised in Texas, and figured I would live here my entire life. However, as I approach retirement, I see the property taxes in Texas become a significant recurring expense that can't be avoided (assuming you don't want to live in a shack in the country).
In Texas, we brag about not having a state income tax. However, because the valuations(assessments) go up every year (because the agencies re-assess every year), the state is able to get more tax dollars every year "without raising taxes". Its a chickensh*t way the politicians can get more revenue but never have to vote to raise taxes.
A year ago, I was doing some research and came across Kinglinger's state by state guide for taxes on retirees. It had Texas as a favorable rating of "tax friendly" (5 categories - "most tax friendly", "tax friendly", "mixed/neutral", "not tax friendly", and "least tax friendly"). I couldn't believe it.
Well, I went back to the site/page today, and it had a new analysis date of this month. And Texas has been switched to "not tax friendly"! And when I clicked on the details, it said because of the high property taxes. I was right!!! Link below. Its pretty helpful as it allows you to do some side by side comparison's.
The bottom line is - I don't see the tax laws changing in this area anytime soon, so sadly I am going to have to move out of Taxes (intentional new mis-spelling), and that could free up over 10K year in cash annually. It is too big of a number to ignore.
https://www.kiplinger.com/tool/reti...by-state-guide-to-taxes-on-retirees/index.php
In Texas, we brag about not having a state income tax. However, because the valuations(assessments) go up every year (because the agencies re-assess every year), the state is able to get more tax dollars every year "without raising taxes". Its a chickensh*t way the politicians can get more revenue but never have to vote to raise taxes.
A year ago, I was doing some research and came across Kinglinger's state by state guide for taxes on retirees. It had Texas as a favorable rating of "tax friendly" (5 categories - "most tax friendly", "tax friendly", "mixed/neutral", "not tax friendly", and "least tax friendly"). I couldn't believe it.
Well, I went back to the site/page today, and it had a new analysis date of this month. And Texas has been switched to "not tax friendly"! And when I clicked on the details, it said because of the high property taxes. I was right!!! Link below. Its pretty helpful as it allows you to do some side by side comparison's.
The bottom line is - I don't see the tax laws changing in this area anytime soon, so sadly I am going to have to move out of Taxes (intentional new mis-spelling), and that could free up over 10K year in cash annually. It is too big of a number to ignore.
https://www.kiplinger.com/tool/reti...by-state-guide-to-taxes-on-retirees/index.php