The Babe Theory Of Political Movements.
Mar. 21, 2005 11:50 AM
Iran's Sham Election In Houston.
June 20, 2005 5:36 AM
Yes, Kanye, Bush Does Care.
Oct. 31, 2005 12:41 AM
Health Care vs. Wealth Care.
Nov. 23, 2005 3:28 PM
Americans Voting With Their Feet.
Nov. 30, 2005 1:33 PM
Idea Majorities Matter.
May 12, 2006 6:15 PM
Twilight Zone Economics.
Oct. 17, 2006 12:30 AM
The "Shrinking" Middle Class.
Dec. 13, 2006 1:01 PM
From Ashes, GOP Opportunities.
Dec. 18, 2006 6:37 PM
Battle Between Entitlements & Pork.
Dec. 21, 2006 12:31 PM
Let Economic Freedom Reign.
Dec. 22, 2006 10:22 PM
Biggest Health Care Moment In Decades.
July 25, 2007 4:32 PM
Unions Antithetical to Liberty.
May 28, 2008 11:12 PM
Right To Work States Rock.
June 9, 2008 12:25 PM
Social Security Reform Thursday.
March 13, 2008
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The Carnival Of Classiness.
Mar. 14, 2006
Quotational Therapy: Obama.
Apr. 4, 2008
Mainstream Melee: Wolfowitz.
May 19, 2007
Pundit Roundtable: Leaks.
July 9, 2006
A WILLisms.com(ic), by Ken McCracken
July 14, 2006
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Trivia Tidbit Of The Day: Part 267 -- Property Taxes.
As a new homeowner, property taxes are suddenly on my mind quite a bit. I knew property taxes were somewhat exorbitant, but now I know they are. It's just plain shocking to think that such a high percentage of my mortgage payment is actually taxes.
And I don't think I am being a paranoid, fundamentalist, anti-tax zealot about this, either. Property tax rates have crept upward over the past quarter of a century (.pdf):
Interestingly, some states have it worse than other states.
About 3 dozen Trivia Tidbits ago, we noted that Massachusetts actually has a lower state and local tax burden than its reputation would suggest (17th lowest among the 50 states). New Jersey, meanwhile, has the 10th highest state and local tax burden.
Part of that formula is the income tax rate. But a lot of it is property taxes.
Here is the tale of two states, one that passed property tax reform (Massachusetts), another that did not (New Jersey) (.pdf):
In 1977, Massachusetts had the highest property taxes in the nation while New Jersey had the second highest property taxes in the nation. As the table below demonstrates, in 1977, Massachusetts residents paid $97 more per capita than New Jersey residents.
Ideas matter. Policies matter. Ballot measures matter.
Property tax reform. Now. Let's do it. In Texas. Everywhere.
Previous Trivia Tidbit: Weimaraners & Other Puppies.
Posted by Will Franklin · 13 February 2006 08:17 PM
With the recent rise in home prices, I am now being taxed on a paper profit. 1/3 of my mortgage goes to taxes. IN VIRGINIA. If this keeps up, my mortgage payment will be higher when I pay off my house than it is now.
And Virginia wonders why people don't retire and stay...
Posted by: Jim at February 14, 2006 08:00 AM
I don't escrow my property taxes. So last month I cut a check for 2005's taxes.
It's quite painful. I am thankful that TX doesn't have a state income tax, though.
I agree with your sentiment, Will but look how difficult it is for TX to figure out how to fund our schools...
Tax reform? Probably not any time soon.
Posted by: Hoodlumman at February 14, 2006 08:40 AM
Until 4 years ago the taxable value of my home was 20% below market value. Today it is equal to market value which has increased 30% in as many years. Why did Harris County start making sure they pegged it to market value? To increase revenue of course. How can the schools and city/county still be broke? Unfunded mandates, reduction in Federal grants? Correct me if I am wrong but don't zero% of property taxes go to the state of Texas?
Posted by: thomas at February 14, 2006 10:18 AM
Oh, the joys of home ownership! (and puppy ownership!) What discoveries and adventures lie ahead?
Posted by: Auntie Sal at February 14, 2006 12:27 PM
We escrow ours, so it's not as big of a single hit, but it's still ridiculous.
And, yeah, unfortunately, Texas has the same basic Robin Hood school funding system that California has, so we're not going to have property tax relief in the very near term.
Posted by: Will Franklin at February 14, 2006 12:47 PM
Using only the tax rates would not lend itself to an accurate analysis.
Taxes are calculated by multiplying the assessed valuation, or taxable value, by the tax rate.
Before 1982, there were few taxing authorities who used computerized valuations - most used a manual appraisal system that was years out of date. Up to 1977, the local tax office was using the apprisal manuals and costs from 1962 - without change.
Since the valuations did not change from year to year, the governments would chabge the tax rates.
Now, the tax appraisal bodies change the valuations on a regular timetable while the taxing authorities can change the tax rates yearly.
So, any chart that only shows the tax rates will only tell part of the story.
Posted by: Poole at February 14, 2006 09:39 PM