Trying to learn here, so all input is appreciated.
I came across this LINK and thought it was pretty interesting.
Does anyone do this? and if so is there any catches that a person needs to be aware of?
Our real intent is to buy a permanet place somewhere warm for the winters. We're currently in Texas in the MH, and even though it's not exactly what we're thinking, it's pretty darn close.
"I sure enjoy the four seasons; Spring, Summer, Fall, and South of I10."
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Close but no cigar, was the carnival barkers statement when you just missed the spot to win. Florida too has homestead, and as Texas no state income taxes. Many pensions are exempt from income taxes if you move from a state and have a pension that they tax. So not only do you get the homestead and reduced property taxes, but no state income taxes. Colorado is 8% and in NYC it's the state tax plus city tax totaling about 13%, and the property taxes are through the roof. So yes, many do retire to a homestead and no income tax state, and perhaps soon a no manditory health tax state.
trop-a-cal wrote: Close but no cigar, was the carnival barkers statement when you just missed the spot to win. Florida too has homestead, and as Texas no state income taxes. Many pensions are exempt from income taxes if you move from a state and have a pension that they tax. So not only do you get the homestead and reduced property taxes, but no state income taxes. Colorado is 8% and in NYC it's the state tax plus city tax totaling about 13%, and the property taxes are through the roof. So yes, many do retire to a homestead and no income tax state, and perhaps soon a no manditory health tax state.
Nothings a free ride cause although Fl has no state income tax they make it up with 10% sales taxes in some areas and of course the car plates. Not to mention a well paid police force that gets a lot of big bucks for their tickets! Oh yeah they will be able to exempt the state from the meds but still have to support it thru mandatory taxes!
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It must be time to go, the suns out and I've got a full tank of diesel and an empty charge card!
Hmmmm .... ask about Texas, and I get Florida back. Hey I've been there, done that last winter. Nothing wrong with Florida, just it's a new winter now.
Asking about the reduction in homestead taxes on property, and the CAP on them in Texas when you hit 65 and over. That is what the OP is about. Would like to know if there is more to the issue then a one paragraph statement on a website.
And if you insist on talking about Florida, then I can start another thread on insurance rates, and what a person can do about them in Florida to keep them in check.
OK, I'm from TX and yes, I do have a homestead exemption. I also used to have an ag exemption, but no longer live in the country. There are several kinds of exemptions in Texas and we use all that we can. I'm not sure what your quesstion is beyond whether or not Texas has a homestead exemption.
John&Joey wrote: Hmmmm .... ask about Texas, and I get Florida back. Hey I've been there, done that last winter. Nothing wrong with Florida, just it's a new winter now.
Asking about the reduction in homestead taxes on property, and the CAP on them in Texas when you hit 65 and over. That is what the OP is about. Would like to know if there is more to the issue then a one paragraph statement on a website.
And if you insist on talking about Florida, then I can start another thread on insurance rates, and what a person can do about them in Florida to keep them in check.
I just reread your post and you may be talking about two separate things. We don't have a reduction in homestead taxes at 65, but rather our school taxes are frozen at that point in time. Our homestead exemptions are entirely different.
My big question is if there is a CAP on assessed tax's at age 65. Remember I'm new here, so hopefully I'm not goofing this up too much where it doesn't make sense to you that know how it really works.
We have a lake place back in MN. Had it for 20+ years, no real plans on selling it. What is killing us is every year the tax assessor shows up, and tells us how our place is worth more now then ever, so our tax's keep going up.
For me, a place is only worth more when you go to sell it. If you're not selling, then all that is happening is your yearly expense (real estate tax) is going up, yet you're getting nothing back in return. I know some states will put a cap on them for seniors. When you go to sell, then maybe the state will get some of it back.
Hope I'm making sense now in my question. As a sidebar, I do believe if you play you should pay, but there does comes a point where the state (MN) is just gouging.
On edit:
DGO369 - Yes, I think I now understand what is going on. Your taxs will go up (65 and over) just not the school portion. In MN that can account for 60% of the taxed amount.
Am I correct on this, or is there a true tax cap at 65?
John
You have to remember that even in Texas we have true politicians. The cap at age 65 is on school taxas. Some counties and some cities and some college taxing districts also allow the cap, most don't!!!!! You also must prove that your taxed residence is your "primary residence", your SS income is sent to that residence is usually enough to prove it. Some of our politicians have been in deep sh** because they filed homestead on several residences.
Our small comunity was threatened with increased property values this year, we all got together and compaired values of close by properties which were not being raised then had a meeting with elected officials who in order to save their jobs reduced property values to match those close by. It reduced my taxes 10 percent.
Good luck with your search for a homestead. IMO Texas is the place to be.
Larry
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