The only sure thing in life is death and taxes
It is tax time and April 15 is fast approaching. Forgive my rant but I get so irritated with the tax system. Tax freedom day this year is April 23, which means that everything we will make for 113 days goes to the government. We pay taxes on our income then pay taxes when we spend it. We purchase property and we must pay property taxes or the government will take our land from us. In addition to real estate we have personal property tax, in many states, on our assets. I pay sales tax on everything I purchase, but then I must pay personal property taxes to own my truck, tractor, trailer, saw mill, greenhouse and out-buildings.
Last year in Texas we paid $1,700 on a $75,000 rental house and $800 land tax on a quarter acre in Titus County. In Florida 12 years ago we paid $2,800 property tax. I dreaded tax time because I had to save all year to afford my taxes. The one bright spot is that in Arkansas, taxes are very low compared to most other states.
We got our 2017 property tax statements in the mail last week.
Our tax breakdown is:
Land: $477.17
Trees: $8.60 (trees are considered an asset) (80% of our land is trees)
Homestead exemption: $-270.44
Total tax bill: $215.33 for 56 acres.
I feel bad for all you folks in high tax states because we been there and done that but have a great day. Every comment is up-voted and thanks for your up-vote, Tim and Joann
For this being a free country it sure costs an arm and a leg. Lol I agree the taxes they take are way to much. Great post
ILLINOIS.....enough said!
I find this taxing to read😜
Wow. I live in Missouri where taxes are fairly low as well. We’re looking into moving to a piece of land in Oklahoma, and I’m a little worried about the taxes there. The benefits will definately have to out way the taxes!!
We pay about $3.6K per year in property taxes. We own land: less than 1 acre lot (120 ft x 60 ft), but we have excellent public schools (so we're told), reliable water drainage (except for the flooding when it rains), and our legendary roads (record breaking potholes), all of these together justifies this completely reasonable taxation of our property. Which we own. Sort of. Not really. @ironshield
My husband was an accountant before he was a farmer. He is a much happier man now :) It is so nice because he can do all of our taxes for us. But I've never understood why we must pay taxes on the land that we own. It makes absolutely no sense.
I agree with you 100%
As well as personal income tax, a company tax and a value added tax (VAT) we pay a monthly local property tax here in Wales in the UK.
Luckily they don't tax trees here - but my local council property tax is still $300 per month for house and 17 acres.
It is insane isn't?
😶