That's a nice match. Last year Colorado offered a $100 match for the first time. Two of my co-workers had babies last year and I nagged the shit out of them until they both signed up for one. Ha. We get to deduct it from our state taxes too. I'm on pace to have $80-$100k saved for each of my kids for college depending on future returns, and I'm hoping that will help them get a good start without being loaded with student loan debt.We used 529 plans on all our kids for college. The state of Michigan gives a $10,000 max per year tax deduction on contributions, they also did a $400 initial deposit match. One thing I personally liked about it was that it compartmentalized my savings, and this gives me a psychic benefit. It is probably a quirk with me but I like to have money in accounts that I can't touch (or at least I pretend I can't), I put it there for one use and I can keep track of it in a separate account for each of our 3 kids. Our oldest is graduating next month and he still has a little left over in his account. Maybe not the best investment ever, I chose the moderate growth option and it did ok through the years. Then I switched most over to interest only when I realized the investment life is kinda short when they get in 10th or 11th grade. I would recommend it as an excellent way to add discipline to saving for your kids college. I used to add to them regularly, just like our IRA's using a pay yourself first mentality that I think has served us well.
This is an interesting thing - to get the max benefits from a HSA, is it better to use the money now or pay your medical bills with post tax money and refund yourself later?One of these years I won't spend every penny of my HSA on medical expenses.![]()
No idea, but with 5 tax deductions running around, we are doing everything possible to minimize our tax liability now. So while I max out the HSA, we have unfortunately tapped it out each year due to unexpected surgeries. As I'm on a high deductible plan, most of the years contribution went to meeting the deductible, medical equipment rental and yearly contacts for 3.This is an interesting thing - to get the max benefits from a HSA, is it better to use the money now or pay your medical bills with post tax money and refund yourself later?
Property taxes in Texas can get high. I'd take 18k in a heart beat.We don't have state income taxes. This year's tax bill is 18k. Half to city and half to school district.
4200sqft.
I don't think you are limited to your own state in 529 plans. Our kids are through Nebraska's plan I believe, from when I shopped around.I explored 529 plans and they seem to vary wildly state to state. The Texas plan is poor with no low cost funds and limited tax benefits. I'm just buying some Amazon, Facebook and Apple stock and will pay the 15% long term capital gains and hope that they cover the kids college. Worst case scenario, I'll just have to keep working!
This is an interesting thing - to get the max benefits from a HSA, is it better to use the money now or pay your medical bills with post tax money and refund yourself later?
Ours thankfully stayed flat this year.Property taxes in Texas can get high. I'd take 18k in a heart beat.
We just got our appraisal for this year and they wanted to jump it by another 23% (15% effective cap for this year though). It's nuts.
It's why the SALT cap changes during the most recent tax reform still hit people in Texas even though there is no state income tax.
Mine went up 19% last year. Due to the pandemic I didn't think an appeal was possible as all the offices were shut. But my neighbors appealed somehow and their values were changed back to 2019.Ours thankfully stayed flat this year.
We had a ~20% increase the last three years. This year, nothing. I figured THAT was due to covid. Screw Texas and their appraisal values.Mine went up 19% last year. Due to the pandemic I didn't think an appeal was possible as all the offices were shut. But my neighbors appealed somehow and their values were changed back to 2019.
This year mine has gone up another 9%... and I've booked an appeal slot. I bet they do nothing, just like the last time I tried. So frustrating, especially when neighbors with nice houses have their properties valued so much lower. One of our neighbors is selling their house for for about $200k over the appraisal district's value - we would be lucky if we got $200k less than what ours is valued at.
In Harris county they have an electronic settlement process, but you are limited to a 1000 character argument (lol!). Last year they attempted a large increase also and I filed for an electronic settlement, gave some stats (per sqft sales history of equivalent properties etc.) and they cut the increase in half with out me ever needing to go in.Mine went up 19% last year. Due to the pandemic I didn't think an appeal was possible as all the offices were shut. But my neighbors appealed somehow and their values were changed back to 2019.
This year mine has gone up another 9%... and I've booked an appeal slot. I bet they do nothing, just like the last time I tried. So frustrating, especially when neighbors with nice houses have their properties valued so much lower. One of our neighbors is selling their house for for about $200k over the appraisal district's value - we would be lucky if we got $200k less than what ours is valued at.
We pull all the local crime reports and try our best to sell our neighborhood as unsafe. Then my wife takes pictures of all the shit I have fixed yet, lol.In Harris county they have an electronic settlement process, but you are limited to a 1000 character argument (lol!). Last year they attempted a large increase also and I filed for an electronic settlement, gave some stats (per sqft sales history of equivalent properties etc.) and they cut the increase in half with out me ever needing to go in.
Yeah, but who wants to live in an igloo?My property taxes are $387 per month.
CANADA CANADA CANADA
Is that all? Since we do not have a state tax we pay a good amount on property tax. My taxes for my home will come in under $8,000 or about $650 per month. They tried to go up on the value by over 17% and I filed electronically. I got it reduced to less than a 1% increase!!! Winner, Winner!My property taxes are $387 per month.
CANADA CANADA CANADA
Yes, but Sate Income Tax??? They get it one way or anotherSussex county Delaware has property tax rates of .56% I think my taxes are about $1k per year 3 blocks from the beach. Thanks everyone for incorporating in that wonderful state and keeping my taxes so low![]()
I earn my income in Maryland so they Hoover most of that up. Lol but you are correct DE does have income tax. No sales tax though!Yes, but Sate Income Tax??? They get it one way or another
More insulating than beer cans. Plus the electricity/water doesn't cut out when we get <1 inch of snow. Nor do we have that crazy demand pricing.Yeah, but who wants to live in an igloo?
I think everyone who lives he does pay their share. People live somewhere. If they rent, they are paying their shart via the property owner. The rents in my school district are higher than across the main street - where the school isn't as popular. Their taxes are lower (as property value is lower).More insulating than beer cans. Plus the electricity/water doesn't cut out when we get <1 inch of snow. Nor do we have that crazy demand pricing.
Housing prices are rising so fast in Canada my assessment is 400k below value. Though I am due for a reassessment soon.
I certainly find it strange that the tax burden is borne basically by homeowners but you would rather have no state income tax. Shouldn't everyone that lives in the state pay their share?
Our county in Florida has a homestead exemption and an annual % cap on property tax increases. Those help...This issue in Texas is the appreciation of property values and the folks on fixed income. Blue hair Linda who bought her house 35 years ago for $75k is now living in a $600k house and has property taxes that may price her out of her home. I don't know how to fix that. That's why I manage software and am not a politician![]()
Texas does too, and also some help for over 65 folks. But it eventually catches up.Our county in Florida has a homestead exemption and an annual % cap on property tax increases. Those help...