How much can the state raise your property taxes in one year?
Just far enough until you pass out from shock and when you revive you can't remember this question.
6 people found this useful
If the price of a 21 pair of jeans is reduced by one-third how much tax must be paid on the jeans in a state that has 3 sales tax?
Answer . If the item is taxable (and clothing in many places isn't), the discount is normally handled like this:. If it provided by the retailer...the one your buying it from..as in $21 jeans on sale for $15 - the tax is on the sale amount of $15.. If it is actually provided by the manufacture…r... as in $21 jeans with manufacturer rebate now $15 - the tax is on the entire $21. (The manufacturer is paying the retailer the additional $6 for you....but the sale is really a $21 sale.. Just apply the tax rate to the correct sales price (agreeably there may be some rounding for a 1c or so).. ( Full Answer )
Answer . If you live in a non rent regulated market, which the vast majority of the States are (exceptions are generally very metropolitan areas like NYC, and even then, not all properties), the landlord has the right to ask and charge whatever he wants - presumably as much as the market will be…ar. ( Full Answer )
Answer . I haven't found my list of them...but generally it is a small number of s scattered states... CT and Mass, as well as Washington state. A few more have business personal property taxes...where either the exemptions on personal property are so extreme it amounts to, or is specifically re…quired, to be something owned for business use. Many States that had them have eliminated them as they are very costly to administer, frequently unevenly distributed or assessed and exceptionally visible and disliked...and are generally all done so at a local level. It makes little difference in a way, because whatever funds were raised by it, are then raised by another tax. Hnece some other rate goes up. . ( Full Answer )
Like anything else, you apply the appropriate amount on the appropriate schedule when you file your tax return.. There are four types of deductible nonbusiness taxes :. State, local and foreign income taxes; . Real estate taxes; . Personal property taxes; and . State and local sales taxes. . … To be deductible, the tax must be imposed on you and must have been paid during your tax year. However, tables are available to determine your state and local general sales tax amount. Refer to Form 1040 Instructions for more information. Taxes may be claimed only as an itemized deduction on Form 1040, Schedule A . Note it is the amount paid...not the amount that may have been charged. If your taxes are part of your mortgage, the amount the mortgage company estimates and charges monthly is different than the amount actually paid in that year. However, all you need to know about any taxes or interest charges will be provided by the mortgage company at the end of the year. Just use those values on your return. (If you use any of the popular tax return softwares, just follow the questions and answers....and if not...this is a great time to start)!. ( Full Answer )
To collect over $2 trillion the IRS would like about an $11 billion for 2008. Will likely be budgeted for much less. See link for wish list budget, which also shows anticipated revenues. http://www.gao.gov/new.items/d07719t.pdf Note: 1 trill = 1,000,000,000,000 1 bill = 1,000,000,000 So i…f we didn't just casually round the collections and you even just said 2.1T....that .1 T is one tenth a Trill or 100 Bill ! Their budget is well within the trailing rounding! (If your thinking of arguing something like it costs more to collect taxes than it's worth). . ( Full Answer )
When an individual whose name is on the property tax but is not on the deed after how many years can that individual claim the property the other parties the ones on the deed have not paid any taxes?
Answer It doesn't matter. Lots of landlords have tenents pay taxes as partof rent, it in no way constitutes any form of ownership, or vestedinterest in the property, without a contract stating it does, youhave no rights to the land. Stop paying and the town can take it,maybe you can pick it up for …peanuts in a tax lien auction. Irecommend that you contact a real estate attorney in your area forspecific information on your state's laws. ( Full Answer )
4%, but groceries and prescriptions are exempt. now it is 7% and groceries is 3%
Answer . Answer depends on where you live. No one answer fits all scenarios. Property taxes are based on "assessed values" of property i.e what your property is worth at a particular point in time compared to SIMILAR properties in your area that have SOLD within a 3 to 6 month period. Once you… have the assessed value established, then you multiply that by the "millage rate" or Mills or as a percentage i.e 1 mill is 1%. If the area your property is in had any new bond levies or bond passages, typically school and hospital, fire district improvements, the your millage rate will be higher than an area that did not acquire any new levies or bond passages. Example: $100,000. assessed value X .013856 (millage)=$1,385.60 annually. Check your county auditors office for millage rates for your area. ( Full Answer )
It depends. One of the most common ways to save money is to breast feed the baby if it is possible. It also goes a long way in the development of your baby. Studies show that the breast milk does wonders for you baby as it develops. Many important vitamins that only breast milk can provide, not form…ula or other bottled milk which are very expensive. One large can of formula can set you back (depending on where you live) $15-35 per week. Then you need diapers and again depending on several factors mentioned above can have a wide range in cost. About the same range as the formula. There is much to consider and the best place to go for answers and any help you need is first your family if possible, second is your local Department of Social Services which can point you in the right direction and provide you with detailed specific information that is very useful. ( Full Answer )
The amount, high or low, of earnings makes no difference as to if you get a refund or if you have to pay more. The accuracy of what was withheld or (your required quarterly estimated payments) to what your taxable income (an amount that is different than earnings) will be is the issue. Someone… making a very large income fairly regularly has a very large refund. If for no other reason than it becomes more difficult to figure out how much they need withheld from their pay. Or alternatively, they can be underpaid and owe more, because they have income from sources that don't withhold. ( Full Answer )
449.1 billlion u.s dollars - However, that's surface money that goes into "the education and social services" budget. Of that money, only about 25% actually goes to education. The rest goes to other forms of social services. Realistically, we're looking at around 100 Billion each year put towards …schools, and bear in mind that most of that money covers administration and buildings, the two biggest expenses of most schools. Also bear in mind that a typical textbook for a high school classroom comes in just short of $100 each, and is outdated in two years. ( Full Answer )
The property tax rates are set in each town. You would need to contact the town in which you are interested.
The tax rate on Ned Topolino's 112000 vacation home is 25 mills The property is assessed at full value How much will Ned pay in taxes this year?
One mill equals 1/10th of a cent (.001). To determine how much Nedwill pay in taxes this year, multiply the number of mills by .001.Ned's tax rate is 25 mills. Multiply 25 by .001 = .025 (rate) .Multiply the assessed value (112,000) by the rate (.025) = $2,800.Ned will pay $2,800 in taxes this year.… ( Full Answer )
Property taxes are a direct tax. Income taxes are an indirect tax. All direct taxes must be apportioned, and all indirect taxes must be uniform. "The Congress shall have power to lay and collect taxes, duties, imposts and excises." Art. 1, Â§ 8. If the tax is a direct one, it shall be apportion…ed according to the census or enumeration. If it is a duty, impost, or excise, it shall be uniform throughout the United States. Together, these classes include every form of tax appropriate to sovereignty." Steward Machine Co. v. Davis, 301 U.S. 548, at 581 (1937). The importance of defining a tax as either a direct or indirect is necessary to the extent that country needs to define the object of taxation: In the direct income tax (this is non-existent in the United States) the subject of the tax is income (property); In an indirect tax the subject of the tax is the event that produces the income. Imagine this scenario: Tax collector: Knocks on door Taxpayer: Hello how can I help you? Tax collector: I am here to collect $1400 in taxes. Taxpayer: I was not aware that I owe these taxes! Tax collector: Yes sir you do, please pay now or you will be prosecuted. If you are found guilty heavy fines will be levied and/or you may be imprisoned. Taxpayer: How did i come to owe this tax? What exactly are they taxing? Tax collector: Well sir we don't need to tell you what we are taxing. It should suffice that we follow the law, and right now the law says that you owe $1400 dollars in taxes. Taxpayer: I just want to know...are you taxing my house my car, what exactly are you taxing! The personal income tax is an indirect tax: . "Moreover in addition the conclusion reached in the Pollock Case did not in any degree involve holding that income taxes generically and necessarily came within the class of direct taxes on property, but on the contrary recognized the fact that taxation on income was in its nature an excise entitled to be enforced as such...." . The 16th Amendment did not give any new power to tax income. The 16th Amendment merely forbade congress from labeling the income tax a direct tax: . "[B]y the previous ruling [Brushaber Case] it was settled that the Sixteenth Amendment conferred no new power of taxation but simply prohibited the previous complete and plenary power of income taxation possessed by Congress from the beginning [of our national government under the Constitution] from being taken out of the category of indirect taxation to which it inherently belonged...." Brushaber v. Union Pacific R.R. Co., 240 U.S. 1, at 16-17 (1916) Stanton v. Baltic Mining Co., 240 U.S. 103, at 112 (1916) Direct and indirect taxes are natural events, the founding fathers merely define them for the purpose of collecting taxes. The distinction cannot be destroyed any more than the effects of gravity can be destroyed by definition. What is an indirect tax? "A tax laid upon the happening of an event, as distinguished from its tangible fruits, is an indirect tax." Tyler v. United States, 281 U.S. 497, at 502 (1930) The subject of the income tax is the event that produced the income. For example if you were sweeping the floor, you are being taxed for sweeping the floor; if you are applying CPR as an EMT worker you are being taxed on saving someones life. If you produce tobacco or alcohol title 26 readily labeled these as taxable events. All taxable events are clearly stated in Title 26. Indirect tax samples: 1) When you pay a toll to cross a bridge. The tax is on the event of crossing the bridge. The tangible fruit is the money the toll booth receives. The money is not the subject of the tax, and neither is the bridge but rather it is the crossing of the bridge. 2) When you purchase a television from Walmart and pay sales tax the sales tax is not on the television or the receipt of money. The tax is on the event of buying / selling. Interpreting the 16th Amendment: "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration." United States Constitution, Sixteenth Amendment. 1) The 16th Amendment did not give congress any taxing power. The 16th Amendment did not create the income tax as the income tax was legal since the beginning of this country. The legality of collecting income tax stems from Article 1 section 8. However, not all income producing events are taxable. Those that are taxable are clearly stated in Title 26. 2) Since the 16th Amendment all personal income taxes are indirect. They must follow the rule of uniformity and not apportionment. The rule for apportionment or enumeration are only for direct taxes. 3) The 16th Amendment was a result of the Pollock decision: Pollock v. Farmers' Loan & Trust Co., 158 U.S. 601, at 637 (1895) The lower courts have been challenged with this distinction: One court defines the subject of the tax as income (property), while another court in the next county as the event. For one hundred years, and in confusion, the lower courts have varied the subject of the income tax. When the courts do make the correct distinction, that the subject of the income tax is the event, the event is clouded in generalities. 1) "16th Amendment eliminated the indirect/direct distinction as applied to taxes on income." United States v. Turano, 802 F.2d 10, 12 (1st Cir. 1986) 2) "The tax is, of course, an excise tax, as are all taxes on income..." White Packing Co. v. Robertson, 89 F.2d 775, 779 (4th Cir. 1937) 3)"[T]he Supreme Court explicitly stated that taxes on income from one's employment are not direct taxes and are not subject to the necessity of apportionment." Ficalora v. Commissioner, 751 F.2d 85, 87 (2nd Cir. 1984) 4) "The Supreme Court promptly determined in Brushaber... that the sixteenth amendment provided the needed constitutional basis for the imposition of a direct non-apportioned income tax." Parker v. Commissioner, 724 F.2d 469, 471 (5th Cir. 1984) 5) "The cases cited by Francisco clearly establish that the income tax is a direct tax, thus refuting the argument based upon his first theory. See Brushaber v. Union Pacific Railroad Co., 240 U.S. 1, 19, 36 S.Ct. 236, 242, 60 L.Ed. 493 (1916) (the purpose of the Sixteenth Amendment was to take the income tax 'out of the class of excises, duties and imposts and place it in the class of direct taxes')" United States v. Francisco, 614 F.2d 617, 619 (8th Cir. 1980) ( Full Answer )
States can raise taxes and they do this all of the time. All stateshave their own sales tax rate.
it depends on the price of the home you purchase. the less the appraised value is, the less you pay in taxes. the higher the more money spent on taxes. its safe to say about 1.25% of your home purchase price is due annually. for example a 169k home purchased would be 2112 bucks per year. payable in …2x payments or one lump sum. of course you can save in installmenst and set aside for the lump payment ;) ( Full Answer )
Hey im Emma and the answer is.......... Â£110.000. He timed it by 4x the amount
The property tax in California can vary from year to year. However, to calculate the California property tax for one's home is quite simple. The tax can not exceed more than 1% of the home's value and can not increase more than 2% from the previous year.
Without having your filing status (Single, Married Filing Jointly, etc.) and income, it's not possible to determine your tax benefit. In general terms, your one-year-old dependent is entitled to a dependent exemption. That exemption reduces your income by $3,650, in addition to whatever other exempt…ions (your personal, your spouse) you have. Also, your child may reduce the amount of tax through certain credits (such as child/dependent care expenses). Furthermore, depending on your income and filing status, you also may be eligible for other credits such as earned income. ( Full Answer )
You worked the majority of the year in Texas and moved in October to Virginia one state has no state tax the other does how do you file your taxes with this split between 2 states?
Virginia residents usually file their taxes on Form 760, but there is a special form -- Form 760PY -- for part-year residents. Basically you have to calculate all the income you received from any source, inside or outside Virginia, from the day you arrived in Virginia and pay taxes on it. So you …will pay taxes on any salary you received after you moved to Virginia (even if the salary was paid by your old employer from Texas), any interest that was paid on your bank accounts after you moved to Virginia (even if the accounts are at a Texas bank), any investment income realized after you moved to Virginia, etc. Remember that if you sold your old house in Texas, but didn't close on it until after you moved, the profits (if any) would be taxable in Virginia. If you decided to hang onto your old house in Texas and rent it out, the rent collected after you moved would be taxable in Virginia. Basically anything that happens anywhere in the world after you move to Virginia is taxable in Virginia. ( Full Answer )
Better check with your local tax office. Not TOO many years... most jurisdictions quickly seize property for non-payment of taxes and sell them ASAP.
California State University: Chico Chico, California Annual College Costs (Fall 2009) . In-state tuition and fees: $4,664 . Out-of-state tuition and fees: $14,834 . Room and board: $9,996 . Books and supplies: $1,656 . For the source and more detailed information concerning your reques…t, click on the related links section (College Board) indicated directly below this answer section. ( Full Answer )
The property tax rate for Hamilton Twp NJ is 3.763% which is the 2009 rate. The 2010 tax rate will be released with the 3rd Qtr billing due 8-1-10. Many towns are late to establish a tax rate and hence extend the third quarter due date. To calculate the property taxes per year charged to your pr…operty: Example: The total assessment of your property is $50,000 per the municipal tax assessor office. $50,000 times .03673 (decimal format) Equals $1,836.50 property taxes billed/owed per year regarding your property. This is the total amount billed for 2009 calendar tax year. . 2010 first and second quarter will equate to one half of the total 2009 taxes billed.. New tax rates are always established during the 3rd quarter of the year in towns such as Hamilton which use a calendar tax year (only other option is a fiscal tax year).. ( Full Answer )
The property tax rate in your local area will be the same per year no matter how you acquired the property. The rate will be a percentage of the value of the home.
There is no property tax on cash. The property tax on land or real estate valued at 5.9 million dollars will vary depending on the location, the purchase price and (in California) the purchase date.
Property taxes are paid to local governments like counties, not states. If a property is sold at foreclosure auction, usually the county property taxes are paid first out of any proceeds from the sale.
A real estate assessment can be increased by the local assessor toreflect new construction before a certificate of occupancy (CO) isissued. The local assessor may make an on-site inspection todetermine the level of completeness of construction or make anassumption that the structure is complete with…out an inspection.The local building inspector (usually from a separate department ofthe city or county) may make a separate inspection before issuing aCO. However, many local assessors use the CO as a trigger thatalerts them to a completed structure. Although assessing andbuilding inspections may be separate departments, their computersystems are often linked. Please call to your local assessor to getspecifics for your city, county, or state. ( Full Answer )
You live and work in one state and have a rental property in another state. Do you have to file a tax return in the other state?
Yes the state where the source of the rental income is from wants some income tax on that rental income that you have received from the nonresident state. A nonresident state income tax return will have to filed with the state where the rental property is located.
According to a Tax Foundation report released in October 2009 that averaged real estate taxes paid during the period from 2006-2008, the lowest property taxes appear to be in the state of Louisiana. The report shows median real estate taxes paid in each county and Louisiana appears frequently in the… lower amounts. It is important to note that real estate taxes vary from county to county within a state. ( Full Answer )
The property tax rates are set in each town. You would need to contact the town in which you are interested Go to the below enclosed website for more information brtweb.phila.gov/ The Department of Revenue is responsible for collecting real estate taxes. Please visit the Department of Revenue W…ebsite for information regarding the billing, collecting and accounting of real estate taxes. You may also access a property's real estate tax balance information on the Department of Revenue Website from the BRT Property Search Service . 3.305% (CITY) + 4.959% (SCHOOL) = 8.264% (TOTAL) To determine your tax due amount take the total rate times your assessment. Please refer to the Board of Revision of Taxes website at brtweb.phila.gov to find your assessed value. ( Full Answer )
Kentucky does charge property tax every year on vehicles. I think that is why many people stick with their old car longer, which hurts car sales I would think. I feel that the law is not fair as other purchases I make and hold onto are not charged the very next year and every year after that just be…cause you own something. I pay tax on an item when purchased, that should be it! Kentucky sucks. ( Full Answer )
Can you claim adverse possession on property if you have paid delinqunt taxes and maintenance on the property for 17 years in the state of Texas?
I have paid delinquent taxes and maintenance on my deceased great -grandmother's property for seventeen years. She did not have a will. Can I file an adverse possession for the title on the property, in the state of Texas?
One can appeal property taxes at the end of every year. A tax bill is sent at every year to pay property tax from the government. It is your responsibility to pay these taxes.
It's treated as capital gains; you only pay tax on the profit (the amount you sold it for, minus the amount you paid for it plus any improvements you made). "How much" varies, if you can't figure it out, you should probably consult a tax professional.
Actually, most objective sources say he has cut taxes, especially for small businesses and working families. His political opponents claim he raised taxes on everyone, but there is not much evidence to support this claim. In late 2011, the fact-checking site Politifact.com said President Obama's ass…ertion that he had lowered taxes for the middle class was true. ( Full Answer )
How can you get a clear title when buying land from someone that has been paying taxes on a property for 28 years but does not have the title or deed for that land in the state of Texas?
You need to contact an attorney who specializes in land law. You need to contact an attorney who specializes in land law. You need to contact an attorney who specializes in land law. You need to contact an attorney who specializes in land law.
i will make 30,000 a year at a new job in texas..how much do Ibring home a month after taxes and social security
One mill is a real estate tax levy of 1 dollar for every one thousand dollars of assessed value. The real estate levy is known as the millage rate. For example, if your city or county has a current millage rate of $21 per $1,000 of assessed value and the current assessment for your home is $100,000,… the annual real estate tax levy would be $2,100 (100,000 divided by 1,000 = 100 multiplies by $21.00 = $2,100). Not all states use a millage rate (rate per 1,000) some set a levy rate per $100 of assessed value. Ask you local assessor to be sure. ( Full Answer )
under international comity, the property of a foreign state orgovernment may not be taxed by another.this principle is based onthe sovereign equality among states under international law thatforeign gov.may not be sued w/o its consent.
All of the states in the United States have property tax exemptions for government owned properties (local, state, and federal), certain educational organizations, qualifying religious organizations, and certain qualifying nonprofit organizations.
Usually you will have to go to a government agency to get property tax information. Sometimes you will be able to talk to current or previous owners of the property though.
In the United States of America, county level tax assessors keep track of the assessed value of the property and the amount of taxes due and amount paid. These are public records.
Property taxes in all states depend on the size of the property and its location. In Ohio homes have property taxes in the 1.5 - 2.5 % range of the purchase price. Ohio also has city wage taxes generally in the 2% to 3% range.
There are many different ways of taxation in the United States. The primary tax is the income tax which can be as high as a 39.6% marginal rate. There is also a capital gains tax of as high as 20%, as well as state and local income taxes which can be as high as 10%.
One can find property tax records through the PublicRecords website. Alternatively, one has the right to know one's own property tax records from one's taxation preparation service.
The taxes in California varies by what city in California someone is in. The rate varies of 4% to 7%. This rate for general goods. People in California also pay an income tax.
The decedent's estate must be probated in order for legal ownership to pass to the heirs. The legal owners are responsible for paying the taxes. If one heir is living on the premises they should all make up an agreement in writing as to who will pay the expenses.
What is Gov. Scott Walker's view on lowering property taxes but raising sales taxes in the state of Wisconsin?
Governor Scott Walker believes that lowering the taxes but raisingsales taxes in the state of Wisconsin will create jobopportunities. Personally, Fellow Contributor, I think that the angle you havepresented here is not a viable one for the overall unemploymentproblem. I had been looking for a job f…or 9 very long months andfinally, after random odd jobs, being diagnosed with Stage 1starvation/malnutrition even on food stamps, and having to rely onthe church to provide and literally save my life, I believe thatgiving a tax break to the rich just to rob a majority of society inthe process, is not motivation for employers to hire people. Whenthe factor of downsizing, whether due to technology, financialstability or outsourcing occurs, the ability or need to hire a newgeneration of workforce members is going to always limitemployment. Please expand on your opinion. ( Full Answer )
In the US it cost around 245,000 dollars to raise a child. The costis estimated from birth to 18 years old.
It's a city tax you pay twice a year on your property-based onpurchase price, generally it is taken care of for you by mortgageservicer out of escrow acct monthly. They set aside based on whatis projected and pay it when billed for you. The percentage isdifferent for ea. state. if it's 1 percent and… house was 100k forexample it's 1k per year/2 500.00 payments. Your escrow acct isperiodically reviewed and will be adjusted up/down to cover ifnecessary along w/HO insurance etc. ( Full Answer )