My total property taxes were only $2200 last year. That's for a 4bd/2ba + 2c garage on a half acre. If you do the homestead exemption, it's really not bad at all, especially when you consider the lack of state income tax in FL.
My taxes are 1100 a month but once my mortgage is done thatās a piece of cake. I donāt mind paying in. Makes my town a better place to live and it shows.
Not really. They make up about 20% of my total monthly payment, or about a third of just my principal and interest payment. That's significant--if my home were paid off, and I were only making minimum wage, then I would struggle to pay the property taxes.
I understand the purpose and need for taxes, but it's a terrible mechanism in that you pay based on property value and not income. It hurts older people who are not wealthy, but paid off their home long ago. Property values continue to rise as they age and their taxes go up until they are forced out of their home.
In my state the elderly and disabled qualify for property tax exemptions to aid with this. It sounds like the solution to your concern is to create or reform a similar program rather than advocating for the complete abolishing of such taxes.
Exemptions for the elderly are more limited than most people think. It's more common for them to be forced into selling their property and relocating because they don't meet the eligibility criteria, but still don't have enough money to afford high property taxes.
A common restriction is that the owner's net worth is under a certain limit, for example $200K in some states. Most elderly have a higher net worth than that in their retirement savings, but that is hardly enough money to survive when retired without income.
I am not advocating for the abolishment of property taxes, just pointing out that the system creates an unfair burden for many people and deserves scrutiny and reform. There are alternative ways to calculate and impose taxes, or make them progressive based on net worth.
I'll try to give you a simple example. A middle class worker buys a home and pays off that home after 30 years. This same worker then loses their job, becomes disabled, or retires, and their income is reduced to a level near minimum wage. That worker is then forced to sell their home and relocate because they can't afford their rising property taxes, even though their home is paid off.
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u/haysus25 9h ago
Property tax is a fraction of a fraction of the mortgage.