I'm not a tax lover by any means, but want to ask if this came true, how would Texas pay for the legitimate state government functions and reasonable school financing?
I had that question in mind too but after thinking about it, this would give a tax break mainly to us old guys/gals. The average home owner stays in their house less than 5 years. My question would be how would you manage this, what stops someone from fraudulently abusing this.
In our county we get a Homestead exemption and a 65 and over property tax break. Last year and the year before we paid No property taxes, so now you know how old my wife is
I could not believe it, I called them numerous times, they said we met our tax threshold, whatever that meant. I believe it is that they take their exemption percentage off the value of your house and calculate the taxes from it. You math/numbers guys help me with this
I remember calling them years back and they told me wait till you are 65 you will get around 60% of your taxes.
As for the School tax ours froze at a certain % when we took the 65 and older exception. They cannot charge us more than 1.300100%, BUT if our house value goes up, which ours has almost doubled from when we bought it 10 years ago and continues to rise every year, then you will pay school taxes with the frozen % on the new value of your house. Think we paid about $150 more last year on school taxes.
Lastly, WHY are we still paying school taxes, that is my question, especially now with so many home schooling? We have not had kids in schools for decades. We are told the generation before us paid for our kids so we are paying for this generations kids. Smells like BS to me.
Our Highest expense every year is Insurance (Home Owners. Vehicle, Medical), it trumps all other expenses...