Tom Kent
US Veteran
I just paid my homeowners for this year and it has doubled since last year even though I have NEVER filed a claim.
I HATE PAYING INSURANCE (and taxes)
- Thread starter CAJUNLAWYER
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Well, being 100% Italian I am somewhat familiar with the practice paying for "protection." Sometimes you pay so nothing bad happens to you. At least insurance companies don't rearrange body parts. The .gov is another animal completely. Like the Gambinos, the .gov will collect the vig regularly and it will increase steadily. The will take your stuff if you refuse and send guys with guns to your house to kill you if you resist. I'm current. Joe
Exactly. We all will be paying. The insurance companies raise their rates nation wide, not just in the coastal areas, to help recover the losses.
Take your MRD and put it into a non-IRA investment.
Here in Texas, since I am 65, once the hacienda is paid for ( $20K owed ) I can forego the property taxes, about 12K a year.
Once we pass, they will have to be paid before the house can transfer, but I'll be gone by then.
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At risk of seeming smug (well, maybe not just seeming), here in NM my property tax is $900 annually on 2000 sq ft and 5 acres. We have NO personal property tax, do not pay tax on private auto sales, and seniors making less than $75k each pay no state income tax on SocSec. We don't have many govt services, but I don't use many.
Texas doesn't have state income tax, but boy howdy, they have lots of tax on everything else!
Texas doesn't have state income tax, but boy howdy, they have lots of tax on everything else!
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HOUSTON RICK
Member
The only thing worse than having to pay taxes is NOT having to pay taxes. I guess the insurance companies figured there is still money in Louisiana that they do not have yet.
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I live in Texas and that is not even close to my interpretation of the property tax situation.
My understanding is that once you qualify for the "senior" deduction (assuming a "homestead") they heavily discount the school tax (which is by far the largest portion of your property taxes) and freeze the tax rates. Regardless of any mortgage balance due. But you'll still owe something every year.
But those don't have to be repaid upon your demise.
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Texas also allows an "Over 65 Deferral." You still owe the tax, but it doesn't have to be paid until the homestead is sold. Of course, they add interest every year as well. It's probably not the best option if you can afford your taxes every year, but if you can't it lets you stay in your home until you die. Then it's your heir's problem to pay it off.
I already get the over 65 homestead deductions. On the tract that I have ag exemptions on, I get change back from a $20 bill. Read a little deeper into the regs. I have already been to the tax office and verified it.
The Texas Tax Code, Section 33.06, allows taxpayers 65 years of age or older to defer their property taxes until their estates are settled after death.
I have no heirs.
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LVSteve
Member
I was recently doing research into moving to Texas. The property taxes there are outrageous, although not quite to Ohio or New Jersey levels. The homes I researched started with $4200/year taxes in most places. That's $350/month. Finding newer homes with taxes over $5k/year was not a problem. 
So tell me, what are the wonderful government services you are getting with all that money?
So tell me, what are the wonderful government services you are getting with all that money?
I think a large chunk of our taxes goes toward paying the government to stay out of our business, rather than strangling us with "social services".I was recently doing research into moving to Texas. The property taxes there are outrageous, although not quite to Ohio or New Jersey levels. The homes I researched started with $4200/year taxes in most places. That's $350/month. Finding newer homes with taxes over $5k/year was not a problem.
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cherrypointmarine
Member
After Ian , I can't wait to see what it's going to be like here in Fl. right as well bend over , not much you can do about it . Our Citizens is supposed to be in good shape , but we'll see .
One of my buddies paid off his house a while back . He said goodbye to insurance , takes the amount he would pay and sticks it away . It'll be bad if his house is totalled , but he said he'll just rebuild it the way he wants .
One of my buddies paid off his house a while back . He said goodbye to insurance , takes the amount he would pay and sticks it away . It'll be bad if his house is totalled , but he said he'll just rebuild it the way he wants .
Alton
Member
I was recently doing research into moving to Texas. The property taxes there are outrageous, although not quite to Ohio or New Jersey levels. The homes I researched started with $4200/year taxes in most places. That's $350/month. Finding newer homes with taxes over $5k/year was not a problem.
Yep do not retire and move to Texas, you will not like your property taxes. If you are still working you do not pay state income taxes. I think some are moving back to California. FYI some homes in Austin cost more than California. So the cheap housing market is gone. Five years ago a new home cost $100 a square foot, today $250 in most cities. In Austin $750 a square foot. A good friends son bought a 2,000 square foot home and paid $1.5 Million in Austin. And you wonder why your insurance is going through the roof, the replacement cost has doubled
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O.K. I get it, that's a different animal from the school tax they discount for seniors. I've never heard of the deferral. Good to know. Doubt I'll ever use it but it would be preferable to being thrown out of your house over taxes for those that just can't pay them.
LVSteve
Member
News show this morning talking about inflation says on average (sorry, Caje) we are paying 28% more.
I was recently doing research into moving to Texas. The property taxes there are outrageous, although not quite to Ohio or New Jersey levels. The homes I researched started with $4200/year taxes in most places. That's $350/month. Finding newer homes with taxes over $5k/year was not a problem.
They don't have a state income tax, so when doing state to state comparisons you have to take that into account.
Some examples from June 2021 of insurance discounts offered in Louisiana, for structures which get certified as Fortified. Tax credits may also be available to offset the cost of fortification.
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Subsidies for moats, redoubts, pillboxes and turrets? Cool!
LVSteve
Member
I don't have state income tax in NV right now, either. Mind you, at the rate we are going, I won't have water out of the faucet, either.
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