NH is still 0%.
Just curious, what are the primary sources of your state’s income? Texas boasts low taxes, but some folks who live there refer to it as “Taxes” instead of Texas … lol … I think b/c that state has pretty high property taxes.
What if I buy a 10 pack of 15 cent light bulbs for my car?
What about when your children are paying a $6.50 per item tax?
No, just the diesel tax. And higher registration fees, but that does not change based on use. The amount of damage to roads caused by big rigs is huge compared to cars. As in, most of the damage to asphalt is from heavy trucks. They’re responsible for the majority of road upkeep costs.
Discussing with my bil, South Dakota has no income tax. They rely on a sales tax on pretty much everything plus property tax. His seem quite a little bit higher than Minnesota but hard to compare. Back in the 60s they tried to hit me for personal property tax but ignored them. Can’t say if they still have that or not. Minnesota has everything, income, sales, re tax etc., but no city income tax like Ohio.
Clearly google doesn’t know the difference between real estate taxes and personal property tax. I suspect sd rolled the personal property tax into their sales tax at some point.
I had to look it up. Kinda surprised me. Biggest tax revenue is Tax on meals (tourism).
IIRC, NH also derives a lot of revenue from the state-run liquor/lottery ticket store located on the NH Turnpike and a bunch of other places.
Not from me they don’t. Our property taxes are considered high, but no where near as high as property taxes in NY, and just a little higher than MA. Both those states have Sales and income tax. Unfortunately I work in MA, so I have to pay MA income tax (taxation without representation). At least when I buy a vehicle in MA, I don’t have to pay a sales tax on it. But NH does have a yearly excise tax on vehicles.
Overall our tax burden is one of the lowest in the country. But we also have a lot less services than other states.
Ah, my property taxes when I lived in MA were significantly lower than when I moved to NH.
I had to look it up just to reaffirm but this shows MA at 34 out of 51 and NH at 49.
That ratio matches what I figured at the time- adjusting for house value change and taxes paid.
I have the same double whammy. Income tax in MA and real estate tax in NH…
I have no clue what that chart you posted from Rocketmortgage is reporting, but my property taxes in California are far more than what that thing says. In California the appraised value of a house is what you paid for it when you bought it, plus no more than 2% a year after that. At this point my house is assessed at $552,500 and my tax bill for the year is $8900. Maybe the chart only tracks State tax, but we pay county tax and city tax as well as neighborhood assessments and all sorts of bonds and add-ons. I don’t care what you call it, we pay one bill. I guess our tax rate is about 1.6% of appraised value.
That’s just state property tax there may also be a local component. Also, there might be personal property taxes (not real estate) from the state or locality.
Jesse Ventura in Minnesota managed to get 2nd home re taxes reduced from 2% to the standard 1%. This was a big deal because people that had cabins were getting killed with increases in value. Yes these are popular in Minnesota but a number of them had been in families for generations and were being forced to sell.
This year, my tax went up substantially with no increase in the tax rate. I was not alone and people asked how their values could go up so much in a recessionary market? The answer was that the values were based on two years ago when the last appraisal was done. Two years from now I’ll see if there is an adjustment. So the secret is keep increasing the values and you’ll never have to change the rate. In 20 years I’ve never actually paid less tax in good years and bad.
Years ago our governor perpich organized a waste and mismanagement work group which I was priveledged to be a part of. The results were astounding and he was dfl. How refreshing it would be to see a similar effort instead of throwing away an 18 billion dollar surplus to be carried forward for every year from now. Out of control and off the rails.
My friend has $700k, 5k sq/ft house in ky. He wants the same size/value in mn. When he moves back. I think he is nuts. I want a 1 level, 2 bedroom house w/1800 sq/ft. To keep value low? And taxes?
Interesting to see home prices from other parts of the country. 5k sq/ft home in the Boston area is well north of $1.5m. In small town where I grew up north of Syracuse - $500k.
It’s partly/mostly because there is no income tax.
True. And real estate taxes are moderate.
Friend is 20 mi south of Cincinnati. Not exactly hillbilly heaven. He even lives on golf course. He mowed his lawn yesterday. I have 14” of snow in my yard
We had two K-Marts near us that closed 10-15 years ago. We knew a department manager who worked in the first to close and transferred the last one to close. He advised us that we did not need to bother going to their close out sales as any items of value were taken off the shelves, sent back to the distribution center for redistribution to other stores, and only the low-end and seasonal items were actually put on sale. Great bargains on garden supplies, paper products, seasonal clothing, and children’s cloths, but no tires, batteries, bicycles, sports equipment, etc…
Re Calif property taxes
The dollar amount is pretty high b/c the property values are high. But the % is lower than other nearby states. Even more-so when comparing a Calif property owned for more than 10 years. Calif severely limits an increase in appraised value as long as ownership doesn’t change. Other nearby states increase the appraised value yearly, consistent with nearby sales. In those states, very easy to end retired, low pension income, living in a house you can no longer afford b/c of the property taxes.
Biggest tax problem here is income and gasoline taxes. Sales tax pretty high %, 10-12%, but no sales tax at all on food.
That’s the way minnesota was back in the 50s or so. Tax value stayed the same until you sell. But the dragon needed more. I just sent a fairly good sized check for first half property tax. Haven’t done income tax yet but I expect it will be anther good sized check like always. There is no good answer except why do we need 2000 more employees and pay reparations when we weren’t even a state until 1858. Plus a lot of our boys died at Gettysburg. Wasn’t that enough?
My taxes are reasonable, I can afford the 75 cents.