The first thing that affects your property taxes is the spending habits of your school district, other taxing districts, county and city. If the school district has big plans for renovations, new computers, raises in salary or anything else pertaining to the school district, you may see an increase in property taxes to support their spending. Keep in mind that there is a point when the state draws a line on how much can be charged to your property taxes. Many school districts have to find other means to accomplish everything on their agenda because they are only allowed so much money from taxes. (more…)
Archive for May, 2010
What Really Affects Your Property Taxes
Friday, May 28th, 2010
What Is Included In Personal Property Tax
Thursday, May 27th, 2010Property tax and personal property tax is different because the property tax deals with the building and land. Personal property tax deals with vehicles, boats, planes motorcycles and other motor vehicles. Any type of artwork is subject to personal property tax. If you have a business, any of the inventories is subject to personal property tax as well as bonds or any stocks. The only thing not subject to tax is household goods or personal belongings. The state, rather than the community, governments more commonly do personal property taxes. This, however, may be different from state to state. (more…)
Understanding Your Property Tax Bill
Wednesday, May 26th, 2010Taxes tend to be one of those “thorn in the side” issues and property taxes are no exception. We’re going to focus the next few blog entries around things that can help relieve some of that pain. We’ll start by making sure that we are all on the same sheet of music. The first thing to understand about your property tax bill is the terminology. Many people look at the tax bill and see a bunch of numbers that have no meaning to them. In reality, they do have a special meaning to the property owner. If you do not understand what the sections on your property tax bill mean, you might not know if this bill is correct or not. Here are some terms that you need to understand when looking at the tax bill. (more…)
Does It Make Sense to Get Into The Market for Troubled Homes?
Monday, May 24th, 2010
In March, RealtyTrac, a leading online market for foreclosure properties, reported that February 2010 foreclosures were actually down 2 percent from the previous month.
Yet, RealtyTrac indicates this break might not last long. Even though the 6 percent year-to-year increase in February foreclosures was “the smallest annual increase” RealtyTrac recorded in 50 straight months, it believes that current foreclosure prevention programs and processing delays are keeping a lid on the numbers. If those programs end and processing glitches lift without an upswing in the economy or job market, or the foreclosure could accelerate. (more…)
Adult Children with Nest Eggs Can Create Private Low-Cost Reverse Mortgages for Their Parents
Thursday, May 20th, 2010Parents typically don’t like to burden their kids with their financial problems. That hesitancy can sometimes lead seniors to choose financial solutions that charge high fees and often don’t deliver what they promise.
Reverse mortgages – advertised so frequently on TV and other media have become a major attraction for people over the age of 62 who need to pay medical bills or otherwise have a need for cash. They are perfectly legal transactions under the law – they are called “reverse” mortgages because of the way they work. Instead of the borrower making payments to the lender, the lender releases equity to the borrower in a lump sum or monthly cash payment, or as a line of credit. (more…)
Options to Consider Before Bankruptcy
Tuesday, May 4th, 2010Debt has become a MAJOR factor in the lives of many people. Getting out of debt is rapidly becoming an essential endeavor and is being undertaken by many in today’s economy. But, in some cases, bankruptcy may be the only option. We wanted to give you some things to try before you attempt to take that big step and claim bankruptcy. In some cases, there are options to eliminate some of your bad debts in a more suitable manner. (more…)
What to Know and Ask About Disability Insurance
Monday, May 3rd, 2010The commercial featuring that loud, quacking duck has gone a long way to making people think about individual disability coverage as a way to keep bills paid if the family breadwinner gets sick or injured over an extended period of time.
It’s true — individual disability insurance is more important than ever, and every working individual should have it.
The key is shopping smart for that coverage. A financial planning professional is a good first stop for advice on that coverage, which should be considered as part of an overall financial plan.
Why is it a good idea to have personal disability coverage, particularly when most employees can buy such coverage at work for a nominal fee? That’s because most employers offer disability coverage that lasts 12 weeks or less and covers less than 60 percent of a worker’s pretax income. That might be workable for a surgery or injury with a relatively quick recovery time on the couch, but a diagnosis for even the most curable cancers can put workers with even the best financial coverage into a devastating financial bind. (more…)
