FISD Plans Another Tax Increase

[Geck]

Originally Posted by whatsthat

Rebel...I know.....but dont be baffled...read my prior post

Post 104
So we are clear.....my point is anti property tax not pro state income tax. I threw out State Income Tax cause the lack of has placed greater burden on Property taxes and given the choice.....

I just dont believe in the heavy reliance on Property....and per the OP....THEY ARE RAISING IT

A Consumption tax doesnt punish people by kicking them out of their homes

BTW...they had a cash reserve of 15 months if one lost their job.....6 months if both lost their job. reducing their monthly mortgage by $250-300 could have extended their reserve.

Nobody is kicking these people out of their homes. THEY HAVE A CHOICE. Pay and Stay or Sell and Go. Isn't America a wonderful place.

ah Freedom... it's a wonderful thing.

[TPW]

Grover Norquist just now on ND. Removing Property tax requires that revenue comes from other areas which most likely means some type of tax levied at the state level and that takes control of the money away from the local level. Won't happen and shouldn't happen in ND. In fact he said they should look at REMOVING THE STATE INCOME TAX.

[GladysKravitz]

While the taxes do not go away, those over 65 can defer their taxes until they leave the home.

From the State of Texas site:

If you are a homeowner age 65 or older, you may defer or postpone paying any delinquent property taxes on your home for as long as you own and live in it. To postpone your tax payments, file a tax deferral affidavit with your appraisal district. You may suspend any lawsuit by filing an affidavit with the court. The deferral is for all delinquent property taxes of the taxing units that tax your home.

A tax deferral only postpones paying your taxes. It doesn't cancel them. Interest is added at the rate of 8 percent a year. Once you no longer own your home or live in it, past taxes and interest become due. Any penalty and interest that was due on the tax bill for the home before the tax deferral will remain on the property and also become due when the tax deferral ends.

[Brian]

Originally Posted by Piiilot

Well first of all, I believe in Texas the elderly are exempt from school taxes, but someone please check me on that. Second, if we don't pay stay income tax, how exactly would you propose we pay for our schools ?

I'm sure someone already replied but ARE YOU SERIOUS???? EXEMPT from school taxes. If that were true, seniors would be moving here faster than you can say FRISCO! They get an exemption, they are not exempt from paying.

The problem is this: right now we are all working and love our big homes. When we are older, you will either be paying a fortune in property taxes when you retire or sell your home and possibly be paying more for the new home and thus high taxes anyhow. Frisco really doesn't care about seniors right now because the average age is very young. They are happy to take your money in property taxes. In 20 years, it will be a new financial game here.

I have no idea why anyone defends the city/ISD on taxes (except Rebel and we all know why for him).

Frisco has been increasing taxes very frequently. We are now the fastest growing city (over 100k pop) in the US. I can't figure out why this huge population increase (more tax revenue) doesn't offset the spending increases.

[Brian]

Originally Posted by GladysKravitz

While the taxes do not go away, those over 65 can defer their taxes until they leave the home.

From the State of Texas site:

And leave the bill to your family when you die I assume.. ouch at 8% too.

[Brian]

Originally Posted by whatsthat

To answer your first 3 questions....many

Now answer mine. How many foreclosures you think could be avoided by lowering peoples monthly mortgage payments by $250-$500 per month by doing what ND is doing?

ETA: Median age in Frisco is 34 with a $100K household income. Try stepping out of YOUR world. Not everyone bought their homes in the last 3-4 years. How bout the people who bought 20 years ago and became ill...lost a spouse....and what about those who lost their job and had to take a job with a lessd salary. To bad so sad...get the hell out of your home. What if their payments were $250-500 less per month?

If you bought your home 20 years ago you shouldn't owe very much on it right? The problem today is small down payment, too large of a home, no savings.. and well when something bad happens whose fault is it really?

[Brian]

I remember when Frisco would brag about the lowest taxes in the area, now they say one of the lowest.. soon it might be hey we were low but too bad.

This goes back to mine and a few other posts, it's not relevant now and the city/isd knows it. Low age, high income... people will pay and not even care about it right now. The taxing entities know they can do whatever they want, legally, and as our famous Simpson once said (before scamming us on the Arts), it's only the cost of a movie for the family each month.