Taxes

[Valmy]

I better keep my property tax amount secret. It will make Val mad. 

Texas funds itself via property taxes, it is how we get away with no State income tax.  So it would not surprise me if they are significantly lower in states with state income taxes, but I have no numbers to back my suspicion on that up.

[The Minsky Moment]

NYC has a city income tax and so the property taxes are not wildly unreasonable.
However, the immediate suburbs in Westchester and Nassau (Long Island) have some of the highest property taxes in the country.

[Grey Fox]

Looking at property taxes, it's ridiculous at $3500/year for a $130,000 house.

I pay significantly more than that for my $144,000 house.  Just outrageous.

Who pockets the money? State or City(county?)

[Malthus]

Yeah, in Ontario there is a wonking big sales tax (the HST) as well as property tax.

[Valmy]

Who pockets the money? State or City(county?)

All the above (well...maybe not the city I will have to check) but the real blood sucker is the school district.

[merithyn]

Looking at property taxes, it's ridiculous at $3500/year for a $130,000 house.

I pay significantly more than that for my $144,000 house.  Just outrageous.

Yes, but I pay state income taxes, too.

[Grey Fox]

Who pockets the money? State or City(county?)

All the above (well...maybe not the city I will have to check) but the real blood sucker is the school district.

Atleast you get no income taxes. My city property tax rate is 85¢ by 100$ of evaluation. I pay ungodly amount of other taxes, of course.

5% of Federal Tax
9.975% of Provincial Tax
Whatever my income tax rates are (2 of them)
And the payroll taxes (one of them grew by 4% for 2013!)

Other Canadians, Quebec has stop taxing the tax!

[Malthus]

Who pockets the money? State or City(county?)

All the above (well...maybe not the city I will have to check) but the real blood sucker is the school district.

Atleast you get no income taxes. My city property tax rate is 85¢ by 100$ of evaluation. I pay ungodly amount of other taxes, of course.

Well, you live in Quebec. Paying people to measure the font size on English signs doesn't come free you know. 

[Admiral Yi]

Other Canadians, Quebec has stop taxing the tax!

Que?

[Grey Fox]

Other Canadians, Quebec has stop taxing the tax!

Que?

Before it went like this.

Stuff 6$
Federal tax 5% = .3 + 6 = 6.3
Provincial tax 9,45% of 6.30 .60
Final Price : 6.90$

Now :
Stuff 6$
Federal tax 5% =.3
Provincial tax 9.975% of 6 = .60
Final Price : 6,90$

Clearer?

[Admiral Yi]

Clearer?

[Malthus]

Other Canadians, Quebec has stop taxing the tax!

Que?

Before it went like this.

Stuff 6$
Federal tax 5% = .3 + 6 = 6.3
Provincial tax 9,45% of 6.30 .60
Final Price : 6.90$

Now :
Stuff 6$
Federal tax 5% =.3
Provincial tax 9.975% of 6 = .60
Final Price : 6,90$

Clearer?

Is there a situation in which doing it one way or the other makes a difference?

[Grey Fox]

On an item where there is no GST but TVQ is still applicable is a possible scenario but I am aware of no such product. So no, not real difference. Except for the federal government who kept insisting that they stop.

I know of items exempt of TVQ but still subject to the GST.

[garbon]

Did you actually read my full post or just the end of it?

I read it, but I don't think that it's worth it for the individual. Yes, the government gets that interest rate, which for them is quite a bit. However, for the individual only letting a few thousand ride, it's really not. And again, it guarantees that the money can't be touched for at least a year.

I can hardly remember when savings interest rates were worthwhile, so from my perspective, they're no different than hiding your money under your mattress. So I don't see having them take extra taxes out to get back at the end of the year as a bad thing.

Hey I just looked at some interest I got last year on an equivalent amount to extra taxes I paid for 2011. $13. Not anything to sneeze at but not sure why I'd happily give that away.

As I think Yi later mentioned - rather odd way to make sure that one saves money given that it isn't that hard to stash cash in a savings account that you don't touch.

[garbon]

That's kind of the point, though. It's savings that you can't touch. Aren't there CDs and Money Markets that are the same? You have to let them ride a certain amount of time before you can cash them out?

I'd just put it in a savings account that is harder to reach. Takes several days if I ever want to pull money from my ING Direct account which serves as a good barrier.