All right, with all the griping I have done over the property tax hysteria that has gripped the Hoosier state, I thought I must confess my most recent calculations based on the property tax relief plan that was signed into law today.
I had been predicting that my taxes would see a net increase of around $600. Based on the caps of 1% for residential (taxes will stay the same) and 2% on rental property (taxes will decrease by $100) and a 1% increase in sales tax from 6 to 7 cents on the dollar (taxes will increase by $120); I stand to realize a net increase in taxes by about $20.
I can live with that.
Assuming next year reassessment doesn't raise my property values by 50%! Thanks for the bipartisan effort to address the tax issue in Indiana-although I would've been just as happy if they had left it alone.
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4 comments:
are you sure your calculations are correct? A $120 increase in your sales tax will mean that you only spend 12000 a year on taxable purchases.... Think of all you purchase that is taxable and tell me if you still think 120 is all it will cost you?????
You have to take out groceries remember. Yep, that would be about right-maybe between $120-$150. We live pretty frugally....not part of this materialistic market driven society!
HR
Sales tax tends to be a hidden tax yes it adds 7% but seldom is it a factor in most purchases.....a "typical" young family is going to get a bigger pinch than I suspect you will....
Barring any series of significant, unexpected purchases I should be right on target with our sales tax applicaple purchases. But, I believe you are right, the more typical family could see double.
There, of course, is also tax on utilities, which could result in my numbers being slightly skewed, but not by much, maybe $30.
The lesson? Live on less and walk gently on this earth.
HR
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