It is tax time and April 15 is fast approaching. Forgive my rant but I get so irritated with the tax system. Tax freedom day this year is April 23, which means that everything we will make for 113 days goes to the government. We pay taxes on our income then pay taxes when we spend it. We purchase property and we must pay property taxes or the government will take our land from us. In addition to real estate we have personal property tax, in many states, on our assets. I pay sales tax on everything I purchase, but then I must pay personal property taxes to own my truck, tractor, trailer, saw mill, greenhouse and out-buildings.
Last year in Texas we paid $1,700 on a $75,000 rental house and $800 land tax on a quarter acre in Titus County. In Florida 12 years ago we paid $2,800 property tax. I dreaded tax time because I had to save all year to afford my taxes. The one bright spot is that in Arkansas, taxes are very low compared to most other states.
We got our 2017 property tax statements in the mail last week.
Our tax breakdown is:
Land: $477.17
Trees: $8.60 (trees are considered an asset) (80% of our land is trees)
Homestead exemption: $-270.44
Total tax bill: $215.33 for 56 acres.
I feel bad for all you folks in high tax states because we been there and done that but have a great day. Every comment is up-voted and thanks for your up-vote, Tim and Joann