That is correct, the lien and the (collecting of funds / forcing a sale) are two different parts of the process.

Lot's of towns don't rush this process, if they know that the property has equity, however it will cost a ton of money to settle up with the town as the interest penalties are very very steep. The longer you wait the more they make and they know that.

So, a individual can enjoy many years of lakeside living without paying their tax bill!!


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Sure - but ultimately everyone pays one way or the other. Late to pay and penalties and fines accrue. Don't pay at all and the property is seized. Best thing? Just pay...

In *some peoples* minds yes, if they want to throw there money away, but the bottom line is the town always collects what they are owed one way or another in most cases. Are there extremes sometimes but more often then not the municipality always collects. Generally a down payment is what protects a lender, and if there is a lender they will have you out before the town does it.

Agree with all above, keep in mind, in most of these cases the first item negotiated out of the settlement is interest and penalties. What’s left is the tax balance. You are not losing money, just delaying payment. Will it tread this way, Laconia told everyone in today’s paper to be aware of the coming tax hike.


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Only you don't have to pay your property tax. There is a little know special exemption for the highest ranking poster on the forum.

is that in the Union Leader?
Funny they hiked the holy crap out of the values already, now going for the rate hike?

Yes


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I think they already have the highest taxes in the lakes region and it is affecting waterfront home prices in Laconia. You can get a lot more home for the money in Laconia but you take a bigger hit on the tax end every year.

Joey, I live in MA where I pay property plus all the other taxes there and pay property taxes in New Hampshire too, my question still stands.

So to understand your position, you are willing to pay MA income tax and MA/NH property tax and only be able to deduct 10k?

Joey, I don't support making everyone else pay more so I can pay less because my state is out of control with taxes. I choose to live in Massachusetts, although every year I wonder why. But yes, I'm fine with the $10k cap, especially when I consider with the cuts I will most likely pay less than I would have with last year's rules, even with the cap.

No one likes to pay taxes but the money has to come from somewhere. I don't mind as long as I feel my tax dollars are being spent properly and not wasted. Everyone has a different vision of what their taxes should be spent on.
If you have young kids you want it spent on the school system. When your are older and your kids have left the nest you don't want to be paying extra for something you are not using anymore.
But a good school usually increases the value of your home which increases the taxes. It's either one or or the other.

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....property taxes too high?
 

You hit the nail on the head. I have been doing a lot of forecasting for clients and it is definitely a client by client situation. Some will pay less even with the cap and others will pay more. From what I have done and being in NY with high state income tax about 60% of my clients will pay more in 2018. Those paying less will not care those paying more will obviously complain

Joey, funny you are talking about NY taxes. My phone company used to be in Portsmouth NH but they sold out to a company in NY. Surprisingly to me, they told me today that we have to pay the NY taxes.

If you don't mind me asking, what company? If the phone services are provided outside NY you should not have to pay NY taxes.

First Light.

That's what I said to them but they didn't agree with me. I'm sure the NY portion is not a whole lot of money but each line is charged. Obviously I would expect to pay the federal taxes and any NH taxes, but the NY deal did surprise me.

You having to pay NY taxes on your bill would not surprise me. Most people having never lived in NY have no idea how high the taxes etc are in NYS. Much higher than Mass., no comparison. Only Calif. could possibly rival NY taxes. If you have to pay NYC or Yonkers taxes or both, you are getting pummelled from all sides. It's like you're just hoping for survival. Ask anyone who has ever lived there.

You do not pay multiple city tax in NY any longer. Only individuals living in nyc pay city tax as with Yonkers. There no longer is NYC or Yonkers non residents tax ( more commonly known as commuter tax) Rudy Giuliani did sway with it years ago.


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You are probably correct, as I am not an accountant and retired some time ago. At one time, if you were a NYC employee living in Yonkers NY, you paid federal, state, nyc and Yonkers income taxes. Would you agree with me that NYS has the highest overall taxes in the nation. Don't forget to figure in the MTA tax and all the taxes that appear on your phone and cable bills.

Opened eyes...
 

I worked on a payroll application and was astounded to see the numbers of possible taxes that were potentially payable in both New York & California. In addition to the standard Fed, State & Town property taxes, were separate Town, Township, water district, school district, and others. I think I found one location in NY or CA that had 7 separate taxing entities for which payroll system would have to calculate and/or report to.

....property taxes too high?
 

That would be California. Although NY isn’t much better. In Pennsylvania you have to pay city tax also in addition to state for every city you work in. I hate preparing PA tax returns they are a PIA.


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I'm surprised that no one has mentioned that the standard deduction for a married couple has doubled to $24,000 for 2018 (add $1,300 for each spouse age 65 or older). Even though the tax deduction is capped at $10,000 that additional $12,000+ standard deduction will help offset additional taxes that can't be deducted any more. That should help a lot of people. I guess we'll see since none of us have actually done our taxes yet for this year under the new tax plan.

And another positive impact of that for many of us will be that itemizing deductions will no longer be required/beneficial, simplifying tax preparation and reducing audit risks. Plus, those of us who don't suffer through the burden of owning million dollar properties still get the bigger standard deduction. :D

Oh, and of this year I get to deduct that extra $1300! :)

Thanks for the reminder Don.

The reason I did mention it is because in the higher taxed states it doesn't help many taxpayers. Their combined property tax, state income tax withheld and mortgage interest often exceeds the 24k standard deduction. However the elimination of AMT does help these clients, especially those were both spouses work

Me too! I don't know whether to add a :) or a :(.

I think the bigger issue is that, at least according to my accountant, most people will take less home at tax season because they're taking more home in each paycheck.

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I am curious as to how I'll make out. So far I have not seen any meaningful change in my pay. My bigger concern is the incredible growing deficit. I remain dumbfounded by the GOP's unwillingness to address the deficit, despite years of promises to do just that and years of criticizing the Obama administrations spending. And before anyone says otherwise, a booming stock market does not reduce the deficit. Are the Democrats any better? Of course not.

After years of my Corp and LLC creating a tax loss to off set my income, thus paying very little in taxes, now my accountant tells me he doesn't want to see losses in those anymore. He says I will pay less on Corp tax profits than I will pay on my personal tax filing.
So now I have a whole new way of thinking, run up my Corp profits and pay less in taxes. Thanks Mr. Trump!

This will get even more ugly as interest rates continue to rise. Problem is for a huge percentage of the population living constantly in debt is a way of life, so the government doing the same is no big deal....

Good advice. It is a delicate balance between the W-2 from the business, your contribution to a tax deferred plan and you profit reported on your K-1 all combined with the new small business deduction. If done properly you can certainly reduce your tax significantly.

He said no more pay raises for me. :eek: My wife is none too happy about that! :D

I don’t recall the out of control deficit to be one of the present administration’s election talking points but give him some time...after he makes good on all his other promises, which he seems to be doing, perhaps he’ll tackle it. And you’re right...no side is better than the other concerning making it a priority.

Trump said he would pay it off in 8 years. One thing Trump is really good at is spinning data. I remember how he blasted Obama's 5% unemployment numbers saying they were "fake" and were really double that and then, one year later, using the numbers he previously claimed as fake. Of course, Americans fall for it, so...

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Maybe when he gets the money from Mexico when they pay for the wall? :laugh::laugh::laugh::laugh::laugh:

Nobody “falls for” anything. I believe the reports I see from respected and truthful sources...not just Fox News. Unemployment numbers are at an all time low as evidenced by all the jobs available and from what the “experts” in financial fields report. People who hate Trump get to ride the wave of prosperity as well. Obama will go down as the worst pres. in history for attempting to turn the USA into another member of the EU with his “global” designs.

He’s already done this by re-negotiating the nafta deal..Mexico will pay indirectly for the wall...this is what libs never understood. His game is playing out...just watch.

Wow, talk about drinking the Kool-Aid.

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Show me the same source reporting on unemployment last year and this--include the history graph.

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