View Single Post
Old 09-27-2018, 09:41 PM   #68
Senior Member
fatlazyless's Avatar
Join Date: Apr 2004
Posts: 6,436
Blog Entries: 1
Thanks: 196
Thanked 501 Times in 374 Posts
Default $309,230 divided by 365 = $847/day

This Bahre mansions's $309,230 annual property tax divided by 365 days/year equals $847/day in property tax, so for 2018 starting with January 11 every day accrues a property tax of $847 that is above the $10,000 limit and totally not deductible from the federal income tax.

It has to be paid with real money.

Considering this is a single family home that has a big long list of expenses such as electricity, insurance, fuel, maintenance, tv/internet, landscaping/snowplowing, and other stuff plus the $847/day prop tax effective January 11, that's a lot of expenses with absolutely no income generated by this residence.

E-gard ..... and yikes ...... so, maybe it can be rented out as a bnb party house ..... and bring in some cash ..... to pay the expenses?

You cannot eat the view.

So if someone has two or three homes, the total property tax amount deductible from federal tax for all two or three homes total is $10,000.

I wonder for the Town of Meredith, what assessed value produces a $10,000 property tax bill. With a rate of 15.23/thousand is it an assessment of $850,000 that creates a ten thousand dollar annual bill?
Down & out, livn that Walmart side of the lake!
fatlazyless is offline   Reply With Quote