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500 dollars/month for municipal taxes? Can you elaborate on those? I might be missing these deduction in the past.
by ww520 10y ago
500 dollars/month for municipal taxes? Can you elaborate on those? I might be missing these deduction in the past.
- wnissen 10y agoSome places have city or county income tax, usually a few percent.
- lotsofpulp 10y agoProperty taxes. Can count on it being at least 1.5% to 2.5% in high cost of living areas. On an $800k house, that's in the $15k to $20k region per year.
- ww520 10y agoI see. Isn't property tax collected by the counties go up to the state? I thought municipal taxes are the ones collected by the cities and used by the cities.
- lotsofpulp 10y agoI'm assuming that shados was using the term "municipal tax" to refer to property taxes. If not, then I'm not aware of any other type of large common tax that could referred to as municipal tax relevant to this discussion. Property tax is also for local use, such as schools, police, and city/county departments. Taxes for the state are mainly state income tax and state sales tax.
- shados 10y agoCorrect. While I live in the US, english is absolutely my second language. I meant property taxes :)
- deleted 10y ago[deleted]