Comment on ‘My Property Tax Went From $15K to a Life-Altering $91K a Year’

• partial_accumen@lemmy.world ⁨11⁩ ⁨hours⁩ ago

  Where I am we have fairly low property tax and a small municipal income tax. So it splits the burden equally. If you live outside of a municipality, there will be a small income tax to support your public school district. This is also on top of State taxes income taxes and Federal income taxes. Sales taxes are also a thing at the state and city level. Honestly, I don’t feel overly taxed with the total amount of money I pay in taxes. I receive the benefits of society. This is even for services I don’t consume, but I want the services available to my neighbors that may need them, such as housing assistance, elder care, supplemental nutrition, etc.

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  • NotMyOldRedditName@lemmy.world ⁨10⁩ ⁨hours⁩ ago

    Ya, I’m not opposed to the taxes, we gotta pay for the services somehow.

    How do you actually do the taxes though? Is it completely separate from your federal/state that get filed each year? Or is it somehow combined with those into 1 filing and the city gets paid yearly from that? It seems like it would be a huge burden to be a separate thing, and it would be easier if it was somehow incorporated into a federal/state tax system where if your municipality has taxes you fill out a few spots and they money gets sent to them?

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    • partial_accumen@lemmy.world ⁨7⁩ ⁨hours⁩ ago

      How do you actually do the income taxes though?

      Many companies can do payroll withholding for local/school taxes just like they do with State or Federal. There are boxes on your W-2 you get when you file your taxes that show this:

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      Is it completely separate from your federal/state that get filed each year?

      Yep, 3 forms to fill each year: Federal, State, Local/School

      It seems like it would be a huge burden to be a separate thing, and it would be easier if it was somehow incorporated into a federal/state tax system where if your municipality has taxes you fill out a few spots and the money gets sent to them?

      Its a pain, but so are Federal and State taxes. Municipal/school taxes can also get complicated if you work in one city with tax and live in another. Many will give you partial or full credit so you don’t end up paying full municipal income tax to two cities, but this isn’t always the case.

      E.g an added section on your state/federal to add the municipalities tax id and tax rate (as it’d be variable by area)

      Just like each State has their own rules, each city can have theirs so your suggestion can’t be just numbers to fill in because which numbers may change between cities. Dividend income is one example I know different cities treat/tax differently. Yes its a pain, but, its adulting.

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      • NotMyOldRedditName@lemmy.world ⁨7⁩ ⁨hours⁩ ago

        Wow, well TIL!

        Thanks for taking the time to explain that.

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