Taxes

Just over 3300 property/school tax on fully serviced 1/3 acre lot with2350 sq ft 2 story house built in 1974.

I pay $200 a month for extended health care insurance through the retired teachers insurance plan for the 2 of us. Pays 80% pn meds and most things not covered by government insurance.

Income tax on a combined income of about $45000 is negligible.

In ontario it is: 5.05% on the first $43,906 of taxable income. 9.15% on portion of taxable income over $43,906 up-to $87,813. 11.16% on portion of taxable income over $87,813 up-to $150,000.

the federal portion is 15% on the first $47,630 of taxable income,plus. 20.5% on the next $47,629 of taxable income (on the portion of taxable income over 47,630 up to $95,259),plus. 26% on the next $52,408 of taxable income (on the portion of taxable income over $95,259 up to $147,667),plus.

When I was working IBM took out 35% of all extra compensation checks and I was tithing myself another 10% so it was pretty close to half. They used the W4 formula on salary checks so the percentage was usually less and we were usually topping out our FICA by the end of the summer. That looked like a raise.

I am sure his taxes work the same way, basically millage. I think he was just trying to give us an idea how big his McMansion was. In that market it might be a half to 3/4 million dollar house.

Zillow says my house is worth $325k or but I am not sure they know it is waterfront and I know they missed a 2 car detached garage. The county assessed it at $201k and with homestead plus the cap, I paid taxes on $81k.

Market Assessed Value $200,814 Cap Assessed Value $130,970 Homestead Exemption Value $50,000 Taxable Value $80,970

It looks like you pay as much to Ontario as most Americans pay total.

I pay $1700 in real estate tax and 6.5% sales tax, no state income tax.

Down here water and sewer is mostly based on usage with a base administrative fee. The only time you have to pay "front foot" is if they are putting in new lines where they didn't have them before. You are basically paying so much per foot for the pipe in front of your house. Sometimes that is front foot and sometimes it is just a flat rate hook up fee but it is always a 5 figure number.

Correct, it's based on value, except I would not call a three bedroom, two and a half bath, 3200 sq ft house a McMansion. And what it is should have more to do with what the taxes are on it than the value. Just because home prices are 3x what they are in one place versus another doesn't mean that it should cost 3x to school kids or fix a road. There is some association, but it's not 1:1. Do you want to compare that to a similar house in size, appearance, footage somewhere else or to one that's the same value somewhere else? The former makes more sense to me.

Correct, closer to the upper end of that.

I was referring to annual municipal property taxe levy - - in the olden days - using frontage - .. not fees for new services. John T.

Be careful - taxable income vs gross income .. Cross-border comparisons are quite difficult - due to all the intricate variables .. plus - property description is meaningless - if market value assessment is used .. .. John T.

Corse they do, even if they are renters, they pay them indirectly.

Sure, but they are what matters to the federal deficit and trillion buck federal debt.

Property taxes vary widely from state to state and even within the same state. I live in upper DE and across the river in NJ my taxes would be three times as high. In lower DE they would be half as much. Three miles away in PA they would be double.

My total income tax for my wife and myself this year - federal and provincial - was under $100. We are both retired - government pension only - and I'm still doing some freelance work.

MVA and mill-rate both come into play. My place would sell for somewhere close to half a million. Median in the municipality is in the low sixes. Assessed value is considerably lower. Assessed value is based on land area, floor space, number of bedrooms, finished basement, presense of garage, pool, outbuildings, etc. etc - all by a formula that does not consider location. You would never buy the vast majority of houses here fore CLOSE to assessed market value today. Not even CLOSE to close.

I have already said everyone should pay more. (Zero to Jeff and Mrs Bezos). I am really just pointing out that 1% really does pay the lions share of the taxes.

. The top 1% pays 30-40% of the taxes and the 5% pays 60% etc. The bottom 50% pays about 2-3%

I don't believe that with the sewer unless you are charged per person normally living in the house and I havent noticed any jurisdiction world wide that does it that way.

Some do charge per bathroom but that isnt a usage charge and a charge per bedroom isnt either.

We don't do it like that except where you choose to have your house on two adjacent blocks of land in which case you do pay double the rate because you have two.

We don't do it like that, the charge is per house block.

Not here it isnt.

And it wasn't when we added piped natural gas either. In fact you didn't pay anything if the pipe passed your house and you chase not to have the gas connected.

I looked at the tax estimator here and a $750k (sale price) house would be assessed at $675k and the taxes would be $9769 for a snowbird or $9205 for a homestead resident. The longer you were here the lower it would be because tax increases are capped at 3%. (assuming serious inflation in house value)

That just shows up on your water bill here as far as I know. I have my own water. I looked at my neighbors tax bill where the have city water and I do not see any front foot tax.

Just to make Trader cry. His bill is a little over$12,000 on a 2.1 million dollar 5400 sq ft house. (riverfront on an acre)

You could certainly compare top line to bottom line. What is tax exempt income there?

In real life since families making much less than $45,000 pay zero federal income tax my statement stands tho.

Whoops, some do with a poll tax.