A local publication, The Lens, has created two calculators. The first calculator shows how much more property taxes owners would pay if Mayor Landrieu’s proposed tax increases to pay for the Police Department and Orleans Parish Prison are approved by voters:
The second calculator allows owners to calculate current property taxes in New Orleans, then shows where the taxes go…
This is the lowest rate in two decades, due mostly to a drop in young buyers. For Americans 35 and under, the homeownership rate is 36 percent, down from 38 percent last year…
Young Americans are putting off home buying at unprecedented levels. The home ownership rate for the Millennial generation age group has fallen to its lowest level since the U.S. Census Bureau started tracking home ownership by age in 1982.
The home ownership rate in the first quarter of 2014 for Americans 35 and under fell to 36.2 percent, dropping from 36.8 percent in 2013. Broken down even further, Americans in the 25-29 age group had the biggest decline in home ownership rates at 33.3 percent, followed by 47.5 percent for the 30-34 age group.
Real estate transfer taxes are state and local taxes that are assessed on real property when ownership of the property is transferred between parties. Although proponents say real estate transfer taxes are necessary to help fund state services, opponents view them as an unwarranted tax on home sales. The articles and studies in this Field Guide examine what transfer taxes are and their impacts on the real estate market, and provide resources on current transfer tax laws and initiatives. (F. Heller, Manager, Virtual Library and Archives)
Example: A 1% transfer tax on a home valued at $400,000 would amount to $4,000. First-time home buyers can be hit especially hard, as they have no equity from the sale of a prior home to help pay transfer taxes.
What others are doing
Not every state legislature believes in using transfer taxes. Fourteen states have remained free of real estate transfer taxes: Alabama, Arizona, Idaho, Indiana, Louisiana, Mississippi, Missouri, Montana, New Mexico, North Dakota, Oregon, Texas, Utah, and Wyoming.
In Louisiana, Missouri, Montana, and Oregon, taxpayer groups successfully worked with state REALTOR® associations to pass constitutional bans on transfer taxes.
It’s one of those details about real estate that everybody knows – younger people tend to rent, while older people (especially married couples and families) tend to own.How do the numbers, though, specifically break down along the various age groups? And at what age does consumer preference tilt from renting to owning?
To find out, we took a look at some very interesting data from the NAHB, which broke down the basic characteristics of renters and owners. See what we found out in our graph: click here
When House Budget Committee Chairman Paul Ryan (R-WI) introduced his latest budget resolution, it predictably included harsh cuts to the vital programs for poor and middle-class Americans that are at the core of the progressive agenda.
But the House Republican budget is not just contrary to progressive values; it is also the wrong approach for our economic reality. There is nothing new here. Rep. Ryan’s budgets have all been disappointingly similar and lack a balanced approach to address our country’s economic challenges. And given the track record of this agenda, it is not just everyday Americans but also the broader U.S. economy that would suffer if the House Republican budget were ever enacted into law. READ THE ENTIRE BREAKDOWN: CLICK HER
Connecticut Is Increasing Minimum Wage to $10.10 an Hour — More evidence of how grassroots organizing changes public opinion and public policy. Connecticut has raised its state minimum wage to $10.10, the highest in the country. Meanwhile, Seattle and other cities are pushing for municipal minimum wage of $15/hour. And the Dems in Congress are pushing to raise the federal minimum wage to $10.10. Thank you Walmart workers, fast-food workers, and others for your protests and persistence!
If the IRS comes a-knockin’, don’t be scrambling to compile your records. Many people forget to track home office and home improvement expenses, says Meighan. File away documents as you go. For example, save each manufacturer’s certification statement for energy tax credits and lender or government statements to confirm property taxes paid.
Read more: http://members.houselogic.com/articles/common-tax-mistakes/preview/#ixzz2yOiT5V9J
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- Comcast’s executive vice president will testify before the Senate Judiciary Committee today to defend the $45 billion deal with Time Warner Cable as beneficial to consumers, but critics fiercely say it would give the company too much power
– Comcast’s campaign to convince U.S. officials that its proposed $45 billion purchase of Time Warner Cable will benefit consumers kicks into high gear on Wednesday, when a senior executive from the corporate giant appears before a key Congressional committee.
– The proposed merger, which would combine the two largest cable companies in the U.S. and create an unprecedented entertainment and communications colossus, is fiercely opposed by many consumer advocacy groups.
– Critics of the deal say the merger would concentrate too much market power in the hands of a single media giant, potentially harming competitors and offering scant benefits for consumers. On Tuesday, more than 50 public interest groups sent a letter to the Justice Department and the Federal Communications Commission in which they called the deal “unthinkable” and urged U.S. regulators to block it. READ MORE: CLICK HERE