Taxes rant

[Ron61]

And I always thought that our California property taxes were bad. Even my cousin in Arkansas pays as much as we do here. I just wish they would lower the taxes as the value of the property has declined so much. But it just keeps creeping up even though they showed the value as quite a bit less than last year.

Ron

[DanEC]

Originally Posted by Ron61

And I always thought that our California property taxes were bad. Even my cousin in Arkansas pays as much as we do here. I just wish they would lower the taxes as the value of the property has declined so much. But it just keeps creeping up even though they showed the value as quite a bit less than last year.

Ron

Arkansas actually has one of the higher combined State/local/property tax burdens of all states - not the highest by any means, but very high. State income tax is 7%. I live in Sherwood and pay 11% tax on a meal out in No Little Rock, and I believe 12% in Sherwood. Sales tax on a mixed drink in a resturant is 35% in this city, but most resturants hide most of it in their drink pricing so as to not alarm the customers. Groceries are taxed here, although they cut the State portion of the sales tax on them in half a couple of years ago. Retiree pension pay is taxed by Arkansas also. Why so many people retire to northern Arkansas - I don't understand??

I'm afraid to start on my Fed return as I know my withholding has been just a wild guess this year after building a house last year and refinancing the mortgage on it again this year. I suspect I may be owing some additional taxes and possibly a penalty too.

[Ron61]

Dan,

My cousin has lived there his whole life and he owns 2 farms and leases another.He tried to explain the mill thing to me but I don't understand it all.
Seems it is added onto the property taxes for schools or something. Anyway I was really surprise at what his taxes were.

Ron

[DanEC]

Originally Posted by Ron61

Dan,

My cousin has lived there his whole life and he owns 2 farms and leases another.He tried to explain the mill thing to me but I don't understand it all.
Seems it is added onto the property taxes for schools or something. Anyway I was really surprise at what his taxes were.

Ron

Ron - yeah, I didn't want to go into the property taxes thing - because honestly I don't understand it fully myself. Each county sets it's own millage rate and somehow that generates a tax bill based on some sort of perverse valuation system. The millage rate varies considerably from county to county - which is how the state got into court trouble years ago over un-equal school spending across the state.

Dan