Income taxes versus property taxes

Income taxes versus property taxes

As promised in a previous post, “Taxes, taxes, taxes”, I mentioned doing some math on income taxes versus property taxes. Here is that follow-up!

TIFs work similar to abatements in that they pull property taxes from the general essential services funds. One difference is the time frame: TIFs=20-30 years, abatements are usually for 10. Abatements are typically partial and not a full forgiveness of the tax burden. The main difference between the two though is that in a TIF property taxes are …

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Taxes, taxes, taxes – what difference does it make?

Taxes, taxes, taxes – what difference does it make?

There are various forms of taxing the public but the three most common are property taxes, income taxes, and user fees/taxes.

What makes them different and why should we care?

Property taxes are designed to fund local government. The idea behind them is that those who live in the area use the essential services those property taxes fund. For example if your property is in West Clark School District, a portion of your property taxes will go to support that school district. Property taxes …

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