Latest news with #NationalTaxpayersUnionFoundation
Newsweek
29-05-2025
- Business
- Newsweek
Map Shows Which States Lost Most Tax Money After Recent Population Shifts
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Americans moving out of places like California and New York are costing those states billions of dollars in taxpayer funds, according to data analysis released by the National Taxpayers Union Foundation (NTUF) this week. Why It Matters States bleeding population face myriad challenges, including the loss of taxpayer funds that could be used to pay for critical services for residents. It also has political ramifications, including the loss of seats in the House of Representatives. The next round of redistricting could have major implications for political representation, with larger red states poised to gain House seats. Major Democratic states, meanwhile, are on track to lose seats if migration patterns do not shift. The report noted that population shifts are largely among high-income residents, underscoring the loss of taxpayer funds to other residents in those states. A house for sale in Los Angeles. A house for sale in Los Angeles. Ringo Chiu via AP What To Know The new data analysis from the NTUF, a conservative-leaning economic organization, revealed estimates for how each state's population shifts are affecting tax revenue in 2025. Florida gained the most new residents to internal migration, with more than 1.5 million Americans moving into the state from 2011 to 2021, which is resulting in $4.1 billion in additional revenue in 2025. Texas followed, gaining more than 1.2 million new residents and an additional $914 million in additional revenue, according to the data analysis. North Carolina, Arizona and South Carolina were among the other states that have seen the highest increase in tax revenue as a result of attracting new residents from other states. On the other end of the spectrum was California, which lost 1.6 million residents from 2011 to 2021, resulting in a $4.5 billion revenue loss. New York followed, seeing a $3.8 billion revenue lost in 2025 after losing 1.7 million residents during that time frame, according to the report. Illinois, New Jersey and Massachusetts were other states that have lost at least $500 million in tax revenue as a result of losing residents. Estimated revenue changes are "driven primarily by the movement of high-income earners, who tend to pay far more in taxes than they receive back in government service," according to the report. What People Are Saying Andrew Wilford, director of NTUF's Interstate Commerce Initiative and author of the report, in a press release: "While tax rates are not the only reason taxpayers move to different states, it is hard to deny that they play a substantial role in where taxpayers decide to live. When looking at broader trends, the clear pattern is that taxpayers move from states with higher tax burdens towards states with lower ones. Tax rates explain this trend better than any other explanation put forward, from weather to the cost of housing." William Frey, a demographer and senior fellow at the Brookings Institution, told Newsweek in December: "When it comes to deciding when to move, it's sort of like the last election. It's a pocketbook thing. When it's too expensive to live somewhere, you're going to look where there are job opportunities." What Happens Next Whether these trends hold over the coming years will impact redistricting and state budgeting. If it holds, the impact could be felt in next decade's presidential elections.
CNBC
16-05-2025
- Business
- CNBC
Appealing your property taxes may secure 'several years of savings,' expert says. Here's how
Many homeowners have seen their property taxes increase in recent years because of rising housing prices and local tax rates. But the property tax assessment isn't always set in stone: filing an appeal may lower the cost for years. The median property tax bill in the U.S. in 2024 was $3,500, up 2.8% from $3,349 in 2023, according to an April report by How much you pay varies widely depending on where you live, and some places have seen higher bills and bigger increases. As of 2023, the median property tax for homeowners in New York City was $9,937, according to a new report by LendingTree. The city ranks first among the metropolitan areas with the highest median property taxes. Rounding out the top three are San Jose, California and San Francisco, where homeowners paid a median $9,554 and $8,156, respectively. More from Personal Finance:Americans are struggling with rising food prices. How to saveStagflation is a looming economic risk. What it means for your moneyHouse GOP tax bill calls for 'SALT' deduction cap of $30,000 for most taxpayers Over 40% of homeowners across the U.S. could potentially save $100 or more per year by protesting their assessment value, estimates, with median savings of $539 a year. "You're banking on several years of savings," said Pete Sepp, president of the National Taxpayers Union Foundation. That's because while some state or local governments mandate annual property tax reassessments, others set less frequent cycles with gaps of several years — and some have no set schedule at all. There are also some events that can trigger a reassessment, like a home sale or renovations. Here's what you need to know before you appeal a property tax increase, according to experts. A tax assessment is the way officials determine the value of your property for tax purposes. Your home's market value, or what it would sell for, is a major component, but other factors can sway that result. It will ultimately depend on how property taxes are assessed in your area. "It's not a nationwide formula," said Melissa Cohn, regional vice president of William Raveis Mortgage. However, it's not uncommon for properties to be over-assessed, meaning you end up paying more in taxes than you should be, said Sepp. Sometimes it can be due to inaccuracies that were never corrected in your home's assessment. For example: Your assessment might have 2,500 square feet of livable space cited when it's really 2,000 square feet, or note four full bathrooms when the home really has three full and one half-bath. "Those kinds of things get embedded in your property assessment, and year after year, you're paying more than you should," Sepp said. NTUF estimates 30% to 60% of taxable property in the U.S. is over-assessed, based on reports from individual state tax assessors. Appealing your assessment is "not a terribly difficult investment of time for a residential property owner," said Sepp. "The processes are reasonably easy and fair." Should you be successful, the change typically takes effect for the current tax year, and it becomes the basis for your next assessment, he said. If you plan to appeal your taxes, your goal is to demonstrate how the assessor is incorrectly applying the assessment formula to your house, said Sal Cataldo, a real estate lawyer and partner at O'Doherty & Cataldo in Sayville, New York. "It's challenging the numbers that they're plugging into the formula for your particular house," he said. Here's how to get started: The first step is to look at the accuracy of your own assessment. You should receive the assessment if it's in the cycle. You should also be able to find or request your records online through your county, city or district assessor. Make sure the details about your house are correct, said Sepp, such as the square footage or the age of your roof. If you notice inaccuracies, start to gather paperwork as evidence. For example, if the roof appears to be relatively new in your assessment, but is in fact much older, look in your records for invoices from contractors from when it was previously repaired, or even the home inspection from when you bought the property. Knowledge of other houses in your neighborhood or homes close to yours is important because it can help you appeal your tax bill, said Cataldo. As tax records are public, you can find out what your neighbors with similar homes are paying in taxes. If you're paying more, that might be an indication that your taxes may be over-assessed, he said. You'll also be able to see if they are paying less taxes because they qualify for tax exemptions, Cataldo said. You might qualify for tax exemptions in your town, city, county or area, which can help reduce or even eliminate your property tax liability. Some of the most common exemptions cover qualifying older residents, active military members, veterans, low-income households or disabled individuals, among others, Bankrate found. Make sure to meet your area's recurring deadline to appeal your bill, Sepp said. Sometimes it will appear in fine print in the assessment. The time window to file your paperwork can span from 30 to 45 days ahead of that deadline, for example. Sometimes it might be worth tapping expert guidance or advice, such as a real estate agent who's very knowledgeable about your area, or an appraiser. They can help you compare home values to yours. Before you hire someone, research to understand what their services entail and what they charge.
Hindustan Times
21-04-2025
- Business
- Hindustan Times
What is the net worth of Unites States Vice President JD Vance?
Vice President of the United States, JD Vance, is in New Delhi with his family and will meet Prime Minister Narendra Modi on Monday evening, an engagement that comes under the shadow of Donald Trump's reciprocal tariffs. JD Vance's India trip will be focused on cultural engagements with talks on ongoing trade negotiations with India. Currently serving as the 50th Vice President of the US, Vance is the youngest VP since Nixon. Vance has an estimated net worth of $10 million according to a November 2024 report by Forbes. His net worth increased after his book 'Hillbilly Elegy: A Memoir of a Family and Culture in Crisis' sold more than three million copies. In 2017, Vance moved to Ohio and started an organisation to fight the opioid epidemic called ' Our Ohio Renewal'. This organisation raised $220,000 in 2017. Meanwhile, his wife also bought a $1.4 million home in Cincinnati, which Forbes estimated to be worth $1.8 million in 2024. According to the National Taxpayers Union Foundation (NTFU) website, JD Vance receives an annual salary of $235,100 as the Vice President of the US. Additionally, he also owns venture holdings and liquid assets of somewhere between $3 million and $10 million, according to Forbes. Growing up, Vance faced financial struggles and family instability. Due to his mothers's struggle with addiction and his father's absence, he became closer to his grandparents. After graduating from Middletown High School, he served his country in the US Marine Corps for four years. Upon returning, he attended Ohio State University and enrolled in Yale Law School. In January 2025, he was elected as the Vice President at the age of 40. This is JD Vance's first official visit to India. Scheduled for four days, he is visiting with his wife, Usha Vance and three children- Ewan, Vivek, and daughter Mirabel.
