Latest news with #PropertyTaxes
Daily Mail
11-08-2025
- Business
- Daily Mail
Baltimore residents say they're trapped in unsellable homes
Middle class residents looking to flee Democrat-run Baltimore cannot escape the city because they are trapped in unsellable homes. Homeowners in once stable neighborhoods with some of the highest property taxes in Maryland say their communities are now being plagued by open-air drug markets and skyrocketing crime, The Baltimore Sun reports. Squatters invade vacant properties and criminals are shamelessly doing drugs in the streets and riding dirt bikes around the once family-friendly communities, locals say. Some homeowners claim they tried to put their homes on the market, but were met with pushback from real estate agents who warn they 'I can't sell this house' because of the high crime . Real estate agents also warn investors and potential homebuyers are likely to avoid buying in Baltimore because of crippling tax rates, which the city allegedly hiked up to combat revenue lost by businesses and residents fleeing the area. Locals who have spent their entire lives in the city are now making massive sacrifices as they struggle to pay their mortgages, taxes and household bills. 'I don't have that income coming in where I can make more money and move. I feel like I'm stuck - trapped in here,' Charlene Bees, a lifelong resident of the Morrell Park neighborhood, told the newspaper. Other residents are afraid they are 'gonna get hurt one day' and fear that 'nothing's getting better' in their towns. President Donald Trump on Monday branded crime in Baltimore as 'very bad' and said the city was 'so far gone'. Baltimore has battled a population decline for several decades now, causing the city to see a significant loss in revenue. City leaders tried to combat the loss of funds by raising property taxes, which experts say only drove more people to flee. Although Baltimore last year recorded its first population increase - at 0.13 percent - since 2014, real estate agents are still finding it hard to attract people to the city. 'If a property is in a location where the property tax rate is higher than the surrounding counties, people will avoid it,' real estate consultant Ben Frederick III (pictured) told the newspaper. 'If a property is located in a place where the crime rate is higher than normal, or what people would normally want, people are going to avoid buying there.' Another expert, PhD candidate Dan Brennan, alleged the city's tax structure is driving people away and discouraging real estate investment. Baltimore assesses value by improved property instead of land, which Brennan claims forces the most affluent to pay the most. Residents, however, are apparently most concerned with the rising drugs crisis, with one Curtis Bay homeowner alleging the traffic at the drug market on her block is comparable to the morning rush at a fast food drive-thru. The woman, who declined to share her identity with the Sun, claims a real estate agent cited the drug market as the reason her home is unsellable. State and city leaders are trying to attract newcomers to Baltimore, but their efforts are seemingly unsuccessful. Democratic Gov. Wes Moore last week touted research that hailed Baltimore as the third-best metropolitan area for 'young professionals with college degrees'. Mayor Brandon Scott, also a Democrat, promised a 'Baltimore renaissance' when he was sworn in for a second term last December. Scott vowed to bring violent crime down and address the city's vacant housing crisis. 'We're going to revolutionize the way cities tackle blight and increase housing stock that families can actually afford to live in with our vacant strategy,' he said in his December 2024 address, CBS News reports. He added: 'For decades there have been promises made to Baltimoreans about quick fixes and short-term solutions, but they have always been hollow. Many of us long-time Baltimoreans know that all too well.' In March this year, citing how Baltimore's population grew by 754 people, Scott alleged his administration has ' finally stabilized our City's population '. 'Today's population figures confirm that Baltimore's Renaissance is here,' he said, touting a 'record-low number of vacant homes, a historic drop in violence, and billions being invested into our neighborhoods'. 'People can feel this progress. My administration will build on this momentum by continuing our work to promote public safety, accelerate equitable development, and protect our most vulnerable residents - making Baltimore a place that more people will be proud to call home,' he continued. Despite this alleged progress, residents are still claiming they 'don't like Baltimore as it is now' and feel there is no way out. Baltimore was once home to some of the country's highest crime rates, earning it the title of America's 'murder capital' and a reputation as a crime-ridden city. The city recorded its lowest homicide rate in nearly 15 years in 2024, with 201 homicides marking a dramatic 12 percent decrease from 2023 and a staggering 41 percent drop from 2021 levels. Maryland as a whole is becoming safer too, with statewide homicides falling from 519 in 2023 to 455 in 2024, while violent crimes plummeted from 1,190 to 891 during the same period. An April 2025 report from US News & World Report no longer included Baltimore among the most dangerous places in America. The digital media company released its Most Dangerous Places in the US 2024-2025 list and normally Baltimore would be in the Top 25 but this year it didn't make the cut. The list is compiled based on a city's murder and property crime rates per 100,000 people. Trump on Monday placed the police department in nearby Washington DC, about 40 miles from Baltimore, under federal control and deployed the National Guard to the nation's capital in an attempt to combat crime. But the president took aim at Baltimore and Oakland, California as he announced his plan. 'We have other cities that are very bad… and then you have of course, Baltimore and Oakland. We don't even mention that anymore, they're so far gone,' he said. 'We're not gonna lose our cities over this.'
Yahoo
09-08-2025
- Automotive
- Yahoo
Top 6 Assets Gen X Should Downsize Before Retirement — Even If It Hurts
Retirement is no longer a distant dream for Gen Xers. It's getting closer every year. This reality check means it's the time to prepare for a more stable retirement. Trending Now: For You: One of the best ways to prepare isn't just by saving more but by downsizing assets that quietly drain your wallet year after year. It may hurt to let go of things you've worked hard for, but it will save you money during retirement. Below are six assets every Gen X should downsize as they approach retirement. Also here are four reasons Gen X feels unprepared to retire. House For many Gen Xers, the home is their biggest asset. While it may hold decades of memories, a larger house often means higher costs, including property taxes, insurance, utilities, maintenance and repairs. As you approach retirement, these ongoing expenses will eat into your savings. Downsizing to a smaller home can lower your expenses and free up cash you can use to boost your retirement savings or reduce debt. Check Out: Vacation Home Owning a vacation home may seem like the best retirement goal. However, it can quickly turn into a financial burden. Between mortgage payments, property taxes, insurance and travel costs, a second home often becomes more expensive than it's worth. Even if you've paid off the mortgage, ongoing maintenance and repairs can drain funds that would have covered your everyday retirement needs. Instead of owning, consider renting a vacation home when you want to go on a vacation. This way, you won't be covering expenses for a property that sits empty almost all year. Additionally, you won't be tied to one location when going on a vacation. Extra Vehicles Having more than one car may have been practical years back when raising a family. But as kids grow and move out, you may no longer need more than one or two cars. Even if the vehicle sits in the driveway, it's still costing you money in insurance, registration fees and maintenance. Selling unused cars before retirement can provide immediate cash to boost your emergency fund or cover other important expenses. In fact, couples who can share one reliable car can save thousands of dollars each year. Boats and RVs For many Gen Xers, owning a boat or an RV is a symbol of success. But the reality is that these assets often cost more than the enjoyment they provide. Beyond the purchase price, you'll incur recurring expenses, such as insurance, registration, gas, storage, maintenance and repairs. As you approach retirement, these costs can deplete your savings faster. A boat sitting idle in a marina or an RV that only gets used a few times a year may drain thousands of dollars annually. Consider selling and renting an RV or a boat whenever you need it. Collectibles If you have a collection of collectibles, like rare coins, antiques, sports memorabilia or rare items, you could be sitting on assets worth thousands of dollars. While letting go of these items might be hard because they hold sentimental value, selling lets you convert them into liquid funds that can support your retirement needs. And you don't have to sell all of them. You can keep a few sentimental items but downsize the collection. Underperforming investments Not all assets in your portfolio will perform as expected. Some investments will underperform, others will have high management fees and a few may no longer align with your risk tolerance. Holding onto these investments will quietly erode your nest egg over time. For Gen Xers, this is the time to take a close look at your portfolio and sell stocks, funds or crypto investments that no longer fit your financial goals. Use the proceeds to invest in more stable investments like index funds or dividend stocks. More From GOBankingRates 5 Ways Trump Signing the GENIUS Act Could Impact RetireesHere's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on Top 6 Assets Gen X Should Downsize Before Retirement — Even If It Hurts Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
11-06-2025
- Politics
- CBS News
Who is Jack Ciattarelli? What to know about the Trump-endorsed Republican candidate for New Jersey governor
Former New Jersey Assemblyman Jack Ciattarelli won the Republican primary for governor Tuesday, CBS News projects. Ciattarelli, who President Trump endorsed in May, emerged from a crowded field that included former Englewood Cliffs Mayor Mario Kranjac, longtime radio host Bill Spadea, contractor Justin Barbera and state Sen. Jon Bramnick. This is Ciattarelli's third bid for the governor's seat. He finished second in the 2017 Republican primary before winning his party's nomination in 2021. In that race, Ciattarelli came within 3.5% of Murphy, the incumbent Democrat at the time. In a Truth Social post endorsing Ciattarelli, Mr. Trump said Ciattarelli will "work closely with me and the Trump Administration to advance our America First Agenda." "New Jersey is ready to pop out of that blue horror show and really get in there and vote for somebody that's going to make things happen," the president said during a telephone rally for Ciattarelli last week. Ciattarelli's platform includes a plan to cap property taxes at a percentage of assessed home value. He also wants to cut state spending by 30% and has vowed to repeal the state's sanctuary policy. Ciatarelli also told CBS News New York that he plans to seek a new school funding formula to cut property taxes and give seniors and first-time home buyers a break. According to Ad Impact, this has been the most expensive contest ever in New Jersey with more than $88 million spent in the lead-up to the election.
CBS News
31-05-2025
- Business
- CBS News
Texas Legislature approves $338 billion two-year spending plan with a focus on property tax relief
Texas lawmakers signed off Saturday on a $338 billion two-year spending plan that directs billions toward hiking teacher pay, cutting property taxes and shoring up the state's water infrastructure, after House and Senate budget writers ironed out their differences and won approval from both chambers on their final draft. The budget now heads to Comptroller Glenn Hegar, who is expected to verify there is enough revenue to cover the Legislature's planned spending — the last step before the 1,056-page bill reaches Gov. Greg Abbott's desk. The Texas State Capitol on Sept. 20, 2021 in Austin, Texas. Tamir Kalifa / Stringer / Getty Images The spending plan doles out the money to run the state's business for the next two years, from September through the end of August 2027. It includes the underlying funding for some of the biggest bills passed this session, much of it paid for with general revenue, Texas' main source of taxpayer funds used to cover core services. Lawmakers approved $149 billion in general revenue spending, with the rest drawn from federal funds and other state revenue earmarked for specific uses. The budget's $338 billion price tag is nearly $17 billion more than what lawmakers budgeted two years ago, about a 5% increase. However, the Legislature is expected to approve additional spending for the current cycle — which runs through the end of August — in what is known as the supplemental budget, lessening the year-to-year increase. A large chunk of the budget — more than one out of every seven dollars — is devoted to maintaining and providing new property tax cuts, a tab that has grown to $51 billion. For the last several years, lawmakers have tried to rein in Texans' property tax bills by sending billions of dollars to school districts to reduce how much in property taxes they collect from homeowners and businesses. The state does not collect property taxes; its coffers are filled through a combination of sources that include sales tax, taxes on oil and gas production, and franchise taxes on businesses. With the help of a projected $24 billion budget surplus, the Legislature is spending some $45 billion to maintain existing cuts lawmakers have enacted since 2019, with the rest going toward a mix of "compression" — sending money to school districts to replace funds they otherwise would have collected in property taxes, thus lowering tax rates — and raising the state's homestead exemption, or the amount of a home's value that can't be taxed to pay for public schools. A chunk of the money will also go toward tax cuts for businesses. About $3 billion of the property tax relief will come from money lawmakers had originally planned to spend on border security. The team of five senators and five House members who hammered out the final budget draft diverted nearly half of the $6.5 billion set aside for the state's border clampdown in earlier versions, marking one of the biggest eleventh-hour budget changes. It was a reflection of a monthslong decrease in illegal border crossings and the billions that could be coming to Texas under a tentative federal plan to reimburse states for their immigration enforcement efforts under the Biden administration. Sen. Joan Huffman, a Houston Republican who chairs the Senate Finance Committee, said the spending plan is a "responsible, balanced budget that falls within all constitutional and statutory spending limits and meets the needs of our rapidly growing state." "The Texas economy is the envy of the nation, and the budget will secure our state's prosperity for generations to come," Huffman, the Senate's lead budget writer, said on the floor Saturday. "We have leveraged our state surplus over several sessions to make targeted, one-time investments without burdening future budgets." Rep. Greg Bonnen, R-Friendswood and Huffman's counterpart in the House, said the budget "prioritizes public education, tax relief, public safety, infrastructure and improving taxpayer services for individuals and businesses." The House and Senate have been largely aligned on budget matters this session. Each chamber approved plans earlier this year that spent similar amounts overall and lined up on big-ticket items including how much money to put toward school vouchers, property tax cuts and water infrastructure. Much of the fine print — outlining how that money would be used — was worked out in separate bills. Among the marquee items is an $8.5 billion boost for Texas' public schools, the product of weeks of negotiations between the chambers. The funding package, known as House Bill 2, provides extra money for teacher and staff pay raises, educator preparation, special education, safety requirements and early childhood learning. Another $1 billion in the budget is set aside for a school voucher program that will allow families to use public money to fund their children's private school tuition or pay for a range of school-related expenses. Abbott has already signed the voucher bill into law and has said he will approve the school funding bill. "We passed historic policies for the nearly 6 million students across Texas, but this is where we bring those policies to life," Sen. Brandon Creighton, R-Conroe and chair of the Senate Education Committee, said of the state budget, known as Senate Bill 1. "Without SB 1, those reforms are just words on paper. This budget turns our promises into action and gives lasting weight to our priorities." Shannon Halbrook, a fiscal policy expert at the left-leaning think tank Every Texan, said the budget contains "some things that we consider wins with an asterisk." "We're definitely happy that they're investing more into public education," Halbrook said. "It's not quite the way we would have preferred for them to do it. For example, we've consistently advocated for increasing the basic allotment, because it's a really simple way to provide additional funding for schools across the board. Instead, HB 2 chooses to kind of do it in a much more complicated, convoluted way." More than 70% of the budget is reserved for education and health and human services, the latter of which includes Medicaid and the Children's Health Insurance Program, which provides health coverage for children from low-income households that make too much to qualify for Medicaid. One lingering uncertainty was how much the state would hike pay for personal care "community attendants," who are paid through the Medicaid program to help patients with tasks such as laundry, errands, grooming, eating and medication. The House had proposed increasing their base wage to more than $14 an hour, nearly $2 more than the Senate's proposal. Sen. Lois Kolkhorst, a Brenham Republican and the chamber's lead health care budget writer, said the issue amounted to "one of the most contentious parts" of her section of the budget. In the end, the chambers agreed to meet in the middle, spending nearly $1 billion in general revenue to hike the attendants' base pay to $13 an hour. Rep. Donna Howard, D-Austin, said the attendants fulfill a critical function caring for vulnerable Texans, and even with the pay raises, "we have not gotten anywhere near where we need to be." But, she acknowledged, "we did get something." "This is the Legislature's budget. It doesn't have everything in it we want," said Howard, a longtime member of the House Appropriations Committee. "That's the whole point of why we're here. It's a compromise with the Senate … And any compromise doesn't include everything we fought for in the House." The budget also puts some $10 billion toward the state's energy, water and broadband infrastructure. That includes $5 billion to double the Texas Energy Fund, a low-interest taxpayer-funded loan program meant to incentivize the development of gas-fueled power plants. Lawmakers are also putting $2.5 billion into the Texas Water Fund as part of the supplemental budget for the current spending cycle. The fund is used to pay for new water supply projects — such as desalination — repairing old water infrastructure, conservation and flood mitigation projects. In November, voters will be asked to approve a proposal to allot $1 billion a year starting in 2027— $20 billion in total — until 2047 to secure the state's water supply. Disclosure: Every Texan has been a financial supporter of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations and corporate sponsors. Financial supporters play no role in the Tribune's journalism. Find a complete list of them here.
