Latest news with #propertyTaxes
Yahoo
03-08-2025
- Business
- Yahoo
Experts Share How Much Savings You Really Need To Retire in Florida
Florida is one of the most popular retirement destinations in the U.S., and for good reason. But how much do you actually need to retire comfortably in the Sunshine State? Read Next: Learn More: According to experts, how much you need depends on your lifestyle, location, longevity and other factors. Here's what they had to say. Also see a big money-saving opportunity that Florida retirees could be missing. How Much You Need To Retire in Florida 'We instruct our students and clients when planning for a successful retirement to focus on four L's: liquidity, lifestyle, longevity and legacy,' Myles McHale, accredited investment fiduciary and instructor at Cannon Financial, wrote in an email. 'Retiring in Florida can be possible and a dream come true — but how much you'll need depends on all of these factors. In addition, we can add one more L factor into the mix: Location.' 'The cost of living in Florida is more expensive than in other states when you factor in property taxes, insurance costs and the risk of hurricanes and flooding. All of these impact your needs in retirement,' said Alex Astin, a financial advisor with Burns Estate Planning in Florida. How much you spend can greatly impact your retirement too. 'How much you spend matters significantly more than how much money you have saved for retirement,' Astin said. It also depends on whether you have any existing debt and how much. 'If there is no debt on the books the true cost of retiring comfortably may not be as much as one would imagine,' Kevin Chancellor, a financial advisor and certified Social Security claiming strategist at Black Lab Financial Services, located in Florida, wrote in an email. According to McHale, the estimated annual retirement cost in Florida can run from a modest $5,000 to $6,500 per month to well over $25,000 in monthly spending. He recommended saving enough to replace 70% to 80% of pre-retirement income for a comfortable retirement. For someone targeting $75,000 to $80,000 in annual expenses over a 20-year retirement, McHale noted that a savings goal of around $1.6 million could be a reasonable benchmark, particularly in areas like Orlando. 'Should you aim for a modest retirement, areas like Ocala, Lakeland or The Villages, these areas offer lower costs yet great amenities,' he added. Check Out: How To Financially Prepare for Retirement in Florida A successful retirement starts with a plan and realistic expectations. To make sense of how much you'll need, it's helpful to break retirement into three lifestyle tiers: modest, average and upscale. 'Each has a different cost, and each requires a different mix of income from Social Security, pensions, IRAs, 401(k)s or other assets,' Chancellor explained. When talking to clients about expenses, Astin asks his clients how much they're spending entering retirement on things like groceries, insurance, gas and electric bills, and travel. 'You don't want to have to reduce your expenses in your golden years, which is another factor in determining how much money each individual needs to retire comfortably,' Astin explained. According to Astin, it's better to plan for higher costs than expected. 'This gives retirees breathing room if things end up being more expensive,' he added. McHale also recommended renting before buying. 'We recommend to 'try before you buy.' You have the opportunity to rent in several locations to make sure both the feel as well as the expense are the right fit for you and your family before purchasing a home,' McHale explained. 'Look for a community with good healthcare, social activities and a cost of living that fits your budget.' More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 How Much Money Is Needed To Be Considered Middle Class in Your State? Clever Ways To Save Money That Actually Work in 2025 This article originally appeared on Experts Share How Much Savings You Really Need To Retire in Florida Sign in to access your portfolio
CBC
05-07-2025
- Business
- CBC
The chaos at Kamloops council continues as mayor's pursuit of forensic financial audit fails
The divide at Kamloops city council appears to be wider than ever following the recent defeat of a controversial motion put forward by Mayor Reid Hamer-Jackson to conduct a forensic audit of all city departments and management practices. Several tense exchanges erupted as the mayor tried to convince at least four of the eight other members of council to support his wish to hire a third-party investigator. Hamer-Jackson has sparred with the rest of council since the fall of 2022, when they were all elected, repeatedly complaining about property taxes being too high and the need to find savings. Early in the debate last week, the mayor accused Coun. Mike O'Reilly of violating conflict of interest rules involving the purchase of land from the city by Comet Industries in 2020, when O'Reilly was two years into his first term on council. He's the president and CEO of that real estate holding and development company. O'Reilly fired back, saying he always recuses himself from any discussions involving his private interests. "Mr. Mayor, you can't speak about me in my professional role with Comet Industries," said O'Reilly. "I completely removed myself from any conversations with the City of Kamloops. We pay people a significant amount of money to act on behalf of Comet. It almost seems like you're trying to get me in a conflict." Replied the mayor: "I had citizens asking me how Comet Industries buys a piece of property for $35,820, appraised for $90,000? I still can't explain it to those citizens. This is not a witch hunt. This is a forensic audit to do the same type of thing the TNRD did." Hamer-Jackson was referring to a 2021 investigation which found several examples of waste at the Thompson-Nicola Regional District. City administrators have confirmed the land sale mentioned by the mayor involving Comet Industries was fair value. The transaction involved the purchase of less than half an acre rather than the full acre assessed price quoted by Hamer-Jackson. Hamer-Jackson also sparred with Coun. Katie Neustaeter, who asked him to focus on the motion instead of raising topics not allowed to be discussed in open meetings. "Are you just gonna continue attacking, or can we debate your motion?" she asked. Hamer-Jackson accused her of violating discussion guidelines. "You're out of order. I'm gonna ask the CAO to ask you to leave." "Then let's go together happily. You step out. I'll step out," Neustaeter replied. The argument escalated to the point where Hamer-Jackson was asked to call the question on the audit before everyone on council had a chance to weigh in. The motion was defeated 8-1. "You guys remind me of a pack of coyotes," said Hamer-Jackson, prompting Coun. Bill Sarai to say: "You sank your own notice of motion." Nearly every past motion from the mayor has failed, but this one got to the point where it was at least considered by the rest of council. After the motion was defeated, O'Reilly told CBC Kamloops the scope of the proposed forensic audit was too wide. "Mayor Hamer-Jackson threw everything off the rails, which again is very much consistent with what he's done since he took office. The way the motion was written, it was in attack mode," said O'Reilly. "I find it rich when we're looking at trying to find cost savings, he doesn't have to look any further than in the mirror. He's cost the city ... it's getting close to over a million and a half dollars." The mayor left the meeting immediately after it was adjourned and didn't take reporter's questions. Neustaeter accused the mayor of being his own worst enemy. WATCH | Kamloops mayor refuses to heed council's call to resign: Kamloops mayor refuses to heed council's call to resign 1 year ago Duration 1:53 City council in Kamloops, B.C., has formally called on Mayor Reid Hamer-Jackson to resign after a scathing report by a provincially appointed municipal adviser was made public on Tuesday. But, CBC's Marcella Bernarndo explains, the mayor is refusing to resign. "We came in there in good faith. We did our homework. He made it absolutely impossible," said Neustaeter. Neustaeter also pointed out the purpose of a forensic audit is to find evidence of fraud, and Hamer-Jackson has shared no evidence of that. Neustaeter has been sparring with Hamer-Jackson — in public and in court — since the spring of 2023. On July 7, they will both go before a B.C. Supreme Court judge at the Kamloops courthouse. That's where Neustaeter will seek the dismissal of a defamation lawsuit filed against her by the mayor in June 2023 after she made a public statement on behalf of council accusing him of crossing personal and professional boundaries. Hamer-Jackson claims that led some people to wrongly believe he may have sexually harassed her. Neustaeter wants the matter tossed out under provincial legislation, which rids the courts of actions considered a drain on time and money. If lawyers for Neustaeter convince the judge that the mayor's case against her is frivolous, it could be dismissed, and he could be forced to cover her legal costs. That impacts taxpayers in Kamloops because they're currently covering Neustaeter's legal fees. The mayor's legal costs must be paid by him. He says it's partially why he's trying to sell his home, his boat and the commercial property he owns on West Victoria Street. For the last year, the rest of council has been asking the mayor to resign. He responded by holding a news conference last summer, declaring he plans to seek re-election. The province has been asked to help resolve the discord at city hall, but Municipal Affairs Minister Ravi Kahlon says there's no way to force the mayor to leave. Kahlon recently confirmed he's trying to update the Municipal Affairs Act, so what's happening in Kamloops — which has been seen in some other — won't be tolerated. WATCH | B.C. government to rein in dysfunctional councils: B.C. government to rein in dysfunctional councils 24 days ago Duration 2:12 The B.C. government says it's looking at how to rein in dysfunctional city councils. A number of communities — most notably Kamloops — have been paralyzed by councillors and mayors investigating and sometimes suing each other, instead of focusing on city business. Justin McElroy has more on what prompted the government's action, and how it could deal with the issue. Kahlon also told CBC Kamloops taxpayers should be concerned that more than a million dollars has been spent on legal issues involving the mayor. "If I were a citizen of Kamloops, I would be pissed, quite frankly, because we elect our officials to treat each other with respect … those are dollars that could have gone to infrastructure. Those are dollars that could have gone to important community services," said Kahlon. "We've seen the situation here in Kamloops, but also in a few other communities, which leads me to believe something more comprehensive is needed."
Forbes
30-06-2025
- Business
- Forbes
What Are The Wealthiest Cities In Nebraska? Latest Census Data Shows
Many towns along the Platte River rank among the richest places in Nebraska, most of them centered ... More on a series of man-made bodies of water. In a series of recent studies, states have been analyzed in terms of their household finances, home values, and property taxes, the point of which is to determine the richest cities in those states. Much of the Midwest and states of the Great Plains have been covered, including the richest cities in North Dakota, Kansas, and Illinois (the Prairie State). For this article, it is Nebraska's turn to get analyzed. Out of 592 places in Nebraska that the Census Bureau has data on, there are 512 cities in Nebraska with complete data for the financial datasets used: their median household income, mean (average) household income, median home value, and median property taxes paid per year. These were used to come up with a list of the 15 richest cities in the state. Read on to find out what the richest city in Nebraska is, plus the top 15 wealthiest cities in the state overall. What Are the Richest Cities in Nebraska? In order to compile this list of the richest cities in Nebraska, some important financial data was sourced from the Census Bureau's 2023 American Community Survey. These data points included these four datasets: 1) median household income, 2) mean household income, 3) median home value, 4) median property taxes paid per household. Once these were gathered, they were scored using and the sum of their individual scores used to rank them. It is important to note some things that the Census Bureau does with its data. For a couple factors, the Census numbers have upper limits, so there's no exact value for certain factors. When it comes to median household income, for example, the Census Bureau has an upper limit of '$250,000+', so no median incomes are recorded above $250,000. For median home value, the upper limit is '$2,000,000+'. For median property taxes paid, the upper limit is '$10,000+'. Because of this, the mean household income (which is the same as average household income) dataset is crucial because the Census Bureau has exact figures for it. All four of these metrics were scored, added up, and then ranked by the cities' combined scores. Another feature of the Census to point out is the use of Census-designated places — CDP. The Census essentially treats CDPs as cities, though in many cases the terminology is 'place'. This list of the richest cities in Nebraska uses this classification. Thus, if you see cities on this list that may be part of a larger township or you consider a neighborhood, it's because the Census Bureau has designated it as a 'place'. You'll find a table detailing the top 15 richest cities in Nebraska and their respective dollar figures for each metric, below: The No. 1 richest place in Nebraska in this ranking is Woodland Hills, an unincorporated community east of Lincoln. This place is essentially centered on Woodland Hills Golf Course. It has two segments where its homes are located, one in the western half of the town and other in the northeast corner. This is a very small place, both in surface area and in terms of residences, with only 86 households. The median household income here is $134,022. The average household income is $169,172, the highest in the state. The median home value reported by the Census Bureau is $419,400, the fourth highest in Nebraska. Its property taxes are on the high end, at a median of $4,793 paid per household, but several towns have much higher figures. Beaver Lake came in as the No. 2 wealthiest city in Nebraska. This place is due south of Omaha and just west of the Missouri River. So many lake towns have made the top of these richest cities list and Beaver Lake is no different. Centered on Beaver Lake, this is a beautiful town of 766 households. Beaver Lake Marina is located in the northeast corner, while Lake Ridge Golf Course is on the south shore. The median household income here is slightly higher than Woodland Hills, at $136,364. The average income is slightly lower, at $166,788. Compared to other states' wealthiest cities, the median home value is reported as $384,500, though sale prices are likely higher. The median property taxes paid by household is $4,221, which isn't too bad. Coming in as the No. 3 richest city in Nebraska is Lake Waconda. This place is south of Beaver Lake and just as exquisite. Oddly, like Beaver Lake, it also has 86 households. It has the second highest median household income in Nebraska, at $140,221. Interestingly, its average household income is lower, at $134,883, which is not that common. Also interesting, the reported median home value here is $339,200, though it's likely they increased since the time of the 2023 American Community Survey. The property taxes paid by households, on the other hand, are the highest in the state: the median is $8,971 per household. The Bottom Line on the Richest Cities in Nebraska The top five wealthiest places in Nebraska are all centered on some kind of body of water: No. 1 Woodland Hills, Beaver Lake, Lake Waconda, Valley (which has a series of enclosed bodies of water off the Platte River), and Buccaneer Bay (which has two enclosed lakes and is south of the Platte River). The largest of the 15 wealthiest cities in Nebraska is Papillon, an oddly shaped city southwest of Omaha that's home to 9,247 households.
Yahoo
26-06-2025
- Politics
- Yahoo
17 possible amendments to the Texas Constitution will be on the ballot this November. Here's the list.
The Brief Texans will vote on several Consitutional amendments this November. Amendments include changes to property taxes, parental rights and bail. All items will be on the ballot on November 4. Texas voters will decide on the fate of 17 proposed amendments to the US Constitution this November. Each of the proposed amendments was passed by at least two-thirds of the Texas House and Senate. Here's the list of the amendments that will be on the ballot for all Texans on Nov. 4. SJR 59 would create two new funds designed to support the Texas State Technical College System: the Permanent Technical Institution Infrastructure Fund and the Available Workforce Education Fund. The funds would be designed to provide consistent funding for acquiring land, construction for buildings, repairs, library books and acquiring capital equipment for TSTC campuses. SJR 18 would prevent the Texas state legislature from imposing a tax on unrealized capital gains of individuals, families, estates or trusts. SJR 5 would lay out scenarios for suspects charged with murder, capital murder or certain aggravated assault, kidnapping, robbery, sexual assault, indecency with a child and human trafficking to be denied bail. Judges that grant bail to those suspects must prepare a written order explaining the justification. HJR 7 would allocate the first $1 billion of sales tax revenue for each fiscal year to the state water fund, after collections exceed $46.5 billion. HJR 99 would exempt animal feed held by an owner for retail from tangible personal property taxes. HJR 4 would prohibit an occupation tax on registered securities market operators or a tax on securities transactions. HJR 133 would allow the legislature to create a homestead tax exemption for the surviving spouse of a veteran who died from a service-connected illness. HJR 2 would prohibit state taxes on certain financial assets, transactions or occupations. HJR 1 would allow the legislature to exempt up to $125,000 of the market value of income-producing personal property from property taxes. SJR 84 would allow for a temporary tax exemption for improvements made to homes that were destroyed in a fire. SJR 85 would increase the homestead property tax exemption for school district taxes from $10,000 to $60,000 for people who are disabled or 65 years old or older. SJR 27 would increase the number of governor appointees to the State Commission on Judicial Conduct from five members to seven members. There are 13 members on the commission. It also adds and changes other rules and restrictions for members of the council and the tribunal to review the commission's recommendations. SJR 2 would increase the homestead property tax exemption for school district taxes from $100,000 to $140,000. SJR 3 would establish the Dementia Prevention and Research Institute of Texas and the Dementia Prevention and Research Fund. SJR 34 would add language to the Texas Constitution about parental rights. The amended article says the people of Texas affirm that "a parent has the responsibility to nurture and protect the parent's child and the corresponding fundamental right to exercise care, custody, and control of the parent's child, including the right to make decisions concerning the child's upbringing." SJR 37 would add noncitizens to the list of people who are prohibited from voting in the state. HJR 34 would allow the legislature to exempt increases in a property's value if the property is located in a county along the Mexican border and that the added value comes as a result of the construction or installation of border security infrastructure. What they're saying "Texas lawmakers have proposed 17 amendments to the state constitution, and now Texans will have the opportunity to weigh in on each amendment," said Texas Secretary of State Jane Nelson. "This is an opportunity to make your voice heard about the governing document of our state." The Source Information in this article comes from the Texas Legislature and Texas Secretary of State Jane Nelson.
CNET
12-06-2025
- Business
- CNET
Mortgage Rates Ride High Despite Positive Inflation Reading: Today's Rates on June 12, 2025
Check out CNET Money's weekly mortgage rate forecast for a more in-depth look at what's next for Fed rate cuts, labor data and inflation. Despite forecasts of gradually falling mortgage rates, the housing market remains largely unaffordable for most prospective buyers. The average 30-year fixed rate has remained close to 7% for the last seven months, leading to cost-prohibitive monthly payments. The average for a 30-year fixed mortgage is 6.91% today, up 0.00% compared to one week ago. The average rate for a 15-year fixed mortgage is 6.10%, which is an increase of 0.02% since last week. Further compounding the financial pressure on borrowers are high home prices and the skyrocketing cost of ownership due insurance and property taxes. Median family income has not kept pace with the surge in housing costs, requiring many households to earn double or triple their salary to afford a modest home in some cities. Meanwhile, the "lock-in" effect, where current homeowners with low-rate mortgages are reluctant to sell and take on higher interest rates, has kept housing inventory tight and fueled price competition in high-demand areas. Should an economic slowdown force the Federal Reserve to lower interest rates later this year, it's unlikely to bring significant relief to homebuyers in today's overheated market. Even the possibility of a job-loss recession is already pushing many households to tighten their budgets and take on less financial risk. When mortgage rates start to fall, be ready to take advantage. Experts recommend shopping around and comparing multiple offers to get the lowest rate. Enter your information here to get a custom quote from one of CNET's partner lenders. About these rates: Bankrate's tool features rates from partner lenders that you can use when comparing multiple mortgage rates. What's going on with mortgage rates right now? The last few months have seen mortgage rates navigate a bumpy course. Persistent inflation, the looming threat of a global trade war and escalating recession fears have all contributed to an uncertain economic outlook. As a result, the Fed has adopted a wait-and-see approach when it comes to interest rate adjustments. After cutting borrowing costs three times last year, the central bank is keeping borrowing costs at their current range so far in 2025. Experts predict the Fed will hold rates steady again at its upcoming meeting on June 17-18. If President Trump eases some of his aggressive tariff measures or if the labor market deteriorates, it could prompt the Fed to resume easing interest rates in the fall, which would put downward pressure on bond yields and mortgage rates. Still, experts warn of a lot more volatility in the market. As a result, buyers are being more patient and strategic about financing, comparing different loan types and planning ahead. "Some are waiting, others are getting pre-approved now so they're ready to act if rates fall," said Jeb Smith, licensed real estate agent and member of CNET Money's expert review board. For a look at mortgage rate movement in recent years, see the chart below. Where are mortgage rates headed? Despite hopes that 2025 would bring relief to the housing market, concerns over a potential recession and uncertain trade policies have kept longer-term bond yields and mortgage rates high. Mortgage rates primarily take their cues from the 10-year Treasury yield, which reflects investors' collective expectations regarding inflation, labor market health, upcoming monetary policy shifts and the impact of global factors like tariffs. If investors anticipate persistently high inflation or significant government borrowing, they'll demand higher returns on their bonds, which in turn keeps mortgage rates elevated. "Rates could fall if inflation keeps cooling and the labor market softens," said Smith. "On the other hand, tariffs could create new inflation pressure. Add in government deficits and increased bond supply, and that puts upward pressure on rates." In short, it will be difficult for mortgage rates to drop below 6% without the risk of a job-loss recession. Fannie Mae now expects rates around 6.1% by the end of 2025 and 5.8% by the end of 2026. According to Smith, mortgage rates could move lower slowly and steadily, but numerous risks could keep rates elevated. How can I choose a mortgage term? Each mortgage has a loan term, or payment schedule. The most common mortgage terms are 15 and 30 years, although 10-, 20- and 40-year mortgages also exist. With a fixed-rate mortgage, the interest rate is set for the duration of the loan, offering stability. With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market. Fixed-rate mortgages are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront. 30-year fixed-rate mortgages The average interest rate for a standard 30-year fixed mortgage is 6.91% today. A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you'll have a lower monthly payment. 15-year fixed-rate mortgages Today, the average rate for a 15-year, fixed mortgage is 6.10%. Though you'll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner. 5/1 adjustable-rate mortgages A 5/1 ARM has an average rate of 6.16% today. You'll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option. Calculate your monthly mortgage payment Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET's mortgage calculator below can help homebuyers prepare for monthly mortgage payments. What are some tips for finding the best mortgage rates? Though mortgage rates and home prices are high, the housing market won't be unaffordable forever. It's always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right. Save for a bigger down payment: Though a 20% down payment isn't required, a larger upfront payment means taking out a smaller mortgage, which will help you save in interest. Boost your credit score: You can qualify for a conventional mortgage with a 620 credit score, but a higher score of at least 740 will get you better rates. Pay off debt: Experts recommend a debt-to-income ratio of 36% or less to help you qualify for the best rates. Not carrying other debt will put you in a better position to handle your monthly payments. Research loans and assistance: Government-sponsored loans have more flexible borrowing requirements than conventional loans. Some government-sponsored or private programs can also help with your down payment and closing costs. Shop around for lenders: Researching and comparing multiple loan offers from different lenders can help you secure the lowest mortgage rate for your situation.
