Latest news with #propertytaxes
Yahoo
3 days ago
- Entertainment
- Yahoo
Plans set to move forward with Cinergy Entertainment Center in Corpus Christi
The City Council unanimously approved a resolution to provide a tax rebate of up to $4.15 million over a 15-year period for the development of a Cinergy Family Entertainment Center in Corpus Christi's Southside. During a council meeting July 22, a presentation showed the new development is projected to generate almost $2 million in property taxes over 15 years after completion. Almost $7 million is estimated to be generated for Nueces County, Del Mar College, the Nueces County Hospital District and the Corpus Christi Independent School District collectively during the same period. In 2024, Corpus Christi collected $722 in property taxes on the 10 acres, and other taxing entities collected $2,616 total. The 10-acre center is set to be located near the intersection of Rodd Field Road and South Padre Island Drive. It is estimated to be completed on or before Sept. 30, 2028. Cinergy is a Dallas-based organization specializing in luxury cinemas and entertainment centers with locations in Texas, Oklahoma, North Carolina and Illinois. Planned amenities of the $40 million project include at least six movie screens, at least 10 bowling lanes, more than 100 arcade games, food and beverage service, a bar area, virtual reality simulators and more. Councilwoman Carolyn Vaughn said she is excited for the new center and made a jab at a July 14 article published by a local news outlet on a study claiming Corpus Christi was the third most boring city in the United States. Mayor Paulette Guajardo echoed her words and said the new center will show Corpus Christi is "on the map." "It just shows that those silly things about 'boring' this or that — that's nothing," Guajardo said. "We have so much to offer, and this just adds to it." RELATED COVERAGE More: Corpus Christi City Council public comment rules have changed again. Here's what is new. More: These two downtown Corpus Christi businesses could see big curbside changes John Oliva covers entertainment and community news in South Texas. Have a story idea? Contact him at Consider supporting local journalism with a subscription to the Caller-Times. This article originally appeared on Corpus Christi Caller Times: Cinergy Entertainment Center to receive tax rebate from Corpus Christi Solve the daily Crossword
Yahoo
4 days ago
- Business
- Yahoo
This Illinois woman's property tax is poised to jump from $756 to over $10,000 — a shocking 1,222% spike
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Landowners in Montgomery County, Illinois are grappling with a dramatic spike in property taxes after having their bills reassessed. Brandi Lentz told 5 On Your Side she paid $756 in property taxes last year on a 96-acre tract of woodland in Montgomery County. Next year, she has confirmation that her property tax bill will be more than $10,000 — a shocking 1,222% increase — and she's not alone. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how 'People are going to lose their property,' said former Montgomery Co. Finance Chair Megan Beeler in her interview with 5 On Your Side. 'When you're looking at a 1,500% increase, a 3,000% increase on property, we're not going to have the ability to maintain and pay the taxes.' What caused the sudden increase? The increase in property taxes stems from a 2007 state law requiring woodland tracts to be taxed like homes, according to Montgomery County Assessor Kendra Niehaus. Up until this year, the law wasn't correctly implemented in Montgomery County. As a result, woodland properties are now taxed at 33.33% of their market value. Property owners can challenge the assessment through the Board of Review, though a resolution may be difficult due to the lack of township assessors. The Montgomery County Board of Commissioners recently held a special session to address these concerns. What else can property owners do? They should start by reviewing their assessment details for accuracy. They can also compare recent sales of comparable properties in their area to see if their valuation aligns with market trends. Gathering documentation to support a claim of overvaluation can help build a case for an appeal. Once an appeal is filed, owners may be scheduled for a hearing to present their case. So, it's important to prepare a well-organized argument supported by evidence and be mindful of deadlines. Having a solid emergency fund can also help homeowners navigate large tax bills without risking losing their properties. Read more: Rich, young Americans are ditching the stormy stock market — How to own property without the hassle Investing in real estate has always been an attractive option for building wealth, but the thought of managing properties can be daunting. But platforms like Arrived are making it easier for everyday investors to tap into this market. Backed by world-class investors including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property. To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends. The commercial real estate market is another avenue for real estate investment. First National Realty Partners (FNRP) allows accredited investors to diversify their portfolio through grocery-anchored commercial properties, without taking on the responsibilities of being a landlord. With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns. Simply answer a few questions – including how much you would like to invest – to start browsing their full list of available properties. However, owning a share of a project or property this way holds some risk — for instance, you could receive no returns and these assets are often illiquid. Speak to a professional if this investment is right for you, especially if you are retired or close to retirement. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here's how Car insurance in America now costs a stunning $2,329/year on average — but here's how 2 minutes can save you more than $600 in 2025 Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. 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
Yahoo
6 days ago
- Business
- Yahoo
Editorial: Texas is talking tax cuts. Illinois? More hikes
The phrase 'there are two Americas' has many meanings. It can mean that there are two justice systems: one for the rich and one for the poor. It can mean right and left. Rural and urban. Ketchup and … the right way to eat a hot dog. When it comes to taxes and spending, state leaders often split into two camps, too — one that talks about priorities and restraint, and one that talks about hiking and expanding. Call them Texas and Illinois. Exhibit A: Texas Gov. Greg Abbott recently announced on the social platform X that state lawmakers this week will be tackling property taxes in a special session. First on the agenda: legislation to cut property taxes. Second on the agenda: legislation to limit spending by government entities that impose property taxes. You don't have to like everything they do in Texas, and we sure don't, but you can't summarily dismiss this kind of thinking, which rarely even enters the discussion in Illinois. While Texas is getting ready to talk about ways to cut taxes and limit spending, our most recent legislative session ended with a handful of new tax hikes and a 'to be continued' on transit that promises to include conversations about other potential tax increases. Importantly, Abbott's message isn't just about people-pleasing tax cuts — it's a call to make relief happen without breaking the bank. Tax cuts and spending cuts have to go hand in hand, otherwise the cycle starts all over again as deficit spending goes up and tax hikes come calling down the road to plug the hole. And to that end, we know it's not all sunshine and roses in Texas. They have fiscal problems, too, namely that local property taxes have grown dramatically in many parts of the state. In Austin, for example, the city's property tax levy increased from $675 million to over $1 billion from 2018 to 2022, representing a 51.4% increase, according to research from the Texas Public Policy Foundation. In 2023, Gov. Greg Abbott and over 80% of Texas voters approved an $18 billion plan aimed at easing the burden on homeowners and businesses. But local governments' overspending has continued to drive up bills, blunting the relief. That's why Abbott is now pushing to rein in local spending as part of the broader fix Texas needs. Still, acknowledging those problems and working to address them is precisely what stands out to us. We like it when leaders are honest about financial problems and willing to tackle them head-on, even when it isn't easy. This isn't a pro-Texas, anti-Illinois commentary. This is an endorsement of good ideas, common sense and getting to work addressing big fiscal problems. We're not saying move to Texas — though Austin and Dallas have their appeal. We like it just fine plunked here in the Midwest next to plenty of fresh water and a climate less prone to life-altering natural disasters. And in the case of the recent loss of young life due to flooding, we're well aware that adequate local government spending on emergency procedures remains vital. We hope Abbott is aware of that, too. But we're seeing Texas leaders bring a refreshingly different mindset to the debate over government and taxpayer dollars. Where Illinois politicians are more likely to stick their heads in the sand, Texas at least appears willing to confront money issues, or at least speak their name out loud. Here in Illinois, the best we've managed to do is form working groups to study our state's property tax problem — which is among the worst in the country — and then move on without real action. That pattern reflects a broader political culture of denial, as if ordinary families aren't struggling to cover mortgages and grocery bills. Not only is tax relief not on the table, but tax hikes are a constant threat here. Illinois is far from alone in this pattern, of course. But as Texas works to tackle taxes and government spending problems, Illinois should at least start talking about them more honestly. _____ Solve the daily Crossword
Yahoo
23-07-2025
- Business
- Yahoo
The 10 states with the highest property taxes, and the 10 states with the lowest
If you're a homeowner, you've likely been feeling the sting of rising property taxes. Property tax bills have been climbing, marching upward along with home prices. Nationwide, property taxes increased 27 percent, on average, between 2019 and 2024, according to Cotality, formerly CoreLogic, a company that analyzes property data trends. This steep rise in taxes has been taking a toll on American homeowners, raising housing costs and squeezing budgets. That said, some homeowners are feeling the climb more than others. And it has a lot to do with the cost of living in the community that you call home. 'Taxes are always tied into property values,' says Rick Sharga, president and CEO of CJ Patrick Company, a market intelligence firm. 'You have a whole different basis for taxes if you're in Southern California than if you're in Southern Nebraska.' The cost of the services paid for through your taxes also differs depending on where you live, he says. 'Fire departments, police departments, ongoing maintenance and schools — and the cost of running them — vary pretty dramatically,' Sharga says. That's why home buyers should pay close attention to property taxes before making a home purchase. They also need to be aware that those taxes are not set in stone, and any future tax increases will need to be absorbed into their budgets. 10 states with the highest property taxes Below is a list of the 10 states with the highest effective property tax rates, according to a 2025 Tax Foundation report based on 2023 data. The effective tax rate is the average amount of residential property taxes paid, expressed as a percentage of home value, according to the Tax Foundation. States with the highest effectiveproperty tax rates Average amount paid(percentage of home value) 1. Illinois 1.83% 2. New Jersey 1.77% 3. Connecticut 1.48% 4. Nebraska 1.43% 5. Vermont 1.42% 6. New Hampshire 1.41% 7. Texas 1.36% 8. Ohio 1.31% 9. New York 1.26% 10. Wisconsin 1.25% Learn more: Current tax brackets and federal income tax rates 10 counties with the highest property taxes Zoom in to the county level, and you'll see that the most expensive locales are concentrated in a few states. The highest effective property taxes by county are: Counties with the highest effectiveproperty tax rates Average amount paid(percentage of home value) 1. Menominee County, Wis. 3.64% 2. Camden County, N.J. 3.08% 3. Salem County, N.J. 3.03% 4. Orleans County, N.Y. 3% 5. Allegany County, N.Y. 2.94% 6. Gloucester County, N.J. 2.81% 7. Monroe County, N.Y. 2.79% 8. Cattaraugus County, N.Y. 2.69% 9. Lake County, Ill. 2.68% 10. Cortland County, N.Y. 2.65% Keep in mind that the dollar value of property tax bills will fluctuate with housing prices — and higher property tax bills are typically found in places with higher housing prices. That said, higher payments can also be reflective of a higher cost of government. Many of the counties in the list above are in New Jersey and New York, with another in Illinois. But the county with the highest effective tax rate in 2023 was Menominee County, Wis. Menominee is a bit of an outlier, with its higher taxes partly due to its small tax base, according to the county treasurer's office. A large portion of the county is made up of the Menominee Reservation. Get started: Match with an advisor who can help you achieve your financial goals 10 states with the lowest property taxes Here are the 10 states with the lowest effective property tax rates. (Note: A number of states are tied for effective property tax rate, so there are actually 15 states listed here.) States with the lowest effectiveproperty tax rates Average amount paid(percentage of home value) 1. Hawaii 0.32% 2. Alabama 0.36% 3. Arizona 0.44% 4. South Carolina and Utah 0.47% 5. Idaho and West Virginia 0.48% 6. Nevada and Tennessee 0.49% 7. Colorado and Delaware 0.5% 8. Arkansas 0.53% 9. Louisiana and Wyoming 0.55% 10. Mississippi 0.58% It always pays to understand a local market's taxes before making a home purchase. A real-estate or mortgage professional can help buyers estimate property taxes so they know the kind of tax bill that will come with the property. How property taxes are calculated Local governments have different property tax rates and use different methods for calculating property taxes. Generally, jurisdictions assess the value of a property, determine its taxable value and apply the tax rate, according to the Tax Policy Center, a nonprofit research organization. There are a variety of formulas used to do this. Keep in mind that not all states use 100 percent of the property's value when calculating tax; many use what is called a fractional assessment system. There are also exemptions that can lower a property tax bill, including homestead exemptions for homeowners and other breaks for seniors and veterans. Plus, some homeowners are able to deduct their property taxes when they file their income taxes. That can provide some relief. Learn more: How property taxes are calculated Hidden costs on the rise Property taxes are often considered a 'hidden cost' that takes a backseat when buyers consider the purchase of a home, Sharga said. Home insurance is another cost that doesn't get as much attention as the home's asking price. 'Usually when you're getting a loan, the lender is looking primarily at your principal and interest payments. But increasingly, they really do have to be paying very close attention to taxes and insurance, because both of those have gone up significantly over the last three to five years,' Sharga says. The median monthly principal and interest payment for a home was $2,285 in April 2025, according to the Federal Reserve Bank of Atlanta's Home Ownership Affordability Monitor. That assumes a $392,500 median-priced home with an interest rate of 6.7 percent. But add taxes, insurance and primary mortgage insurance (PMI) and the total housing cost jumps to $3,069 per month. That's $784 a month on top of the mortgage principal and interest. 'It's really important to be looking at your property tax and your insurance costs to figure out if you really can afford to buy that house, and you need to factor in some degree of increases on a future basis. That's where a lot of homeowners get shocked,' Sharga says. 'You get a 30-year fixed-rate loan, so you assume that you're locked into a monthly housing cost, and then when that property reassessment hits and your tax goes up, or you get your annual insurance premium update — a lot of people simply haven't budgeted for those increases,' he says. Learn more: Lessons on property taxes from a 20-year homeowner 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
Yahoo
23-07-2025
- Business
- Yahoo
What is an escrow waiver, and how do you qualify?
When you get a mortgage, your lender will usually set up what's called an escrow account. They use this to stow away a portion of your monthly payments, eventually using those funds to pay your property taxes and homeowners insurance premiums when they come due. If your home loan requires mortgage insurance, these funds are usually held in an escrow account. But what if you'd rather manage the savings and payments on your own instead of going through an escrow account? Depending on your situation, this could be an option. You'll just need an escrow waiver from your mortgage lender or loan servicer. Here's what you need to know about escrow waivers, why you might want (or not want) one, and how to get the waiver. Read more: How to get a mortgage, step by step This embedded content is not available in your region. In this article: What an escrow waiver is Pros and cons of getting an escrow waiver How to apply for an escrow waiver FAQs What an escrow waiver is An escrow waiver allows you to forgo an escrow account, which is typically required when you get a mortgage. Essentially, it means your loan servicer won't be collecting money for your homeowners insurance premiums or taxes along with your monthly payment, nor will it be taking care of the payment process for those bills on your behalf as it would with escrowed loans. With an escrow waiver in place, it becomes your responsibility to pay the tax and insurance companies. You'll need to ensure you have the cash to cover your property taxes and insurance premiums and make those payments when they eventually come due. Basically, by cutting out the middleman (your loan servicer) in paying for taxes and insurance, these bills will no longer make up your monthly mortgage payment. You'll pay for them separately. Pros and cons of getting an escrow waiver An escrow waiver will typically mean a lower monthly payment — and a more consistent one, at that. Here's why: With an escrow account, you will be required to put money toward your taxes and insurance costs each month, so unfortunately, it will lead to a higher monthly mortgage payment. It also means your payments are more likely to fluctuate. Your servicer will conduct an escrow analysis annually to determine how much you need to set aside for projected taxes and insurance costs. If those are expected to rise, then your escrow requirements (and subsequently your monthly payments) will jump too. Additionally, if your taxes or insurance premiums are higher than estimated one year, your servicer may increase the amount you put into your account to make up for the shortage. One other consideration is that your taxes and insurance premiums will be totally your responsibility when you waive an escrow account. So, not only do you need to track those deadlines and make the payments all on your own, but you'll also need to save cash throughout the year to ensure you have enough money to afford the payment when the time comes. This can be hard if you don't have a solid budgeting and saving system in place. Finally, there are costs to think about. To set up an escrow account, you'll be required to make an initial deposit at closing, which can increase your closing costs quite a bit. With an escrow waiver, there may be a fee — either a slightly higher interest rate or a percentage of the loan amount. You'll want to compare both of these costs when making your decision. Learn more: Cash to close — What you'll pay on closing day Up Next Up Next How to apply for an escrow waiver To get an escrow waiver when buying a house, you'll need to formally request one from your lender before closing day. Whether it's allowed will largely depend on what mortgage type you have. For example, FHA and USDA loans aren't eligible for escrow waivers, though you may be able to get one on VA and conventional loans, depending on your down payment amount and your lender's policies. What if you already have a mortgage and want to request a waiver later? Again, your eligibility will depend on the company. With a conventional loan, you'll typically need a loan-to-value ratio (LTV ratio) of less than 80%, which means your mortgage balance is less than 80% of your home's market value. You also must be current on your mortgage payments. You also can't have any payments scheduled to go out of your escrow account for the next 45 days. If you're considering an escrow waiver, you'll need to contact your mortgage lender or servicer. The lender is the company that gives you the home loan, and the servicer takes over your mortgage payments once you've closed on the house. (Sometimes the lender and servicer are the same company.) They'll walk you through the eligibility requirements for your loan as well as any costs you might face for the waiver. You might also need to submit a formal written request, fill out an application, or submit documentation (like proof of on-time payments, credit report, property tax records, or a copy of your homeowners insurance policy), but these depend on the lender. Your eligibility for an escrow waiver may also depend on your property location. If your home is in a flood zone or is a particularly high insurance risk, it may not be eligible. Escrow waiver FAQs What types of mortgages allow escrow waivers? Depending on the lender, you may qualify for an escrow waiver on a conventional or VA loan. However, you're required to have an escrow account for FHA loans and USDA loans. Is an escrow waiver worth it? An escrow waiver might be worth it if you're good at budgeting and saving, and you can stay on top of your property tax and home insurance bills. The big benefits of an escrow waiver are that it reduces your monthly mortgage payments, ensures your payment amount isn't affected by changes to your taxes or insurance, and allows you to earn interest on your savings if you keep the money in a high-yield savings account. How do I avoid escrow waiver fees? Some lenders will charge an escrow waiver fee, while others will charge a slightly higher interest rate on your mortgage loan. You will want to run the numbers to see which is the best choice for your finances. If you're still shopping for the best mortgage lender, this factor could help you choose a company. How much down payment do I need to waive escrow? On a conventional loan, you'll need to make at least a 20% down payment in order to qualify for an escrow waiver. Talk to your lender, though, as some companies may have more stringent requirements. Does waiving escrow increase your interest rate? It can, but it depends on the mortgage lender. Some lenders charge a fee, while others offer a higher interest rate to account for the added risk. Laura Grace Tarpley edited this article.
