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Friday, January 20, 2023

Property Taxes: California Vs Texas -- 2022

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.    

House value:


Property tax rate:



Property taxes:
  • Texas:
    • $390,000 x 1.6% = $6,240
  • California:
    • $863,000 x 0.0071 = $6,127.

Electricity:



Maintenance costs:

  • Common sense can figure this one out.

Pool costs:


Car registration:

  • Texas: $50
    • interesting to say the least
    • my three cars, a 2005 minivan; a 2007 minivan; a 2011 Honda Civic: each $75
    • I have no idea how "they" get Texas average to $50 -- wow
  • California: $45

State income tax (numbers rounded):

  • Texas: $0.
  • California:
    • married, filing jointly
    • nine brackets
      • lowest bracket, 1% begins on income of $1.00
      • mid-range bracket: 9.3% on $130,000: $12,090 -- annual state income tax bill
        • and talk about regressive: 
        • that 9.3% extends all the way up to $677,000 annual income
        • $130,000 is probably a reasonable income to consider for a married couple interested in investing and interested in the Bakken
      • 10.3% kicks in at $673,000 annual income
      • so, if you earn $130,000 (married, filing jointly) you pay the same rate as a couple earning $650,000 / year
      • 12.3% on incomes greater than $1.4 million

Note: this was the first time I really paid any attention to the tax brackets in California. I'm appalled. To say California state income taxes are progressive it complete bullshit.

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