“Property-Tax Deduction and COBRA Subsidy Updates” plus 2 more |
- Property-Tax Deduction and COBRA Subsidy Updates
- Township property tax rate proposed to stay at 32.8 cents
- Tax rate to remain stable in Seminole for 2010-11
Property-Tax Deduction and COBRA Subsidy Updates Posted: 03 Aug 2010 07:35 AM PDT '); Can I deduct my property taxes if I don't itemize my deductions? At the moment, no. But don't give up hope. Non-itemizers were able to add up to $500 ($1,000 for married couples filing jointly) to their standard deduction for real estate taxes they paid in 2008 and 2009. Legislators' attempt to extend that deduction and several other expired tax breaks for 2010 failed in June. There are several tax issues Congress must still take up before the end of the year, though, including extending income-tax rates that expire this year and reviving the estate tax that expired last year. So lawmakers will have another opportunity to reinstate the property-tax deduction for 2010. Has the 65% COBRA health-insurance subsidy for laid-off workers been extended? No. People who lost their jobs between September 1, 2008, and May 31, 2010, qualify for a government subsidy to pay 65% of their premiums for up to 15 months when they continue their health-insurance coverage under their former employer's plan through COBRA. But the law has not been extended yet, so people who lost their jobs after May 31 are not eligible for the subsidy (people who lost their jobs before then, however, can continue to receive the subsidy for up to 15 months). Legislation signed into law by the president on July 22 extended unemployment benefits but did not extend the COBRA subsidy. For more information about the COBRA subsidy and frequent updates about its status and any further extensions, see the Department of Labor's COBRA page. If you aren't eligible for the COBRA subsidy, your health-insurance premiums can be quite steep because you have to pay both the employer's and the employee's share of the premiums -- which totals $13,375, on average, per year for family coverage, according to the Kaiser Family Foundation. If you're healthy and have to pay the full cost for COBRA coverage, you might be able to find a better deal on your own. You can shop for individual health insurance at eHealthInsurance.com, find a local agent at www.nahu.org or get a list of available policies in your area at www.healthcare.gov. Also see Score Big Savings on Health Coverage for more information and other strategies to help you find affordable coverage. But if you have a medical condition that makes it difficult or expensive to get insurance on your own, then COBRA may still be your best bet -- even without the subsidy. Regardless of whether you receive the subsidy, you can keep your former employer's health-insurance coverage through COBRA only for up to 18 months after you lose your job. See Getting Health Insurance on Your Own for advice about what to do after you exhaust your COBRA benefits. Five Filters featured article: "Peace Envoy" Blair Gets an Easy Ride in the Independent. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
Township property tax rate proposed to stay at 32.8 cents Posted: 03 Aug 2010 08:16 AM PDT The Woodlands Township Board of Directors proposed a property tax rate of 32.8 cents per $100 home valuation for the 2010-11 budget year, the same as the current tax rate. "We haven't finalized the budget, we've just set the rate for publicizing, now we have two more hearings," said Peggy Hausman, who voted during a budget workshop Monday for the 32.8 cent rate. "My rationale for it is we need to build capital reserves. (The Woodlands Township) is brand new, and what I'd like to be able to do is next year make sure we have the numbers run to give everyone a homestead (exemption)." The only dissenting board members were Tom Campbell and Claude Hunter, who both voted to adopt a 32.5-cent property tax rate. The Woodlands Township is planning two public hearings where residents can weigh in on the budget, on Aug. 12 and Aug. 18. Both hearings will be held at 6 p.m. at The Woodlands Township Service Center, located at 2201 Lake Woodlands Drive. Monday's budget discussion was the sixth in a row, after similar meetings that took place every day last week to discuss components of the 2011 budget. Officials presented the township's five-year plan July 28 at the first workshop meeting for the 2011 budget. The property tax rate should remain at 32.8 cents per $100 valuation over the next five years, according to the plan. The township board will vote on the property tax rate and adopt the budget during a special meeting scheduled for 9 a.m. Aug. 31 at The Woodlands Township board chambers, located at 10001 Woodloch Forest Drive. "The property tax rate that we intend to establish will allow us to provide quality services and facilities to the residents and businesses of The Woodlands, specifically enhanced law enforcement coverage, which is a priority to the residents and businesses of The Woodlands," said Bruce Tough, township board chairman. The 2011 budget provides for more than $12 million in capital projects, including the construction of Fire Stations 7 and 8 ($3.4 million); park, pathway and aquatic improvements ($1.7 million); Creekside Park projects ($1.6 million); pedestrian projects in Town Center ($1.4 million); and vehicles and equipment for law enforcement ($1.3 million) and the fire department ($1 million). Overall expenditures in 2011 are estimated to be $86.5 million, about $4.7 million more than the estimated 2010 budget. Expenditures are expected to be about $4 million more than incoming revenue of about $80.7 million for 2011. The township's biggest percentage of revenues for the 2011 budget will be $39.4 million from property taxes — accounting for 49 percent — while $31.2 million in sales tax revenues will make up 38 percent of the budget. Hotel occupancy tax revenues of $3.5 million will account for 5 percent of the budget. Five Filters featured article: "Peace Envoy" Blair Gets an Easy Ride in the Independent. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
Tax rate to remain stable in Seminole for 2010-11 Posted: 03 Aug 2010 01:01 PM PDT Times staff SEMINOLE — Property owners here will see no increase in the city tax rate for the coming fiscal year. The city has set an upper limit of $2.48 per $1,000 of assessed, taxable property value for its tax rate in the 2010-11 fiscal year. For a $150,000 home with a $50,000 homestead exemption, that would be $248 for Seminole city taxes, the same as the current year. The rate is not set in stone. The City Council could reduce that by the time it votes in late September. The property taxes will go toward the $15.2 million operating budget for the coming year. That is $369,402 less than the current budget. [Last modified: Aug 03, 2010 03:16 PM]
Five Filters featured article: "Peace Envoy" Blair Gets an Easy Ride in the Independent. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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