Watch Your Wallet: The Latest Tax News

Blog November 16, 2023 By Tim

What’s happening with your taxes now?


Check out the latest tax news, and how you need to prepare to be able to afford your taxes in the new year…


New Taxes On Electric And Hybrid Vehicles


Florida is among the states proposing new taxes on electric and hybrid vehicles this year. The goal being to make up for lost tax revenues on gas sales. So, if you thought you had more room in your budget after purchasing one of these vehicles, be ready for a big financial surprise this year in the form of new annual fees. 


Raising Property Taxes To Make Housing More Affordable


While it may not sound like it makes much common sense, Seattle is proposing to triple a levy on property owners to pay for more affordable housing. A trend which may become even more common in a new era of few jobs, and high living costs.


South Florida Homeowners Shocked By Skyrocketing Property Taxes


The flood of New Yorkers to South Florida has not only led fund manager Ken Griffin to forecast it will surpass NYC as the new financial capital of the country, but is leading to huge property tax hikes for homeowners. Unfortunately, we sometimes take our problems with us. 


This ought to be good news for Long Island homeowners who ought to be able to expect these trends to reduce their homes’ tax assessments. Just remember you’ll still likely have to file an appeal to get your property taxes reduced here. 


Colorado To Reduce Property Taxes


Colorado is taking the opposite approach, and is proposing increasing property tax breaks, and reducing tax rates. 


Budgeting For AI And Technology


Many individuals and households are not appropriately budgeting for the impacts of new automation technology and AI. 


As you’ve probably experienced already, these technologies still aren’t very intelligent. In fact, the mistakes they are making are costing consumers a ton of frustration, and a lot more money.