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+--- Thread: State with lowest property taxes (/showthread.php?tid=19247)
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RE: State with lowest property taxes - EightFingers - 03-02-2018
Well........sort of....
Say a retailer sells something at $100. Instead of collecting the tax from the customer, he just adds it to the price to make it $104.
Receipt will say $104 tax included, right?
So when the retailer reports sales, don’t the receipts need to match reported sales? If so, then the tax due would actually be $4.17 on that particular sale because the tax is 4% on gross receipts.
I can see a little savings if there is a high volume of cash customers, like a 7-11, tho, but the retailer would still eat that $.17 per$100...
RE: State with lowest property taxes - kalakoa - 03-02-2018
but the retailer would still eat that $.17 per$100...
State doesn't control prices, nor does it require that the GET "visibly pass" through to the customer.
Assume a $10 item:
Adding GET at point-of-sale means customer pays $10.42.
Retailer could instead set the price at $10.50 and pay the 4% out of that ($0.44).
Retailer could also set the price at $9.60, $9.84, or $10.08, resulting in post-GET totals of $10, $10.25, or $10.50 respectively.
If the customer pays cash, either of the second two options is more convenient for both customer and cashier: no need to count pennies.
Perhaps not surprisingly, very few local retailers have figured this out...
RE: State with lowest property taxes - punaticbychoice - 03-02-2018
Property taxes are low in Hawaii because the Public Schools are State operated,
and are paid by State Income taxes.
All other States, the responsibility for funding your local school system is a
local responsibility, consequently, higher property taxes.
Therefor, for too many of us, much higher State taxes here in the
great State of Hawaii.[
]
RE: State with lowest property taxes - Midnight Rambler - 03-02-2018
To a large degree, it all evens out. I was looking at house prices in a place on the mainland, where they're about half what they are here - but the property taxes are so high that the taxes are more than the mortgage on an average house. And you're paying for that by proxy if you're renting as well.