The results are in, and Colorado Springs voters have taken a hard line against any kind of increase, or even maintenance of city tax revenue. We are a little famous for being very anti-tax here, so in some ways this should be no surprise. However, it does present some 'interesting' decisions for the city council, seeking to balance a budget that has been hit hard by decreasing sales tax revenue. Of course, all the fun stuff gets paraded out to the chopping block first (parks and bus service for instance). Police and fire salaries, whether by headcount, furlough, or layoff tend to be next. Street maintenance is never far behind, although since they are already doing so little in that area it isn't that productive. Usually not mentioned are mayor and city council salaries (or size), wonder why? My personal hope is that the city will figure out some good creative ways to avoid cutting back things like park maintenance, we have some of THE best parks in the country!
I'm kind of glad Congress is getting serious about extending the 1st Time Homebuyer Tax Credit, both in time and scope. There is still some discussion going on, but I'll cover this when the final version passes, maybe by tomorrow? The extension of the program to some existing homeowners is particularly exciting.
We may set warm weather records 3 days this week, with another day in the 70's for today, pretty great for November! I'll take it, we had snow last week to offset it!
Got questions about living in Colorado Springs? Call me at 719-590-4768 or 888-568-6784! Visit me on Facebook to see even more photos!
Showing posts with label Taxes. Show all posts
Showing posts with label Taxes. Show all posts
Thursday, November 05, 2009
Thursday, April 16, 2009
Tax Day and Shopping in Colorado Springs
Many cities in the country had Tax Day tea parties yesterday, and Colorado Springs was no exception. Friends who attended the festivities in Acacia Park were impressed with how smooth it all went. Conservatives protesting in the public square isn't something you see every day, if they had been rowdy about it I guess it would really have been news! I was surprised the Gazette reported only 1500 people were there, friends had guessed double that. For as fiscally conservative as Colorado Springs tends to be, I would have thought more would attend, but then again, some of us were working!
The news of the General Growth Corporation Chapter 11 Bankruptcy filing is pretty sad here in Colorado Springs. The Chapel Hills Mall, across the street from my office in Briargate, is a General Growth Property, and while this is anticipated to go rather smoothly and not force any major closings, it still reflects on how difficult the business climate has become nationally. The mall is where my youngest son works, and while we are not big shoppers as a family, it is where we go when mall shopping is required, not to mention the food court is a pretty convenient quick bite for lunch, and the theaters are also very close and convenient. The other major mall in the city is The Citadel, which is quite a bit further south. The Promenade Shops at Briargate is a newer outdoor shopping and dining center that has competed somewhat with Chapel Hills in recent years, though it is really a different experience altogether.
Got questions about living in Colorado Springs? Call me at 719-590-4768 or 888-568-6784!
The news of the General Growth Corporation Chapter 11 Bankruptcy filing is pretty sad here in Colorado Springs. The Chapel Hills Mall, across the street from my office in Briargate, is a General Growth Property, and while this is anticipated to go rather smoothly and not force any major closings, it still reflects on how difficult the business climate has become nationally. The mall is where my youngest son works, and while we are not big shoppers as a family, it is where we go when mall shopping is required, not to mention the food court is a pretty convenient quick bite for lunch, and the theaters are also very close and convenient. The other major mall in the city is The Citadel, which is quite a bit further south. The Promenade Shops at Briargate is a newer outdoor shopping and dining center that has competed somewhat with Chapel Hills in recent years, though it is really a different experience altogether.
Got questions about living in Colorado Springs? Call me at 719-590-4768 or 888-568-6784!
Tuesday, April 15, 2008
It isn't a record, but I think 80 degrees is on the warm side for tax day in Colorado Springs. It was a perfect chance to get the hot tub drained, cleaned a refilled, and the warm dry sun felt very good. Rain and snow are in the forecast for the next couple of days, so we'll enjoy it while we can!
Speaking of tax day, I thought I would plug one of the tax benefits of owning a home. The obvious interest deduction is the one most discussed, but actually the tax free gain on the sale of your home is sometimes more important. This is because the way the tax tables work these days, sometimes using the standard deduction instead of itemizing is the best thing anyway, depending on the situation.
The tax free sale is generally interesting for everyone (current recession excepted), because even when homes are appreciating slowly, in the long run they are still appreciating, and when you sell, it is one of the few things you don't get taxed on (with some limits, of course). A $200,000 house that eventually sells for $250,000 after 5 years or so may have a $50,000 tax free gain on it. While you can often beat the appreciation rate with other investments, you usually cannot beat the leverage allowed (with only 3% down, this could be only a $6,000 investment!), and after taxes, that money is harder to match. Plus you get to live in it the whole time!
Speaking of tax day, I thought I would plug one of the tax benefits of owning a home. The obvious interest deduction is the one most discussed, but actually the tax free gain on the sale of your home is sometimes more important. This is because the way the tax tables work these days, sometimes using the standard deduction instead of itemizing is the best thing anyway, depending on the situation.
The tax free sale is generally interesting for everyone (current recession excepted), because even when homes are appreciating slowly, in the long run they are still appreciating, and when you sell, it is one of the few things you don't get taxed on (with some limits, of course). A $200,000 house that eventually sells for $250,000 after 5 years or so may have a $50,000 tax free gain on it. While you can often beat the appreciation rate with other investments, you usually cannot beat the leverage allowed (with only 3% down, this could be only a $6,000 investment!), and after taxes, that money is harder to match. Plus you get to live in it the whole time!
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