Sales Tax Exemption

[Hinotori]

We don't sell ag products so can't get a tax exempt. We don't have income tax to help make up for the sales tax in this state.

Knowing what places give veterans discount has helped us a lot. Feed store gives 10% which more than covers tax.

 

[Lazy Gardener]

They should give tax exemptions if your farm SPENDS more than 1K/year!!!

 

[CrealCritter]

They should give tax exemptions if your farm SPENDS more than 1K/year!!!

Exactly! 1k including all taxes.

 

[HornyToadAcres]

Currently selling a small (cheap) rental property to the guy who has been renting it in Florida. He could not believe the closing costs. I was not surprised because A) I've bought and sold property in more than one state and B) know that not having state income tax is offset by higher something else. In FL, it is fees like closing costs. In TX, it is property taxes which are not only high but you can also lose your property in just a couple years through delinquency. Last year, first time ever, I put off my property taxes in FL and TX to survive. In FL, it was like I thought, just basic interest to catch up (which will happen at the closing). They can sell tax certificates but it still only means interest. Well, in TX, about 4 months late, they tack on a 20% surcharge and send it to a lawyer to administer and I was told that it would take about a year but eventually they would take my property if I don't get it paid. And, BTW, there is NO relief of any kind that I can find.

 

[Lazy Gardener]

Tough. I'm in the middle of selling a property in FL, Real estate costs, as well as the taxes are a huge killer. Of course, the other side of the coin is a nice homestead exemption. Their real estate taxes are about 1/2 of what we might pay here in Maine.

 

[HornyToadAcres]

Tough. I'm in the middle of selling a property in FL, Real estate costs, as well as the taxes are a huge killer. Of course, the other side of the coin is a nice homestead exemption. Their real estate taxes are about 1/2 of what we might pay here in Maine.

I told my buyer to be sure to apply for homestead exemption as soon as the sale is completed.

I lived in Wisconsin for six years so I am aware of the taxes being much higher with the need for snow removal equipment and all. I think taxes were about a third of our mortgage payment there.

 

[baymule]

We filed homestead and senior citizens exemption. I also filed agricultural but was turned down. But after several years, I got the exemption. With only 8 acres, I wasn’t expecting an Ag exemption, so am pleased. We live in a double wide, which gets deprecated and our taxes go down a little each year. So there are benefits to becoming trailer trash! LOL LOL

 

[baymule]

I filed for farm exemption for sales tax, it has saved us hundreds of $$$

 

[Zekee]

Yeah, there are rules like that nowadays that don't really make sense but that is the only way to do it. You can't just show the bills of the last two years to show that no one lived there after the renovation. No one will believe you and you will lose credibility because of that. I suggest you learn how to get paystubs and try to sell your products and make up the money that you lost because of this instead of arguing with the people that work with these kinds of documents every day.

 

[Mini Horses]

Here I have ag exemption rates(VA) and my senior exemption saves me $1k per year on RE Taxes. That's a county thing, I believe. But have to watch income or they back it off some. Since they just raised it a nice amount this past year, I'm not concerned. 😁

Right now I don't use the sales tax part but may begin this year. In the past I had it for the mini horse business. Just hate all the hullabaloo with Uncle at filing time for a farm. If I increase that effort, well, I'll bite the bullet again! Back then, CPA was used for filing...I did all paperwork for. Just don't want to go there now. A LOT of work.