Hello and Welcome to our January – First Month Review of 2025! – Financial Planning and Capital Market Update!
If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!
Be sure to catch the all new intro – we think it is really cool along with also very cool background music! Google and AI created!
Newbies –
We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets thoughts and current events!
Hope you enjoy!
January 2025 Video
YouTube
Financial Planning Tip(s)
The Homestead – A possible Tax Savings-
In this reminder post … Those especially in states similar to our Home state Texas – Homesteading may have substantial tax savings!
Other State Examples
- California exempts the first $7,000 of residential homestead from property taxes.
- Colorado allows a 50% deduction for up to the first $200,000 (equivalent to a $100,000 exemption if the property is valued at $200,000 or above) for seniors (over age 65) who have lived in their property for ten consecutive years.
- Georgia allows a 1% HEST only in a few counties.
- Florida‘s homestead exemption allows an exemption of 160 acres outside of a municipality and one-half an acre inside a municipality.[5]
- Kentucky, for 2019 and 2020, the exemption has been set at $39,300. Once it is approved, homeowners who are 65 or older do not need to reapply for the homestead exemption each year.[6]
- Louisiana exempts the first $7,500 of residential homestead from local property taxes.[7]
- Michigan exempts the homeowner from paying the operating millage of local school districts.
- Mississippi exemption from all ad valorem taxes assessed to property; this is limited to the first $7,500 of the assessed value or $300 of the actual exempted tax dollars.[8]
- New York‘s School Tax Relief (STAR) program exempts the first $30,000 of a primary home’s assessed value from school district taxes; the exemption is limited to owners with incomes under $500,000. Additional exemptions are available for people over 65 with a limited income. The STAR program applies only to school taxes; no homestead exemption exists for taxes levied by other municipal entities. New York prevents a New York resident claiming this exemption if the New York resident owns property in another state and claims a similar exemption in that other state.
- Oklahoma allows a $1000 deduction of the assessed valuation, about $75 to $125 of savings per year, if owners file for homestead exemption with the local county clerk.
- Rhode Island exempts the first 20% of the home value from property taxes.
- Texas allows a deduction, with additional exemptions available for county taxes, people over 65 and people who are disabled. It also requires school districts to offer a $25,000 exemption (but not other taxing districts, such as cities and counties).[9] Texas further limits the assessment increase on a homestead to 10% of the prior year’s value.
Generations in 2035
In our post here highlighting all of the generations named – from our buds at Visual Capitalist – we look at where the catchy named generations will be in 10 years-
Capital Market Comments
Humble Forecasts – Vanguard, Research Affiliates/Rob Arnott, GMO
From a -5% to a whopping 4% growth, very large and exceptionally sharp forecasters i.e. Research Affiliates put some humble pie on expectations! From this post!
Have a Great Day, Talk to You at the end of February!
John A. Kvale CFA, CFP
AI Content Authenticity: – Several of the pictures were created by AI. All of the following written content has been completed by myself and has not been edited or created by AI. Occasionally we do use AI for images and will note so when used.
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
