Everything bigger in Texas

Yep, no state income tax, but property tax is a killer here. I pay more in taxes than I do on my principal mortgage. And almost as much as principal AND interest.

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Living in a state with ni income tax sounds great until you start to add up all the other taxes. Usually higher sales tax and sales tax on more items than some other states, higher gas tax, property tax etc. The sad things is when you do live in one of these states and are retired, you're not making enough money to make the no income tax a drawing card since you pay more in all those other taxes than if they just rapped you for their 6% OR 7% right off the top

.Lots of things to question in the article. like using 5 year old data.

The real world way to figure tax impact is to take other things into account such as property values and average income not just tax rates. Total tax burden calculations due that.

For instance Palm Beach County brags about a lower property tax rate than my county. However my same property would cost over double more in PB County and the average income is only 5% higher so that fraction of a percent less in property tax cost still takes more out of the average homeowners pocket and consumes more of their income.

In 2022 total tax burden by state CA is #9 and TX is #32

https://wallethub.com/edu/stat…t-lowest-tax-burden/20494

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I still like the 5% flat tax. No deductions no income threshold. Everybody pays... Can't remember the person's name at the moment that proposef that decades ago. But I can see his weird face. Ok remember now, Steve Forbes.

Quote from VV11B40

I still like the 5% flat tax. No deductions no income threshold. Everybody pays... Can't remember the person's name at the moment that proposef that decades ago. But I can see his weird face. Ok remember now, Steve Forbes.

That way all the drug dealers and hustlers collecting "free" from government subsidies would be forced to pay "their Fair share" along with the rest of society.

I saw the title of this thread, and got excited! Thought there was gonna be some wicked bodacious pics!!

But no, Fast Eddie has to talk taxes!!

That slowed the heart rate!

(I need new friends..............2 at a time!!!)

Florida has no income tax. BUT Florida has an Intangibles Tax on your stock market holdings, bonds and outstanding notes. There is a fee attached to almost everything else. I lived there for 21 years. It is NOT a cheap place to live. I would NEVER go back.

Quote from openair

Florida has no income tax. BUT Florida has an Intangibles Tax on your stock market holdings, bonds and outstanding notes. There is a fee attached to almost everything else. I lived there for 21 years. It is NOT a cheap place to live. I would NEVER go back.

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I don't know of anyone that pays an intangible tax down here. Most of that statue was repealed in 2006

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What things cost also matters .......

States ranked by cost of living from lowest (most affordable) to highest (most expensive). This data is from a resource provided by U.S. News that uses 2020 data from the Council for Community and Economic Research:

1. Mississippi
2. Arkansas
3. Missouri
4. Michigan
5. Tennessee
6. Ohio
7. Kentucky
8. Oklahoma
9. Georgia
10. Alabama
11. Indiana
12. North Carolina
13. West Virginia
14. Texas
15. Louisiana
16. Kansas
17. Iowa
18. South Carolina
19. Illinois
20. Wisconsin
21. Nebraska
22. Idaho
23. South Dakota
24. New Mexico
25. Florida
26. Pennsylvania
27. Arizona
28. Minnesota
29. Montana
30. Virginia
31. Utah
32. Wyoming
33. North Dakota
34. Delaware
35. Nevada
36. Colorado
37. New York
38. Washington
39. Maine
40. Oregon
41. Vermont
42. New Jersey
43. New Hampshire
44. Maryland
45. Rhode Island
46. Connecticut
47. Massachusetts
48. Alaska
49. Hawaii
50. California

https://www.patriotsoftware.co…age-cost-living-by-state/

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Once upon a time many years ago before Austin, TX became the liberal bastion it is today I bought a house. I was outright flabbergasted when I found out they had a VIEW TAX !! The higher up the hill and the better the view the higher the tax. That combined with the cumbersome ISD and MUD taxes was outrageous back then. I can’t imagine it has gotten better 😩. Can’t tell you how many foreclosures I did due to unpaid taxes but it was in the hundreds !!

The view tax just sounds like an ocean front tax. Property is worth more.

Quote from Edward Neal

one thing that makes a big difference is if you live in California and are a home owner proposition 13 keeps your property taxes very low for as long as you stay in the home - this keeps your property taxes from going up when the value of your home goes up - property taxes remain tied to your original purchase price with annual increases limited to the inflation rate, as measured by the California Consumer price index. or 2% whichever is less.

this is a huge tax difference that most comparisons between states overlook

seriously - I bought my home in 1998 for 104K - - and right now its worth a bit over 700K, but because of prop 13 it is valued at only 119k for purposes of my property taxes

yes it is true that you have to be a home owner and you need to stay in the home, but if you do property taxes are much much lower that what you would pay for the same valued property in most other states

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Now you have me curious since our numbers are similar ..... especially since I just received my yearly TRIM notice from the County

Purchased our current property a decade ago as a soon to be foreclosed short sale for $108K with a market value of $195K at the time. It's estimated market value according to the County is now $486K. After all the primary residence, homestead, FL "Save Our Homes" (similar to your prop 13 I think) yada, yada, yada, exemptions it brings my taxable value down to..wait for it ...... $58,172

So my yearly tax bill is $1,499.94 with an added $584.21 in non-ad valorem assessments making my yearly total County bill $2084.15.

How does that compare to Palm Springs ......

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Quote from VV11B40

The view tax just sounds like an ocean front tax. Property is worth more.

Still a rip off - tax is based on appraisal of house which will be much more anyway - a view tax or ocean tax is just a way for the taxing authority to gouge you even more because they know you can afford it !!

Quote from Orangeman

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Now you have me curious since our numbers are similar ..... especially since I just received my yearly TRIM notice from the County

Purchased our current property a decade ago as a soon to be foreclosed short sale for $108K with a market value of $195K at the time. It's estimated market value according to the County is now $486K. After all the primary residence, homestead, FL "Save Our Homes" (similar to your prop 13 I think) yada, yada, yada, exemptions it brings my taxable value down to..wait for it ...... $58,172

So my yearly tax bill is $1,499.94 with an added $584.21 in non-ad valorem assessments making my yearly total County bill $2084.15.

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How does that compare to Palm Springs ......

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N Carolina has a tax scheme also. I was quite pleased with property taxes on my house thinking it very low. I then went to register my vehicle and it was $849 to transfer from LA to NC. Turns out they consider your vehicles the same as real estate of which you have to pay taxes every year!! F ME !! The government certainly is ingenious at finding ways to camp out in your pocket !!

Quote from Bill Martin

N Carolina has a tax scheme also. I was quite pleased with property taxes on my house thinking it very low. I then went to register my vehicle and it was $849 to transfer from LA to NC. Turns out they consider your vehicles the same as real estate of which you have to pay taxes every year!! F ME !! The government certainly is ingenious at finding ways to camp out in your pocket !!

Wife is from Maine and they do the same and worse which I always use as an excuse to not move there. I tell her she would have to sell her car and the Motor Home which is a deal breaker .......well...that and I freeze when the temperature drops below 60 degrees ..........

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Quote from Edward Neal

compares pretty well, my property tax was $1,484 with a added fixed charge of $1,176 for a total of $2,660 - - this for a house with a prop 13 assesed value of 119k and a market value in excess of 700k

considering that my assessed value for taxes is 119k and your adjusted value for taxes is roughly 1/2 of that I really can't complain

I honestly had no idea what you might say, not bad, not bad at all.

I bet your newer neighbors would hate you if they knew ..........

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