Comments on: Would You Reconsider a Move Out of State Based on Taxes? http://financialmethods.org/2009/07/would-you-reconsider-a-move-out-of-state-based-on-taxes.html Financial Intelligence does not come naturally. Sun, 20 May 2012 08:19:27 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: The sisterhttp://financialmethods.org/2009/07/would-you-reconsider-a-move-out-of-state-based-on-taxes.html#comment-285 The sister Fri, 10 Jul 2009 03:41:35 +0000 http://financialmethods.org/?p=691#comment-285 Interesting subject. My move from New York to North Carolina had nothing to do with taxes. I will say that as much as New Yorkers seem to be taxed, I was surprised that the NC rate was higher. Also, in NC luxury items (like cars, boats, etc) are taxed which was a surprise to me. Another thing to consider, too is the amount of opportunity and income potential in a state if you're considering relocating. I make 25% more from my job than the job I had in NY, so the move has been worth it financially because even though I'm paying more in taxes I'm bringing home more net income than I did at my last job. Interesting topic, though, I thank you for sharing because I think more people will be taking this into consideration when relocating due to the current economic conditions. Interesting subject. My move from New York to North Carolina had nothing to do with taxes. I will say that as much as New Yorkers seem to be taxed, I was surprised that the NC rate was higher. Also, in NC luxury items (like cars, boats, etc) are taxed which was a surprise to me. Another thing to consider, too is the amount of opportunity and income potential in a state if you’re considering relocating. I make 25% more from my job than the job I had in NY, so the move has been worth it financially because even though I’m paying more in taxes I’m bringing home more net income than I did at my last job. Interesting topic, though, I thank you for sharing because I think more people will be taking this into consideration when relocating due to the current economic conditions.

]]> By: Wojciech @ Fiscal Fizzlehttp://financialmethods.org/2009/07/would-you-reconsider-a-move-out-of-state-based-on-taxes.html#comment-282 Wojciech @ Fiscal Fizzle Thu, 09 Jul 2009 11:52:26 +0000 http://financialmethods.org/?p=691#comment-282 I agree with the comment above. While in Florida it's true that it's nice not having the pay state taxes, the property taxes down here are through the roof. The sales tax I don't mind so much... In the end, the state has to get its money from somewhere. Having said that, I can always vote with my money (get a smaller house, buy less things) to avoid these other revenue sources while living in a tax-free state. If I had the choice of having 2/3 of my raise eaten up by state taxes, I would say - no way. I agree with the comment above. While in Florida it’s true that it’s nice not having the pay state taxes, the property taxes down here are through the roof. The sales tax I don’t mind so much…

In the end, the state has to get its money from somewhere.

Having said that, I can always vote with my money (get a smaller house, buy less things) to avoid these other revenue sources while living in a tax-free state.

If I had the choice of having 2/3 of my raise eaten up by state taxes, I would say – no way.

]]> By: BillyOceansElevenhttp://financialmethods.org/2009/07/would-you-reconsider-a-move-out-of-state-based-on-taxes.html#comment-280 BillyOceansEleven Wed, 08 Jul 2009 17:22:52 +0000 http://financialmethods.org/?p=691#comment-280 Taxes would definitely influence my decision whether or not to move somewhere. For instance, there is no chance in hell I'd ever move to California because their taxes are so high. However, I would caution that looking at income tax rates alone is short-sided as governments will generally shake you down for revenue one way or another. Take Texas for example, since that's where I live now. True, we have no state income tax, but our property and sales taxes are sky high! The property tax rate on my home in Houston is nearly 2.5% of taxable value (after homestead exemptions), and in outlying areas that are covered by Muncipal Utility Districts (MUDs), the rate can be 3% or higher. Likewise, sales tax rate in the city of Houston is 8.25%. Governments are parasites, some just more than others! Taxes would definitely influence my decision whether or not to move somewhere. For instance, there is no chance in hell I’d ever move to California because their taxes are so high.

However, I would caution that looking at income tax rates alone is short-sided as governments will generally shake you down for revenue one way or another. Take Texas for example, since that’s where I live now. True, we have no state income tax, but our property and sales taxes are sky high! The property tax rate on my home in Houston is nearly 2.5% of taxable value (after homestead exemptions), and in outlying areas that are covered by Muncipal Utility Districts (MUDs), the rate can be 3% or higher. Likewise, sales tax rate in the city of Houston is 8.25%.

Governments are parasites, some just more than others!

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