Anyone move from DMV to no state income tax state?

[Anonymous]

Anonymous wrote:Many people do in retirement.

Pennsylvania can be overlooked. It does not tax retirement account withdraws.

And the state income tax is a flat 3%.

[Anonymous]

Anonymous wrote:I have an older family member who moved to FL. Not sure if the income tax situation is wonderful, but she is now beset by property taxes AND home insurance woes. The insurance companies want her to replace a perfectly sound roof before they will cover her, at a cost of 45k and up. So far, 45k is her lowest quote. I have definitely had some second thoughts about FL though it was in my long-term plans

DeSantis actually banned this a few months ago. They need to cover you now if the roof still has a few years in it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just remember these states get their revenues in other ways. In Texas it’s property taxes.

Not necessarily. Some states have extremely large pension liabilities and government bloat. There are websites that show the tax burden of states that are helpful.

Here’s a website with tax burden by state including real estate taxes.

https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494

Thank you for this information. Interesting that Delaware is cheaper than Florida overall. However, if you rely on pension and retirement accounts, I would think Pennsylvania should rate a lower rating.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:We moved to Florida but not only to save on taxes - we also wanted to be here. I think if it's only for the taxes, it would be a tough move.

+1

We moved for open schools, merit-based universities, safe streets, and yes lower taxes.

But you need to be aware of the heat, humidity, and need for impact roofs and windows.

In other words, you moved because you’re right wing whack jobs. We get it. Enjoy the heat and humidity. It’s good training for when you’re burning in hell.

Wtf. Really? You sound like a really good person that people enjoy being around.

Another benefit of low-tax states is that you see fewer overpolitized wackos like previous PP.

Not true. Former Tallahassee resident. You’re wrong. Politics is embedded in everything, down to the dog catcher.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have an older family member who moved to FL. Not sure if the income tax situation is wonderful, but she is now beset by property taxes AND home insurance woes. The insurance companies want her to replace a perfectly sound roof before they will cover her, at a cost of 45k and up. So far, 45k is her lowest quote. I have definitely had some second thoughts about FL though it was in my long-term plans

DeSantis actually banned this a few months ago. They need to cover you now if the roof still has a few years in it.

Perhaps, but home owner insurance companies are pulling out the Florida market in droves. Progressive, one of the nation’s largest home owner insurance announced in September it would not underwrite any more policies and decided not to renew some others. So many people have to utilize the state sponsored insurance company or no-name companies. To be fair, Travellers has committed to stay, for now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just remember these states get their revenues in other ways. In Texas it’s property taxes.

Not necessarily. Some states have extremely large pension liabilities and government bloat. There are websites that show the tax burden of states that are helpful.

Here’s a website with tax burden by state including real estate taxes.

https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494

Thank you for this information. Interesting that Delaware is cheaper than Florida overall. However, if you rely on pension and retirement accounts, I would think Pennsylvania should rate a lower rating.

But that list doesn't tell you what *your* tax liability would be in the state. It doesn't matter what your share of tax burden is (the list) when it comes to how much you pay in taxes.

PA won't tax your retirement income, period.

CA income tax rate is fairly high if you have a high retirement income, but they don't tax social security.

TX property tax is one of the most expensive in the country.

All this to say, that list really doesn't matter to an individual looking to reduce their tax burden.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We plan to move to / domicile in Pennsylvania once we are able to retire and spend summers there.

Why PA? Their Sales and Property taxes are 6.34% and 1.58% respectively. Virginia's is 5.73% and 0.82%. Neither taxes SS. PA has an inheritance tax but VA doesn't. It's also colder.

NP here. Pennsylvania doesn’t tax pensions, which can be a good savings. They do have an inheritance tax, and are one of only two states that have an inheritance tax even when the entire estate is going to the children of the deceased.

But, let’s face it, you’re gone by the time the inheritance tax kicks in. Would you rather have more money when you're alive or when you are dead? Pennsylvania let’s you hold on to your money and use it while you’re still alive.

[Anonymous]

Is Pennsylvania the lowest tax state? No of course not. But it’s pretty attractive for high income retirees as long as you’re not in Philly. There are many parts within a hour or so drive of major metro areas with healthcare and cultural attractions with a fairly low real estate cost. Nearest states that are equally or more attractive (from a tax perspective) are TN and NC. I often wonder WTF people are thinking who live in MD close to the PA border. Like do they know how much lower their taxes could’ve been 10 minutes further north???

[Anonymous]

Anonymous wrote:

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Anonymous wrote:It’s a pathetic reason for moving. And ANY reason for moving to Florida is pathetic.

I find judgmental people like you pathetic

Yea, well, if I ever reach the point where I actually have to care about state income tax to decide where to live the only life I’m ever going to have, I hope someone puts me out of my misery.

DP If I ever reach the point where I disparage an entire state as "pathetic" based on narrow minded petty prejudices I hope someone will then put you out of your misery too, or maybe before that.

[Anonymous]

The "savings" of no income tax in a lot of these states is made up on other ways - property tax usually.

Or the tradeoff is something like really crummy school systems so then you have to pay for private school tuition. Have fun with that.

Have you done the math though Op? The huge cost of prepping your house for sale, moving, finding a house, prepping that for move-in, the current interest rates to buy a house, uprooting your family, etc....and what point do you break even or reach any type of substantial "gain"?

[Anonymous]

Anonymous wrote:The "savings" of no income tax in a lot of these states is made up on other ways - property tax usually.

Or the tradeoff is something like really crummy school systems so then you have to pay for private school tuition. Have fun with that.

Have you done the math though Op? The huge cost of prepping your house for sale, moving, finding a house, prepping that for move-in, the current interest rates to buy a house, uprooting your family, etc....and what point do you break even or reach any type of substantial "gain"?

Nope. Do some research on the tax burden by state, which includes property taxes. Some states have way less pension liabilities and do a better job managing tax income.

Texas is a high property tax state but it’s still way lower on the list than any of the high tax states.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The "savings" of no income tax in a lot of these states is made up on other ways - property tax usually.

Or the tradeoff is something like really crummy school systems so then you have to pay for private school tuition. Have fun with that.

Have you done the math though Op? The huge cost of prepping your house for sale, moving, finding a house, prepping that for move-in, the current interest rates to buy a house, uprooting your family, etc....and what point do you break even or reach any type of substantial "gain"?

Nope. Do some research on the tax burden by state, which includes property taxes. Some states have way less pension liabilities and do a better job managing tax income.

Texas is a high property tax state but it’s still way lower on the list than any of the high tax states.

Based on the article, Virginia seems to be a lower tax state than most others (including Penn and texas). It really boils down to your individual money situation and other factors like weather, healthcare, crime and community.

Would not want to move someplace where it's the great outdoors, only to be eaten by a bear on my first hike nor move to a "happening" city only to be shot on the way back home after the first night out. Research, people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The "savings" of no income tax in a lot of these states is made up on other ways - property tax usually.

Or the tradeoff is something like really crummy school systems so then you have to pay for private school tuition. Have fun with that.

Have you done the math though Op? The huge cost of prepping your house for sale, moving, finding a house, prepping that for move-in, the current interest rates to buy a house, uprooting your family, etc....and what point do you break even or reach any type of substantial "gain"?

Nope. Do some research on the tax burden by state, which includes property taxes. Some states have way less pension liabilities and do a better job managing tax income.

Texas is a high property tax state but it’s still way lower on the list than any of the high tax states.

Based on the article, Virginia seems to be a lower tax state than most others (including Penn and texas). It really boils down to your individual money situation and other factors like weather, healthcare, crime and community.

Would not want to move someplace where it's the great outdoors, only to be eaten by a bear on my first hike nor move to a "happening" city only to be shot on the way back home after the first night out. Research, people.

+1 When I retire, I want to live some place that has good, affordable medical care.

TX and FL are at the bottom. Both PA and MD beats VA.

https://wallethub.com/edu/states-with-best-health-care/23457

[Anonymous]

Yeah, big fat “NO” to Maryland because by the time you get seen in the ER, you might just be dead:

“If you have an emergency, then you probably don't want to be in Maryland — the state has the longest hospital waiting times in the country.

While the average American waits two hours and 25 minutes to be seen in the ER, residents in Maryland wait three hours and 48 minutes.

That's according to a new analysis by the online pharmacy NiceRx which ranked US states in terms of emergency room waiting times and healthcare spending.”

[Anonymous]

We moved from DC to TX and it made a difference to not have state income tax. However property taxes are very high as others have said. Overall it's a lot better than I thought it was going to be.