Anyone move from DMV to no state income tax state?

[Anonymous]

Anonymous wrote:

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.

It's fine. So long as it isn't taxes the republicans are happy to pay what the free market requires.

[Anonymous]

Not worth it. We moved back.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

It's fine. So long as it isn't taxes the republicans are happy to pay what the free market requires.

What free market? Uninsurable homes are subsidized via the state insurer

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

It's fine. So long as it isn't taxes the republicans are happy to pay what the free market requires.

What free market? Uninsurable homes are subsidized via the state insurer

I don't think the Florida republicans know that. It would sort of conflict with the rest of their rhetoric. Then again, so long as it isn't called "taxes" they seem fine to pay whatever.

[Anonymous]

Anonymous wrote:

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

I've no plans to retire to TX or FL, but, looking at the methodolgy, most of their measures don't matter at all to the typical DCUM retiree.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

I've no plans to retire to TX or FL, but, looking at the methodolgy, most of their measures don't matter at all to the typical DCUM retiree.

IDK, there are plenty of folks on here who won't have $5mll+ in their retirement. We will have about $2.5 mil when we retire, and you bet that healthcare is something that we pay attention to when looking at where to retire.

[Anonymous]

I moved to DC from Tennessee and it was worth it to me simply because I wasn't in Tennessee anymore.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

I've no plans to retire to TX or FL, but, looking at the methodolgy, most of their measures don't matter at all to the typical DCUM retiree.

IDK, there are plenty of folks on here who won't have $5mll+ in their retirement. We will have about $2.5 mil when we retire, and you bet that healthcare is something that we pay attention to when looking at where to retire.

For those that have analyzed states for retirement, what's the best state for a couple with say $6m in assets - $3M each in pre-tax and post tax buckets? RMD doesn't kick in for another 5+ years. No pensions. We will be buying a 3-4 BR house in the new place and our annual spend in the DC area is about $120K.

[Anonymous]

Anonymous wrote: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.

How's the weather overall? Also, I keep reading about a homestead exemption in TX. What is that? Does it help you reduce tax?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

If you move in a small urban condo in DC, you'll be fine right here without uprooting yourself.

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

I've no plans to retire to TX or FL, but, looking at the methodolgy, most of their measures don't matter at all to the typical DCUM retiree.

IDK, there are plenty of folks on here who won't have $5mll+ in their retirement. We will have about $2.5 mil when we retire, and you bet that healthcare is something that we pay attention to when looking at where to retire.

For those that have analyzed states for retirement, what's the best state for a couple with say $6m in assets - $3M each in pre-tax and post tax buckets? RMD doesn't kick in for another 5+ years. No pensions. We will be buying a 3-4 BR house in the new place and our annual spend in the DC area is about $120K.

[Anonymous]

Downsize here to a small urban condo, no need to uproot to retire.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

I've no plans to retire to TX or FL, but, looking at the methodolgy, most of their measures don't matter at all to the typical DCUM retiree.

IDK, there are plenty of folks on here who won't have $5mll+ in their retirement. We will have about $2.5 mil when we retire, and you bet that healthcare is something that we pay attention to when looking at where to retire.

For those that have analyzed states for retirement, what's the best state for a couple with say $6m in assets - $3M each in pre-tax and post tax buckets? RMD doesn't kick in for another 5+ years. No pensions. We will be buying a 3-4 BR house in the new place and our annual spend in the DC area is about $120K.

no one can answer this for you. It depends on what's the most important thing. For us, it's access to good, affordable healthcare. I did a tax comparison between MD and VA, and the difference was negligible because I also looked at healthcare costs. VA is more expensive than MD. So, if I also look at access to good healthcare, MD wins.

Again, it really depends on what's the most important thing for you.

[Anonymous]

Anonymous wrote: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???

I don't think NC is close to PA for retirees. NC taxes everything.

[Anonymous]

Anonymous wrote:Not worth it. We moved back.

Where did you return from and how long did you last? What was the deal breaker to force your return?

[Anonymous]

Anonymous wrote:I moved to DC from Tennessee and it was worth it to me simply because I wasn't in Tennessee anymore.

You’re an outlier, interesting choice and hope you’re happy!