Anyone move from DMV to no state income tax state?

[Anonymous]

Some of my neighbors are “snowbirds” or have a beach house in Delaware.

[Anonymous]

Anonymous wrote:

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?

DP. Yes, the homestead exemption in TX reduces the taxable amount of a home. You also get a tax break after you hit 65. Basically, as I understand it, your school district tax amount of the property taxes is frozen.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

DP. They moved to get way from crazy people like you.

[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

That study is stupider than even most “Wallet Hub” “studies.” First of all, comparing entire states on something like healthcare makes no sense. Texas and California have huge cities with vast tracts of lightly populated land in between. Do you think HC costs and availability are comparable in those regions? Much less comparing the District of Columbia and the entire state of Utah? Apples and oranges.

FWIW, I don’t like Houston as a city, but I’d much rather be sick in Houston than DC.

[Anonymous]

Anonymous wrote:Anyone? Or do you know anyone who has? Is the saving on state income tax really with it to live in FL or TX etc? Considering texas mostly but curious.

Look at property taxes on a home in Texas. If I remember right, my in laws paid about $12,000/year for a $400,000 home (?). Do the math. Add up your income tax + property taxes, versus property tax on your type of home there.

[Anonymous]

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

Property taxes in Florida are quite high as well.

But if you have a really high income, it is a lot of savings. I know lots of people who have moved to Florida for over six months of the year and are really happy with the move. But they also like living there - lots a friends, golf and beach. They can live off of the $ they save in tax. But again, they don't just do it for the savings, they like living there.

[Anonymous]

Anonymous wrote:

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.

Except social security benefits and military retirement pay. I am the pro PA for summers and residency person. We have two SS benefits (DINK) and a military pension coming. NC is also attractive! It’s just going to be hotter than PA. When we get to the point where we can’t spend summers traveling, we may settle in NC instead. The relative attractiveness varies person to person based on expected sources of income and personal taste for location, but NC is one many retirees could consider attractive for tax.

[Anonymous]

All these "best states to retire" sites would attract more eyeballs if they can come up with a calculator which lets you plug in the diff. components of your income, net worth, etc. and spit out the best state for you financially. You can then take that info, combine that with non-financial factors (healthcare, weather, safety, etc.) and then decide where you want to move to or just stay put.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Except social security benefits and military retirement pay. I am the pro PA for summers and residency person. We have two SS benefits (DINK) and a military pension coming. NC is also attractive! It’s just going to be hotter than PA. When we get to the point where we can’t spend summers traveling, we may settle in NC instead. The relative attractiveness varies person to person based on expected sources of income and personal taste for location, but NC is one many retirees could consider attractive for tax.

What areas are you considering for Pennsylvania if you don’t already live there?

[Anonymous]

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

What about WA state ?
How do they make money.