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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My financial advisor tells me I need to move out of Maryland/Montgomery County  in retirement because of the tax burden. I understand this in theory but why move to a place with no culture and away from my children just to save on taxes?  Is this standard practice?  Has anyone here done this and been happy?  Where did you go?[/quote]

In fairness...I assume your advisor thinks VA provides much better taxes.  I mean, yeah, it's moving...but are you really moving away from your children or culture (as I assume you mean the culture in DC proper)? [/quote]

No they don’t mean VA.

They mean NC, Delaware and FLA.

If you want no amenities and to be far from family go for it.

The minuscule difference did not make sense once you take everything into account like the cost of moving and travel.

Are u in a town that has extra tax like Chevy chase or Gaithersburg?

Also the estate issue is only for lovey passing to non children. Set up a trust. [/quote]

Are you OP?  VA is definitely going to save a bunch of taxes compared to CC or Bethesda, on both income and property tax (even with the car tax).  Right now, FL has fairly high property tax, so if you plan to purchase a home with say the same value as what you sell in MD, the property tax on that house will wipe out many income tax advantages...unless OP is making millions per year.[/quote]

Actually in FLA you are wiped out by the high insurance cost and no… VA is not much better than MD.

The WAPO did an article yearly (when it was a real news paper) and a small sliver of people did better in VA than MD and a small group did better in MD than VA. They also use to have a calculator to figure it out yourself.

Alexandria, Fairfax and I think Arlington have their own taxes as well.

Northern Virginia also has a higher sales tax than the rest of Virginia so you have to compare the parts of Virginia going to.

The data centers have made Virginia power costs skyrocket. They doubled since 2019. DOUBLED.

Essentially, you’re just splitting hairs[/quote]

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