I heard Texas has crazy property taxes that make CA look cheap...but we have sales tax which evens it out.
Anyone willing to share some real #s on property taxes in Texas? I'm thinking about moving there for a job and would love to have this information.
I pay $x property taxes/year on a house worth $y would be great info for any Texas residents.
"You're going to be making it up with sales tax or property tax or other taxes.
You could say you get more money in your pocket by living in a state that spends less money.
They're just tricking dumb people into thinking they're better off. "
This isn't even close to true.
For example, I am self employed and moved from NJ to FL. I save 6% from going from nj's income tax to none. The sales tax in both states are the same. The property taxes are much lower in FL and has a cap on how much they oculd raise it...
I save 6% : ).
"there's the fact that everything costs more in Florida."
Sorry, but that's just plain untrue... Property tax is low and capped, food is the same, gas is relatively low, no income tax... plus free college for the kids if they do well...
Maybe it is different in north florida... but not in south florida.
Got a house here for the same price as a condo in Jersey...
Sorry, but that's just plain untrue... Property tax is low and capped, food is the same, gas is relatively low, no income tax... plus free college for the kids if they do well...
Maybe it is different in north florida... but not in south florida.
Got a house here for the same price as a condo in Jersey...
It depends on income, cost of living, loopholes, etc.
Washington has no income tax, but almost 8% sales tax. Sales tax is more damaging to lower income levels than higher, but higher levels will end up paying a higher overall dollar amount (since they spend more buying stuff).
A state like Oregon has no sales tax, just income tax. This is overall better for the lower income levels, though again, higher incomes pay a greater total dollar amount.
Most studies have supported that sales taxes are the least 'fair', and impact poor the most of any form of taxation.
The problem is having the two states border each other. People will work and live in Washington, but shop in Oregon. This creates a drain on both economies, though it allows a higher standard of living for the individual (provided they accept the redeuction in government services).
Washington has no income tax, but almost 8% sales tax. Sales tax is more damaging to lower income levels than higher, but higher levels will end up paying a higher overall dollar amount (since they spend more buying stuff).
A state like Oregon has no sales tax, just income tax. This is overall better for the lower income levels, though again, higher incomes pay a greater total dollar amount.
Most studies have supported that sales taxes are the least 'fair', and impact poor the most of any form of taxation.
The problem is having the two states border each other. People will work and live in Washington, but shop in Oregon. This creates a drain on both economies, though it allows a higher standard of living for the individual (provided they accept the redeuction in government services).
GuitarDaddy
Lifer
- Nov 9, 2004
- 11,465
- 1
- 0
It varies greatly by area and school district:
I live in one of the lower rate city areas and I pay roughly $3400/anually on a house with an appraised value of $160,000 .01675 of the value.
On the other hand, my fairly rich buddy that lives in a ritzy high rate area pays $24,500/anually on a house with an appraised value of $975,000 .02513
And my dad lives out in the country where rates are the lowest and he pays $3500/anually on a house appraised at $300,000 .01167
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,333
- 136
Based on what you describe, it sounds like Nevada's tax system is designed to get as much tax as possible from its strong tourism industry. Yes, it still affects the residents (of course), but overall they should see a reduced tax burden as opposed to a system that doesn't take advantage of that.
OTOH, Oregon tax system has income tax but no sales tax, and as such puts the burden on residents, but fosters a strong retail trade and takes advantage of Portland's close proximity to WA state in order to get taxes from out-of-state residents who work and shop here.
In the end, it all washes out, with each state trying to maximize its tax revenues based on its own individual circumstance.
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,333
- 136
Quite the opposite, Oregon is the big winner in that scenario, as more than 50k WA state residents commute into Oregon every day to work, and thus pay Oregon income taxes. In addition, the Oregon side of the Portland metro area has the highest retail sales volume in the NW, and that means income tax-paying jobs.
Not true. It also depends on your spending habits. If you are a saver, then a state with low income tax and high sales taxs will lead to considerably more cash reserves than you would have in a high income tax state.
Ricemarine
Lifer
- Sep 10, 2004
- 10,507
- 0
- 0
I sold my haouse in Wichita Falls due to a relocation. I was paying roughly 2.5% of the appraised value. And that was with the homestead exemption which lowers it a few hundred dollars per 100K.
mugs
Lifer
- Apr 29, 2003
- 48,920
- 46
- 91
Anectdotal evidence can prove pretty much anything. Your situation may not be average/typical.
Here are some numbers:
http://money.cnn.com/pf/features/lists/taxesbystate2005/index.html
New Jersey is higher than Florida on average, but only by 1.2%. If I had to venture a guess as to why that is, I'd say the fact that spending by the federal government is so low has something to do with it. As a percentage of the money we pay in federal income taxes, federal government spending in NJ is the lowest out of all 50 states. So the state government has to pick up the slack. We pay more than our share so people in Mississippi and Alabama can pay less than theirs.
Don't forget you are getting a lot more house in Tx for what you pay compare to CA. So even if the tax rate is three times as high, if the same house cost three times more in CA, then you're paying the same amount of tax.
200k house with 3% tax vs 600k house with 1% tax gets you the same house and similar tax bill. No state income tax still wins.
200k house with 3% tax vs 600k house with 1% tax gets you the same house and similar tax bill. No state income tax still wins.
I don't own a house yet, but have been doing some light research in the Houston area. Property taxes range from 2.5-3% in older neighborhoods or if there is no MUD tax to 3-4% in new areas with MUD tax. Depends on school districts too.
Regardless of how many commute in for that, there are also a huge number that stay in washington but shop in oregon (especially on big ticket items). I agree that Oregon benefits when people work across the border there, and Washington generally doesn't in the reverse. Retail positions pay squat...minimum wage or slightly higher (unless it's a commission position). The state can't be making as much from that as they would on the sales tax of the items sold. And that still doesn't address Washingtons losses in the arrangement, which are tripled (no income, no sales tax, no sales=no positions).
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,333
- 136
When I said retail, I wasn't talking about McD's and the grocery store. Most Clark county, WA residents make their small purchases in Vancouver. It's the larger ticket items -- appliances, furniture, clothing, electronics, etc -- that send WA residents across the river, and sales of those are usually commission positions that pay more than minimum wage. And it's almost half of the working population in Clark county that commute to Oregon everyday for work. Jobs are for sh!t in Vancouver.
Really though, I'm very familiar with the dynamic going on here, and Oregon is the clear winner. I grew up in Vancouver, almost always worked in Oregon and paid non-resident income taxes, and finally moved to Oregon 11 years ago because I was sick of the double taxation.
GuitarDaddy
Lifer
- Nov 9, 2004
- 11,465
- 1
- 0
:thumbsup:
And 3x probably isn't enough. My dads house from my previous post valued at $300k is 3600sqft 2 story lakefront on 3/4 acres immaculately landscaped with 100ft oaks covering the property and 400-500 feet of waterfront with a dock and boathouse and a large detached workshop. I'm guessing in Cali it would be well over $1mil
And my rich buds house valued at $975k here, I don't even want to think about what it would cost in Cali. We're talking 6500sqft 3 story with amenities like 1/2 indoor 1/2 outdoor heated 50m olympic pool, 36 seat home theatre with incline seating, 5 car garage, etc..., etc....
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 20K
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes Discussion Threads
- Started by Tigerick
- Replies: 12K
-
Discussion Speculation: Zen 4 (EPYC 4 "Genoa", Ryzen 7000, etc.)- Started by Vattila
- Replies: 13K
-
Facebook
Twitter