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Old 12-24-2017, 03:49 PM
 
Location: SE corner of the Ozark Redoubt
2,011 posts, read 581,701 times
Reputation: 1907

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Quote:
The bottom line is look at the details for your situation.
Bingo. That is the truth, and reality.
Every person's situation is different.
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Old 12-28-2017, 07:16 AM
 
Location: Wonderland
40,084 posts, read 32,009,355 times
Reputation: 56158
If you've got income that you'll be paying state income taxes on, the other lower taxes in Arkansas may not outweigh the effects of state income tax. That's something serious to look at.

My husband and I live in a mid sized metro area in Texas - not in the Hill Country or in a large metro where the property taxes are outrageous. We pay about $3700 a year in property taxes, for a spacious custom built home in a neighborhood that is definitely NOT a cookie cutter neighborhood. No significant HOA fees either ($100 a year).

When my parents moved to Hot Springs Village, we fell in love with that area, even though neither of us ever envisioned ourselves living in Arkansas. We looked long and hard at property in that area and did a lot of cost comparisons because we seriously, seriously considered moving to Arkansas.

To live in a home similar to ours here in Texas, the property taxes would have been about $2500 a year. So that's a $1200 a year savings. BUT the difference in other state and local taxes, as well as the HOA fees, bumped our cost of living in Arkansas vs Texas to be about $7000 a year more in Arkansas.

So we passed.

Like others have said, each situation varies. However, I will say this and while I don't mean it as a slur against Arkansas, which is a beautiful state, I wish the powers that be in Arkansas would listen: To me, the state of Arkansas has a system in place that seems to reward poverty and punish prosperity. I don't think that bodes well for the state, which is a shame because I think Arkansas has so much natural beauty - and it's often overlooked for some reason.

Anyway, just my two cents' worth.
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Old 12-28-2017, 01:13 PM
 
10 posts, read 13,769 times
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Property Taxes in Texas are easily 5x higher than Arkansas due to the Texas Schools constantly raising their rates.
AR though elsewhere has slightly higher Sales Tax, Personal Property tax is there but Texas has registration and Car Inspection Costs
Most other things are pretty equal, housing costs are similar, may get more bang for the buck in Texas, but then get hit with the Property Taxes.
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Old 12-28-2017, 01:41 PM
 
Location: Wonderland
40,084 posts, read 32,009,355 times
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Quote:
Originally Posted by SWIBC View Post
Property Taxes in Texas are easily 5x higher than Arkansas due to the Texas Schools constantly raising their rates.
AR though elsewhere has slightly higher Sales Tax, Personal Property tax is there but Texas has registration and Car Inspection Costs
Most other things are pretty equal, housing costs are similar, may get more bang for the buck in Texas, but then get hit with the Property Taxes.
It totally depends on each individual situation. I live in the Tyler, TX metro area. State income tax in Arkansas is more than double what our Texas property taxes are.

Like I said, for a similar house in Hot Springs Village, the difference in the property taxes (and this was not lakefront or golf course front property in HSV) was only about $1200 less in Arkansas than what we pay for a beautiful, comfortable, spacious home on a large lot in the suburbs of Tyler, Texas. And we don't have monthly HOA fees which also can be raised.

Of course, if someone is comparing living in, say, the Austin metro area vs some place like Magnolia or El Dorado Arkansas, the difference in property taxes is going to be significant. But that would be true for just about any major metro area anywhere.

Also, the level of income makes a big difference. For us, at our level of income, personal income tax in Arkansas far outweighed the difference in property taxes.
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Old 12-29-2017, 09:00 AM
 
Location: Bella Vista, Ark
68,680 posts, read 78,674,307 times
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Quote:
Originally Posted by SWIBC View Post
Property Taxes in Texas are easily 5x higher than Arkansas due to the Texas Schools constantly raising their rates.
AR though elsewhere has slightly higher Sales Tax, Personal Property tax is there but Texas has registration and Car Inspection Costs
Most other things are pretty equal, housing costs are similar, may get more bang for the buck in Texas, but then get hit with the Property Taxes.
again, it has more to do with individual circumstances than anything. I think the closer one gets to retirement the cheaper AR gets for people. But, yes, state income tax plays a roll. Of course things like insurance is lower here. By insurance I am talking car and home owners. Our home owners insurance and car insurance were about double in Texas to what we pay here and that was 16 years ago.
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Old 12-29-2017, 09:59 AM
 
Location: Cambridge, Isanti County, MN
2,626 posts, read 4,183,910 times
Reputation: 3312
I've participated in numerous discussions related to this topic, so I'll keep this one short and sweet. As someone who tried several times to move his family to Arkansas from Texas I don't believe the COL gap between the two is very wide at all. Employers tried time and again to sell me on Arkansas' low COL in order to offset their egregiously low wage offers, but even after we tried every which way to stack the numbers in our favor, it didn't even come close to giving us what we had in TX......and yes, we did account for the potential property tax difference, even though we were not homeowners at the time.

I do agree that any given individual situation could be different, but the overall numbers don't lie. Look at the workforce in Texas compared to the one in Arkansas. There is no comparison. If Arkansas was the COL friendly space that some make it out to be the workforce there would be light years ahead of where it is now. I'm not talking about retirees, I'm talking about working class people raising families. Arkansas would be on par with Georgia and Tennessee, rather than Mississippi and Louisiana. The truth is that a large percentage of people still in the work force have to take a major COL hit in order to live in AR instead of TX. That's why Texas continues to thrive economically in the majority of the state while Arkansas can really only put up NWA for any kind of comparison, and even then most of that prosperity is tied to 3 particular companies who happen to be based there, rather than having its economic cloud mushroom into every business sector as it has in TX. People are not moving to Arkansas in droves in the manner they are moving to Texas in droves, even though Arkansas is a much more desirable place to live IMO, all things considered......and the reasons have everything to do with the adjusted COL statistics in each state.

Believe me, numbers aside I prefer AR over TX every day of the week and THREE times on Sunday. Had things been as many have advertised we'd be living there right now.

Last edited by Tyryztoll; 12-29-2017 at 10:33 AM..
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Old 12-29-2017, 10:50 AM
 
Location: Ozark Mountains Arkansas
1,759 posts, read 1,065,291 times
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Quote:
Originally Posted by nmnita View Post
again, it has more to do with individual circumstances than anything. I think the closer one gets to retirement the cheaper AR gets for people. But, yes, state income tax plays a roll. Of course things like insurance is lower here. By insurance I am talking car and home owners. Our home owners insurance and car insurance were about double in Texas to what we pay here and that was 16 years ago.
This was definitely the case for us as well, although I moved from Louisiana which had much higher property tax and the same income tax rate as AR. Our auto insurance in LA was 3x what it is here in AR. We just moved all of our cars to the same company's office in AR and it went from $600 to $200 per month. That included a commercial truck, 3 cars, and a teen driver. Our property tax is 1/4 what it was in Louisiana, and our homeowners is 1/2 for a higher valued property. The bonus for us though was that my husband works all across the country so wages here didn't affect us in the way it can affect others. I work locally, in real estate and operate a vacation rental, so the employment issue is a non issue for us.

Best of all for us, The home and property that we bought in Arkansas would have cost about 1.5 million in south Louisiana.
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Old 12-29-2017, 10:57 AM
 
10,511 posts, read 7,378,598 times
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We're retirees who moved from TX to AR a year ago. We have substantial pension income, more than most retirees.

Our property taxes and insurance are much lower in AR. Our HOA went from $1600 to zero.
But state income tax, higher cost of groceries, and higher utility bills mean our COL has increased by about $4k a year. (Higher utility bills mainly because our house here is less efficient than the one in TX; higher grocery costs due to sales tax but also groceries in general are higher compared to what we paid in TX)

We'd be good with that, our quality of life here is so much better.
But here's a thing: we're so happy here and find so much to do nearby that our travel/vacation costs for this past year were less than $2k, whereas previously we budgeted $10K-$12k a year. So all-in-all we're coming out ahead, financially.
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Old 12-29-2017, 11:22 AM
 
Location: Cambridge, Isanti County, MN
2,626 posts, read 4,183,910 times
Reputation: 3312
Quote:
Originally Posted by biscuitmom View Post
state income tax, higher cost of groceries, and higher utility bills mean our COL has increased by about $4k a year. But here's a thing: we're so happy here and find so much to do nearby that our travel/vacation costs for this past year were less than $2k, whereas previously we budgeted $10K-$12k a year. So all-in-all we're coming out ahead, financially.
That last is a good point. Lord knows we spent tons of money vacationing in Arkansas while we lived in Texas. In contrast, I couldn't see us vacationing in Texas had we eventually moved to Arkansas......at least not with the same frequency.
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Old 12-29-2017, 12:22 PM
 
Location: Bella Vista, Ark
68,680 posts, read 78,674,307 times
Reputation: 38087
Quote:
Originally Posted by Tyryztoll View Post
I've participated in numerous discussions related to this topic, so I'll keep this one short and sweet. As someone who tried several times to move his family to Arkansas from Texas I don't believe the COL gap between the two is very wide at all. Employers tried time and again to sell me on Arkansas' low COL in order to offset their egregiously low wage offers, but even after we tried every which way to stack the numbers in our favor, it didn't even come close to giving us what we had in TX......and yes, we did account for the potential property tax difference, even though we were not homeowners at the time.

I do agree that any given individual situation could be different, but the overall numbers don't lie. Look at the workforce in Texas compared to the one in Arkansas. There is no comparison. If Arkansas was the COL friendly space that some make it out to be the workforce there would be light years ahead of where it is now. I'm not talking about retirees, I'm talking about working class people raising families. Arkansas would be on par with Georgia and Tennessee, rather than Mississippi and Louisiana. The truth is that a large percentage of people still in the work force have to take a major COL hit in order to live in AR instead of TX. That's why Texas continues to thrive economically in the majority of the state while Arkansas can really only put up NWA for any kind of comparison, and even then most of that prosperity is tied to 3 particular companies who happen to be based there, rather than having its economic cloud mushroom into every business sector as it has in TX. People are not moving to Arkansas in droves in the manner they are moving to Texas in droves, even though Arkansas is a much more desirable place to live IMO, all things considered......and the reasons have everything to do with the adjusted COL statistics in each state.

Believe me, numbers aside I prefer AR over TX every day of the week and THREE times on Sunday. Had things been as many have advertised we'd be living there right now.
someday you will get another chance to move here and it will work out that time.
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