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I've lived in Florida pretty much all my life and could possibly be considering a move to NC-Charlotte area but I wanted to hear from people who have also either come from FL or another state that does not have state tax (there's only a few I know!) I wanted to see if anyone felt that the difference in housing/insurance/RE tax shakes out to offset having to pay property tax on vehicles, homes, and the like as well as state income on their pay and a higher sales tax. Did I see that they tax food in NC too? We don't get taxed on groceries here. Current sales tax is 6%. My homeowner's policy is about $850 based on a value of $150k for replacement cost. RE taxes are about $3k with homestead exemption.
I used a calculator for the income tax per paycheck and I would be netting about $100 less biweekly. Wondering with all the other taxes to be paid, would this make a significant impact or would it be a wash with paying less for other items.
in your situation, i dont think its feasible to move; that is if your reason is due to finances.
If you want to move to get out of FL, then yeah, it is worth it. Your financial calculations just don't seem worth it to me.
I came from Ft.Lauderdale to the Lake Norman area, but we sold at the peak of the FL market and bought in NC at a good time. We got a piece of property five times as big as our FL one and our house is 3 times as large (square footage). But the biggest choice was the schools and quality of life for our kids. Money or not, that's the ultimate reason.
It would be for my husband's dream job if it panned out. I was just wondering how poor I would be My parent's moved us to FL from CA because of all the taxes so I've always been afraid to live somewhere that has state tax and I just recently learned about vehicle tax. I suppose in the end it's all about adjustment. I have some siblings that live out of state and I think to them it's mostly a wash.
I agree with SS. Wife and I moved June 2007 from Orlando for a better place...just so happened to land a better job too.
We pay something like $2200 for RE taxes on $180k, $560 on homeowner's insurance, and something like $100-150 per year for vehicle tax. I don't keep a precise track of my expenses (at least not to the point where I can mathematically back up any claims), but I'd say groceries and the like seem about the same as Orlando. We spend about $120 per week in groceries for two people. Gasoline is about spot on with Orlando's prices.
Everything has been great for us up here...although the hardest part is friends and family. Unless you've got some up here already, you're starting from scratch, and that's tough.
It would be for my husband's dream job if it panned out. I was just wondering how poor I would be My parent's moved us to FL from CA because of all the taxes so I've always been afraid to live somewhere that has state tax and I just recently learned about vehicle tax. I suppose in the end it's all about adjustment. I have some siblings that live out of state and I think to them it's mostly a wash.
I wouldn't be too concerned about the state tax. Out of all the state taxes they took from us last year, I got back about 70-75% of it during tax season. As far as the vehicle taxes, it actually works out better. When you buy a vehicle in NC, there is only a 3% tax, as opposed to FL 6-7% tax depending on where you buy, so you save there. I think I spent $140 on two vehicles this year for taxes; a 2003 Expedition and a 2006 Silverado. I think I spent about $50 to renew both tags.
Now I am on the North end of the lake, so my taxes are alot cheaper than Charlotte. I pay $2600/yr for a home assessed at $460K, $600/yr for insurance. My car insurance was literally cut in half and the coverage doubled. I noticed a huge difference in my power bill. My FL home was 1800sqft with one A/C unit, a pool, and some outdoor lighting, and the highest my bill got was $400/month. Our NC home is 4100sqft, two A/C units, outdoor lights, no pool, and the highest my bill got was $280. We keep it at 75 degrees inside during the summer and 70-71 during the winter (I think).
There are pros/cons to everything. If this is your husband's dream job; follow your dreams! We decided that life is short and not to be scared to take risks, so we jumped! We don't regret it, it's gorgeous and clean up this way.
There may be some slight changes to the figures you see there, and in the original thread I did not report how the state income tax affected me, because I hadn't filed my taxes yet. I am happy to say that with the deductions I was able to make, I didn't notice much of a difference from FL, because I got a nice refund. I don't expect it to be as much this year, because I won't have the moving expenses to deduct along with some other things that I was able to count on last year.
We are happy here, so if this move is for your husband's dream job, then I would go for it!
FIU=I just moved up here from Miami three months ago. I purchased a brand new 3200 sq ft house for $280K (small back yard but who cares and no money down due to incentives!) at $1800 year for taxes and $374 year in insurance. Yes you get taxed on necessities but if your smart about where you do your shopping, you can offset them. I'm not sure about the income tax as we'll know more next year.
It's real nice up here and I'm looking forward to a trip to the mountains and the change of seasons..DM me with any questions!
Got to tell you, I save a bunch on property taxes and insurance. Besides, garbage pick-up is included in the city tax so there is no monthly pick-up charge. In Florida my real estate taxes were almost $4K for a condo at which I spent $285K. The same place here would be taxed just under $3K. I don't need flood insurance which was ridiculous in Florida and car insurance is cheaper. You do save in that area. Groceries can be expensive here. One must do creative shopping to make out here. I have learned to use Aldi, B.Js. , Walmart superstore and other cheaper stores. Some of the grocery stores here are really great but somewhat costly. And thebiggest thing that I enjoy in the summer is that the evenings get cool here in Charlotte, unlike the hot sticky evenings of Florida. Plenty hot in the days though with occasional breaks. Come check it out.
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My parent's moved us to FL from CA because of all the taxes so I've always been afraid to live somewhere that has state tax and I just recently learned about vehicle tax. I suppose in the end it's all about adjustment. I have some siblings that live out of state and I think to them it's mostly a wash.
I love it
