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Originally Posted by VTFamily
Hello... Thank you for your response, motoracer.
As for VT Taxes, we do have one of the highest tax rates in America next to California. However, as of 2007 only one half of one percent of people in the state were charged that high rate. Almost 60% of Vermonters pay the lowest bracket rate of 3.6%.
Our property taxes are extremely high; however, they ARE based on income. So, you might pay out $4000.00 in a year, but come tax time, even if you make in the $45K range, you get a rebate of about $1200.00 to help toward you taxes. That happens yearly, and of course the less money you make, the more you get.
So yes, our potential rates ARE high, but the grand majority of people are not charged under that rate. We also rank really high in public education, so our schools are great here, and therefore we pay for that.
What makes you choose NH? I have a lot of family there. The no income tax is great (if that is your main reason, though it's not likely that it is!), but they pay more in property taxes, so it ends up being pretty even on the tax front.
Thanks for the tip on the water. An adventure doesn't amount to much without natural resources handy!!!
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Well, NH is ranked consistently as having the lowest overall tax burden in the US. The high property taxes are 100% tax deductible where as an income tax is not.
I guess what I was alluding to in reference to the taxation in VT, is that it was possibly caused by the chosen/elected politics of that state.
Another thing to consider is that in CO, they've been salivating at the thought of over turning the TABOR (Tax Payer Bill of Rights), thus allowing the property taxes to increase to pay for all the freebies the state .gov wants to hand out. Just something else to think about.
Today's Colorado isn't the Colorado you remember of the 80's or earlier.