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Old 04-12-2012, 07:11 PM
Status: "Ready to help you find a house!" (set 21 days ago)
 
Location: Texas
1,728 posts, read 3,129,683 times
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Default Taxes

What can I expect regarding taxes/cost of living to be coming from a non-state tax state (Texas)? I know what the tax rates are there - state tax is 4.6%, sales tax is 2.9%, etc.

We do not have a state tax. Our sales taxes on everything (except most food) is 8.25%. Property taxes for Texas are pretty high (so I hear), but it fluctuates depending on where you live. I currently pay about $10,000 a year in property taxes living in a Master Planned Community. Of course, social security, federal taxes, healthcare, etc comes out of the paycheck as well.

We currently live in a 3,000sqft home (1 story), on a normal lot in a suburb of Houston. It's a 4 bedroom, 3.5 bath, 3 car garage, with a formal dining room, separate study, and a game room - all on one story. Our kids go to public school, but would want great public schools in CO. What can we expect if we make ~$160,000k a year? How far would our money get us there? Would we be looking at major changes in our current style of living?
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Old 04-12-2012, 08:35 PM
 
Location: Berkeley in Denver, CO USA
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How much would your house in Texas sell for?

Houses here (for the most part) will be 2-story + basement.
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Old 04-12-2012, 08:41 PM
 
Location: Berkeley in Denver, CO USA
6,685 posts, read 5,403,768 times
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Default CO Income tax is simple

ENTER FEDERAL TAXABLE AMOUNT from your federal income tax return: 1040EZ line 6; 1040A line 27; 1040 line 43.

x 4.63%

= your CO tax

Your $160K is not meaningful.
Your AGI is.
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Old 04-12-2012, 09:28 PM
 
Location: Denver, CO
5,462 posts, read 14,043,404 times
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Quote:
Originally Posted by lhafer View Post
How far would our money get us there? Would we be looking at major changes in our current style of living?
In terms of sq ft/$, less than what you get now. So if you're indoors people, moving to Denver will be a step down. If you're outdoors people and want to enjoy the mountains every week, the weather and recreation opportunities here will be superior to the lifestyle you have now and would definitely be worth having a smaller house and lot size as a tradeoff.
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Old 04-12-2012, 09:28 PM
 
Location: N. Colorado
341 posts, read 432,879 times
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2.9% is on certain groceries, sales tax on everything else in my area is 8.75-9.75%.

Cost of living here is higher then in Texas but real estate tax is less.

If you will actually be making close to that ( 160k) you will do well.
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Old 04-12-2012, 09:59 PM
Status: "Ready to help you find a house!" (set 21 days ago)
 
Location: Texas
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I would want to sell our home for about $85-$88/sqft realistically. I know what the houses are like in CO as I keep up with the MLS listings, regarding basements, etc. Actually I'm excited about having a basement so my kids can have a place to play without having all their stuff in the living room. Ideally we would rent for a year or so to really know where we would want to buy.

Right now we are more indoors people but I feel that the weather has made us that way more than anything. It's unbearable to be outside during the summer here (so read from May thru Sept). If you can get past the heat and humidity, then you are likely to be eaten alive by mosquitos and other bugs. And these are worst in the mornings and evenings when the weather isn't so bad.

The size of the house isn't totally important. Ideally I would like a 4 bedroom house so family has a placebo stay, but love DIY projects. I really would mostly like a house with a view of something other than a backyard neighbor.
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Old 04-13-2012, 07:49 AM
 
Location: Berkeley in Denver, CO USA
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$270K house in Houston has re taxes between $4K-8K (a short time on Zillow)
$400K house in Denver has re taxes of $1.5K-2K.
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Old 04-13-2012, 07:44 PM
 
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We moved here from Texas (DFW) three years ago. The property taxes are cheaper, most definitely...we had a 4,000 sf, 5 year old 2-story house valued at $250,000 in Dallas with yearly property taxes in excess of $7,000. Our home here in the Denver metro (Centennial...Piney Creek) is slightly larger than our old house only because of our finished basement, but it is valued at almost $500,000, and our yearly property taxes are only $4,000. BUT, you will be paying state income tax so what you save in property tax you will spend in income tax, lol. We've found it pretty much evens out. And, houses are definitely more expensive here. While my house here in Colorado is nice, we had to settle for a slightly older home to get the size/amenities we wanted, and not pay $750,000! In all honesty, my house in Texas was much nicer (and newer) than our house here, and I miss it! lol My DH's salary is slightly more than your income, and we live quite comfortably, but the only debt we have is our mortgage. Overall we found the cost of living to be a little bit higher (grocery and utility wise), but the gas prices are no worse, and may even be a little cheaper. Hope that helps! Welcome to Colorado!
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Old 04-13-2012, 10:30 PM
Status: "Ready to help you find a house!" (set 21 days ago)
 
Location: Texas
1,728 posts, read 3,129,683 times
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Quote:
Originally Posted by MOGypsy View Post
We moved here from Texas (DFW) three years ago. The property taxes are cheaper, most definitely...we had a 4,000 sf, 5 year old 2-story house valued at $250,000 in Dallas with yearly property taxes in excess of $7,000. Our home here in the Denver metro (Centennial...Piney Creek) is slightly larger than our old house only because of our finished basement, but it is valued at almost $500,000, and our yearly property taxes are only $4,000. BUT, you will be paying state income tax so what you save in property tax you will spend in income tax, lol. We've found it pretty much evens out. And, houses are definitely more expensive here. While my house here in Colorado is nice, we had to settle for a slightly older home to get the size/amenities we wanted, and not pay $750,000! In all honesty, my house in Texas was much nicer (and newer) than our house here, and I miss it! lol My DH's salary is slightly more than your income, and we live quite comfortably, but the only debt we have is our mortgage. Overall we found the cost of living to be a little bit higher (grocery and utility wise), but the gas prices are no worse, and may even be a little cheaper. Hope that helps! Welcome to Colorado!
Thanks - this is really helpful info! We are from the DFW area, and our family still lives there. We have built the 2 homes we have lived in., so we are used to brand new homes. Going to CO, I know I would probably have to settle for an older home to get everything I'm looking for. I'm hoping to get a house for the $400-500,000 range in CO.

$160k is my husband's current salary. If and when we move to CO he would be making a lot more due to promotions. Our property taxes are 3.6% on a $280,000 house right now, so we pay about $10k in property tax every year.
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