[chopchop0]

Originally Posted by TXRyan23

Every County in Florida can have a different tax rate. In Florida it goes from 6.25 up to 7.50.

You would die in Nashville, TN. Their sales tax rate is 9.25%

Nearly every county in central FL is 7% or less. Most are 6.5% or less. It does add up after awhile, particularly when you consider that TX also has higher property taxes to deal with.

http://dallasdirt.dmagazine.com/2010...-median-value/

http://taxes.about.com/od/statetaxes...rst-states.htm

[TXRyan23]

Originally Posted by chopchop0

It does add up after awhile, particularly when you consider that TX also has higher property taxes to deal with.

I'd rather pay $75,000 less for a better house and pay $2-3k more per year in property taxes. Besides, a large percentage of our property taxes in Texas go to the local Independent School Districts.

[KathyA11]

Originally Posted by Energyguy5

Can anyone give me the approx homeowners flood insurance cost of a $300,000.00 house on a canal?

Also here is a general question for you. I live in NJ and am thinking of moving to Florida and vacation every winter in Florida and love it, however, I am told that the summer humidity is so brutal that you can't go outside. The question is ...is it that much worse than say most places in the east like NJ, NY, PENN?

Your answers will be much appreciated.

If you can stand a New Jersey summer, you can stand Florida. We relocated from Bayonne two years ago, and I don't find the humidity much worse than an August day back home. Just make sure to do any yard work in the morning, and wear lightweight clothing.

[KathyA11]

Originally Posted by Retiredcoach

In all fairness, Marco, you are comparing your Florida living costs with the entire "northern" United States. If you were comparing Pennsylvania to Florida, however, your cost figures are markedly distorted. In PA (more specifically, Pittsburgh), for example, unemployment is lower and wages/benefits are generally higher.... this would more than offset the state income tax one would pay for being an unemployed/grossly underemployed Florida worker. Plus, the Florida resident will pay considerably more than PA resident for auto & homeowner insurance, sales taxes, tolls.

Then compare it to New Jersey -- property taxes? Our annual taxes here on a property just over an acre are less than what we paid for one quarter in NJ -- on a house that was on a 50 x 100 lot, and is less than half the size of our home here. Homeowner insurance? About the same, on a larger home. Auto insurance? Half of what we paid in NJ. Tolls? The only time I pay tolls here (we live in the Ocala area) is if I go to Orlando -- but travel just one of the Port Authority bridges or tunnels in the NY/NJ area and you're whacked for $8 (it may have gone up since we left) -- and there are tolls on the NJ Turnpike and the Garden State Parkway -- and if you want to go anywhere north to south (or vice-versa) in NJ at a decent speed without hitting lights, you have to take one of those (and I do believe that Governor Christie just increased the rates significantly).

[KathyA11]

Originally Posted by chopchop0

Anyone who earns income or makes investments in the stock market benefit from floridas tax system. people who buy retail products or gas for their cars also benefit from Lower gas and sales taxes, so I'm not sure why you think only the ultra wealthy benefit from that.

Not really -- NYC sales taxes are higher, NJ's sales tax is the same, and NJ has lower gas taxes (and they don't have to pump their own, either).

[KathyA11]

Originally Posted by Texabama

Property taxes are very high in TX. I paid 3200/yr for a house appraised at 115K - in Houston.

People in New Jersey would jump at that -- we had a house assessed at $135K and when we sold it after we moved here, our taxes were over $9000.

[chopchop0]

Originally Posted by KathyA11

Not really -- NYC sales taxes are higher, NJ's sales tax is the same, and NJ has lower gas taxes (and they don't have to pump their own, either).

Im not sure what you were trying to respond to in my previous post, but NJ's lower gas taxes are more than offset by its income taxes, toll roads and property taxes. NY and NJ always end up in the top 5 or top 10 for surveys of states with high taxes

My original post was in response to another poster who said that only the wealthy benefit from Florida's tax system, when in reality that is a patently false statement.

[Retiredcoach]

Originally Posted by KathyA11

Then compare it to New Jersey -- property taxes? Our annual taxes here on a property just over an acre are less than what we paid for one quarter in NJ -- on a house that was on a 50 x 100 lot, and is less than half the size of our home here. Homeowner insurance? About the same, on a larger home. Auto insurance? Half of what we paid in NJ. Tolls? The only time I pay tolls here (we live in the Ocala area) is if I go to Orlando -- but travel just one of the Port Authority bridges or tunnels in the NY/NJ area and you're whacked for $8 (it may have gone up since we left) -- and there are tolls on the NJ Turnpike and the Garden State Parkway -- and if you want to go anywhere north to south (or vice-versa) in NJ at a decent speed without hitting lights, you have to take one of those (and I do believe that Governor Christie just increased the rates significantly).

You will get no argument from me about regional cost differences existing at the extremes, but the northern United States is not limited to eastern New York/ New Jersey, and Florida is not limited to the Ocala region. Are there tax differences between NJ and anywhere else in the country? Yes... Do the services, wages, real job opportunities, consistent housing appreciation, and/or a viable business presence provide better opportunities for the average working stiff in the New York region? In the predominance of cases, yes.... Can the average Ocala working stiff afford to eventually take his/her lifelong savings and move to the eastern New York/ New Jersey and retire? Not a chance......

The question for this thread pertains to tax advantages to Florida residency. There is a tremendous tax advantage to moving to Florida, especially if one is exceptionally wealthy and/or is retiring with a substantial pension earned elsewhere. Outside of those two particular groups, Florida may be a sliding step downward, especially if one is in need of a job providing a liveable wage (and the accompanying job security and benefits) and/or needs quality governmental services (quality schools for the education of one's children).

[KathyA11]

Originally Posted by chopchop0

Im not sure what you were trying to respond to in my previous post, but NJ's lower gas taxes are more than offset by its income taxes, toll roads and property taxes. NY and NJ always end up in the top 5 or top 10 for surveys of states with high taxes

My original post was in response to another poster who said that only the wealthy benefit from Florida's tax system, when in reality that is a patently false statement.

I was agreeing with you.

[KathyA11]

Originally Posted by Retiredcoach

You will get no argument from me about regional cost differences existing at the extremes, but the northern United States is not limited to eastern New York/ New Jersey, and Florida is not limited to the Ocala region.

I didn't say they were. I was comparing the two specific areas of which I personally have experience.

Are there tax differences between NJ and anywhere else in the country? Yes... Do the services, wages, real job opportunities, consistent housing appreciation, and/or a viable business presence provide better opportunities for the average working stiff in the New York region? In the predominance of cases, yes.... Can the average Ocala working stiff afford to eventually take his/her lifelong savings and move to the eastern New York/ New Jersey and retire? Not a chance......

You won't get an argument from me on that.

The question for this thread pertains to tax advantages to Florida residency. There is a tremendous tax advantage to moving to Florida, especially if one is exceptionally wealthy and/or is retiring with a substantial pension earned elsewhere.

It's also good for working-class retirees who have a not-so-substantial pension -- every little bit helps, especially if you needed to retire before Social Security eligibility. Moving here has saved us over $7500 yearly in property taxes alone -- and that can only go up as the property tax rates in NJ continue to rise.