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Old 07-17-2016, 07:47 AM
 
485 posts, read 659,308 times
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So, I am starting to look at purchasing a home in Houston and I was wondering how the overall TOTAL tax rates compare to other cities/states.

What are your rates in the following categories?

State Income Tax Rate (if applicable):

City Tax (if applicable):

Property Tax on home:

Sales Tax:

Other Tax:


Like I said, I haven't purchased a home yet but this is what I'm seeing for Houston, Texas.

State Income Tax Rate: No State Income Tax

City Tax (if applicable):
No City Tax

Property Tax on home:
I'm seeing around the 2.5% range in Houston and up to 3.6% in the surrounding suburbs

Sales Tax:
8.25%

Other Tax:
I believe there are additional hotel and car rental taxes
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Old 07-18-2016, 10:43 AM
 
Location: Forests of Maine
30,672 posts, read 49,423,020 times
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Quote:
Originally Posted by H'ton View Post
So, I am starting to look at purchasing a home in Houston and I was wondering how the overall TOTAL tax rates compare to other cities/states.

What are your rates in the following categories?

State Income Tax Rate (if applicable):
I am on pension I do not earn enough to be income taxed. Though last year this state [Maine] declared my pension to be tax-free.



Quote:
City Tax (if applicable):
None.



Quote:
Property Tax on home:
We pay around $600 for our 2400 sq ft home and around $157 for 150 acres of river front land.



Quote:
Sales Tax:
5.5%




Quote:
Like I said, I haven't purchased a home yet but this is what I'm seeing for Houston, Texas.

... Property Tax on home: I'm seeing around the 2.5% range in Houston and up to 3.6% in the surrounding suburbs

Sales Tax: 8.25%
That seems high, I think home prices are high there too.
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Old 07-18-2016, 11:04 AM
 
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You must also take into account fees as well as taxes. If they dont want to tax people based on progressive taxation, they hit you with fees which is far worse for ordinary folks than taxes (since payable taxes are dependent on income/wealth). Toll roads are a good example.
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Old 07-18-2016, 11:12 AM
 
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Quote:
Originally Posted by PCALMike View Post
You must also take into account fees as well as taxes. If they dont want to tax people based on progressive taxation, they hit you with fees which is far worse for ordinary folks than taxes (since payable taxes are dependent on income/wealth). Toll roads are a good example.
Prevalence of HOA's may be another example of this, as it is essentially a privatized form of taxation and they can have certain stipulations as to what you can and cannot due with your property.
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Old 07-18-2016, 11:24 AM
 
Location: Forests of Maine
30,672 posts, read 49,423,020 times
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Quote:
Originally Posted by PCALMike View Post
You must also take into account fees as well as taxes. If they dont want to tax people based on progressive taxation, they hit you with fees which is far worse for ordinary folks than taxes (since payable taxes are dependent on income/wealth). Toll roads are a good example.
In my mind fees are more for one time expenses.

A $75 building permit is only done when you are preparing to build a house.

A road toll is only paid when you are crossing a specific spot on one road. In the past I have lived in regions that had toll roads, as a local I learned other routes so I could avoid using the stretch that had a toll.
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Old 07-18-2016, 11:36 AM
 
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For Chicago, IL

State Income Tax Rate (if applicable):
3.75% flat
City Tax (if applicable):
0%
Property Tax on home:
Varies wildly it seems, for me 1.4%
Sales Tax:
10.25%
Other Tax:

Vehicle stickers and misc other things
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Old 07-18-2016, 12:38 PM
 
Location: Michigan
4,571 posts, read 7,030,520 times
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For Detroit;

State Income Tax Rate: 4.25% flat rate

City Tax: 2.40% for residents, 1.20% for non-residents (Hamtramck, Highland Park, and Pontiac are the only Detroit suburbs with income taxes)

Property Tax on home: typically around 3% (or lower in most suburbs)

Sales Tax: 6%

Other Tax: Many historical neighborhoods typically have around $30-$150 in membership fees but are now looking to levy fees on all residents in their neighborhoods regardless of membership. Just within the last month, Detroit's most upscale neighborhood got approved for a neighborhood-wide $500 fee.
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Old 07-18-2016, 11:54 PM
 
Location: Brooklyn, New York
3,734 posts, read 3,847,195 times
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New York City

State Income Tax Rate: Progressive between 4% and 8.82%. To pay the highest bracket you need to make over $1,062,000 in taxable income per year.

City Tax (if applicable): Progressive between 2.9% and 3.876%. To pay the highest rate of almost 4% you need to make over $500,000 per year.

Property Tax on home: Average citywide is about 0.7% per year (lowest in the state), many people pay less than that due to various deductions. Only 6% of the property market value is taxed.

Sales Tax: 4% state + 4.875% city for a total of 8.875%. However, food is excluded, and clothing and shoes below $110 are also excluded.

Other taxes:
Estate Tax: Progressive between 5%-16%. However, people with estates below $2,060,000 are exempt from this tax. By 2019, the exemption will grow to include estates below $5,430,000.

Last edited by Gantz; 07-19-2016 at 12:04 AM..
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Old 07-19-2016, 05:00 AM
 
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This would help: https://www.retirementliving.com/taxes-by-state
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Old 07-19-2016, 10:28 AM
 
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State Income Tax Rate: 5% that's for $10K to $50K. It's a progressive think over $500K is 6.99%.

Property Tax on home: 61% or 62%. Car taxea were capped this year or next year to 30% to 35% I believe.

Sales Tax: 6.35%

Believe gas tax is like 49.3 cents a gallon

There is other small taxes, believe the State is looking at a Mileage tax I think. Packaged food and soda do believe is taxed via the sales tax, don't hold me to that.

Waterbury, Connecticut

Last edited by RunD1987; 07-19-2016 at 11:08 AM..
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