Taxes.....Washington VS Idaho etc. (Boise: sales, how much, purchases)

[silverfox]

Hi,

Any body out there taken the time and effort to compare the overall tax load on a comparable basis for these two States ?
I haven't been able to find out what that average property tax millage is for Boise area either. Can anybody give me an estimate ??

I currently live in Washington where the Property tax millage is from 14% to 16% of the assesed value per year.

Depending on you stream of income, and how and where it is comming from, the state income tax in Idaho is an additional drain on your ability to save or conserve assets.

For those that have retired, there large purchases or total taxable expenditures are usually on the downward slide, so the sales tax does not affect them as much as the State Income Tax does.

Most everyone lives with a different situation, but Taxes are Taxes, and one should take a look at how much of there hard earned money is going out to pay them.

As an example;

If you live in Washington and you have to start taking the required distribution from your 401K or Traditional IRA acct. you will not have to pay State income tax on those moneys. For some that could be a significant amount especially when you consider you will have to pay Federal income tax as well.

My research shows that Oregon is even worse with a 9% state income tax for the majority. You will save some on the sales tax exclusion though.

Washington has No sales tax on most food which can add up if you do your own cooking.

Oh well, maybe it doesn't matter now because your giving any savingsl to the Oil Companys anyway.....

Silverfox

[huntman58]

Ya know that’s all a big part on figuring what is the real cost of living.
I know when lived in Idaho it seamed a bit high but then comparing it to calif. it felt better at lest
could that be why some love living in Washington and working in Oregon

[altaina]

Just comparing our prop taxes with my parents' in Washington, I'd say theirs are much higher. that might depend on which county you live in, too; I'm betting Boise's is higher than these rural areas. We do have sales tax on food in Idaho, which is a bummer, but our overall sales tax is lower than Washington's, so maybe that makes up for it. Then again, we do have the state income tax. I don't know....maybe if you contact the state gov'ts you can get some exact figures. There ought to be a website out there somewhere

[pinkpalace]

Check out this site: http://www.taxfoundation.org/news/show/335.html

According to their research, Idaho's total tax burden (local, state, and fed) is 42nd. Washington comes in as 4th highest.

According to their research, Idaho is the clear winner!

[Lehi]

This website provides more complete information regarding various taxes.
https://www.retirementliving.com/RLtaxes.html

[StampinTami]

Originally Posted by Lehi

This website provides more complete information regarding various taxes.
https://www.retirementliving.com/RLtaxes.html

Thanks so much for posting this! I stumbled on it a few years ago but I lost it when my computer crashed. I have been trying to find it again (actually looked again last night!) but could not find it.

[Lehi]

Originally Posted by StampinTami

Thanks so much for posting this! I stumbled on it a few years ago but I lost it when my computer crashed. I have been trying to find it again (actually looked again last night!) but could not find it.

You're welcome. Glad to be of some help. There's a lot of useful information there.

[shades_of_idaho]

Lehi this is a great link to have. I have shared it with many of our friends. Thank you!!!

Chris