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Unread 07-29-2007, 07:26 PM
 
1,305 posts, read 2,100,233 times
Reputation: 281
Smile KY or TN - which is better?

Hi folks who live in KY...Of to those of you who could have chosen anywhere to relocate, why would you pick KY over TN?

I ask this because they appear to be quite similar in geography and demographics but there is one glaring difference and that is the tax bite. Taxes are much higher in KY as it has a state income tax, and TN does not! That's a huge savings year over year - it would really add up so what is it about KY that makes taking a tax hit worth it? I mean they both have rolling greenery, tornadoes, humid weather, and friendly people.

The sales tax in TN is higher than KY but you'd have to buy an awful lot of stuff to balance the income tax difference!

Butr then again maybe there is a cultural diffference I am missing here- I do believe KY may be a bit greener. I have driven thru KY but not visited it. The towns I am interested in are Versailles, Bardstown, Danville ,Berea, Mt Sterling...
The house prices seem to be a bit cheaper in KY but I am not sure..I know folks that live in TN and shop in KY!

Thanks!

12buttons
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Unread 07-29-2007, 08:11 PM
 
Location: Far Western KY
1,833 posts, read 4,058,740 times
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I live on the boarder and TN is higher in Taxes, why you pay tax on everything but income in TN I have family in both so we've done the math a few times.
TN you pay tax on food, KY you don't.
TN charge way more on "vice" tax, booze, smokes etc.
TN has State, County and City sales taxes some times as much as 10%+ per $1
KY only has a State sale tax 6%
Higher fuel tax (all fuels)
And remember no income tax means no deductions either. So while in KY you might pay income tax you can get some of it back, in TN in just gone.

Don't get me wrong I like TN I'm a stones throw from it and spend as much time there as here in KY. Just telling you the no income tax thing they have is a ruse. They've got to pay to run the state somehow and they have to get the money from someplace wonder where it comes from. Taxes.

Also no income tax mean less services, not long ago they closed a number of their state parks do to lack of money, meanwhile KY is remodeling many of theres. Some of TN parks reopened with less services, some remained closed. You can tell with your eyes closed when you cross the boarder just on the feel of the road conditions, TN has a lot of bad roads. (I don't recommend doing this with your eyes closed if you are the driver.)

Last edited by Davart; 07-29-2007 at 09:10 PM.. Reason: typo
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Unread 07-29-2007, 08:53 PM
 
504 posts, read 786,791 times
Reputation: 303
Quote:
Originally Posted by 12buttons View Post
Hi folks who live in KY...Of to those of you who could have chosen anywhere to relocate, why would you pick KY over TN?

I ask this because they appear to be quite similar in geography and demographics but there is one glaring difference and that is the tax bite. Taxes are much higher in KY as it has a state income tax, and TN does not! That's a huge savings year over year - it would really add up so what is it about KY that makes taking a tax hit worth it? I mean they both have rolling greenery, tornadoes, humid weather, and friendly people.

The sales tax in TN is higher than KY but you'd have to buy an awful lot of stuff to balance the income tax difference!

Butr then again maybe there is a cultural diffference I am missing here- I do believe KY may be a bit greener. I have driven thru KY but not visited it. The towns I am interested in are Versailles, Bardstown, Danville ,Berea, Mt Sterling...
The house prices seem to be a bit cheaper in KY but I am not sure..I know folks that live in TN and shop in KY!

Thanks!

12buttons
They are pretty similar. Most upper south states share characterisitics. What is your criteria exactly -- cities in TN vs KY, outdoors, jobs, etc.?
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Unread 07-29-2007, 08:59 PM
 
526 posts, read 1,421,370 times
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Quote:
Originally Posted by 12buttons View Post
Of to those of you who could have chosen anywhere to relocate, why would you pick KY over TN?

because the horse capital of the world is NOT in Tennessee.....
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Unread 07-30-2007, 11:46 AM
San
 
54 posts, read 256,480 times
Reputation: 63
I have to agree with Davart and Toria. First off Kentucky is HORSE country. Also, what a lot of people flocking into Tennessee don't stop to think is, the state has to get revenue from someplace. If they don't have a state income tax they are going to stick it to you some other way. When we moved down from Northern Illinois (now there you're talking taxes) we did some research and decided that all around we liked Kentucky better.
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Unread 07-30-2007, 02:38 PM
 
Location: New York City
2,294 posts, read 5,605,908 times
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I think if you are talking specifics, Kentucky, to me, edges out Tennessee for uniqueness and quaintness. Kentucky has some beautiful architecture in and around Louisville, Lexington, and Frankfort. Also, there are some very quaint small towns here and there. Horse country is GORGEOUS. Some morning views in and around Lexington horse farms are breathtaking! The beauty around there is phenomenal.
Some negatives with Kentucky though: it is a bit further north, so a bit cooler winters and a bit more snow up north than Tennessee. The eastern portion of Kentucky is overall not that well off, and is economically depressed and poor. There are just 2 "big" cities, and no cities have major sports teams and only Louisville gets a lot of major concerts/theatre shows coming to the state (typically).
As for Tennessee, there are lots of positives: some of the most beautiful natural topography in the U.S., lots of small towns with tons of friendly people, large cities of Nashville & Memphis provide cultural and major sports venues, and there are a lot of tourist attractions in TN.
Negatives for Tennessee first and foremost is FAST population growth. Kentucky is growing, but not on TN's scale. Lots of small towns are at risk of losing their character. Knoxville, Nashville, and Memphis are sprawling out of control. Clarksville, Johnson City, and Murfreesboro are growing quickly. The once-undiscovered tri-cities region is now beginning to grow too quickly. This state is expected to hit 7 million people by 2025 (maybe earlier)! Kentucky may be at 5 million at most, by 2030.
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Unread 07-31-2007, 11:59 AM
 
1 posts, read 9,403 times
Reputation: 10
I have lived in both TN and KY, and as soon as I can get the heck out of NC I am going back to KY!

The people are nice in both states, but I find KY to be where I want to call home.

Oh, FYI, KY taxes insurance, TN does not. (I know, I am an insurance agent and have sold insurance in both states). Also, KY car insurance rates are much, much, higher than TN, but then KY also does not utilize SR22s and does not have computerized tracking of auto insurance.

Still, it's KY for me.
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Unread 07-31-2007, 03:58 PM
 
Location: Far Western KY
1,833 posts, read 4,058,740 times
Reputation: 778
Quote:
Originally Posted by kygirl532001 View Post
I have lived in both TN and KY, and as soon as I can get the heck out of NC I am going back to KY!

The people are nice in both states, but I find KY to be where I want to call home.

Oh, FYI, KY taxes insurance, TN does not. (I know, I am an insurance agent and have sold insurance in both states). Also, KY car insurance rates are much, much, higher than TN, but then KY also does not utilize SR22s and does not have computerized tracking of auto insurance.

Still, it's KY for me.
Bad thing about TN is they are often under insured and if you get hit by some one from TN there is a good chance they either don't have any insurance or they are way under insured and if victim get hit with the bill. Around here it is (unspoken) probable cause to pull some one over with TN tags, because you've got a good chance they don't have insurance and it's a $1000 fine.
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Unread 07-31-2007, 05:13 PM
 
Location: Fiji
647 posts, read 1,176,822 times
Reputation: 386
I've lived/worked in both states and each have been good to me. I may have to give a very slight nod to Tennessee because of the overall tax situation. But, yeah, both are very fine states.
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Unread 07-31-2007, 06:59 PM
 
Location: Lexington, Ky
1 posts, read 9,378 times
Reputation: 10
Default Which state?

I live in Lexington Kentucky but do loans for many individuals that are relocating to TN and KY. TN housing is cheaper in certain areas such as the tristate area(Kingsport/Bristol) but Nashville and Memphis area you may have to be 30 minutes outside. 3 families that I have done from NY/NJ, AZ, and CA love the Murfreesboro TN area that is ouside Nashville 45 minutes. It is much like Lexington. Berea and Mt. Sterling are gorgeous areas of rolling hills and farms. There are new construction homes going in between farm areas but it still has country charm. You are sooo close to interstate and only takes 20-30 minutes to get to the bigger cities but those areas have good restaraunts and Walmart.
* hint for 2007 is that Clark County (Winchester, KY) is where I have been sending clients because acreage and homes are a great value. If you are purchasing in the 120-180 range. If you are in the 300+ range the Madison County Ky has many beautiful custom homes on 1 acre that people have purchased over their head and need out of soon.
You are right taxes are sooooo much cheaper in TN. My town has real estate tax of 1.039 per year but 30 minutes out of Fayette county it is between 7-9. percent. Go to LBAR.com or Tennessee Realtor Association(website is at work). I may post some pictures of Kingsport area and Nashville area that clients have sent me of their new homes and why they like it. In fact...I should put it on my website at somepoint. Let me know if you need any more info.
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