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Old 03-26-2009, 04:51 AM
 
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My husband and I want to move out of FL in a few years and want to know which state is more economical to live in. I choose NC, but he says TN has better tax breaks. Does TN still have NO state Tax? Do you think that will change soon? Is NC really that much higher in Taxes than TN?
Please share
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Old 03-26-2009, 06:29 AM
BST
 
Location: Powell, TN
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Don't know about NC's tax structure firsthand. TN has no sales tax, and I don't see that changing too soon. TN does have a higher sales tax, especially on food, than people from other states are accustomed to paying. I renew my car tags for $60 each year and pay either 8.25% or 9.25% sales tax depending upon the item purchased. According to the Knox Co website, property tax is 2.69% of assessed property value. I would emphasize assessed value and not necessarily market value.

Beyond that, NC has a very diverse range of communities. TN has no coast, but can offer everything else Carolina has in some form or fashion. Good luck in your decision-making process.
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Old 03-26-2009, 08:41 AM
 
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TN has no "state Income Tax", not no "sales" tax. Property taxes are pretty good, but sales tax is high. It all equals out in the long run.
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Old 03-26-2009, 09:31 AM
 
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Quote:
Originally Posted by TNTransplant06 View Post
TN has no "state Income Tax", not no "sales" tax. Property taxes are pretty good, but sales tax is high. It all equals out in the long run.
Not according to The Tax Foundation. Taking all taxes into consideration (state, federal, and local), Tennessee has a lower over-all tax burden than North Carolina. In 2008 the average Tennessean paid 8.3% of his income in taxes, and the average North Carolinian paid 9.8% of his income in taxes. North Carolina ranked 20th in over-all tax burden, Tennessee ranked 44th.
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Old 03-26-2009, 09:31 AM
 
Location: Seymour TN
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I assume you're on a NC forum also and can find out what their taxes are like. We are in Sevier County and our property taxes are extremely low. We moved from FL too. Off the top of my head - I think TN is better because of the smoke-free restaurants, and more horses! NC doesn't have the built-up tourism towns like Pigeon Forge and Gatlinburg, and that's good and bad. But education wise, if you live in the center of NC (like my friend), you've got your pick of great colleges, which you can utilize online. If you like the coast/ocean, you're better off in NC. But they get hurricanes too. East TN is the best place to live weather-wise in my opinion, the mountains keep us safe from tornadoes.
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Old 03-26-2009, 10:01 AM
 
Location: Chattanooga, TN
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Housing in Tennessee is generally cheaper too.
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Old 03-26-2009, 10:06 AM
 
Location: Chattanooga, TN
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Here's a site that will provide links for tax info in each state. You can view property taxes by county.

Interactive map: States income, personal and sales taxes
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Old 03-26-2009, 01:18 PM
 
Location: Beautiful East TN!!
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Originally Posted by VolDude View Post
Here's a site that will provide links for tax info in each state. You can view property taxes by county.

Interactive map: States income, personal and sales taxes
The only thing that site left out on the sales tax is the county imposed sales tax added to the 7% state sales tax that can run anywhere from 2% to 2.75% which equals anywhere from 9% to 9.75% of sales tax on everything (lesser amount on single items over $1,600) including groceries in most counties. I know some counties have lessened the tax on some groceries by 0.50% so it can vary.
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Old 03-26-2009, 08:55 PM
 
Location: Tennessee
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Quote:
Originally Posted by rjmj View Post
My husband and I want to move out of FL in a few years and want to know which state is more economical to live in. I choose NC, but he says TN has better tax breaks. Does TN still have NO state Tax? Do you think that will change soon? Is NC really that much higher in Taxes than TN?
Please share
Do you need to be near I-95? Because of I-95, I believe there are more people living in NC, full time or part-time, than TN from the northeast and/or originally from the northeast who later moved to Florida and are now looking to come halfway back (not really halfway but they call them halfbacks) just because the drive is easier up and down the Atlantic coast. If you are retired, percentage-wise, NC gets more retirees from Florida than Tennessee according to Retirement Migration in America. Not sure about non-retirees. Again, I think NC gets more Floridian retirees formerly from the northeast because of I-95 and the ease of back and forth travel. I realize this has nothing to do with taxes but it's something to think about if you plan on driving up and down the coast or getting visitors that way.
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Old 03-26-2009, 09:00 PM
 
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Originally Posted by LauraC View Post
Do you need to be near I-95? Because of I-95, I believe there are more people living in NC, full time or part-time, than TN from the northeast and/or originally from the northeast who later moved to Florida and are now looking to come halfway back (not really halfway but they call them halfbacks) just because the drive is easier up and down the Atlantic coast. If you are retired, percentage-wise, NC gets more retirees from Florida than Tennessee according to Retirement Migration in America. Not sure about non-retirees. Again, I think NC gets more Floridian retirees formerly from the northeast because of I-95 and the ease of back and forth travel. I realize this has nothing to do with taxes but it's something to think about if you plan on driving up and down the coast or getting visitors that way.
I think that's a very good point, and it explains why in Tennessee we seem to have a whole bunch of retirees from Michigan, Ohio, and Indiana because of I-75 and I-65 but not as many from the Northeast.
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