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Old 04-25-2013, 04:42 PM
 
6 posts, read 15,726 times
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Question Is MD taxes really that bad?

I see a lot of posts regarding high taxes in MD. I am from IL and planning to relocate to MD. I am trying to compare taxes between MD and IL, MD appears to have less taxes than IL. I am just trying to figure out what i will be getting into tax wise.
I was comparing based on this article.

Facts & Figures 2013: How Does Your State Compare? | Tax Foundation
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Old 04-25-2013, 05:48 PM
 
Location: Sneads Ferry, NC
6,750 posts, read 6,390,159 times
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Quote:
Originally Posted by chicago2MD View Post
I am trying to compare taxes between MD and IL, MD appears to have less taxes than IL.......I was comparing based on this article.
The Tax Foundation article is 56 pages long, and I have to assume it is accurate. People tend to talk about the worst aspect of taxes. For example, property taxes in MD are high but they are worse in New Jersey.

We moved to North Carolina, and the income tax rate is almost the same as MD. Our overall burden is lower, mainly because of lower property taxes.

You might want to consider whether you should rent or buy in Maryland.
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Old 04-25-2013, 06:15 PM
 
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Thanks for your reply. Even property tax seems to be higher in IL (1.91% vs 0.99%).
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Old 04-25-2013, 06:15 PM
 
Location: The Triad (nc)
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Quote:
Originally Posted by goldenage1 View Post
We moved to North Carolina, and the income tax rate is almost the same as MD.
Our overall burden is lower, mainly because of lower property prices and assessments.
The deciding factor really has to be about earning potential.
Cost of Living comparison calculator

A family with $100,000 in Chicago would require $123,000 near DC; $75,000 in my town.
(most of that difference is real estate)
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Old 04-25-2013, 06:16 PM
 
7,189 posts, read 8,910,676 times
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They're not so bad to me.
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Old 04-25-2013, 07:11 PM
 
Location: North Beach, MD on the Chesapeake
16,407 posts, read 15,185,229 times
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The MD State Income Tax does hit you. It's a "progressive" tax so the higher your income the higher the percentage you pay. What a lot of tax analysts miss is that each County then gets to add a percentage onto it called the "Piggy Back Tax". Most Counties are around 50% of your State Income Tax. So if, say, your State Income Tax is $5000 the County gets an additional $2500, $7500 total withheld from your paycheck.

MD does not, however, have all the little nuisance taxes which states like PA have. MD does have a fairly aggressive bunch of fees for various things.
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Old 04-25-2013, 07:13 PM
 
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For us, in general (moving from NC), the yearly taxes have not been that bad.

Now, the auto tax bills they hit you up front with from the MVA when you register a vehicle in MD, now I found those to be bad and an added moving expense--in addition to the much larger insurance bills. You may want to check up on this if you do not want the surprise we had!

A good thing--MD does not tax food (groceries) unlike several other states I have lived in; here is a map of states that do and don't tax groceries: (http://www.cbpp.org/cms/?fa=view&id=1230

Last edited by bonnielisabeth; 04-25-2013 at 07:16 PM.. Reason: new info
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Old 04-25-2013, 07:16 PM
 
Location: North Beach, MD on the Chesapeake
16,407 posts, read 15,185,229 times
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Quote:
Originally Posted by bonnielisabeth View Post
For us, in general (moving from NC), the yearly taxes have not been that bad.

Now, the auto tax bills they hit you up front with from the MVA when you register a vehicle in MD, now I found those to be bad and an added moving expense--in addition to the much larger insurance bills.
And car insurance in MD is extremely location specific. Moving 10 miles from Prince George's County to Calvert County (we're filled up by the way) will drop your insurance premiums by 40%.
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Old 04-26-2013, 12:11 AM
 
Location: The better side of the Mason-Dixon Line
4,627 posts, read 7,041,610 times
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I think it depends on where in Illinois you are moving from. I know the Chicago area has a higher tax rate than other parts of the state because of their higher needs in terms of transit, etc. In Maryland most taxes are teh same statewide......so that they can get rural Marylanders to subsidize the Baltimore Light Rail and DC Metro while residents of Greenville do not have to pay taxes toward the Chicago El.
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Old 04-26-2013, 01:44 AM
 
Location: The better side of the Mason-Dixon Line
4,627 posts, read 7,041,610 times
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Quote:
Originally Posted by Tom Lennox 70 View Post
I think it depends on where in Illinois you are moving from. I know the Chicago area has a higher tax rate than other parts of the state because of their higher needs in terms of transit, etc. In Maryland most taxes are teh same statewide......so that they can get rural Marylanders to subsidize the Baltimore Light Rail and DC Metro while residents of Greenville do not have to pay taxes toward the Chicago El.
Maryland is also one of the few states with a rain tax, flush tax, and wind farm tax.
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