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Old 01-23-2015, 07:00 AM
 
13 posts, read 37,425 times
Reputation: 11

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Hi guys,
this is my first post here.

I'm contemplating purchasing land in Wisconsin.
I am currently (and have always been) a MN resident, I work in MN, and will likely continue to work in MN in the future.

I'm trying to determine if I'm better-of purchasing land in WI and using it as a vacation/cabin land or if there are benefits to becoming a WI resident and moving to western WI as I continue to work in MN.

Please chime in with your ideas and experience.

Some issues I admit I dont know enough about (that's why I'm asking here) are:

Taxes:
Working in MN, Living in MN, and owning land (not as primary residence) in WI vs.
Working in MN, and Living in WI (making this land purchase my primary residence)

Has any of you experience with these couple options and taxes, income, state, property, and owning a land or cabin which isn't a primary residence in another state?

If you have another major points of difference or change which I will face purchasing land in WI or moving to WI , please let me know.


By the way I'm in my mid 30s, single, male, i own a house in MN. never purchased other real estate besides the house I live in. Land in WI will be in western WI, within a 45min drive from the TC


I value all your replies, thank you in advance!

Last edited by being1; 01-23-2015 at 07:19 AM..
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Old 01-23-2015, 05:29 PM
 
340 posts, read 441,597 times
Reputation: 364
I haven't looked at this issue lately, but it was my understanding in previous years that property taxes were typically higher in WI and income taxes were higher in MN. If so, homesteading in WI and working in MN would be the worst of both worlds, tax-wise. Add a longer commute to the equation and I would decline. I-94 can get very backed up during the rush hours.
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Old 01-27-2015, 12:21 PM
 
1,774 posts, read 1,732,208 times
Reputation: 2700
Property tax in WI is some of the worst in the country.
There are no benefits to living in WI and working in MN.
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Old 01-28-2015, 08:47 AM
 
2,601 posts, read 3,901,147 times
Reputation: 2275
Wisconsin has the 4th highest property taxes, and Minnesota has the 4th highest income taxes. I believe that all things considered, though, taxes might be higher in WI.
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