Taxes (Albuquerque, Alamogordo, Carlsbad: sale, rentals, new house)

[highdesertmutz]

Originally Posted by Mike Horrell

It certainly looses a big chunk but in our case we'll have to hit our late 70s before
we start to actually fall behind in total benefits paid. I'd rather rely on getting
into the system and "locked in" as well as 15-16 years of increased income while
we can take best advantage of it than worry about slowly falling behind on total
pay out.

The IRS site has charts and calculations to illustrate alternate pay-out curves.
Debbie retired 5 years early because we had reached a pension level that was
very good and that would only improve by a couple thousand dollars a year
if she stayed another 5 years. Instead, we moved to Central America, had
lots of adventures, made good friends and enjoyed a lifestyle that will not
exist much longer (CA is going down the tubes rapidly).

It's all about trade-offs and I think a surprising number of middle-income Americans
could actually benefit from collecting early SS. Certainly, not all, but a good number.

I never thought of people retiring in CA. I had always thought people flocked to AZ & FL? But, I've heard that AZ isn't doing so well either. We were cosidering Douglas, the little border town, but I guess they have some real bad problems, border-raiders, worse than el paso.

[Mike Horrell]

Originally Posted by highdesertmutz

I never thought of people retiring in CA. I had always thought people flocked to AZ & FL? But, I've heard that AZ isn't doing so well either. We were cosidering Douglas, the little border town, but I guess they have some real bad problems, border-raiders, worse than el paso.

CA has been a HUGE retirement draw for Norte Americanos for close to 20 years.
Originally it was mostly Costa Rica but starting around 2000 Panama came on
strong and had literally thousands of American, Canadian and European expats
resettling there every year. Costa Rica is still lovely, but has become quite
dangerous for expats or even tourists.

It's a very complex and long-winded discussion, too far off-topic to even be viable
in the new off-topic sticky, but probably 10,000 expats now live in Panama,
a country with a population about that of New Mexico, and all of those
expats have annual incomes 4-5 times that of the locals, even white collar
employees.

Trouble is brewing.

[eyewrist]

Originally Posted by funkymonkey

There is tax on business personal property, ie equipment you use in your business.

There's property tax on real estate.
There's gross receipts tax on goods/services which ranges from ~5%-7%+ depending on the locality.
The top marginal state tax income tax rate is around 5% and kicks in at $16,000.

How this compares to other states, I don't really know except that the income tax is higher than Texas and lower than California. The property tax rate is much lower than Texas.

Okay you guys, you are tempting me to move to NM that not fair!
I have plans to move back to Texas but the summers are brutal. I own a duplex in a popular city (Arlington) the entertainment city of North Texas with Six Flaggs, Hurricane Harbor, Rangers and upcoming Cowboys stadiums. I know this city will be growing like crazy once that stadium is finished also the rate to rent will also skyrocket because of it. But it is going to be a madhouse once it's complete and I don't want to be in the middle of it. I was about move just outside of Arlington ( Cedar Hill) to buy a home because of the greenery and the hiilly areas makes you "feel" like you are in the mountains. But you all are saying things that is making New Mexico more attractive.. a place I never considered living but has all the attraction I have always wanted low cost housing, safe neighborhood, new solar energy construction, lower tax. I am not retiring for awhile plus in the medical field we probably won't because of the demand for therapist for the upcoming baby boomers.

So tell me what area is best for the flourishing trees, affordable housing, temperate weather and 30 minutes from a major city with plenty of jobs options in the medical field?

[weroses]

Thanks for the info guys and I hope yall had a happy easter

[Cathy4017]

But you all are saying things that is making New Mexico more attractive.. a place I never considered living but has all the attraction I have always wanted low cost housing, safe neighborhood, new solar energy construction, lower tax.

Low cost housing? NM? You've got to be kidding. I have yet to get over the sticker shock with the cost of housing compared to much of Texas. But the lower property taxes and homeowner's insurance help.

[funkymonkey]

Originally Posted by Cathy4017

Low cost housing? NM? You've got to be kidding. I have yet to get over the sticker shock with the cost of housing compared to much of Texas. But the lower property taxes and homeowner's insurance help.

Well if your property tax is probably less than half as much as Texas, so even if the house costs more you're probably paying the same amount into it, except in NM you get to keep more when you sell.

[eyewrist]

Originally Posted by funkymonkey

Well if your property tax is probably less than half as much as Texas, so even if the house costs more you're probably paying the same amount into it, except in NM you get to keep more when you sell.

Well, what I'll do is traveling therapy and see what is the best place to settle. So far Texas is the place to be plus the homes here are mostly brick with unique designs compared to the rest of the homes I've seen in other states, home cost is dropping so you can be more home than previously and people are moving to Texas like mad. Thxs for your info

[ajzjmsmom]

Originally Posted by Cathy4017

But you all are saying things that is making New Mexico more attractive.. a place I never considered living but has all the attraction I have always wanted low cost housing, safe neighborhood, new solar energy construction, lower tax.

Low cost housing? NM? You've got to be kidding. I have yet to get over the sticker shock with the cost of housing compared to much of Texas. But the lower property taxes and homeowner's insurance help.

Cathy I have to agree with you, even 9 yrs ago when me moved here from Texas we suffered intense sticker shock. Nice custom built houses in Texas were going for $65 a sq ft and we get here and they are almost $100 a sq ft and to be real honest not as well built. You put the cheaper sq ft with no state income tax and it was alot more out of pocket here for us. Where we were from the property taxes weren't to bad. Even now I look at the houses for sale around here and just kinda shake my head. I always say if the German af leaves Alamogordo is in trouble.

[Cathy4017]

Originally Posted by funkymonkey

Well if your property tax is probably less than half as much as Texas, so even if the house costs more you're probably paying the same amount into it, except in NM you get to keep more when you sell.

I wish my property taxes here WERE half as much, but they're not. They are a little less, though, with a property that cost quite a bit more than it would have in TX.

This property here would have been roughly $40K more in Farmington and northern NM....and $40K LESS in Texas. Alamogordo, though the RE is high, it's not as expensive as some other places in NM.

[Cathy4017]

Originally Posted by ajzjmsmom

Cathy I have to agree with you, even 9 yrs ago when me moved here from Texas we suffered intense sticker shock. Nice custom built houses in Texas were going for $65 a sq ft and we get here and they are almost $100 a sq ft and to be real honest not as well built. You put the cheaper sq ft with no state income tax and it was alot more out of pocket here for us. Where we were from the property taxes weren't to bad. Even now I look at the houses for sale around here and just kinda shake my head. I always say if the German af leaves Alamogordo is in trouble.

You really realize how undervalued Texas properties are when you look elsewhere. I thought the property taxes in Midland were bad at the time, but compared to many other places--in retrospect--they were not that bad.

As overpriced as we may think Alamogordo is, relative to some other areas, not quite as bad.

Let's hope the Germans don't leave anytime soon....