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Old 04-28-2014, 07:13 AM
 
13,811 posts, read 27,454,017 times
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Quote:
Originally Posted by CHTransplant View Post
Just be sure to factor in other taxes. The Tax Foundation reports that Florida has the 24th highest average tax burden overall; whereas Texas has the 8th.
Look beyond the numbers on a web site. For someone in NC, your burden could be significantly higher than someone who lives in a state with low/no income tax and who owns an average home. I ran some numbers in NH, where I have family, where a comparable house to ours would run around $300k. Figuring all taxes paid here, and there (property, etc.) we would've come out ahead something like $4k. I lost the post now, it's on here somewhere. That is year after year. 10 years that's a savings of $40k, 20 years $80k, that is a big chunk of change. You need to do these calculations if you are planning on staying somewhere a long time.

The benefit with NC is you can come here, and buy a mansion of a house and have low taxes on it. People like that. I would rather have a smaller home though, where the tax advantage is not present.

I'm glad they are lowering the tax, any plans to continue doing so?
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Old 04-28-2014, 07:31 AM
 
29 posts, read 53,466 times
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You need to understand that I am comparing NC taxes to my current state, NY. Even though my pension income is exempt from NY income tax, I figure that I will be better off in NC when you factor in the property taxes. Just north of NYC ( about 50 miles) a typical 2500 sq ft home on 1/2 acre averages about $8,000 to $10,000 property taxes. In Westchester County ( where I live- about 15 miles north of NYC) the same house would have 13 to 15 thousand dollar property taxes. As I have stated, however, taxes were just one of the many factors that I am considering in my current situation
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Old 04-28-2014, 08:53 AM
 
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I think its too early to see how it will shake out. It is like the 1st generation on a new Phone, the "bugs" haven't been worked out.
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Old 04-28-2014, 09:48 AM
 
Location: Salisbury,NC
16,759 posts, read 8,216,524 times
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Pension income is taxed at 5.8%. Fees are going up (republican for tax increases), sales taxes are going up and in some counties real estate and property taxes going up. Look for an unincorporated area to buy land and build. That way you avoid city taxes.

Some things are taxed that you may not be used to, doing the numbers your overall tax will be a little lower as the senior tax benefits in NYS are not in NC
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