Quote:
Originally Posted by Redrover
We are anticipating a move to the Raleigh area in about 2.5 years but one of the issues we haven't yet really dug into is what the tax consequence will be for us. We will be coming from Texas (no state income tax) which has a rather significant property tax. Is there anyone here who has made a similar move recently and if so, how have your taxes changed? We are especially interested in the area of retirement income, inheritance and Social Security taxes.  |
Property taxes will depend on where you end up living. Wake County taxes at 0.634 per 100, but the towns tack on additional taxes if you live in them. For example, Raleigh city taxes at 0.435 per 100, so if you lived inside the city limits of Raleigh, you'd pay a total of 1.069 per 100. Add to that decal fees, recycling, etc. You can find a chart of Wake County rates here:
http://www.wakegov.com/NR/rdonlyres/3075F8F0-0939-413A-8CDE-EE09921BA00D/0/TaxRates2006.pdf (broken link)
As far as income taxes, your retirement income and SS will be taxed at the normal rate. Assuming you have already received your inheritance, it wouldn't be taxed here. If you haven't, things like that are usually taxable in the district & state they are probated in for estate purposes (if the state collects estate taxes), and would be taxed again here as income.
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