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For most of us it's in the 7-8% range, why is this so high? That seems absurd. After getting my bill for the first full year here I am seriously considering relocating to a no-state-income tax state such as FL. I wonder how many people NC is driving away with their high state taxes?
For most of us it's in the 7-8% range, why is this so high? That seems absurd. After getting my bill for the first full year here I am seriously considering relocating to a no-state-income tax state such as FL. I wonder how many people NC is driving away with their high state taxes?
I agree with you it is high...many people in the area wish they were paying it...On Wednesday, the NC Employment Security Commission reported that the unemployment rate for the Raleigh-Durham-Cary market was 9.4 percent.
Last edited by Green Irish Eyes; 04-08-2010 at 03:20 PM..
Reason: Deleted rude/off-topic comments.
I usually look at total tax burden more than any individual levy.
We used to be right in the middle of the pack in tax burden, 24th--28th, but have drifted higher in recent years.
Here's what the Tax Foundation says about NC vs. Florida taxes:
Quote:
Estimated at 9.8% of income, North Carolina's state/local tax burden percentage ranks 20th highest nationally, just above the national average of 9.7%. North Carolina taxpayers pay $3,663 per capita in state and local taxes.
Quote:
Over the past three decades, Florida's state and local tax burden has been among the nation's lowest. Estimated at 7.4% of income, Florida's state/local tax burden percentage is ranked 47th nationally, well below the national average of 9.7%. Floridians pay $3,441 per capita in state and local taxes.
Mike (and CHTransplant) makes a good point. The division of State vs Local taxes needs to be considered in the analysis. NC seems to skew taxes towards the State level (i.e. NC DOT is responsible for a higher % of roads than is typical) as opposed to Local taxes (i.e. Property taxes).
Its all a shell game, designed to confuse us taxpayers ... note that some cities now impose payroll taxes just because you have an office there.
I saw an analysis this AM that showed a net Federal Income tax credit due to families of four making $50K a year.
I live in FL and I think our property taxes are way too high. We are actually relocating up there in the near future and are looking forward to not having high property tax. We used to live in Maryland and they had a state tax and we did not feel like it was high. How much anually is state tax and what is it based on? We figure we would be saving quite a bit of money per year just on property tax.
Obviously not too many, since population has increased by over 15% in the past decade.
NC taxes are high for the south but for the folks that are moving in from the North its definately an improvement.
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NC Tax Burden is near the National average, 2008
... note that some cities now impose payroll taxes just because you have an office there.
