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Old 02-20-2019, 02:03 PM
 
Location: Oklahoma
6,137 posts, read 5,836,115 times
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Quote:
Originally Posted by cobolt View Post
Could you explain what you mean in the text that I bolded? Not sure I understand your overall point.
If you have a house in OK worth 300 K or more you will notice a big difference in property tax compared to Texas that makes up for all the other taxes you have to pay in Oklahoma. Plus you get a bigger house for the same amount of money in Oklahoma (compared to urban/surburban Tx).

If your house is only 100K in Oklahoma you will notice a difference but it won't come near to making up your income tax burden and all the ticky tack taxes here.

With 12K in added salary the house is going to be the most positive advantage you can have moving up here in terms of coming out a head. Because of the state income tax alone you are looking at roughly 5 to 5.5% less money in take home pay.
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Old 02-20-2019, 02:34 PM
 
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I not not co'pletely agree with you Eddie. Unless you are looking for a cookie cutter in a prairie dog colony, a fixer upper or are willing to go somewhat into rural areas - sqf prices do not differ much.

The only potential gain is State income tax and property tax versus property tax.
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Old 02-20-2019, 03:31 PM
 
Location: Oklahoma
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Quote:
Originally Posted by Threestep View Post
I not not co'pletely agree with you Eddie. Unless you are looking for a cookie cutter in a prairie dog colony, a fixer upper or are willing to go somewhat into rural areas - sqf prices do not differ much.

The only potential gain is State income tax and property tax versus property tax.
Obviously it depends on where you are coming from. But Norman average sqf is about 110/sqf. Dallas/Arlington is about 137 sqf.

Then again, Mesquite is 107/sqf while Plano is 150/sqf.

At least those are the figures I get from the real estate sites.
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Old 02-20-2019, 09:11 PM
 
Location: OKIE-Ville
5,369 posts, read 7,549,176 times
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Quote:
Originally Posted by cobolt View Post
Are the income taxes and sales taxes on groceries really a big deal or something you find cost prohibitive? Or does the fact that OK property taxes are lower than TX make it worthwhile?

I'm considering a move to OK from TX. I'm very familiar with OK and have several friends in OKC and TUL and have traveled to both cities to work when I was a defense contractor. I've spent a lot of my working years in non-income tax states (WA, TX, FL), and I've spent most of my adult-working life in TX. I'm currently in San Antonio, and although it's a nice enough city, I am not a big city person and would like something more manageable and less hectic.

It goes without saying that the property taxes here are insane. Yes, most Texans will offset that by saying we have no income tax, but neither does TN and their property taxes are low. They do have a higher sales tax and they tax groceries, but to me a consumption tax hits everyone, so it makes more sense.

Anyway, back to the change from TX to OK taxwise, (I'm not worried about cultural differences), is it a big deal? Are you worse off financially?

Thanks!

There are little to no cultural differences unless you're focusing on far south Texas (El Paso, Brownsville, etc.)

I'm a born and bred Okie who lived in DFW for a decade. The town that "feels" the most like OKC is Fort Worth. So, culturally, there won't be anything noticeably different that you'll be missing sans the texas pride stuff.

As for the taxes, yes the property taxes in tx were a big hit each year. Certainly, it probably all comes out in a wash when one factors in the no income tax, but I really did not enjoy paying all that exorbitant property tax in lump sum.

Welcome to Oklahoma. Hopefully you'll put the burnt orange away and swap it for some Sooner Crimson.
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Old 02-20-2019, 09:16 PM
 
Location: OKIE-Ville
5,369 posts, read 7,549,176 times
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Quote:
Originally Posted by Threestep View Post
Have not seen one in OKC area. Costco is supposed to come to OKC.

That's right. Western & Memorial. It's almost up. An outfit from Tennessee called Southeast Construction put it up fast.
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Old 02-21-2019, 06:35 AM
 
Location: The Great State of Texas, Finally!
5,338 posts, read 10,726,178 times
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Quote:
Originally Posted by eddie gein View Post
Obviously it depends on where you are coming from. But Norman average sqf is about 110/sqf. Dallas/Arlington is about 137 sqf.

Then again, Mesquite is 107/sqf while Plano is 150/sqf.

At least those are the figures I get from the real estate sites.

We're at about $140-$150/sq ft here in San Antonio. Some more, some less, depending on the location. A home with purchase price of around 175-200K in the city will be at least $5K in taxes per year. Go beyond the city ring to the suburbs and they're maybe 1-2K lower, depending.

I wasn't really looking for a 300K home in OK, or here for that matter. What the heck do I need that much home for? It's just me. I was looking more in the 100-200K range and I don't need anything big. 1200sq ft is more than enough. Tough to find that here for sure. I don't want big house, more maint, more heating and cooling areas. Most homes here are big. The smaller, older homes are in undesirable neighborhoods. I'm not into buying a new build home because of all the foundation issues here. I want something that's had time to settle and show the problems. Anyway, I find it hard to believe that I can't come out ahead unless I buy a home above my desired budget or needs.

I see lots of folks say to stay away from the east side of Norman and focus on the west. I'm wondering (aside from shopping) why that would be? When I was there I didn't see anything wrong with the east side other than it's older. What am I missing?

I'm still milling the whole state income tax thing. That's definitely a downside.

Cobolt
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Old 02-21-2019, 06:51 AM
 
12,515 posts, read 17,132,547 times
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Quote:
Originally Posted by eddie gein View Post
Obviously it depends on where you are coming from. But Norman average sqf is about 110/sqf. Dallas/Arlington is about 137 sqf.

Then again, Mesquite is 107/sqf while Plano is 150/sqf.

At least those are the figures I get from the real estate sites.
When was the last time you actually bought a house?
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Old 02-21-2019, 06:14 PM
 
Location: Oklahoma
6,137 posts, read 5,836,115 times
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Quote:
Originally Posted by Threestep View Post
When was the last time you actually bought a house?
You can look the figures up on the net. If you think they are inaccurate then OK. But at least we know OP is San Antonio and he says it's about 150/sq. I looked at about 5 different realty sites and all of them had Norman between 100/sq to 120/sq on average.

So according to what the realty sites are saying OP will come out ahead on buying a house up here. But if he's looking at 100-200K then the windfall on the property tax break may not make up for the 5% cut on net pay even at the higher rate.

And to your question, I bought two houses outside OK metro in 2009.
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Old 02-22-2019, 06:41 AM
 
Location: The Great State of Texas, Finally!
5,338 posts, read 10,726,178 times
Reputation: 2426
One of the posters was saying that state income tax is 5.5%. Is that correct? I read somewhere it was either 5 or 5.25%. Just double checking.

What other nit picky taxes are there? Sales tax is around 8.75% and groceries are taxable. What about prescription drugs? Anything else you can think of?
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Old 02-22-2019, 11:11 AM
 
Location: Oklahoma
6,137 posts, read 5,836,115 times
Reputation: 5384
Quote:
Originally Posted by cobolt View Post
One of the posters was saying that state income tax is 5.5%. Is that correct? I read somewhere it was either 5 or 5.25%. Just double checking.

What other nit picky taxes are there? Sales tax is around 8.75% and groceries are taxable. What about prescription drugs? Anything else you can think of?
Top bracket is 5% now and graded at the lower end but if you make any money at all you are paying 4.5% at least. I misspoke before. They lowered the top end a couple of years ago to 5%.
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