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Old 12-11-2007, 07:42 AM
 
42 posts, read 128,234 times
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Whats the story on Washington? I've read so many posts on this site regarding property taxes blowing up on people there that it has me quite concerned since I've always thought that that's where I wanted to retire. Are there no limits to allowable increases? Is it a county by county issue? Looking at mpsouth's CNN link, WA ranks quite well at 43rd. Every state must raise thier money in some fashion... so you're going to get it in the end... do you really care if it's from property tax or income tax or ??? So I guess my question is, is WA really worse overall than anywhere else when you look at the total tax picture?
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Old 12-11-2007, 09:11 AM
 
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Florida, Washington state, Texas, New Hampshire, as mentioned Tennessee do not tax pensions since they do not have income tax. Some states do not tax federal and military Penisons, North Carolina and Massachusetts being two of them I can think of, but most other pensions are taxed in most states that have income tax. Rhode Island and Virginia I believe tax all income, pensions and social security. Its best to pull up a state or states you are interested in on the internet and find the tax codes for the particular state.
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Old 12-11-2007, 10:17 AM
 
Location: Forests of Maine
30,680 posts, read 49,437,227 times
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Originally Posted by OREGONRAIN View Post
Florida, Washington state, Texas, New Hampshire, as mentioned Tennessee do not tax pensions since they do not have income tax. Some states do not tax federal and military Penisons, North Carolina and Massachusetts being two of them I can think of, but most other pensions are taxed in most states that have income tax. Rhode Island and Virginia I believe tax all income, pensions and social security. Its best to pull up a state or states you are interested in on the internet and find the tax codes for the particular state.
True, though we have found that it is not uncommon for your pension to earn you less than the state's taxable income trip-wires.

They may technically tax pensions, but the exemptions and standard deductions are set high enough that rarely do pensioners have a high enough pension income to qualify to pay any taxes.

At least such has been my experience having lived in two different states since my pension started. [and your list of states does not include either of the two states that I have lived in as a retiree]

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Old 12-11-2007, 11:40 AM
 
Location: WA
5,394 posts, read 21,390,738 times
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Originally Posted by Counting Down View Post
Whats the story on Washington? I've read so many posts on this site regarding property taxes blowing up on people there that it has me quite concerned since I've always thought that that's where I wanted to retire. Are there no limits to allowable increases? Is it a county by county issue? Looking at mpsouth's CNN link, WA ranks quite well at 43rd. Every state must raise thier money in some fashion... so you're going to get it in the end... do you really care if it's from property tax or income tax or ??? So I guess my question is, is WA really worse overall than anywhere else when you look at the total tax picture?
Washington does not tax income but does have notable property and sales tax as well as higher fees on some state services and (as I understand it) higher taxes on commercial ventures.

Property taxes are being held to 1% increase per year even though property assessments have been rising much faster. The property tax rates are moderate but nothing like the high rates in Texas or states in the NE. I pay 1.1% of appraised value which is not trivial but much lower than the 2.4% I paid in Texas.

I was open to retire anywhere in the country that ranked well against my priority list and wound up in Washington.
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Old 12-12-2007, 06:06 PM
 
26,589 posts, read 52,277,138 times
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Originally Posted by Counting Down View Post
... do you really care if it's from property tax or income tax or ??? So I guess my question is, is WA really worse overall than anywhere else when you look at the total tax picture?
This is only my opinion, but the older I get the more WA Property Taxes are a factor.

There really isn't anything I can do to minimize my property taxes other than sell.

Many people see their income decrease with retirement and therefore they also pay less income tax in states that have an Income Tax. I'm beginning to prefer income tax because it is based on a graduated scale... the more I make the more I pay.

The Property Tax Collector could care less how much money you make or have... all he is interested in is collecting 1.3% of my home's assessed value and he alone determines what my assessed value is. Kind of frightening, when you think about it.

Other than the Property Tax Situation, I find WA to be a wonderful place to live.
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