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Old 05-08-2012, 06:27 PM
 
Location: CNY
11 posts, read 9,020 times
Reputation: 11

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I have to laugh when I hear others complain about tax rates. Living in CNY, property taxes are outrageous hence why my family and I are looking at relocation. My home is assessed at under $70,000 with a city plot of land and I pay almost $3000 a year in school and property tax. My goal is to purchase a home on over 10 acres of land. I recently looked at one property on over 10 acres, about a 2200 sq foot house and maybe 20 yrs old, the property tax was $7500! The area that the property is located is rural.

Those are taxes to complain about! Just giving you some persepective.
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Old 05-09-2012, 02:41 PM
 
Location: chattanooga
325 posts, read 375,966 times
Reputation: 230
Quote:
Originally Posted by md21722 View Post
New Mexico and Louisiana typically have the lowest property tax rates in the country. And if you're used to a state that doesn't tax clothes and groceries and gives you tax credits because you have a lot of kids then I guess you could argue TN does have "high' taxes.

Our sales tax is high, but you save more on property taxes, vehicle registration, etc, etc. The only thing we have that is high is the sales tax compared to most. BUT, that is why our property taxes are so low.
I would never trade my cheap property taxes and vehicle registration, etc, etc for a state income tax, and by golly i think it just got outlawed in TN this last legislation.

Why would you need a state income tax to get the child tax credits since that is a federal incentive ? I don't understand. Shoot, the IRS and federal incentives are so screwed up that you don't even have to work to get a few thousand back on claiming no income and with kids. Plus, being poor, your SNAP benefits, WIC , etc are not coupled with sales tax. I think Georgia, who has a state income tax, has a 6% sales tax now.


[LEFT]4. Tennessee
> Taxes paid by residents as pct. of income: 7.6%
> Total state and local taxes collected: $48 billion
> Pct. of total taxes paid by residents: 63.7%
> Pct. of total taxes paid by non-residents: 36.3%
Tennessee has the eleventh lowest per capita income in the country. Residents of the state pay just $1,851 in taxes, the second lowest amount in the U.S. The state’s business climate is average, but other taxes are relatively low. The sales tax of 7% is one of the highest in the country, but food purchases are only taxed 5.5%. Dividend and interest income is taxed in the state at a rate of 6%, but there is no other personal income tax levied. Tennessee collects no state-level property tax, one of just a few to do so.


Read more: States Where People Pay The Most (And Least) In Taxes - 24/7 Wall St. States Where People Pay The Most (And Least) In Taxes - 24/7 Wall St.


so we are 4th lowest[/LEFT]
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Old 05-09-2012, 09:38 PM
Status: "You've grown up really crazy! - Eisley" (set 4 days ago)
 
Location: Deane Hill, Knoxville, Tennessee
21,686 posts, read 32,016,902 times
Reputation: 11808
Quote:
Originally Posted by Blue502 View Post
Our sales tax is high, but you save more on property taxes, vehicle registration, etc, etc. The only thing we have that is high is the sales tax compared to most. BUT, that is why our property taxes are so low.
I would never trade my cheap property taxes and vehicle registration, etc, etc for a state income tax, and by golly i think it just got outlawed in TN this last legislation.

Why would you need a state income tax to get the child tax credits since that is a federal incentive ? I don't understand. Shoot, the IRS and federal incentives are so screwed up that you don't even have to work to get a few thousand back on claiming no income and with kids. Plus, being poor, your SNAP benefits, WIC , etc are not coupled with sales tax. I think Georgia, who has a state income tax, has a 6% sales tax now.


[LEFT]4. Tennessee
> Taxes paid by residents as pct. of income: 7.6%
> Total state and local taxes collected: $48 billion
> Pct. of total taxes paid by residents: 63.7%
> Pct. of total taxes paid by non-residents: 36.3%
Tennessee has the eleventh lowest per capita income in the country. Residents of the state pay just $1,851 in taxes, the second lowest amount in the U.S. The state’s business climate is average, but other taxes are relatively low. The sales tax of 7% is one of the highest in the country, but food purchases are only taxed 5.5%. Dividend and interest income is taxed in the state at a rate of 6%, but there is no other personal income tax levied. Tennessee collects no state-level property tax, one of just a few to do so.


Read more: States Where People Pay The Most (And Least) In Taxes - 24/7 Wall St. States Where People Pay The Most (And Least) In Taxes - 24/7 Wall St.


so we are 4th lowest[/LEFT]
That was last year. We are now the lowest. But no, if you didn't have any income you would not get the earned income credit. I have a child but had no income last year. No credit. But yes, as I have said on several posts - but to no avail - you don't get a credit since it is through your federal tax returns.
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Old 05-09-2012, 10:27 PM
 
590 posts, read 1,070,044 times
Reputation: 387
Tennessee has saved me a bundle in taxes over the years if I compare against other states. I don't dispute that. However, I would not say that for EVERYONE Tennessee has the lowest taxes. People in lower income brackets pay more taxes as a percentage of their income than they would in some other states. Some states offer tax credits to the poor even if they do not have any state income tax liability. I'm not saying Tennessee taxes the poor more than EVERY other state.
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Old 05-11-2012, 06:39 AM
 
1,697 posts, read 2,495,016 times
Reputation: 789
Our sales tax is very regressive on the poor. I've lived in 5 states besides TN and I've never had to paid sales tax on food. Food is a basic necessity of life.

Personally, I've made off like a bandit in TN. We save $20k year in state income tax from our last state. Our income didn't drop when we moved here. Our property taxes are roughly the same. Our sales tax spending is significantly higher since our old state didn't tax food or clothes items under $75, but I definitely don't spend $20k/yr on sales tax.

Last edited by Beretta; 05-13-2012 at 01:27 PM.. Reason: the post you quoted has been deleted
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Old 05-12-2012, 11:59 AM
 
Location: Knoxville, TN
209 posts, read 307,262 times
Reputation: 189
Yes, some people do pay more taxes here than they would in other states. People whose income is based on the black market and cash under the table will pay more tax here. Also people, who find ways to cheat on their federal income taxes, will pay more tax here. I personally do not consider this regressive, I consider it fair.
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Old 05-13-2012, 11:55 AM
 
1 posts, read 1,042 times
Reputation: 10
I left NJ 9 years ago. I had a 30 year old home, 4,000+ sq. ft. on three acres. Taxes were just over $10,000 (2001) per year and that is with a state income tax and sales tax.

Ask me why I left NJ.

In Oakland, TN. - about 35 minutes to Memphis, I bought a three year old brick, 2,000 sq home for $170,000. Real Estate taxes today (2012) are $740 per year. So. why are TN. taxes so high?

Tom
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Old 05-15-2012, 08:26 AM
 
570 posts, read 641,033 times
Reputation: 714
TN is one of the places we've been considering for relocation. We currently live in NY state, and when I compare the taxes between what we pay now, and taxes in TN, TN is bar far the better deal. In NY we pay ~$5,000/yr on a house valued in the $140Ks, plus income tax, plus an 8% sales tax rate in this county. Not to mention the high gasoline taxes, utility taxes, etc.
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Old 02-05-2013, 09:19 PM
 
1 posts, read 595 times
Reputation: 10
I appreciate all of the math posted here. Good facts. I see that everyone is coming from a unique situation, moving to East Tennessee from different parts of the country. I moved here from inland Southern California in 2004 to be near my elderly parents. For me, property taxes are lower, insurance is higher, utilities are double, food is higher, sales tax is higher, car registration is lower, and there is no state income tax. But because my salary dropped from $80,000 to $42,000 doing the same job, none of the prices really matter. Plus, my health insurance was paid before, now it is only partially paid with incredibly high deductibles. I sold a new 2,200 sq ft home bought for $195,000 in California, and had enough money to buy my 900 sq ft condo for $65,000. California was more financially secure for me, but everyone has to make the best decision for them. I hope everyone can find the right place to live that brings them peace. Take care!
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Old 02-05-2013, 09:36 PM
 
Location: Exeter, NH
4,507 posts, read 2,196,146 times
Reputation: 3911
Quote:
Originally Posted by Kklynnt View Post
I can't speak for other counties but our actual appraisals here are not anywhere close to the market value. I'd have to drag out the paperwork but I think my property actually is appraised somewhere around %80 of the market value. They do use this lower figure to multiply the tax rates, etc.
Obviously with this formula you would see some tax savings.
Kerry
Here in NH we have the same obscenely high tax rates as NJ (actually higher than the examples given in my ultra-liberal town), and tax appraisals are supposed to be 100% of market value. Of course, they do the tax assessments frequently when property taxes are high, but rarely when they drop, and so at least 1/2 of homes here in southern NH have tax assessments MORE THAN market value. My tax assessment is about $40,000 more than what I could reasonably sell my house for.

Very sad to hear Tennessee has high tax rates, since it was on my list to check out when moving within the next 2 years. It is harder and harder to find a place to move where the cost of oppressive government hasn't pushed the cost of living beyond what a retiree can afford.
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