Will you retire in Texas?

[txfriend]

I've been living in Texas since 1959, except for 6 years outside the country. There isn't much that I like about this state, but

it's home. My favorite city is San Antonio, with Austin coming in second, except for the traffic. I live in North Texas, where the

cost of living is high, but the best amenities are very near. There is no downsizing in this community, unless you want to move

to an apartment, which is not an option. Newly constructed houses here start at $700K, if you can find one, so I'm staying in

my old house.

[TamaraSavannah]

Originally Posted by NewMexicoCowboy

I am thinking about buying somewhere where the land is about 1,000 per acre like Ozona so the ranch would be a lot cheaper than your example. I am not talking about prime land in the Hill Country to retire on. I am also thinking about retiring in a foreign country so I dont think the OP included enough options for every retirement choice.

Well, a few things.

First, is water. Without it, life is generally impossible and how to get it can't be complicated, if not expensive.

Secondly, when I first came into money, I saw some beautiful wild land at prices like 20 acres for $40K or so. I would have loved to have gone for it. The catches were no water, I would need a small plane to get to it, and.....romantically speaking during the Obama administration, it was down around Marfa or so and hence, in the war zone of the Border.

As said, then, I was just romantically speaking.....well, we aren't joking now.

As to a foreign country, to each their own.

For me, I will retire for wilderness.......as I can afford it.

[NewMexicoCowboy]

Originally Posted by TamaraSavannah

Well, a few things.

First, is water. Without it, life is generally impossible and how to get it can't be complicated, if not expensive.

Secondly, when I first came into money, I saw some beautiful wild land at prices like 20 acres for $40K or so. I would have loved to have gone for it. The catches were no water, I would need a small plane to get to it, and.....romantically speaking during the Obama administration, it was down around Marfa or so and hence, in the war zone of the Border.

As said, then, I was just romantically speaking.....well, we aren't joking now.

As to a foreign country, to each their own.

For me, I will retire for wilderness.......as I can afford it.

Ya I would only retire on a ranch if I could afford the water rights or enough of the water rights to meet my needs. I could also do seasteading on the high sea for my retirement and live full-time in international waters.

[Ole Texan]

I was born in Texas in 1946 and loved growing up there. Moved out in 1975. Retired 18 Years ago in the Chicago metro area. Would not retire in Texas. My salary was consistently 2 to 3 times more than in Texas. Property taxes are about 1/2 as Texas and my retirement is not taxed by Illinois.

But once a Texan always a Texan. I have a Class A Motorhome spend a lot of time during winter in Texas.

If I could do it over, would have retired in western Washington, one of the most beautiful places in the country. Spend summer time in the Seattle area a lot.

[Mr. Clutch]

Very doubtful. There's just so many better places to live as a retired person imo. I'm looking at Belize or Costa Rica personally. If I were to stay in the US, I'd probably retire in Florida or one of the Carolinas.

[oil capital]

Originally Posted by Ole Texan

I was born in Texas in 1946 and loved growing up there. Moved out in 1975. Retired 18 Years ago in the Chicago metro area. Would not retire in Texas. My salary was consistently 2 to 3 times more than in Texas. Property taxes are about 1/2 as Texas and my retirement is not taxed by Illinois.

But once a Texan always a Texan. I have a Class A Motorhome spend a lot of time during winter in Texas.

If I could do it over, would have retired in western Washington, one of the most beautiful places in the country. Spend summer time in the Seattle area a lot.

Presuming you are a senior, your Texas property taxes are unlikely to be double those in Chicagoland (if they ever were double; i'm not buying that they are generally double). Texas has very generous senior property tax benefits (and of course also does not tax retirement income or any other income; if you have income outside of retirement accounts, Illinois is going to tax them; Texas will not).

Edit: I just looked up the taxes on a couple of properties with which I am very familiar; one in Houston and one in Chicago. Both are homesteads and generally of a similar nature although the one in Houston is nicer and considerably larger. The Chicago property is valued at $810,000; the Houston property is valued at $821,000.

Chicago property taxes: $18,400 (rounding to the nearest $100)
Houston property taxes: $12,100 (rounding to the nearest $100) and this is without a senior exemption which would knock a few more thousand off the tax bill.

[Seguinite]

Originally Posted by oil capital

Presuming you are a senior, your Texas property taxes are unlikely to be double those in Chicagoland (if they ever were double; i'm not buying that they are generally double). Texas has very generous senior property tax benefits (and of course also does not tax retirement income or any other income; if you have income outside of retirement accounts, Illinois is going to tax them; Texas will not).

Edit: I just looked up the taxes on a couple of properties with which I am very familiar; one in Houston and one in Chicago. Both are homesteads and generally of a similar nature although the one in Houston is nicer and considerably larger. The Chicago property is valued at $810,000; the Houston property is valued at $821,000.

Chicago property taxes: $18,400 (rounding to the nearest $100)
Houston property taxes: $12,100 (rounding to the nearest $100) and this is without a senior exemption which would knock a few more thousand off the tax bill.

The over 65 exemption is $10,000 off the valuation. If the tax rate is 4%, that particular exemption worth $400... not thousands.

[WRM20]

Originally Posted by Seguinite

The over 65 exemption is $10,000 off the valuation. If the tax rate is 4%, that particular exemption worth $400... not thousands.

The over 65 exemption depends on where you live. In Houston, living in HISD, the over 65 numbers mean a $3000+ drop in taxes. The City of Houston and Harris County exemptions are nearly $260k and $275k in addition to the 20% standard exemptions.

[As Above So Below...]

The only place I can honestly see spending any of my retirement in the US is Wisconsin or Minnesota and only in summer or Hawaii. I would love to leave the US full time when I retire. I love living in Houston at this time in my life and especially now that I have a kid, but there is just no way I want to be in Texas to the end.

[Trainwreck20]

Originally Posted by WRM20

The over 65 exemption depends on where you live. In Houston, living in HISD, the over 65 numbers mean a $3000+ drop in taxes. The City of Houston and Harris County exemptions are nearly $260k and $275k in addition to the 20% standard exemptions.

The exemptions in Austin are similar - I haven't checked in the last year or so, but it used to be and additional $35k exemption on school taxes and then freeze them (which is 1/2 my tax bill right now). The City, county, and health district added an additional ~$90k in exemptions each, and the community college was an additional $160k exemption at 65. In any case, the result is a two to three thousand dollar savings vs under 65.