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I'm looking to buy a one bedroom condo in either NOVA or DC. I was wondering if anyone could give me insight on the differences in home insurance, taxes, and car insurance between the two areas.
DC's "state" income tax is higher, but Virginia has its share of taxes too, and I believe property taxes might be higher in Virginia.
One thing to consider is the DC First time homebuyer tax credit. I don't know what rules apply to it presently, but when I bought a condo in DC in 2000, I was eligible for a $5000 dollar for dollar decrease in my taxes owed that year. The credit began to phase out at $70k annual income ($110k if married). The limits may be higher now. In any event, the tax credit made it more appealing for me to buy in DC than VA. Plus, I just wanted to live in the district, which has a different vibe from NOVA.
DC - first time tax buyer credit, property tax cap of I think 12%
NOVA - lower income taxes (I think), NO property tax cap, car tax also
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