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Reload this Page Buying in DC vs Nova (car insurance, condo, credit)
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Old 11-02-2007, 10:26 AM
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Default Buying in DC vs Nova
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.

Thanks!
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Old 11-02-2007, 03:29 PM
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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.
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Old 11-07-2007, 10:12 AM
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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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