Franklin NC (Macon: insurance, homes, taxi)

[Floridasunshine]

My son wants to move to Franklin, Does NC has state income tax, what are draw backs. FLorida has no state income Tx.

[Desdemona123]

Originally Posted by Floridasunshine

My son wants to move to Franklin, Does NC has state income tax, what are draw backs. FLorida has no state income Tx.

NC does have state income tax and taxes on personal property. Most feel it seems to balance out compared to most states. Nothing is truely free anywhere you know.

[Floridasunshine]

What do you mean by personal property? We only pay 45.00 yr for car tag here no tax on our car otherwise.

[mm34b]

Originally Posted by Floridasunshine

My son wants to move to Franklin, Does NC has state income tax, what are draw backs. FLorida has no state income Tx.

Yes, depending upon your son's filing status and his taxable income, the North Carolina income tax rate ranges from 6 to 8.25 percent.

[Desdemona123]

Originally Posted by Floridasunshine

What do you mean by personal property? We only pay 45.00 yr for car tag here no tax on our car otherwise.

There is property tax on cars, boats, motorcycles etc that is paid yearly. It's not a huge amount in my opinion. If you search though the threads or use the search feature, you should find plenty of threads that offer the details.

Most likely someone else will be around with a great link or two as well.

[mm34b]

Originally Posted by Floridasunshine

What do you mean by personal property? We only pay 45.00 yr for car tag here no tax on our car otherwise.

The annual property tax in North Carolina is a local tax, collected by the counties. The N.C. Department of Revenue does not send property tax bills or collect property taxes. The actual tax rate will vary greatly depending on your location within the state. The current property tax for Macon County is .3700 per $100 of valuation which is very low by NC standards. However, if your son chooses to live within the boundaries of a special taxing district such as within the city limits of Franklin, he will pay a higher rate to pay for those city services.

Taxed personal property are items such as homes and other structures, land, motor vehicles (tagged & untagged), watercraft, outboard motors, aircraft, trailers and such.

[Prichard]

Does North Carolina have an "intangible tax"? This is a tax Foridians have to pay on any mutual funds, stocks or other securities they own. Are stocks and mutual funds considered property in NC?

[mm34b]

Originally Posted by Prichard

Does North Carolina have an "intangible tax"? This is a tax Foridians have to pay on any mutual funds, stocks or other securities they own. Are stocks and mutual funds considered property in NC?

No, but the profits will be considered as income at the appropriate time.

[JOHNNYCOUNTRY]

Originally Posted by Floridasunshine

My son wants to move to Franklin, Does NC has state income tax, what are draw backs. FLorida has no state income Tx.

Yes North Carolina has a state tax but he can be like all the other Floridians that move to North Carolina claim that his home is in Florida that way he can have his cake and eat it too. The draw backs to Franklin thats its growing too fast to many Floridians are moving to those parts of North Carolina. Its country now but preety soon it will be little Florida.

[Bull City Rising]

Originally Posted by JOHNNYCOUNTRY

Yes North Carolina has a state tax but he can be like all the other Floridians that move to North Carolina claim that his home is in Florida that way he can have his cake and eat it too. The draw backs to Franklin thats its growing too fast to many Floridians are moving to those parts of North Carolina. Its country now but preety soon it will be little Florida.

(I recognize you're being sarcastic with the whole "fake Floridian thing and hopefully not too many people do that but...) <sigh>

When I lived in Boston, some bozos would get themselves N.H. drivers' licenses and license plates under fake addresses even though they lived in Mass., so as to avoid Massachusetts insurance, some taxes, etc. The Commonwealth wised up and set up a phone hotline you could call to report these scofflaws, these tax- and social-responsibility-avoiding neighbors.

The number? 1-800-NOT-IN-NH. :-) For some reason I always got a chuckle out of that...