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I am trying to compare the tax load in Washington, Oregon, and Idaho to see roughly how they compare.
I live in Washington and we have no sales taxes on most food items and we have no State income tax.
The State Income tax is a big deal if you have much income.
Is Social Security excempt from State income tax?
Taxes must be paid based on the residency and It is almost impossible for any professional to project the tax without numbers and the nature of income. Tax calculation based on active or passive income, gain or earned income and tax calculate on dollar to dollar. Social Security Taxes pays on all Earned Income.
There are property taxes, but those heavily depend on the area where you live and how much your property is worth. It is less than most areas of Washington, but in general the properties are less expensive percentage wise than in the urban areas of either OR or WA.
The ID state income tax is about 7.8% unless you make under $24,737 a year. Sales tax in Boise is a little over 8%, and groceries are not exempt.
Having lived in both WA and ID, I'd say that as a percentage, the taxes are about the same. WA has higher property tax and sales tax, but no income tax and no sales tax on grocery staples. In ID, the taxes are less, but they just bleed you from more places.
Property taxes in Boise/Meridian are (ballpark) around 1% of property value if you have a homeowner's exemption. Canyon county's are considerably higher, I think about 2%, or even 2.5%. Obviously that varies some.
Sales tax in Idaho is actually 6%, not over 8%, and it is on all items, including groceries.
As for state taxes, if I have a paycheck that grosses $1200, I hold out about $50, which is about 4.2%, and I get money back every year, so it should be more like 3.5%. And I do make over $25k a year. That is with just my husband and I, so no extra exemptions. My mom (who has been a real estate agent in Boise for almost 20 years) says that 7-8% is pretty close though, so I'm not sure why mine is less.
Social Security recipients may qualify for the circuit breaker program for property taxes. Depending on your level of income, it can be a huge discount or even free. Idaho is one of the few states that does not require the monies to be repaid upon sale of the home.
Social Security recipients may qualify for the circuit breaker program for property taxes. Depending on your level of income, it can be a huge discount or even free. Idaho is one of the few states that does not require the monies to be repaid upon sale of the home.
What is the Circuit Breaker program for property taxes? I don't believe I've heard about this before.
What is the Circuit Breaker program for property taxes? I don't believe I've heard about this before.
I believe it's only for people on social security or disibility. Call the county assessor's office and they send you forms to fill out. They may be able to tell you over the phone if you qualify. If you hurry you can get qualified for this year, the cut off is either march 31 or april 15, I don't remember.
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