Tax friendly states - Texas versus North Carolina taxes (Wilmington: sales, real estate)
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Weighing all taxes, ( Wilmington, NC versus Dallas, TX) where do you pay the least amount of tax overall? Houses seem to be cheaper in NC and the real estate tax is very low. Texas has no income tax, but real estate tax is through the roof but Texas has no income tax. I'm not sure what percentage of income tax in NC is... Can someone enlighten me on the subject. Thanks.
In order to get a fully formed answer, you're going to have to do some research on your own, comparing actual property taxes on actual houses, calculating actual state income taxes based on actual income, etc. Without knowing the tax values of the houses, your income, dependents, deductions, etc. no one can really answer your question. Google will give you a broad-based answer.
Texas has no income tax, but real estate tax is through the roof but Texas has no income tax. I'm not sure what percentage of income tax in NC is... Can someone enlighten me on the subject. Thanks.
From the NCDOR site: "For tax year 2019, the individual income tax rate is 5.25%. To calculate your North Carolina tax liability, multiply your North Carolina taxable income by 5.25% (0.0525)." More info is here: https://www.ncdor.gov/taxes-forms/individual-income-tax
We are retirees, and Social Security income is not taxed, although other pensions are taxed. We pay very little NC income tax, and would find it impossible to live in Texas in retirement.
Sales taxes, especially on food, vary by county in NC.
Same with auto insurance and Health Insurance.
Washington state has zero income tax, but high sales taxes.
Sales taxes, especially on food, vary by county in NC.
Same with auto insurance and Health Insurance.
Washington state has zero income tax, but high sales taxes.
I guess we need to define "food". Most grocery store food ("non ready to eat') is taxed at 2%, uniform across all counties. Ready to eat food and restaurant food is taxed at 6.75% (just like all retail sales) in 92 out of 100 counties. And the highest tax rate is 7.5%, so even among those 8 counties theres not a huge variance.
Point is, more to consider than Income Tax & Property Tax.
Car Insurance, Health Insurance & HO Insurance, can easily exceed above.
Friends in Florida, could not afford "Hurricane Insurance" @ 20K per year.
Point is, more to consider than Income Tax & Property Tax.
Car Insurance, Health Insurance & HO Insurance, can easily exceed above.
Friends in Florida, could not afford "Hurricane Insurance" @ 20K per year.
I was responding to what you actually wrote, not your "point".
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