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I have seen several lists, but still am confused as things seem to change between lists. I have also seen some that toss the federal tax into the mix, but I don't see why that matters as it would be the same everywhere (at least I think it would be, or at least close as you can deduct things that might be different in certain states).
What is the lowest overall tax state (I don't want to include Alaska in this)? Also on the other hand, what is the lowest property tax and income tax state?
I know Tennessee (spelling?) has no income tax but I don't know about property taxes. I live in Illinois which has a low income tax rate (3%) but kills you on property taxes.
If you could live anywhere where would be the best place in regards to taxes (disregarding Alaska)?
Also, can I get opinions on low housing costs and high taxes or high housing costs vs. low taxes. Which is better?
Basically I am looking for, if you could live ANYWHERE, discount weather and personal preferences, what are the things you would look for in regards to housing costs, taxes, insurance, etc..
I have seen several lists, but still am confused as things seem to change between lists. I have also seen some that toss the federal tax into the mix, but I don't see why that matters as it would be the same everywhere (at least I think it would be, or at least close as you can deduct things that might be different in certain states).
What is the lowest overall tax state (I don't want to include Alaska in this)? Also on the other hand, what is the lowest property tax and income tax state?
I know Tennessee (spelling?) has no income tax but I don't know about property taxes. I live in Illinois which has a low income tax rate (3%) but kills you on property taxes.
If you could live anywhere where would be the best place in regards to taxes (disregarding Alaska)?
Also, can I get opinions on low housing costs and high taxes or high housing costs vs. low taxes. Which is better?
Basically I am looking for, if you could live ANYWHERE, discount weather and personal preferences, what are the things you would look for in regards to housing costs, taxes, insurance, etc..
Thanks for the help.
here is a link that shows total tax burden (property, state, sales, personal, etc) by state as a percentage of income. Top 5 (aka - biggest bang for your buck):
Texas isn't too bad. Property taxes are high, but there is NO State income tax, and no tax on grocery food items. Sales tax right now is 8.25% in Dallas.
IF YOU MOVE TO TEXAS --BUY THE SMALLEST HOUSE THAT YOU CAN,A 2500 size home will probably run you around 7 grand a year in school,property and neighborhood fees if you don't live on private property.
If it were me: I would look at states with low property taxes. With sales taxes on non food items, at least I have some control over my spending.
I agree!
I was looking at some rural property in New Hampshire and almost choked when I saw how much the property tax was. It was incredible! Like paying two mortgages! Insane.
I couldn't care less about income tax since I don't pay any; but I gotta live in a house... so LOW property taxes would be a priority.
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