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What's the tax situation like in NC?
What's the income tax rate? Clothing taxed? Food taxed?
Should I be considering SC instead?
Do I really want to leave a non income tax state?
A recent article follows, as it is too complicated to explain briefly. We will have a flat income tax rate at 5.8% , with some exemptions for retirement income. Clothing is taxed at 6.75 - 7% depending on the locality. Food from the grocery store is taxed at with a 2% sales tax, pet food taxed at the regular sales tax rate. RALEIGH, N.C.: New tax changes in 2014 in North Carolina | Local/State | NewsObserver.com
In other word, the taxes aren't cheap. You certainly ought to consider SC or remaining in Florida.
A recent article follows, as it is too complicated to explain briefly. We will have a flat income tax rate at 5.8% , with some exemptions for retirement income. Clothing is taxed at 6.75 - 7% depending on the locality. Food from the grocery store is taxed at with a 2% sales tax, pet food taxed at the regular sales tax rate. RALEIGH, N.C.: New tax changes in 2014 in North Carolina | Local/State | NewsObserver.com
In other word, the taxes aren't cheap. You certainly ought to consider SC or remaining in Florida.
Many of the folks I know who have been retired for some time in NC have chosen to have a condo or small residence of some type in Florida -- to escape during the winter and so they can claim Florida as their primary state residence. There is that much of a benefit to keeping their residency there.
But of course, I have no way of knowing what pensions they may have and how this is affected by taxes in NC. Just throwing that out there -- people find it that much of an advantage to keeping legal residency in Florida.
And you didn't state if you are thinking about moving b/c of retirement. You may be 30 and not interested in that info, lol!!! But in case you are interested in retiring here, I would do a LOT more research about all the benefits available in Florida that may not be here for retirees . . . those differences can end up being a significant amount of cash annually.
We will have a flat income tax rate at 5.8% , with some exemptions for retirement income. Clothing is taxed at 6.75 - 7% depending on the locality. Food from the grocery store is taxed at with a 2% sales tax, pet food taxed at the regular sales tax rate.
In other word, the taxes aren't cheap.
YIKES!!!!!
I'm sure glad I asked. That's even more expensive than Taxachussetts, where I lived most recently. Good grief, tax on food and clothes, that's ridiculous. 5.8% income tax, geesh!!!!
How's car registration and insurance? Do you pay property tax as well as sales tax on your vehicles?
Current price of gas?
A big minus for FL is the car insurance, mine doubled from VT to FL and my car is 7 yrs old and I have a clean record, no tickets or accidents
But of course, I have no way of knowing what pensions they may have and how this is affected by taxes in NC. Just throwing that out there -- people find it that much of an advantage to keeping legal residency in Florida.
And you didn't state if you are thinking about moving b/c of retirement. You may be 30 and not interested in that info, lol!!!
No not 30 LOL, Middle aged Retirement,what's that???????
You present an excellent point, many benefits for seniors in FL
All these folks with homes in two states may not be doing it legally, especially if they split their time evenly. Some states require more than 6 months per year to be a legal resident. and the DMV down here says your car should NOT be registered in FL if you are not physically here. Lots of folks are breaking the law I'm sure, but hey, if they don't get caught some would say that's okay.
Maybe taxes in NC wouldn't be so high if the FL folks were being honest about where their main residence really is.
Anyhow, off my soap box now, thanks for the thoughts!
I paid $3.399 today for regular gas. Power bills will be taxed in July. Movies; Musicals; sporting events; service contacts; newspaper delivery; etc and now taxed as well.
Vehicles are considered property and there is a bill each year based on its value.
How's car registration and insurance? Do you pay property tax as well as sales tax on your vehicles?
Current price of gas?
There is a stiff tax on the current value of your vehicle when you bring it into the state, maybe 7% of the blue-book value. Then there is an annual property tax in addition to the registration. That's not bad, and mine was $80 on a car worth about $10K. The car insurance isn't bad, but we don't commute for work, so YMMV. As the other person said, gas is about $3.40/gallon and it has gone down since summer.
The more positive aspect of living in North Carolina is that property taxes and the cost of real estate are lower than they were in Maryland.
If you really want the lowest cost of living possible, you might do more research.
I'm considering a move to NC, currently in FL (briefly) originally from VT (income tax)
Just me and the dog, so no big tax write offs for me
What's the tax situation like in NC?
What's the income tax rate? Clothing taxed? Food taxed?
Should I be considering SC instead?
Do I really want to leave a non income tax state?
It JUST changed, as of Jan 1. You could Google and read lots of details, more than we'll be able to remember here.
Bottom line--state income tax rate dropped a little, but they are adding taxes to a lot of things, including services, concert/theater tickets, etc. In general, the impression is that unless you're super-rich, you'll come out a little behind from last year. But that doesn't tell you how it compares to where you're coming from--I'd do my own searching online for that kind of thing.
We can't answer the question as to whether YOU would rather leave a non-income tax state. But if you're just "shopping around" for a new state and taxes are a big issue for you, NC is probably not high on your list, especially since the new law.
I'm sure glad I asked. That's even more expensive than Taxachussetts, where I lived most recently. Good grief, tax on food and clothes, that's ridiculous. 5.8% income tax, geesh!!!!
How's car registration and insurance? Do you pay property tax as well as sales tax on your vehicles?
Current price of gas?
A big minus for FL is the car insurance, mine doubled from VT to FL and my car is 7 yrs old and I have a clean record, no tickets or accidents
Looks like I do have some homework to do.
I'm also from MA. Tax savings in NC comes from property taxes. The rates are about the same, but you can get much more home down here for less. For example, I sold a $420k home in Central MA and bought a $370k home here with 1500 more square feet. Similar towns. Fees are less here too. IE drivers license, registration. Car insurance is much cheaper here.
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