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That is definitely something we never factored in. Honestly, even if we end up breaking even we would be happy. We are not considering moving for financial savings. It's more the quality of life we are after. Weather, people, and a nicer home are all factors. The weather alone is more of a motivatorfor me. If I never have to shovel 120+ inches of snow in a 2 month span ever again, I'll die happy.
Then visit NC in July... The tradeoff for milder winters is obviously much, much hotter summers...
If you make a decent income you will pay in the tens of thousands in annual income taxes to the state of NC. Why people don't look at this I have no idea.
They see $3,000 in property tax vs. $10,000 yet will pay an additional $XXk+ in NC income tax when moving here plus an asinine amount of sales tax that can no longer be avoided by buying things on Amazon.
NC is great for retirees who take a hit in income but for those relocating in professional fields... it hardly makes sense financially.
Yet of course I'm sure you realize that, in the grand scheme of the big ol' world, there are veeeery few of us who have to fret about paying "tens of thousands in annual income taxes" to the state of NC? And that when you have an income that large, the relative impact on your lifestyle from income taxes is minuscule?
My wife is from the Granite State, and while she loves Boston and would like to live there someday, maybe when we retire, no way she would ever go back to the Granite State, except to be buried near family. Boston aside, I can't imagine trading this vibrant area for Southern NH.
Don't get me started on all the friends I have in WNC where we vacation who are so careful to document living 6 months + 1 day in Florida to avoid paying their share towards the state they live in the other 6 months.
To me, Amazon's change was welcome. I no longer have to go through every receipt from them to add up my out-of-state purchases for filling out my North Carolina use tax declaration each year!
Yet of course I'm sure you realize that, in the grand scheme of the big ol' world, there are veeeery few of us who have to fret about paying "tens of thousands in annual income taxes" to the state of NC? And that when you have an income that large, the relative impact on your lifestyle from income taxes is minuscule?
My wife is from the Granite State, and while she loves Boston and would like to live there someday, maybe when we retire, no way she would ever go back to the Granite State, except to be buried near family. Boston aside, I can't imagine trading this vibrant area for Southern NH.
Don't get me started on all the friends I have in WNC where we vacation who are so careful to document living 6 months + 1 day in Florida to avoid paying their share towards the state they live in the other 6 months.
To me, Amazon's change was welcome. I no longer have to go through every receipt from them to add up my out-of-state purchases for filling out my North Carolina use tax declaration each year!
You have to run the numbers. I think it would surprise most folks. Over the course of 30 years, living in FL will buy a nice house for us in tax savings. That's a lot to leave on the table. Most people will look at property tax without giving a second thought to paying income taxes, for whatever reason.
If they can live half the year some place and half the year another, go for it. No one ever got rich paying the government taxes. It's probably just the people I'm surrounded with but very few people I know live where they work out of. Most live in FL believe it or not! For the taxes and because of the climate.
You have to run the numbers. I think it would surprise most folks. Over the course of 30 years, living in FL will buy a nice house for us in tax savings. That's a lot to leave on the table. Most people will look at property tax without giving a second thought to paying income taxes, for whatever reason.
Except that there is more to it than state income taxes. This says the per capita state and local taxes in FL are $3,728 and $3,535 in NC.
Yes I'm sure if you compare a certain income/house size with NC vs. another state you'll be able to come up with situations where it makes sense to stay or move.
That's why I said you had to run the numbers.
Without even clicking the link, the 'per capita' tells me all I need to know about the way they figured it out.
NC is a great state to retire to. Sell your home elsewhere, buy a mansion in NC with cash and with your reduced monthly income it won't be taxed as much as staying in your former state. Win/win.
It's better now that the income tax was reduced from almost 8%. But now there is a large deficit.
Without even clicking the link, the 'per capita' tells me all I need to know about the way they figured it out.
LOL, your motto is: don't confuse me with the facts, my mind is already made up!
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