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Old 10-11-2006, 09:30 AM
 
Location: Central Florida
1,408 posts, read 5,095,750 times
Reputation: 874

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Don't let the retirement thing scare you...just click on the taxes by state tab. Good information on every state in the US.
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Old 10-11-2006, 10:40 AM
 
Location: Cumming, Georgia
810 posts, read 3,306,063 times
Reputation: 369
Quote:
Originally Posted by Tony1790 View Post
Here's why I want to move to TN instead of NC where I grew up, it's due to the lower cost of living and the Lower Taxes in TN. Yep, that's right, me the complainer about high relative property tax am hereby singing praise for TN's lower overall tax structure.

Once I move to TN I'll be glad not to have all of NC's tax structure which consists of:

1. Property tax

2. Income tax

3. Sales tax

4. Personal property tax (boats, planes, traliers, jet ski's, etc)

5. Annual auto tax

6. Gas tax

TN

1. Property tax

2. Sales tax

3. Gas tax

Am I missing any TN taxes? Please let me know. I know TN has higher sales tax than NC, but overall taxes should be alot less than NC correct??

As a side note, I don't know why or how I got on such a banter about taxes, I guess it just struck a nerve somehow after I realized how much taxes I was paying and how little I was getting for it.

I'll try to refrain from posting about taxes anymore.....but this is a PRO TN Tax post, I'll be glad when I get there, though my payscale will be drastically lower while I hopefully get to go to ETSU and learn a marketable job skill....I don't think I have any right now??

Tony in WA
Don't forget motor vehicle license plates and tags in TN!
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Old 10-11-2006, 11:18 AM
 
408 posts, read 1,977,783 times
Reputation: 132
Quote:
Originally Posted by IDVague View Post
Some counties and municipalities in TN also have added taxes to the cost of license plates for your cars. The standard cost is $20-25, but the additional local taxes can run as high as $100 in some places. $30-50 in added taxes is common. These are often called "wheel taxes" and usually go toward schools or local projects. There are also inspection fees and emissions testing fees in some metro areas. I recently sold a house in TN to a couple from CA who were astounded at how CHEAP the TN property taxes are. But, in Alabama, for instance, a house is assessed at 10% rather than 25%, resulting in a huge savings. I guess it depends on your perspective, but I think TN taxes are PLENTY high.
The basic car tag fees for the state is $24. Some counties add on and others do not. I know in Knoxville it costs $60 and there is no emmisions test. In Nashville, with the emmissions test it will run you at least $100, maybe a little more. Murfreesboro (Rutherford County) was discussing having the highest one in the state about a year or two ago. I think they were tacking on about $78 to the $24 and the marta test is about $10.
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Old 10-11-2006, 11:23 AM
 
212 posts, read 923,087 times
Reputation: 66
Quote:
Originally Posted by Tony1790 View Post
Here's why I want to move to TN instead of NC where I grew up, it's due to the lower cost of living and the Lower Taxes in TN. Yep, that's right, me the complainer about high relative property tax am hereby singing praise for TN's lower overall tax structure.

Once I move to TN I'll be glad not to have all of NC's tax structure which consists of:

1. Property tax

2. Income tax

3. Sales tax

4. Personal property tax (boats, planes, traliers, jet ski's, etc)

5. Annual auto tax

6. Gas tax

TN

1. Property tax

2. Sales tax

3. Gas tax

Am I missing any TN taxes? Please let me know. I know TN has higher sales tax than NC, but overall taxes should be alot less than NC correct??

As a side note, I don't know why or how I got on such a banter about taxes, I guess it just struck a nerve somehow after I realized how much taxes I was paying and how little I was getting for it.

I'll try to refrain from posting about taxes anymore.....but this is a PRO TN Tax post, I'll be glad when I get there, though my payscale will be drastically lower while I hopefully get to go to ETSU and learn a marketable job skill....I don't think I have any right now??

Tony in WA
I'm still trying to get my thoughts straight on this-comments are welcome.
No state tax...if the wages are lower for the everyday middle class family, how much does one save in state taxes versus paying 9.75% sales tax on everything including food? The sales tax must be very hard to swallow for a family that makes a lower salary. Even if you don't "buy" a lot, everyone has to eat, get prescriptions, etc. Would a person/family do better with a "low" state tax and a reasonable sales tax? As I mentioned, not commenting, just questioning
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Old 10-11-2006, 11:55 AM
 
51 posts, read 293,897 times
Reputation: 63
In TN, there is not a sales tax on prescriptions, and I think the rate on food items (except ready-to-eat) is 8.5%. I guess an accountant or tax advisor could calculate the cost-benefit of living in an income tax state or a non-income tax state. How does the NC sales tax compare to TN?
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Old 10-11-2006, 04:36 PM
 
Location: Central Jersey - Florida
3,377 posts, read 14,626,395 times
Reputation: 2272
Quote:
Originally Posted by Tony1790 View Post
Ok,

This is sure to stir up some debate, but from what I figure, the property tax in TN is much higher than it is here in WA state. I've always heard that it was cheaper in TN.

Example. From what I've seen, in TN, the county tax assessors appraises property real close to whatever the market value is. Say $100,000 value, then they take 25% of that for residential property, in this case $25,000. Then that is multiplied by the county tax and city tax.

Take Kingsport, TN for example, Sullivan county tax is 2.53% and Kingsport city tax is 2.26% for a total of 4.79% x $25,000 = $1197.50. That is alot of tax, almost $1200 in taxes on a $100,000 house.

Now lets say you buy a new house, I think that it's fair to say that $300,000 for new construction is not out of line, at the average of $125 per square foot to build, plus the cost of land. $125 x 2000 sqft = $250,000 + $50,000 for some acreage = $300,000.

$300,000 / 25% = $75,000 x 4.79% = $3592 ouch!! that's about $300 per month just in property tax!!!

I live in a similar home in WA state, it's 3100 square feet and I pay $2200 per year in taxes. For those of you that don't know, we in WA do not have a state income tax either (just like TN).

So why do I bring the taxes up? Because I am planning on moving to TN and I'm wondering why the taxes are so high? And I'm no longer buying the "TN has lower property taxes" story.

I suppose that if I don't move to Sullivan county, nor live anywhere near a city and only buy an older, cheaper house than the tax bite won't be so bad.

Sorry for the rant, but taxes really drive me up the wall. Yes we should all pay our fair share, but giving taxes to policitcians is like giving crack cocaine to a crackhead. They are going to blow it and ask for more 10 minutes later. And all you are left with is no money and a mess to clean up.

Ugh!!!!!!!!!! So all of you people talking low taxes, I'm not sure where you are coming from, but I know compared to here in WA the taxes in TN are SKY HIGH!!

But TN does seem like a nice place and I will be looking for land in the boonies in the cheapest county that I can.

Tony

p.s. Don't think about commercial real estate, it's 40% of value, yes I was thinking about opening a business, ugh.
Don't feel too bad Tony. I live in NJ and the taxes on new homes in my township ($900,000.00+) start at aprox $21,000.00. Yes thats twenty one thousand. 3,700 sq.ft on 1 1/2 to 2 acres property city water and sewer (which is extra). I hope that makes you feel a little better!
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Old 10-11-2006, 05:37 PM
 
10 posts, read 64,302 times
Reputation: 10
Default I Live In Nc

I THINK TENN IS ALOT LOWER ON THEIR PROERTY TAXES..I LIVE IN FRANKLIN NC AND BELIEVE ME NOTHING IS CHEAP HERE..........I HAVE BEEN TO TENN ALOT AND BEEN CHECKING ON PROPERTY TAXES AND SCHOOLS AND FOOD AND EVERYTHING IS BETTER THERE THAN HERE ..I HAVE LIVED HERE IN THE MTNS ALL MY LIFE BUT l REALLY WANTING TO MOVE TO TENN..YEA THERE SALES TAX IS HIGHER BUT WHO CARES THEY DONT HAVE STATE INCOME TAX AND FOOD IS NOT BAD.AND GAS.......I LIVE CLOSE TO GEORGIA SO I BUY GAS IN GEORGIA .I SPEND MORE TIME THERE BECAUSE EVERYTHING IS CHEAPER THAN HERE.........BUT STILL LOOKING FOR GOOD JOBS IN EAST TENN.....SO WISH ME LUCK.....I HAVE SMALL LOG HOME HERE IN NC AND ILL SURE PUT SOMEONE IN IT SO I CAN MOVE TO TENN..


BRENDA FROM NC
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Old 10-11-2006, 08:44 PM
 
408 posts, read 1,977,783 times
Reputation: 132
Quote:
Originally Posted by IDVague View Post
In TN, there is not a sales tax on prescriptions, and I think the rate on food items (except ready-to-eat) is 8.5%. I guess an accountant or tax advisor could calculate the cost-benefit of living in an income tax state or a non-income tax state. How does the NC sales tax compare to TN?
In the places I've been to in NC lately, the sales tax was at least 5% on non-food and 2% on food. Seems like I read that there is no state tax on food, but that the counties can tax it.
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Old 10-11-2006, 09:00 PM
 
Location: God's Country
23,015 posts, read 34,378,820 times
Reputation: 31644
Quote:
Originally Posted by NCCOUNTRYGIRLRACER View Post
I THINK TENN IS ALOT LOWER ON THEIR PROERTY TAXES..I LIVE IN FRANKLIN NC AND BELIEVE ME NOTHING IS CHEAP HERE..........I HAVE BEEN TO TENN ALOT AND BEEN CHECKING ON PROPERTY TAXES AND SCHOOLS AND FOOD AND EVERYTHING IS BETTER THERE THAN HERE ..I HAVE LIVED HERE IN THE MTNS ALL MY LIFE BUT l REALLY WANTING TO MOVE TO TENN..YEA THERE SALES TAX IS HIGHER BUT WHO CARES THEY DONT HAVE STATE INCOME TAX AND FOOD IS NOT BAD.AND GAS.......I LIVE CLOSE TO GEORGIA SO I BUY GAS IN GEORGIA .I SPEND MORE TIME THERE BECAUSE EVERYTHING IS CHEAPER THAN HERE.........BUT STILL LOOKING FOR GOOD JOBS IN EAST TENN.....SO WISH ME LUCK.....I HAVE SMALL LOG HOME HERE IN NC AND ILL SURE PUT SOMEONE IN IT SO I CAN MOVE TO TENN..


BRENDA FROM NC
I wish you a lot of luck, my husband I want to live either in N.C. or Tenn and be near or in the mountians, we LOVE it. From what I'm reading it looks like it is cheaper to live in Tenn. Good Luck!!!
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Old 10-14-2006, 07:04 PM
 
Location: Steilacoom, WA by way of East Tennessee
1,049 posts, read 4,007,344 times
Reputation: 703
Quote:
Originally Posted by IDVague View Post
In TN, there is not a sales tax on prescriptions, and I think the rate on food items (except ready-to-eat) is 8.5%. I guess an accountant or tax advisor could calculate the cost-benefit of living in an income tax state or a non-income tax state. How does the NC sales tax compare to TN?
Here's a very loose comparison (not exact numbers, just for comparison):

NC sales tax (depending on county, etc): roughly 7%

TN sales tax (depending on county, etc): roughly 9.5% Both numbers could be off somewhat.

NC income tax: 7% (I believe is accurate from what I found online)

TN income tax: 0%

Assuming that you are a median family with a median household income of say $45,000. And assume that you spend 40% of your income on food, clothes, trips, gas, cigarettes, whatever.

$45,000 x .40 = $18,000

Sales tax difference 2.5%

$18,000 x .025 = $450 extra tax per year in TN

$45,000 x .07 = $3150 income tax before deductions. Assuming that you only pay 1/3 of that tax, it's still going to be higher than TN at 0%.

Property tax is a draw (depending on which county you are in)

Example I own property in Buncombe county valued at $59,900.

NC property tax: $59,900/100 = $599 x .63 = $377.37 annual tax Buncombe County, NC (Weaverville)

TN property tax: $59,900 x .25 = $14,975 x 2.53% = $378.86 annual tax in Sullivan county, TN

Sales tax winner: NC
Income tax winner: TN
Property tax winner: Draw

Overall tax wise, TN is cheaper

Overall cost of living: TN should be significantly cheaper as home prices are generally cheaper than NC.

Wages? I understand jobs and wages are better in NC than E. TN but that could be just a little off.

I'm liking TN over, NC in Taxes and Cost of Living, not sure about wages and enviroment.

Overall I'm looking forward to TN, I love NC though as I grew up there, but on a retiree's wages, TN is looking good.

Tony in WA
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