How are taxes in TN vs FL? Anyone move from FL? (Benton: sales, insurance)

[Emu]

I know everyone who has moved from NY to TN loves it due to the fact that NY taxes are so high and TN is much, much lower. But how about you people who moved from FL to TN? How does everything compare between FL and TN? I know you don't have to pay income tax on your investments in FL, but you do on certain investments in TN if they over $1,250, I believe. Anyone familiar with the difference between all the taxation of FL vs TN?

[ylisa7]

I don't know all the differences but I'll tell you ours. The last house we had(3 years ago) in Fl on a postage sized lot was $4500.00 in property taxes and about $5000.00 in insurance. The state tax(on items) was 6.5% but no taxes on groceries. Also no state income tax on income or investments.

Tn. We have 40 acres of land and the taxes now are $128.00 per year. No home yet so no Homeowners yet. Sales tax is 8.5% even on groceries. There is no state income tax but I do think you get taxed on investments.

My husband and I were both born and raised in NY and we got out of there almost 20 years. The costs were just too high for "everything". We hated working and living in a place where you could never get ahead. Although I do appreciate all that I learned from being a New Yorker I will never go back.

To me Tennessee is home and always will be. I hope it doesn't get destroyed like FL and NY. Our life is so much better here. I hope it stays the same. JMO.

Lisa

[rlrm777]

Originally Posted by younglisa7

I don't know all the differences but I'll tell you ours. The last house we had(3 years ago) in Fl on a postage sized lot was $4500.00 in property taxes and about $5000.00 in insurance. The state tax(on items) was 6.5% but no taxes on groceries. Also no state income tax on income or investments.

Tn. We have 40 acres of land and the taxes now are $128.00 per year. No home yet so no Homeowners yet. Sales tax is 8.5% even on groceries. There is no state income tax but I do think you get taxed on investments.

My husband and I were both born and raised in NY and we got out of there almost 20 years. The costs were just too high for "everything". We hated working and living in a place where you could never get ahead. Although I do appreciate all that I learned from being a New Yorker I will never go back.

To me Tennessee is home and always will be. I hope it doesn't get destroyed like FL and NY. Our life is so much better here. I hope it stays the same. JMO.

Lisa

Our taxes and insurance here in Fla are almost $7000, compared to our 12 acres in Benton County at $76. No house yet either, but from checking with others even after that it will be about 3-400 + about the same for homeowners. That's quite a bite out of a retirement income.

We pray that Tn never gets like Fla. We've been here almost 50years and it's a real shame. I do feel that most folks appreciate Tn for what it is and won't try to make it over into what they left behind.

[WOWAddict]

Originally Posted by younglisa7

..There is no state income tax but I do think you get taxed on investments.
..

This is interesting. Does anyone know more about the taxes on investments. Is that just local and state investments or All investments you make when living in TN?

[ylisa7]

[quote=WOWAddict;4475685]This is interesting. Does anyone know more about the taxes on investments. Is that just local and state investments or All investments you make when living in TN?[/QUOTE


I found this site. Hope it helps.


Which states have no personal income tax? -- Do You Know at GovSpot.com

Lisa

[Jon F Moss]

I almost don't want to answer (thinking everyone left in Florida should just sweat it out--you should have left sooner!) :P

[wt4y]

There are no taxes on distributions from 401K, IRA, 457B, etc. so the typical retiree would only have to worry about property taxes.

[FLORIDA TO NIOTA 2010]

Hey now.... I couldn't until I can retire. But I do have the property. Just 1 yr 8 months and a house sale to go. Can hardly wait. That will be a wonderful day.

Originally Posted by TriDad

I almost don't want to answer (thinking everyone left in Florida should just sweat it out--you should have left sooner!) :P

[RSMTN]

Re: TN State Income Tax
I let Turbo Tax compute mine and it picked up the Ordinary Dividends from my 1040 Schedule B Part II and the long term capital gains from 1040 Schedule D and said that was my Gross Taxable Income for the state of TN. From there I get a $2500 exemption because I'm married. The tax owed was 6% of the Gross Taxable Income less my exemption.

[mbmouse]

Originally Posted by TriDad

I almost don't want to answer (thinking everyone left in Florida should just sweat it out--you should have left sooner!) :P

Yea, I hear ya, I left FL in 97'...doing the happy dance here in TN now LOL!
For me personally, comparatively, the taxes I pay here are pennies and I can see where my tax dollar goes, it seems to be put to good use. That is important to me. If I am paying x$ for schools, I want good schools, I pay less here in TN for them and have WAY better schools than in FL. I pay only $24 a year for tag and wheel tax here, Rd's are good, no complaints.
I mean heck if you want the services, ya gotta pay for them right? But I hated paying huge amounts of money and had horrible roads, emergency services, schools, city gov, etc. Here I pay less taxes, better services, who could ask for more? Not me.