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Four "tax friendly' states that are actually money pits for retirees
Posted on 2/14/26 at 9:19 am
Posted on 2/14/26 at 9:19 am
Article title (money pits) is an attention grabber. That aside, found the article interesting
LINK
In summary, beware of the no SIT marketing slogan for the potential snake bites in property taxes (eg, assessment value moreso than rates) and high insurance and sales tax nibbles on wealth.
"Money Pit" is BS, nonetheless.
LINK
In summary, beware of the no SIT marketing slogan for the potential snake bites in property taxes (eg, assessment value moreso than rates) and high insurance and sales tax nibbles on wealth.
"Money Pit" is BS, nonetheless.
This post was edited on 2/14/26 at 9:20 am
14
Posted on 2/14/26 at 9:25 am to Everyday Is Saturday
If there is no income tax it has to come from somewhere.
Posted on 2/14/26 at 9:29 am to Everyday Is Saturday
Tennessee property tax is as bad as illinois
Posted on 2/14/26 at 9:51 am to UltimaParadox
quote:
If there is no income tax it has to come from somewhere.
Yes but states do not have the same per capita spending, so tax revenue needed for each state varies. Some states take less overall tax than others do per capita
Posted on 2/14/26 at 10:27 am to Everyday Is Saturday
quote:Depends where you live. There are many places in Texas where the property tax isn’t super crazy. But , most retirees want to live near the nice cities and not 2 hours west of San Angelo.
1. Texas: The property tax trap
Posted on 2/14/26 at 11:50 am to Everyday Is Saturday
quote:
Tennessee is gaining popularity among retirees for its low cost of living and lack of income tax on wages. However, the state makes up for that revenue gap at the cash register. Tennessee has one of the highest combined sales tax rates in the country. When you add local surcharges to the state rate, you are often paying around 9.6% on almost everything you buy.
Tennessee sounds great compared to LA where I pay more in sales tax and a full income tax
Posted on 2/14/26 at 12:00 pm to Upperdecker
you are often paying around 9.6% on almost everything you buy.
So Louisiana…
So Louisiana…
Posted on 2/14/26 at 12:01 pm to touchdownjeebus
LA is one of the worst offending red states for taxing its residents. We are heavily overtaxed per capita for what we get
Posted on 2/14/26 at 12:26 pm to Everyday Is Saturday
This post was edited on 2/23/26 at 9:16 am
Posted on 2/14/26 at 12:27 pm to LChama
quote:
Tennessee property tax is as bad as illinois
You know how we know you don't know?
Posted on 2/14/26 at 1:08 pm to LChama
In some locations sure but Tennessee is in the lower half of states. Illinois is near the top. Tennessee's overall tax burden is among the lowest, the article is full of shite.
This post was edited on 2/14/26 at 1:15 pm
Posted on 2/14/26 at 1:41 pm to Everyday Is Saturday
quote:
In summary, beware of the no SIT marketing slogan for the potential snake bites in property taxes (eg, assessment value moreso than rates) and high insurance and sales tax nibbles on wealth.
It’s all relative. In the desirable states, wealthy people avoid that snakebite with Delaware corps that are managed by Wyoming LLCs. The rest are getting snakebit wherever they live.
Posted on 2/14/26 at 3:08 pm to BCvol
Tennessee also taxes income from dividends, which hurt retirees
Posted on 2/14/26 at 5:20 pm to TigerintheNO
Nope, no tax on dividends
Posted on 2/14/26 at 8:50 pm to Everyday Is Saturday
The northeastern dream of retiring to Florida is antiquated IMO. The insurance is a big issue as the article mentions. Aside from that there are hurricane issues along the coasts, lots of crime in many places, and the summers have gotten way worse than I recall in the past. I still live there part time but we stay there less often than we used to.
A lot of people think The Villages are great but I’ve long thought they are a cautionary tale of what happens to people that don’t plan well for retirement.
Posted on 2/15/26 at 7:01 am to LChama
quote:
Four "tax friendly' states that are actually money pits for retireesby LChamaTennessee property tax is as bad as illinois
Not even close to being true. My sister just bought a house in Tennessee and sold her place in Illinois. Both houses are worth approximately $700,000. Her property tax in Illinois was $11,000 and the one in Tennessee is $3,000.
Posted on 2/15/26 at 7:12 am to Everyday Is Saturday
Let me summarize so others don’t have to click
Texas: Property tax
Florida: Insurance costs
Tennessee:Sales tax
Washington: cost of living
Texas: Property tax
Florida: Insurance costs
Tennessee:Sales tax
Washington: cost of living
Posted on 2/15/26 at 7:32 am to Everyday Is Saturday
If your flexible of where you want to live in retirement worth it to consider total tax based on your situation including income streams.
Posted on 2/15/26 at 8:45 am to Upperdecker
quote:
compared to LA where I pay more in sales tax and a full income tax
3 percent income tax and many types of senior citizen income are fully or partially exempt
Posted on 2/15/26 at 8:53 am to TigerintheNO
quote:
Tennessee also taxes income from dividends, which hurt retirees
We know you don’t live in TN
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