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Started By
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re: States without income tax - how much of an effect does it have on standard of living?
Posted on 2/21/18 at 9:12 am to StringedInstruments
Posted on 2/21/18 at 9:12 am to StringedInstruments
No state income tax in TN. But property tax is high as camel cock.
1
Posted on 2/21/18 at 9:14 am to StringedInstruments
Our property taxes in FL aren’t much worse than Louisiana’s, we have no state income tax, 6.5% sales tax in my county, and we don’t have politicians who steal money from the state as the infrastructure around it crumbles. So I’d say that it works pretty well for us. Does FL have some issues? Of course but our state is thriving in a time that many states are up to their eyeballs in debt, we have low taxes and it feels like our tax money is put to good use. Florida gets a lot of hate around here but there’s a reason why we have 4-5 times the population of the rest of the southern states
Posted on 2/21/18 at 9:15 am to Lake Vegas Tiger
timely topic for me personally. I am moving from Prairieville to Houston in a few months. I currently pay 7300/yr in state tax and 1800 in property tax for 9100 total. My kids go to public school here and I am satisfied and well attend public school in Houston area so that is a wash. The home we are purchasing outside of Houston has property tax of 8300 so I come out slightly better in Houston. My homeowners insurance decreased by 40% on a more valuable home in Houston and my vehicle insurance decreased by a little over half. There were other homes around Houston that had property taxes rates lower but we liked this area and home more. as someone mentioned it doesn't "feel" like I'm getting screwed by state tax. Lastly, the price per sqft was appreciably lower in Houston but that has many factors.
Posted on 2/21/18 at 9:20 am to Jobu93
quote:
Make no mistake you pay one way or another
Yea you right
Posted on 2/21/18 at 9:29 am to PearlyBaker
Yep. Property tax millage here where I live in North Florida is 13.6113. Sales tax is 7.5%. State parks are amazing, roads and infrastructure are well maintained...we're very happy here.
Posted on 2/21/18 at 9:32 am to Rebel
quote:
No state income tax in TN. But property tax is high as camel cock.
Maybe in Memphis, suburbs of Knoxville and Chatt are not that much higher to suburbs of NOLA/Mandeville in my experience.
This post was edited on 2/21/18 at 9:40 am
Posted on 2/21/18 at 9:36 am to PearlyBaker
Moving to Orlando in a couple of months. This is the type of shite I like to see.
Posted on 2/21/18 at 9:42 am to MSMHater
quote:
The cost of living, the local school districts, the job market, the proximity to huge city centers and all they can offer. I have no intention of retiring here, but it's the best situation for my career and to get 2 kids raised and out of the house. Then I'll find some scenery and "culture".
Houston is actually what popped up for me. The job only pays ~$50k (though with music I can easily supplement an extra $1000/month), so I was worried about it being enough to live on in such a big city. But the lack of state income tax was intriguing. My wife is a teacher and based on a quick search of average salaries at her experience and education level, she'd pull in about $55k. Seems like $105k/year combined income would be a nice standard of living in Houston.
Posted on 2/21/18 at 9:46 am to StringedInstruments
quote:
Seems like $105k/year combined income would be a nice standard of living in Houston.
Despite what the OT will tell you, you can live a really nice middle class life on that in Houston.
Posted on 2/21/18 at 9:46 am to Directional Tiger
Don't forget, home owners and auto insurance is through the roof. The real travesty is, crawfish prices hovering around $4/lb.
Posted on 2/21/18 at 9:50 am to StringedInstruments
Just be aware of MUD taxes also. Taxes are just a part of being that's true, but looking at what your tax dollars yield means a bunch to me. I think my tax rate in Louisiana is fair but where the money is appropriated and what improvements I help fund are disappointing in reality.
case in point - LA sales tax for school improvements but my property tax also had to go up to get the jobs done. Not to mention the lottery money we rarely see in action.
case in point - LA sales tax for school improvements but my property tax also had to go up to get the jobs done. Not to mention the lottery money we rarely see in action.
This post was edited on 2/21/18 at 9:52 am
Posted on 2/21/18 at 9:50 am to Quinn225
quote:First of all, that’s 100% false. Secondly, people live in homes for a long time and they don’t make the same salary for their whole career.
No one making $150k is living in a $220k home.
They could have made 70k when they first moved in and now make $150k years later and still live in the same home.
Someone making $150k living in a $220k home is not out of the ordinary at all.
This post was edited on 2/21/18 at 9:51 am
Posted on 2/21/18 at 9:50 am to StringedInstruments
quote:
Seems like $105k/year combined income would be a nice standard of living in Houston.
You can easily find or build a nice 3/2 in most of the burbs for that, if you have some $ to put down. Or rent somewhere in the loop, which might be more appealing since you have no kids yet. You're in a good age and money situation to enjoy that. Easy access to midtown, heights, Rice, etc... Your wife can easily travel outside of HISD to work. And you would probably have more musical opportunities in the city.
Posted on 2/21/18 at 9:52 am to MSMHater
quote:
Or rent somewhere in the loop, which might be more appealing since you have no kids yet.
One kid and another on the way. From what I've read about Houston, we'd probably live outside of the loop.
But I've applied to jobs everywhere. This is my first Houston application though.
Posted on 2/21/18 at 9:54 am to StringedInstruments
Then I stand corrected, you'll be joining us in the burbs if you get here.
Posted on 2/21/18 at 9:55 am to PrimeTime Money
quote:
Someone making $150k living in a $220k home is not out of the ordinary at all.
We make more than 150k and live in a 225k house.
Posted on 2/21/18 at 10:00 am to StringedInstruments
Florida doesn’t charge tax on food oitems either at the grocery stores and cigars and booze are pretty cheap versus where I live in Alabama. I kept more of my money when I lived in Florida versus Alabama, Louisiana or Arkansas and I owned my homes in those states. Texas property tax as mentioned by many makes up for it but you damn sure get a nice big house for far less than what I’ve got in Alabama. To me the Dallas Fort Worth metro has some good deals on homes.
Posted on 2/21/18 at 10:13 am to KG6
quote:
Farily certain it all levels out. Property tax is based on property value. If property value is high, rent is going to be high. No one is losing out on money to rent their house/apartment out to someone. It's factored in. Not only that, they lose homestead exemption, so the tax is even higher, therefore the rent will be higher to cover.
I don't know what to tell you, man. Dallas property taxes are ridiculous yet rent is on par or cheaper than similar cities. I'm just speaking on my own experience of renting in several different places in the DFW metro area, Carrollton, McKinney, and Dallas proper. All in nice locations and considered luxury apartments.
Posted on 2/21/18 at 10:23 am to TH03
Rent for apartments out in suburbs is not quite the same. If you asked me for an apartment rental price in Houston, I'm not going to quote something out in The Woodlands which is what McKinney/Carrolton would be. It's going to be something in the loop. So that's not exactly equivalent. I know you said metro area, but there are plenty of affordable apartments out in the suburbs of Houston.
To evaluate, look at rental homes. They are going to be right next door to purchased homes. The rent will be higher so the owner can make money. Otherwise it's not worth owning the home and they should just sell it. It's not like people in Dallas are idiots and haven't figured it out.
To evaluate, look at rental homes. They are going to be right next door to purchased homes. The rent will be higher so the owner can make money. Otherwise it's not worth owning the home and they should just sell it. It's not like people in Dallas are idiots and haven't figured it out.
Posted on 2/21/18 at 10:30 am to KG6
quote:
Rent for apartments out in suburbs is not quite the same.
I live right outside of uptown in Dallas and my rent is similar to Baton Rouge and/or New Orleans. My friends in Houston have rent a little lower than mine I've found. The rental market in Dallas/Houston is really pretty renter friendly, my guess would be because of supply.
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