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Started By
Message
re: States without income tax - how much of an effect does it have on standard of living?
Posted on 2/21/18 at 12:38 pm to Dam Guide
Posted on 2/21/18 at 12:38 pm to Dam Guide
quote:I get that, my whole point is, even though Texas does not have state income tax you are still paying approximately the same in total taxes paid. $150 over the course of the year is not enough to sway anybody from moving to or from Louisiana or Texas.
But the Texans live in homes with $40k+ higher value homes which adds to their property tax.
2
Posted on 2/21/18 at 12:38 pm to Oddibe
You should subtract the difference of 40k in real property tax? Am I thinking about that right? or if not you could say that the same tax liability yields an extra 40k in asset in Tx compared to LA?
Posted on 2/21/18 at 12:45 pm to Oddibe
I agree it shouldn't be enough to sway someone, if definitely isn't for me but in my overly simplistic view of this single comparison, if everything stays stagnant, I'd say it costs 158/yr for 40k. Or about 126 years to recoup 20k of the 40k. Just the way my mind processed that.....
Posted on 2/21/18 at 12:51 pm to Captain Want
Oh it pisses me off, but Texas has a broader much more stable base through property taxes than does Louisiana. Income and sales taxes fluctuate.
Couple the fluctuations with the idiocy of our elected officials and you have the difference in standard of living.
Couple the fluctuations with the idiocy of our elected officials and you have the difference in standard of living.
Posted on 2/21/18 at 12:53 pm to nated14
$158 by that logic is a wash. However, factor in nicer house, cheaper home insurance and car insurance. That alone easily negates the $158 more by using your scenerio
Posted on 2/21/18 at 12:58 pm to CoachChappy
quote:
Their property taxes are higher
Yeah, but in a place like LA the school system is so fricking bad you end up spending more on education any way.
And in places like BR and Nola, you are spending more than what the property is worth imo to stay out of the bad areas.
Posted on 2/21/18 at 1:04 pm to dgnx6
Property taxes in FL and TX are ridiculously high. Much more than LA income tax.
Posted on 2/21/18 at 1:09 pm to Oddibe
quote:
I get that, my whole point is, even though Texas does not have state income tax you are still paying approximately the same in total taxes paid. $150 over the course of the year is not enough to sway anybody from moving to or from Louisiana or Texas.
But you aren't showing that, you are showing Texans live in more expensive homes on average. If you knocked off $40k off the Texan's home, their property tax will drop which may show they pay less tax instead of more. Is the Texan's 220k home the same as the LA 180k home? How does home value stack up between the two. Also got to look at who makes a higher wage for the same work.
It's pretty easy for me to compare Tennessee to Louisiana because I'm familiar with both. I have no idea about Texas. I make a similar wage and my home value has been cheaper in Tenn vs the towns I lived in in LA. Property taxes are higher right now, but were about equal before I got annexed by the city, didn't have to deal with city property tax in LA so I am not sure how that plays out. I pay less sales tax here.
If I moved out of the city again, I would easily make out far better in Tenn than I would in LA in taxes alone. Add in insurance and it is brutal how much more take home I lose in LA. Bad schools are something Chattanooga shares with NOLA unfortunately, so don't win there. When I lived in Knoxville I wouldn't of hesitated sending my kid to public. We have a few lottery schools that are great, hoping to get mine in there.
This post was edited on 2/21/18 at 1:12 pm
Posted on 2/21/18 at 1:14 pm to Dam Guide
Local and state tax burdens
LA - 7.6%
TX - 7.6%
TN - 7.3%
I assume that this is the statewide average.
LA - 7.6%
TX - 7.6%
TN - 7.3%
I assume that this is the statewide average.
Posted on 2/21/18 at 1:24 pm to CoachChappy
It depends on how much you earn as a household.
I have a good job, and my wife owns a small business that does well. We live in a nice home in Katy, TX, but what we pay in property taxes is still about $4,000/year less than what we would pay in income taxes in LA. On top of that, our 3 kids go to some of the best public schools in the country, so we don't pay for private school.
The thing is, if I built out in the new area of Katy, my property tax rate would be 5.6% instead of the 2.8% I pay to live in the older section of Cinco, so it really depends on where you decide to live if it is better or worse. The nice thing is you have the choice of where to live and if you want to pay more, unlike with income taxes.
I have a good job, and my wife owns a small business that does well. We live in a nice home in Katy, TX, but what we pay in property taxes is still about $4,000/year less than what we would pay in income taxes in LA. On top of that, our 3 kids go to some of the best public schools in the country, so we don't pay for private school.
The thing is, if I built out in the new area of Katy, my property tax rate would be 5.6% instead of the 2.8% I pay to live in the older section of Cinco, so it really depends on where you decide to live if it is better or worse. The nice thing is you have the choice of where to live and if you want to pay more, unlike with income taxes.
Posted on 2/21/18 at 1:38 pm to Dam Guide
quote:
To see that laid out. Are the 220k homes in Texas similar to 180k homes in LA in similar style subdivisions? Who gets the bigger home for cost in the same type of desirable location?
Not even close, when I moved to TX 10 years ago, I couldn't believe how much more house I could get for the same money. I moved again 2 years ago to a newly remodeled home in the Northlake Village area of Cinco Ranch and paid ~$125/square foot for a David Weekley home.
Posted on 2/21/18 at 1:59 pm to StringedInstruments
I Make up for it in property tax. Most of it goes to schools in my district and the next big chunk stays in my county.
I like it that way because the results of my “contribution” are tangible.
It doesn’t all go into one pot to be mismanaged.
I like it that way because the results of my “contribution” are tangible.
It doesn’t all go into one pot to be mismanaged.
Posted on 2/21/18 at 2:07 pm to ithad2bme
quote:
The thing is, if I built out in the new area of Katy, my property tax rate would be 5.6% instead of the 2.8% I pay to live in the older section of Cinco, so it really depends on where you decide to live if it is better or worse.
Wow, had no idea it was 5.6%. We live in Copperfield and I believe it is 2.64%.
About 1/2 of Houston is from Louisiana. But the vast majority of things in Houston is cheaper. Heck our electric bill is $400 a year cheaper than in Baton Rouge and a house twice as big. Thanks to deregulation very cheap electricity.
Posted on 2/22/18 at 4:34 pm to shell01
quote:
Try again:
LA sales tax rates highest in country
What does that have to do with what I said? I said that states without income tax are going to get their money in other ways, one of those being sales tax. Regressive taxes disproportionally affect low-income people.
If you look at this list, the top 4 states don't have income taxes. Tennessee technically has one but it's only on interest & dividend income. The other 5 states have flat income tax rates.
Posted on 2/22/18 at 4:45 pm to MLCLyons
A large portion of Florida's state taxes come from tourists from short term rentals, sales tax, hotel taxes, etc. Short term rental tax/ hotel tax is 10-13% depending on your county/ area.
My personal property taxes are under 1.5% and my sales tax is 6%. There is no taxes to make up for it, outside of maybe some slightly higher homeowners insurance rates but they are not bad.
My personal property taxes are under 1.5% and my sales tax is 6%. There is no taxes to make up for it, outside of maybe some slightly higher homeowners insurance rates but they are not bad.
Posted on 2/22/18 at 4:50 pm to TH03
quote:
Rent is lower in Dallas than a lot of similarly sized cities.
Wut?
The average 1 bed room is 1100 a month, up 5.5% from last year.
You saying renting is that absurd everywhere?
This post was edited on 2/22/18 at 4:51 pm
Posted on 2/22/18 at 6:28 pm to Volvagia
quote:
The average 1 bed room is 1100 a month, up 5.5% from last year.
You saying renting is that absurd everywhere?
In similar cities? Yes.
Pittsburgh $1850
New Orleans $1250
Tampa $1100
Jersey City $2200
Orlando $1163
St Paul $1250
Nashville $1499
LINK
This post was edited on 2/22/18 at 6:29 pm
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