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Old 09-26-2013, 07:11 PM   #61
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I live in Oregon. About 6% of budget but no sales tax so probably equal to about 4% of budget.
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Old 09-26-2013, 07:28 PM   #62
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Seattle suburb we pay $4,000 on $300,000 home.
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Old 09-26-2013, 08:02 PM   #63
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Seattle suburb we pay $4,000 on $300,000 home.
Yeah that is about what we pay on a 300K home in the suburb of Seattle. We seem to have it cheap compared to the wages you can get in Seattle.
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Old 09-26-2013, 08:15 PM   #64
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5k here in PA for a 250k house
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Old 09-26-2013, 08:17 PM   #65
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Some of the tax rates here are crazy high but within the normal range it is also important to consider how volatile the rates are going to be. My CA property taxes are mostly independent of whatever ridiculous price my neighbor paid for the house next door. However, we both know what our rate will be for years to come.
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Old 09-26-2013, 08:26 PM   #66
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Some of the tax rates here are crazy high but within the normal range it is also important to consider how volatile the rates are going to be. My CA property taxes are mostly independent of whatever ridiculous price my neighbor paid for the house next door. However, we both know what our rate will be for years to come.
Prop 13 is one reason I would never buy in CA. That and the high income tax and sales tax. I just don't think it is right that you can have identical houses next to each other, one paying half the property tax of the other.

If they passed a law that allowed for recapture of the tax when the property is sold, then I could see some fairness. You would still not be priced out of the house by high taxes, but eventually you would end up paying your fair share when you sold the house.
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Old 09-26-2013, 08:49 PM   #67
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My numbers are from Quicken. My property tax is 2% of my last 12 month's expenditures. This includes my house (3,000 sq. ft.), three old cars, one trailer and several acres of rural forest property. The $.09 per acre state tax for forest fire protection on on land classified as forest is a real killer.

Mississippi has a state income tax, but most sources of retirement income are exempt. I haven't paid any state income tax since I have been totally retired.

Mississippi has 7% baseline sales tax. Many resorts and municipalities are higher. Professional services and prescription medicine are exempt.
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Old 09-26-2013, 09:03 PM   #68
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I live in upstate NY and I believe we have the highest property tax as a percentage of assessed value (roughly equal to market value). My $170k, 1800 sq ft home comes with an unbelievable $7k per year in property taxes. My home is paid off, but doesn't feel like it, given the ~600 per month tax bill. As a percentage of my ER budget in a few years, it'll be about 12%.

If I can convince my wife we'll be headed to TN after the kids are out of the house. We'll get an instant $5.5k "raise" based on purchasing similarly valued home.
I am in a similar situation. I had not considered relocating to TN.
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Old 09-26-2013, 09:14 PM   #69
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Mississippi has a state income tax, but most sources of retirement income are exempt. I haven't paid any state income tax since I have been totally retired.
In addition, for 65 and over, there is a hefty exemption on the property tax.
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Old 09-26-2013, 09:16 PM   #70
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I'm in Missouri and pay $2600 on a 2500sq. ft house. But I also pay $1000 to $1500 a year for personal property tax.

We are also thinking of relocating and trying to add up all the taxes to make sure we don't miss anything. And I guess we should also wait to see what the Obamacare rates may be at other states.
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Old 09-26-2013, 09:23 PM   #71
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Nico08, I can commiserate. I too live in NJ. I pay 4x more in taxes for my properties in NJ compared to my house in AZ, which is 2x bigger than the combined square footage of both NJ properties. I'm working on selling both NJ properties and leaving this bloodsucking state soon. Good luck with your plans. BTW, I hate the four seasons as they trigger all sorts of allergies for me.

here's my estimate pre-retirement:
NJ house - 6%
Jersey shore house - 2%
AZ house - 2%
and roughly 20% to 25% of my variable ER income.
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Old 09-26-2013, 10:21 PM   #72
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Oh man - this thread has me thinking of overcoming the inertia of living in Illinois.

$7,800 for a $240K crappy house on 7 acres in a rural county.
Thats going to be about 12% of my RE budget. (2nd biggest expense after healthcare).
5% state income tax sure to go up drastically when the state goes kaput.
7% sales tax - see coment above

We have a long and proud tradition of getting hosed.
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Old 09-26-2013, 10:38 PM   #73
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Unfortunately I'm going to lose this contest. My property taxes are $26,800. That's not a typo. My annual expenses here should be ~120-150k, so that's somewhere near 20%.


I live in the county with the highest property taxes in the country.


Basically its as if I rent the house from Westchester County.
That is amazing and I thought 2k on a house worth 125k in MO was crazy.
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Old 09-26-2013, 10:47 PM   #74
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Unfortunately I'm going to lose this contest. My property taxes are $26,800. That's not a typo. My annual expenses here should be ~120-150k, so that's somewhere near 20%.

I live in the county with the highest property taxes in the country.

Basically its as if I rent the house from Westchester County.
Hopefully you will be able and willing to move.
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Old 09-26-2013, 10:52 PM   #75
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Oh man - this thread has me thinking of overcoming the inertia of living in Illinois.

$7,800 for a $240K crappy house on 7 acres in a rural county.
Thats going to be about 12% of my RE budget. (2nd biggest expense after healthcare).
5% state income tax sure to go up drastically when the state goes kaput.
7% sales tax - see coment above

We have a long and proud tradition of getting hosed.
+1. I considered getting out of IL but DW is resisting it because of the children/grandchildren.

Our (Cook County) sales tax is 9.75%.
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Old 09-26-2013, 10:59 PM   #76
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+1. I considered getting out of IL but DW is resisting it because of the children/grandchildren.

Our (Cook County) sales tax is 9.75%.
That's punitive. Think of it this way. It's like leaving a gratuity for less than good service but on everything you buy.
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Old 09-26-2013, 11:02 PM   #77
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Oh man - this thread has me thinking of overcoming the inertia of living in Illinois.

$7,800 for a $240K crappy house on 7 acres in a rural county.
Thats going to be about 12% of my RE budget. (2nd biggest expense after healthcare).
5% state income tax sure to go up drastically when the state goes kaput.
7% sales tax - see coment above

We have a long and proud tradition of getting hosed.

BUT you are lucky in that IL does not tax retirement income such as Trad IRA's pensions, etc.
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Old 09-26-2013, 11:09 PM   #78
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BUT you are lucky in that IL does not tax retirement income such as Trad IRA's pensions, etc.
That is correct, whether for private or public pensions. IL also does not have a progressive income tax.
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Old 09-26-2013, 11:57 PM   #79
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The property taxes on our retirement home located in one of the wealthiest counties in Alabama amount to $1,233 a year for a nice but modest house valued at $250K (about 1.5% of our planned retirement budget). The top income tax bracket is 5%, although our effective rate has always been much lower. The sales tax is pretty high in that part of the state though (8.5%).
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Old 09-27-2013, 07:30 AM   #80
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+1. I considered getting out of IL but DW is resisting it because of the children/grandchildren.

Our (Cook County) sales tax is 9.75%.
You don't have to move far over to IN will do wonders.
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