State tax map

[Notmuchlonger]

RETIREE TAX HEAVENS (AND HELLS), 2009-2010


Kiplinger site.

I guess it helps break things down.


http://www.kiplinger.com/tools/retiree_map/

[freebird5825]

Too funny - I was just looking at that earlier today.
I saw my state light up way too many times for negative tax load. However, it is very good for the types of pensions we currently receive and will receive in the future.
Hmmmmm......nah, the snow is still the tiebreaker.
Less than 10 years to go...and I am so outta here.

[Notmuchlonger]

Yeah not too happy about California myself. Its one of the worst. Nice weather has its price and frankly Im not into buying anymore. Ill take some of that Texas heat

[Nords]

I miss the old "Wealth Manager" magazine ranking of state taxes for workers and retirees.

This isn't too bad:

Quote:

The Aloha State is known for its high cost of living, but it can be a tax paradise for retirees. The state exempts Social Security benefits, as well as military, federal, state and local pensions (and some private pensions) from state income taxes. All out-of-state government pensions are exempt, too. But if you have other sources of income, watch out. At 11%, Hawaii shares the distinction, along with Oregon, of having the highest top income-tax rate in the country.

The part they left out is:

Quote:

The Legislature passed and then overrode the governor's veto of income tax legislation that adds three new tax brackets, with increases for anyone making more than $150,000.

So hold your annual income below $150K and it shouldn't be a problem...

[freebird5825]

Is it New Hampshire that takes the top prize for tax burden these days?

[M Paquette]

That just confirms the local wisdom from a couple of my brothers:

Move to Vancouver, WA, to live in a state with no income tax, and drive across the bridge to Portland, OR to shop in a state with no sales tax.

[Notmuchlonger]

Quote:

Originally Posted by M Paquette That just confirms the local wisdom from a couple of my brothers: Move to Vancouver, WA, to live in a state with no income tax, and drive across the bridge to Portland, OR to shop in a state with no sales tax.

You can do something like that in Tennessee. Then go over and shop in N Carolina. Almost too much hassle for me I guess the sales tax is half the amount.

[Max Power]

They forgot to mention that Massachusetts also has an annual motor vehicle excise tax of 2.5% of the value of the car, based on state-determined value rates. And the sales tax won't be 6.25% in 2010....it's already been increased to that amount this year.

[ziggy29]

Quote:

Originally Posted by Notmuchlonger Yeah not too happy about California myself. Its one of the worst. Nice weather has its price and frankly Im not into buying anymore. Ill take some of that Texas heat

Don't forget to factor in the cost of A/C that never stops for five months...

[REWahoo]

Quote:

Originally Posted by ziggy29 Don't forget to factor in the cost of A/C that never stops for five months...

...and if it stops, that's when the cost really kicks in.

[Notmuchlonger]

Quote:

Originally Posted by ziggy29 Don't forget to factor in the cost of A/C that never stops for five months...

No different here in Sacramento. We get 100's just like Texas Either way the AC runs.

[W2R]

Quote:

Originally Posted by ziggy29 Don't forget to factor in the cost of A/C that never stops for five months...

You know - - I had my entire HVAC system replaced a few years ago, and my electric bills seem to be relatively low with my highest bill so far this summer being just $125. That is with the thermostat at 85 during the day while I am at work and in the mid 70's after work.

While they aren't cheap, I think the new HVAC systems are much more energy efficient than the old ones. Just a thought in case any of you Texans have an older setup in your house.

[ziggy29]

Quote:

Originally Posted by Want2retire While they aren't cheap, I think the new HVAC systems are much more energy efficient than the old ones. Just a thought in case any of you Texans have an older setup in your house.

Ours is three years old. Our summer electric bills have been around $150-175 this year.

[W2R]

Quote:

Originally Posted by ziggy29 Ours is three years old. Our summer electric bills have been around $150-175 this year.

Actually, that's not bad at all considering the 100+ degree heat you have been having all summer. It could be worse. We only had that for a couple of weeks but it was awful.

Louisiana looks wonderful according to that map. And really, it is an inexpensive place to live as long as one doesn't have to evacuate too often. Missouri isn't quite as good for taxes, but its financial appeal lies more in the overall cost of living, especially the low cost of housing.

[Orchidflower]

Wyoming and Montana are a couple other States that you are supposed to get tax breaks if you live on the border.
I'm with Nords in that I miss the old Bloomberg Wealth Manager information, but this is really neat from Kiplingers. Many thanks for posting as I never saw this one before. Cool!

Freebird5825: I'm guessing New Jersey is darn close to the top. New Hampshire has no State income tax except on dividends and interest. NH has very high property tax, tho. And NO sales tax, so there is no way NH is at the top.

[NW-Bound]

Quote:

Originally Posted by Orchidflower NH has very high property tax, though.

Ah, beware of NH "view tax". Yes, sock it to the rich land owners!

From the following article, N.H. Puts a Price on Panoramas - washingtonpost.com,

Quote:

the view from Brad Wilder's hillside house was valued at $237,265, and in 2003, town officials deemed it a bonus feature of his home, like a third bathroom or marble countertops, and ordered him to pay about $4,700 in property taxes for it. ... In Winchester, N.H., Bennet Nicholson's view of the Connecticut River valley helped bump his property value up from about $98,000 in 2002 to about $273,000 in 2003 -- and more than doubled his property taxes. "There's no way that I could keep on paying $10,000 a year in taxes," he said. Nicholson left the house where he had planned to spend the rest of his life and moved to Canada's Prince Edward Island.

From this article, FOXNews.com - New Hampshire Residents Angry Over 'View Tax' - Politics | Republican Party | Democratic Party | Political Spectrum,

Quote:

...the one-room cabin David Bischoff built in a cow pasture three years ago has no electricity, no running water, no phone service and no driveway. What it does have is a wide-open view of nearby hills and distant mountains — which makes it seven times more valuable than if it had no view, according to the latest townwide property assessment ... In Bischoff's case, the view added $140,000 to his property's underlying value of $22,900. As a result, he expects his property taxes to jump from less than $500 last year to more than $3,000 this year. ... Retired engineer John Chandler objected when a revaluation doubled the value of his property in Hill because of its view of the White Mountains in the distance. Chandler noted that he does not own the view and cannot control it, and said it is increasingly obscured by air pollution. Besides, he is legally blind.

This is the state with the motto "Live Free or Die". What happened?

[freebird5825]

I knew there was something that had gotten NH folks all riled up. I thought it was more recent. If they try to do something like the "view tax" where I live, I'm doomed. I have scenic views in all directions except right at 3 o'clock and 9 o'clock.

Someone here posted this link a ways back...I saved it as data for starting to really think about and get a plan going for where we will fully retire to in 2019. I'm just FIRED for now.
Taxes by State

NJ has top spot for 2008, NY is 2nd. Such an honor.

[Max Power]

Quote:

Originally Posted by NW-Bound Ah, beware of NH "view tax". Yes, sock it to the rich land owners! This is the state with the motto "Live Free or Die". What happened?

When the "Old Man In The Mountain" met his demise, the motto went with him.

[ziggy29]

A view tax makes no sense -- it's double taxation since the view already increases the value of the property subject to tax....

[Moemg]

The view tax would do me in since my avatar is my view !