States tax rate rankings: Bloomberg

[Orchidflower]

I just found this, and it looks like an old Bloomberg Wealth Management ranking system of different States done in 2003. I am posting this only because: 1. I never saw it before, and figured I cannot be the only one; and 2. I felt it was pretty interesting and might help someone in their search for where to live or stay.
Do you think these figures are still vital since it is now 2007?

How the States Stack Up T

[Orchidflower]

Say, I just found Nords wrote that this study was available in 2005; however, enjoy the posting. (Sorry, Nords...)

[W2R]

I couldn't get the page to load, but I *think* maybe I found the same page here:

http://www.jpaulknight.com/investing/wealthfriendly.pdf

Is this it? :confused: By the way, I love your interest in comparing taxes of different locations, and always look forward to your posts.

[starter82]

Quote:

Originally Posted by Want2retire I couldn't get the page to load, but I *think* maybe I found the same page here: http://www.jpaulknight.com/investing/wealthfriendly.pdf Is this it?

That's it.

[Notmuchlonger]

Thanks for sharing. I was surprised how Missouri rated for retirement.

[Nords]

Yep, that's the one. Note how Hawaii ranks in "real wealth" and "retirement". But don't come here if you're still pulling down a paycheck.

Bloomberg sold Wealth Management to Highline Media a year or so ago, and the magazine no longer publishes that article. Highline is an exceptionally aggressive direct-marketing firm, too, and I've had to stamp out a number of offers from their "advertising partners"... so beware if you use their website or subscribe to any of their products.

But I still receive Wealth Manager and I hugely enjoy reading how the financial-services sector drools & deceives views us customers.

[W2R]

Look at how nicely Louisiana is scored! A's, A-'s, and A+'s. Not bad, eh?

Frank says they must be out of their minds. I think the reason for it is the half million dollar salaries and million dollar homes. I doubt we have many people in either category here.

But if anybody wants to retire in this great "A" rated place, you can buy a great home from me any time! It's less than a quarter million (cheap, yes?) and I'll give you a super deal. The property taxes are the lowest I've heard of. And Mardi Gras is free.

Oh, well, one can wish!

[Orchidflower]

My son says I have OCD I have studied these tax figures for so long now (3 years). I don't care. He can run his mouth. I want to pick a place and plant down. Moving around wastes time, money and effort and I am old, fat and lazy now...haha!

[Orchidflower]

I put this on the FIRE AND Money board here, but nobody answered. Let me try this:

http://www.early-retirement.org/foru...ase-32203.html

[Notmuchlonger]

Well I think this study is a bit skewed. They use 500k for housing for retirees. 500k house in Texas,Missouri or Tenn is alot of house! Plus the property tax in those states is quite a bit different. I would have preferred them use a mean house value but I guess they used 500 when comparing the 50 states.

[Orchidflower]

Louisiana has such a low cost of living, Want2retire, that I can see how it rates highly. Plus, your property tax is the very lowest in the nation.
My sister is married to a surgeon and had a big house--and her property tax was something like $500 compared to my bungalow in Bellaire/Houston which was what? $3K when I bought it like 22 years ago?

[W2R]

Quote:

Originally Posted by Orchidflower Louisiana has such a low cost of living, Want2retire, that I can see how it rates highly. Plus, your property tax is the very lowest in the nation. My sister is married to a surgeon and had a big house--and her property tax was something like $500 compared to my bungalow in Bellaire/Houston which was what? $3K when I bought it like 22 years ago?

That's probably it. My property tax was just $551 last year on a 3BR 2 bath 1558 sq ft house in a good neighborhood. It's not as nice as your sister's house, but I have only had it for 5 years. If I had had it longer than that, then the assessment for tax purposes, and taxes, would probably be even lower!

[dessert]

Quote:

Originally Posted by Want2retire If I had had it longer than that, then the assessment for tax purposes, and taxes, would probably be even lower!

W2R, that's correct. Been in my home 22 yrs, 4 BR, 2.5 bath, 1900 LA, 4-car carport with shop, on 1 acre in nice neighborhood..........and this is the honest to goodness truth.....my property tax on that was $6.92 last year.

But we all complain about the bad roads....go figure!

[W2R]

Quote:

Originally Posted by dessert W2R, that's correct. Been in my home 22 yrs, 4 BR, 2.5 bath, 1900 LA, 4-car carport with shop, on 1 acre in nice neighborhood..........and this is the honest to goodness truth.....my property tax on that was $6.92 last year. But we all complain about the bad roads....go figure!

Where in Louisiana do you live? I'm assuming Louisiana from the bad roads.

Seriously, when I crowed about lower than expected property taxes at a group that I attend, ALL the women there said that they paid no property taxes. They bought their homes when the value was less than the homestead exemption.

[dessert]

Quote:

Originally Posted by Want2retire Where in Louisiana do you live? I'm assuming Louisiana from the bad roads.

WTR I sent you a short PM.

[W2R]

Quote:

Originally Posted by dessert WTR I sent you a short PM.

Thanks, I got it. Hope you can visit New Orleans and see some REAL potholes some time.

[Orchidflower]

I have been doing homework on property rates, and, if you want low property tax rates, you can't beat Louisiana or Alabama. Gulf Shores is a new retiree mecca in Alabama, but I understand it didn't recover yet from the hurricane a few years ago. Pity! (Close to Mobile, by the way)

[W2R]

Quote:

Originally Posted by Orchidflower I have been doing homework on property rates, and, if you want low property tax rates, you can't beat Louisiana or Alabama. Gulf Shores is a new retiree mecca in Alabama, but I understand it didn't recover yet from the hurricane a few years ago. Pity! (Close to Mobile, by the way)

Before Katrina, I was thinking Fairhope might be ideal. A lot of people retire there. Actually I think Fairhope is probably still a reasonable retirement destination for many people though as you probably recall I am looking further north in Missouri.

As for Gulf Shores, many New Orleans residents keep a condo there for a cheap weekend beach retreat. I looked at them online before Katrina, and some were very reasonably priced. As you mentioned, that area apparently took some storm damage though I have not seen it myself since I haven't been there for several years.

[FIREd]

I can confirm that Alabama (ranked #2 overall) is a great state to build wealth. If you are lucky enough to have a well paid job down here, then you have it made. Our networth growth has accelerated dramatically since we moved here, mostly because of the low cost of living and the low taxes. Only black mark for Alabama (which may affect negatively your networth): very weak asset protection in case of lawsuits. Home equity is protected only up to 10K I believe, 401K is protected under federal law, but everything else is fair game.

[clifp]

Quote:

Originally Posted by Want2retire But if anybody wants to retire in this great "A" rated place, you can buy a great home from me any time! It's less than a quarter million (cheap, yes?) and I'll give you a super deal. The property taxes are the lowest I've heard of. And Mardi Gras is free. Oh, well, one can wish!

By all accounts the people in the Big Easy, were very nice to the folks visiting from Hawaii, and I briefly thought it would be fun to live there for a few months a year. However,those mean Georgia Bulldogs thrashed our poor Hawaii Warrior football so completely in the Sugar Bowl that it soured me on New Orleans for a while sorry