the_tucson_kid
Confused about dryer sheets
- Joined
- Jun 5, 2003
- Messages
- 2
I currently live in Texas and hope to RE in about 8.5 years. Texas has no income tax but high property taxes and on the Guld coast at least very high insurance rates. I also own a rent house in Arkansas which has an income tax but low property taxes and low insurance rates.
I currently pay about $6000 per year in mortgage, $3000 per year in property taxes and $3000 per year in insurance cost (home owners, flood and wind) on my Texas property but only $350 in property taxes and $380 in insurance on my Arkansas property.
At retirement, I plan on selling my bay house and moving to Arkansas. Is it possible to remain a citizen in Texas and not pay income tax while living in Arkansas and paying minimal property cost? For tax puposes how is legal residency defined?
I currently pay about $6000 per year in mortgage, $3000 per year in property taxes and $3000 per year in insurance cost (home owners, flood and wind) on my Texas property but only $350 in property taxes and $380 in insurance on my Arkansas property.
At retirement, I plan on selling my bay house and moving to Arkansas. Is it possible to remain a citizen in Texas and not pay income tax while living in Arkansas and paying minimal property cost? For tax puposes how is legal residency defined?