This article was featured on Yahoo yesterday:
http://finance.yahoo.com/retirement/article/113611/most-least-taxing-states-bloomberg
I am not 100% sure that EVERYTHING is accurate, especially after reading some of the comments. But the overall gist....seems that the New England area is the most expensive area for taxes. They are ranking CT as #1. Go us!!!
I know when I have talked about the cost of things here, I frequently get comments about how much LESS expensive it is where you all live. When I said we pay $342 A MONTH for oil....I could hear your collective jaws drop. And remember...that is less than it was in 2008, when we paid $517!
We have high cost of living here...taxes, utilities, food, gas. Connecticut tends to pride itself that it is so much more expensive here...and therefore better? Nah.
The article also listed South Carolina in the bottom 5 for cost of taxes. Well, if our move ever happens (more on that soon), we had decided to move to SC, just over the border. G-man would work in NC, but we could take advantage of the lower prices in SC.
Going from the #1 to the #48 place for taxes....while I worry about how this will all play out....in the end we will probably save a ton from the get-go. Just for our escrow...we currently pay over $600 a month. Just for escrow!!! Based on quick calculations...we will save $400 just in taxes per month.
How about you? Where does your state rank?
Moving from the #1 to the #48 would save you a ton of money! And yeah I'm not sure about the article. It doesn't include the local taxes, and where I live there is both a local and city tax on top of the state and federal tax, so it can be pretty high.
ReplyDeleteWe have the highest state and income taxes. PLUS city, local, and personal property taxes. Anyway you slice it....moving is going to save us money in the long run.
ReplyDeleteYes, please take that article with a slight grain of salt. I lived in Mississippi and the taxes are very high. Texas is less expensive even with the higher property taxes! Oil (or gas here for the home) is around $100 in the winter and $30 in the summer! Come on!
ReplyDeleteWell I'm glad my state isn't #1 Mysti, that would be crazy. I forgot to look at what number my state is. Luckily my property tax just went down and it's around $2,500 a year. And I saw my tax receipt the other day though and $2,000 of my taxes goes towards the library. That's a big percentage of what I make and I've never even owned $2,000 worth of books before. ahhhh taxes are insane
ReplyDeleteAlso I can't believe you pay $600 just for escrow!
ReplyDeleteMysti, I know Idaho ranks 48 on low education rates. We are an ignorant lot. We also pay very high groceries where we live but most other things are cheap. However ignorance is not cheap and we have an abundance of that here.
ReplyDeleteI'm in Alabama, so I'm on the low end of the tax scale for income taxes, however, the area where we live is not necessarily. Property taxes in my suburban area are very high, but that's primarily to fund the schools and the school system is one of the top systems in the state. We pay more than other areas of the state, but we get a lot back, too. Sales taxes come in at 9% and that 9% is applied to groceries as well. ugh.
ReplyDeleteSee, what you should do is find a home in Washington and a job in Oregon. Then you'd be set.
ReplyDeleteWashington has no state income tax and Oregon has no sales tax. (Plus, someone else has to pump your gas for you by law.)
Property Taxes will also get you in TX! We don't have state income taxes but last year we paid close to 8k in property taxes.
ReplyDeleteHS