Taxes in Your State

Discussion in 'Homesteading Questions' started by rcbarlow, Jan 28, 2005.

  1. rcbarlow

    rcbarlow Member

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    Since quite a few of you are from different States, I would like to know what the tax situation is in your state. I am still looking for a place to purchase.

    I know there are a few states that do not have State income taxes, but I think most have sales taxes. What is the tax burden in your state? (Income, property, sales, and is retirement income taxed).
     
  2. mike3367

    mike3367 lost in my own mind

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    Ada Ok.
    oklahoma has all the taxes and then some lol but property tax wasnt to bad i just bought a 70k house and the property tax was only 242.00
     

  3. rcbarlow

    rcbarlow Member

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    Florida has no state income taxes but makes up for it in other ways.
    Sales tax is 6.5%. Property taxes are a little on the high side, but they give you a 25,000 homestead exemption.
     
  4. duke3522

    duke3522 Well-Known Member

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    Indiana
    Here in the Hoosier state we have a 3.4% income tax. A 6% sales tax. And property taxes are all over. My house has assessed at $64,000 on 2.77 acre runs $950 year including a $40 ditch fee.
     
  5. Cosmic

    Cosmic Well-Known Member

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    You probably want nothing to do with anything in New England.

    MA is one super good to avoid state. It has them all and then some.

    Sales tax 5%

    State income supposed to be 5% for normal income but there is an "Emergency" surtax that is sort of permanent therefore ~5.75%, the real kicker many sources of investment or non-earned income are taxed at 12% if non-MA earned. They tax SS if the Feds do. Few exemptions, puny deductions.

    Property taxes are high, as values of houses increase, they do not adjust the rates down to compensate, treat it as a cash cow. There is supposed to be a cap on the rate it can increase each year, but the starting point is so high, even a few percent can be a killer. Some places give home owner exemption of so much if you live in the property.

    They also tax your cars, trucks and anything with a license. $25 per $1000, can be a killer at todays car prices and multiple car families, coupled to some of the highest insurance around. You pay it EVERY year not just the year, you buy the car, even driving a very old car can't escape it, they have a minimum tax, no matter the worth of the car. Many companies will not write insurance in MA so have a limited pool to buy from. Slip in a beast of a car inspection system and it is highway robbery without the need for a gun.

    Retirement income may be / may not be taxed. Depends on the source, many are not, not out the grace of their heart but usually because Federal Law prevents it. If it can be taxed it usually is.

    The fees and fines and payments for everything is wicked. Everything has some sort of a fee, pay late, you get a fine / charge. Even things like permits to store your heating oil, paid yearly. Rather massive investment in computers to track and squeeze every penny. Failure to pay something usually results in an inability to do something else. Lot is tied to the ability to renew you drivers license. They keep a database, can't get the renewal until you are declared clean, same with many professional licenses.

    P.S. The Kennedy's don't usually subject themselves to this ordeal. Teddy's cars are registred in the D. of C.
     
  6. Freeholder

    Freeholder Well-Known Member

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    NH is similar to Mass. but no income tax or sales tax (which is why all those Mass. people go to NH to shop!).

    Oregon has no sales tax, does have an income tax, and property taxes are high but not as high as NH.

    Kathleen
     
  7. freeinalaska

    freeinalaska Well-Known Member

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    Here in Alaska we have no income or state sales tax. Sales taxes are established by the city or borough you live in. The Fairbanks-Northstar Borough where we live has no sales tax and the property taxes are reasonable.

    Permanant residents of the state receive a dividend each year from oil revenues. Last year each member of our family received a check for $900, which was low compared to the year 2000 dividend of almost $2000 each. The state actually pays us to live here.
     
  8. Hoop

    Hoop Well-Known Member

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    Wisconsin has a state sales tax of 5% (food & clothing excepted) and a state income tax rate or around 6-7%. Property taxes aren't cheap.

    For our taxes, we have an excellent system of public schools, technical schools and universities. Crime is low and violent crime (except for the inner city of Milwaukee) is very low. Corruption is very rare for most of the state, the exception being the communities in close proximity to Chicago.

    Unfortunately, corporate welfare is alive and kicking in the state. Gifts in the form of corporate welfare to corporate whores such as WalMart continue ad nauseum. Citizens around Milwaukee are paying increased sales taxes to support a private business venue, now owned by a California investor....The Milwaukee Brewers.
    Even the beloved Green Bay Packers looked to the public sector to support a private, for profit business when the stadium needed 400 million or so in "updates".

    Most major employers in Wisconsin are on the corporate welfare rolls. Even Harley Davidson, which has honed an image of a rugged individualist, is nothing more than a corporate welfare queen.
     
  9. Wags

    Wags Well-Known Member Supporter

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  10. rambler

    rambler Well-Known Member Supporter

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    That seems an awefully low chart.

    For example, Minnesota is listed at 10.5%. However, we have a sales tax of 7.5% alone (excluding some food & clothing)..... My income tax is typically 33% as big as the fedral income tax, which their chart would suggest is another 6%.

    Then throw in the rather high property taxes with school, town/ship, county which is a good 1-2% of your real estate amount.

    Add the fees (which are really taxes) that we pay any time we turn around, including the built in fees on fertilizer, gasoline, and more.....

    I'd suggest that chart is off by 50% to real world - for my state anyhow.

    --->Paul
     
  11. DAVID In Wisconsin

    DAVID In Wisconsin Well-Known Member

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    Hoop is right about property taxes being cheap in Wisconsin. It varies by municipality. I live in a rural area. My home is appraised at 96,000 for tax purposes. The tax bill I'm staring at right now is for just over $1600.00. I almost died! Friends who actually live in towns near here, pay a whole lot more tahn I do.
     
  12. Cosmic

    Cosmic Well-Known Member

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    That chart is made up by somebody in MA who is on drugs. Yeah, MA ranks #32 and #36. :no:

    What have they been smoking. Your car tax is as much as your house. Bet that ain't in there. :haha:

    Throw in the price of rent if you don't own or the price of the interest on the loan if you do and MA is in the top 3. Those are all taxes and drains on your wallet, doesn't matter much how the money gets taken out.