New Hampshire has a very high property tax but low income
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Hello All. Just wanted to check if you folks here have access to any sources that list the states/counties that do not charge EXTRA property taxes for out of state property owners who own property as investment?
Ex: TN does not charge extra for out of state investment properties, while WV does. SC does charge extra property taxes for homes NOT owner occupied, so this pretty much counts as extra property tax.
Running list of states with no extra property taxes for NON-owner occupied/investment property:
TN
TX
NC
https://www.realtor.com/advice/finance/states-eliminate-property-tax/
Florida, Illinois , Kansas, Ohio, North Dakota, Pennsylvania
Proposals to eliminate property taxes in these states—and similar successful legislation in places like Montana to reduce taxes on primary homeowners—show how this movement is gaining momentum. The greatest challenge to these laws, however, is twofold.
Firstly, statewide action risks infringing on local governments, which are responsible for creating their own formulas for levying property taxes. A solution that works for one city is unlikely to work for more rural areas in the state, possibly creating insurmountable revenue shortfalls.
Likewise, any efforts to offset the taxes on wealthier homeowners (like owners of second homes) face significant headwinds at the polls. Overwhelmingly, these are the people who show up to vote.
Simply put, the reason why I'm asking this question is because when I finally pay off my rent on my house I want to own it for good and never have to worry about the possibility of losing it if I ever became bankrupt and lost money. So are there counties in the United States that choose to do away with property taxes altogether? I'm thinking somewhere in Minnesota since this is where I live, but anywhere in the country is fine.
I'm considering a move to an income tax free state in a few years. However, I'm aware that just because there's no income tax, a lot of other taxes may be much higher and therefore offset any advantages of doing so. Things like property tax, automobile tags and automobile sales tax, boat, rv, pwc and off road vehicle tags and taxes along with other taxes I may not be thinking of and in general, sales tax and car and property insurance. Florida, Tennessee and Texas are the 3 on my list and I'm familiar with all the states geographically, politically and ethnically so I'm really just looking tax-wise. For instance, my home state has fairly low income tax but 5% capital gains is much more than zero, and we have low property tax and vehicle tags but high sales tax and tax is collected even when a used vehicle is sold.
Im currently living in NW Florida, and i've been looking to move someone where else thats has no property taxes. This would be my first home, so I am looking at buying land first. I'm limited in going to check out the land or home if I decide not to build. I'm not sure if it will help, but I'm on ssdi as well since I can no longer work, among other things.
I can only be outside for 2-3 hours at a time, and I can't go alone. I found some land in essex County in virginia. Someone I know that's still AD said it's a good area, and he lives an hour from there. For the record, I'm black and have dealt with several forms of racism and would rather not if I find somewhere. I've been places where i was called many different slurs and that i shouldn't go to the next city.
Thanks
Edit: I'm 100% P&T.
Edit 2: I found some property in Mississippi. I used this site to check the crime rates. https://crimegrade.org/safest-places-in-mississippi/
Edit 3: Fogot to mention that I am trying to put in a basement.
Edit 4: Found 14 acres in a nice, quiet, gated community. I have a scheduled call with a lender on monday.
We moved to Virginia in 2022 and the amount I'm paying in personal property taxes each year for vehicles is ridiculous. Even Taxifornia doesn't have this tax.
Why does Virginia have this tax when they already have a state income tax?
So I find property tax to be the most perverse of all taxes, in the way that no matter you pay off your mortgage you will never truly own your home. The old saying “if you want to know who really owns your house, stop paying your property taxes for a few years” is very true.
I just want to buy a plot of 30+ acres, build a house, have some goats, a big front yard, and never be bothered by a city or county authority again.
Hey Everyone,
I am 39, single, no fam or dependent. I own an apartment at lavish neighborhood of downtown Chicago !!
I make around 250K annually but I calculated I can save something if I move out of here to some tax free states like Florida / Texas or Washington without pay cut.
Here is what I could save
HOA = > $533 x 12 = $6396
Property Tax => $4800
Car Parking => $200 x 12 = $2400
State Tax => ~$11000
Total =>~$24600
I like living here because of proximity of anything and not sure if I would prefer being any other place so far I am marking this costs as "Cost of quality living" but not sure if I am doing fairness to my Benjamins, specially when govt here sucks big time !!
Updated Property Tax : $4800, Missed earlier, Marking me living in Chicago as 10% of my Gross Income which is huge
Hi there! I know people don't like Florida here, but its's my happy place and I'm considering moving there. I have a question for people who lived in Florida or maybe other states with no state income tax, people who do not work on W2, did you feel like really saving? I live in VA now, tax for your car, state income tax. higher taxes in restaurants and etc
I’ve compiled a list of US states with an existing property tax cap (and the cap number) and states exploring removing property taxes altogether. My assessment is that property taxes are an important topic for voters as home owners are experiencing both median real wage decline (dollar devaluation) and increasing home assessments. It’s interesting that Pennsylvania (I believe the only state with partial LVT/split rate in some cities) is also exploring removing tax altogether. It’s also interesting to think about the feedback loop from increased property taxes-> increased infrastructure investment -> increased property value -> increased property taxes.
By state: Florida caps homestead assessment growth at 3 %, California has Prop 13 with 2% cap, Oregon and New Mexico at about 3 %, Iowa at 4 %, Arizona, Arkansas, Michigan, and Oklahoma around 5 %, South Carolina about 3 % per year over five years, New York City 6–8 % for certain classes, Maryland roughly 10 %, Texas about 10 % with a proposed 3 % cap for all properties, Kansas is voting on a 3 % cap, and Massachusetts limits municipal levy growth to 2.5 % annually.
Proposed: Nebraska capping annual assessed value growth at 3 % and halving taxable values, Florida adjusting the homestead exemption alongside the 3 % cap, Georgia limiting growth to the rate of inflation, Colorado capping revenue growth at 4–6 %, and Washington proposing a 1 % increase limit.
States exploring elimination of property taxes: North Dakota considered a 2024 ballot measure and has a phase-out plan for primary residences, Ohio is pursuing a statewide constitutional amendment, Florida has legislative proposals potentially starting in 2027, Pennsylvania is considering a constitutional amendment by 2030, and Kansas has long-term replacement proposals.
Think of the states with no income tax. Nevada, Washington, Texas, Florida, Tennessee, Wyoming, Alaska, South Dakota and New Hampshire.
Cities like:
Austin, Texas
Vancouver, Washington
Las Vegas, Nevada
Nashville, Tennessee
Reno, Nevada
Seattle, Washington
Fort Worth, Texas
Tampa, Florida
Orlando, Florida
etc..
I work remotely and make a good living. I can work from anywhere in the US.
If we make a move, I want to be:
In a state with no income tax. I used to live in a high tax state and now I live in a state with no state income tax. Never going back.
Need good public schools and nice sense of community.
We like to travel so being somewhat close to an international airport would be nice.
My extended family all live on the East Coast. Not a deal breaker but easier to be on East Coast or have a good airport nearby.
What are some good areas to look at?
Texas is often criticized for it's "obfuscated" tax burden. But Texas's sales tax of 6.25% is lower than NYs 8.875%, and Californias 7.25%. Average property tax in Texas is 1.60% (double than Californias but still low).
Another thing I don't get is this: if I live in California and earn 50k, I pay 10k in taxes (20%). So if I live in a no-income-tax state, I shouldn't care about additional minor taxtations as long as they don't amount to 20% or more.
I am sure I may be wrong about 80% of this, but I struggle to figure out how.
I don’t mind paying taxes but the Missouri personal property tax on vehicles due every year sort of sucks...especially when our cars somehow appreciate in value (what happened to me this year)…
What do other states do to get tax money? Is it higher gas tax? Is it higher grocery tax? Is yearly personal property taxes that Missouri collects a better deal for Missouri residents than what other states do? I’m very naive on this topic so please someone explain.
How come most states have a state income tax if no state income tax is truly an amenity? How do these states make up for it?