Re: How rich are you?
Sure. brag about it.
The . . . uhh . . . absolute value of my liability was in the top 15%. Yay?
Sure. brag about it.
The . . . uhh . . . absolute value of my liability was in the top 15%. Yay?
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Re: How rich are you?
While that's a bit extreme (the retiring at 40 part anyway), a lot of Americans do in fact relocate to other countries when they retire. Another option is to relocate to a lower cost state (i.e. one with no income tax).
Kepler
Cornell Big Red
unofan
Well-known member
Re: How rich are you?
Why would you move to a no income tax state when you retire (and presumably make less income)? Low/No property/sales taxes, sure...
Why would you move to a no income tax state when you retire (and presumably make less income)? Low/No property/sales taxes, sure...
Re: How rich are you?
I live in a relatively high tax state, so in a typical year, my property tax has cost me 1/3 what the state income tax does. Even if my income was cut in half, I'd still be paying more via the income tax.
I'm sure there are others (perhaps you are one of them based on your post) who take less of a hit via the income tax route and are gouged more through property taxes due to their location (since property tax depends quite heavily on which school district you happen to reside in).
I guess the short answer is "it depends".
I live in a relatively high tax state, so in a typical year, my property tax has cost me 1/3 what the state income tax does. Even if my income was cut in half, I'd still be paying more via the income tax.
I'm sure there are others (perhaps you are one of them based on your post) who take less of a hit via the income tax route and are gouged more through property taxes due to their location (since property tax depends quite heavily on which school district you happen to reside in).
ScoobyDoo
NPC
Re: How rich are you?
Yes and no. Since the Feds and the State of Minnesota have dipped their hands into school funding and restricted the funding that can be done locally the differences in that regard are minimal. Unless you happen to move to a district that is in its initial large growth spurts (like Lakeville which just put up another High School recently).
Yes and no. Since the Feds and the State of Minnesota have dipped their hands into school funding and restricted the funding that can be done locally the differences in that regard are minimal. Unless you happen to move to a district that is in its initial large growth spurts (like Lakeville which just put up another High School recently).
Re: How rich are you?
Nathan - that's why I said earlier it's net worth that matters and not income.
I wouldn't call the difference "minimal". 1/3 of my property tax is due to the school district levies.
Nathan - that's why I said earlier it's net worth that matters and not income.
ScoobyDoo
NPC
Re: How rich are you?
Sure. All I'm pointing out is the difference between districts is not as wide as it once was. At least in Minnesota.
Sure. All I'm pointing out is the difference between districts is not as wide as it once was. At least in Minnesota.
Re: How rich are you?
It's still significant. Plus his contention was that people would pick states based on property taxation when the levels are determined by city/county/school district (based on MN's approach, anyway). My property tax - for a property of the same *'ing value as this one - could be double or triple what it is if I lived in another part of the metro.
ScoobyDoo
NPC
Re: How rich are you?
I'm surprised by that given all Governor Turnbuckle and Pawlenty have done to destroy competition between counties, cities, etc. and flatten everything.
It's still significant. Plus his contention was that people would pick states based on property taxation when the levels are determined by city/county/school district (based on MN's approach, anyway). My property tax - for a property of the same *'ing value as this one - could be double or triple what it is if I lived in another part of the metro.
I'm surprised by that given all Governor Turnbuckle and Pawlenty have done to destroy competition between counties, cities, etc. and flatten everything.
Re: How rich are you?
I glanced at a few listings in a tight starter home price range of $125k-135k for townhomes and condos in the twin cities and found property tax assessments ranging from $1400-2100. So it looks like the variability has been reduced, but it is still significant. If you're looking to live somewhere for a decade, saving $7k on taxes alone strikes me as a significant portion of the equation.
ScoobyDoo
NPC
Re: How rich are you?
Sure, if you're single. If you have kids you don't go to Mpls. schools if you can afford to live in Eden Prairie just because the difference in public education is so large. Course you can avoid the whole thing with private school but that's more than 7K over 10 years.
Sure, if you're single. If you have kids you don't go to Mpls. schools if you can afford to live in Eden Prairie just because the difference in public education is so large. Course you can avoid the whole thing with private school but that's more than 7K over 10 years.
Re: How rich are you?
The Minneapolis property I pulled was at the expensive end of the spectrum ($2k in property tax). Roseville and Eagan were the cheapest ones I found. EP's was predictably expensive, basically identical to Minneapolis.
Re: How rich are you?
I live in an expensive city tax-wise, and it sucks. For a townhome with a taxable value of right around $200K, I'm paying roughly $3k in taxes. We just opened a new high school this year, and we have no significant retail, office parks or industry to gouge for the taxes instead. I wouldn't mind living in certain parts of Eagan.
Re: How rich are you?
Y'all have no idea how good you have it. You should see some of the mill rates in Maine.
Y'all have no idea how good you have it. You should see some of the mill rates in Maine.