The Motley Fool Discussion Boards
Retirement Discussions / Retired Fools
|Subject: Re: What State is Best?||Date: 5/30/2013 12:25 PM|
|Author: TMFPMarti||Number: 18414 of 20130|
My situation is a high unearned income (rental, dividend, Government pension and what little I get from bank interest).
I know states get their income from different sources, but which would make the best sense in my situation, Florida? Nevada? I also plan on buying a house so a low property tax would be great as well.
Here's a link to a generic comparative total state/local tax burden comparison among the states: http://taxfoundation.org/article/state-and-local-tax-burdens.... If tax burden is all you care about, Alaska is calling. (Cost of living factors are a problem there.) You might be able to find something more geared to retirees at the AARP site. For example, both Illinois and Pennsylvania have an income tax, but neither taxes any kind of retirement income.
The current property tax I pay on my rental in California was inherited from my parents so I benefit from the Parent to child exclusion that lets me keep their tax rate, which makes a huge difference since its worth well over a million and only being taxed on around $130,000 so ill probably never sell that place.
Small wonder California is broke. I would assume the inherited tax valuation was intended to preserve family homesteads. I can't fathom why they allow the valuation to carry forward when the property is converted to income-producing.
Rule Your Retirement Home Fool
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|