Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 2
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: 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
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.