Income tax in North Carolina, Georgia, Tennessee
Jul 4th, 2004, 04:24 PM
#22
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Investigate Total State taxes: I live in Dallas, Richardson ISD, TX.
No income tax, but a 8.25% sales tax, and property taxes of about 2.75% of appraised value ($7800. last year).
My annual property taxes in San Miguel de Allende, MX were $136.65.
Guess where I'm headed.
M
No income tax, but a 8.25% sales tax, and property taxes of about 2.75% of appraised value ($7800. last year).
My annual property taxes in San Miguel de Allende, MX were $136.65.
Guess where I'm headed.
M
Jul 4th, 2004, 05:17 PM
#23
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I only know about Georgia. When you turn 62 in most counties, 65 in a few, you do not pay the school tax component on a house valued at up to about 250,000 most places. If your house is mor than that yo pay the school tax on the portion above the exclusion. So the property taxes in Georgia for a retiree is not a lot. Most of the people I know have property taxes less than 1,000 when they reach that age.
Additionally, Georgia has an exclusion of 15,000 per person from income taxes when you reach age 62. The only caveat is that it cannot be from wages -- only 4,000 can be from wages. The rest must be from dividends, interest, pension etc. And it is personal -- so if one person has 25,000 on interest income and the other person has 5,000 your exclusion will be 15,000 for the first person and 5,000 for the second. Also, social security is not taxable at any state level anywhere although it may be taxed for federal purposes.
Additionally, Georgia has an exclusion of 15,000 per person from income taxes when you reach age 62. The only caveat is that it cannot be from wages -- only 4,000 can be from wages. The rest must be from dividends, interest, pension etc. And it is personal -- so if one person has 25,000 on interest income and the other person has 5,000 your exclusion will be 15,000 for the first person and 5,000 for the second. Also, social security is not taxable at any state level anywhere although it may be taxed for federal purposes.
Jul 4th, 2004, 05:34 PM
#24
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sinehat, in my original post I asked about a small town which is able to tolerate two non-church going people.
Very interesting about taxes in Georgia but we don't worry too much about taxes anymore and decided on North Carolina. We like to visit Latin America but have no desire to move there regardless of low taxes.
Thank you both for your comments.
Very interesting about taxes in Georgia but we don't worry too much about taxes anymore and decided on North Carolina. We like to visit Latin America but have no desire to move there regardless of low taxes.
Thank you both for your comments.
