If you’re wondering where to move for lower taxes, consider that you may be paying: State and local income taxes Property taxes Sales taxes One way or another, you’re taxed at the federal, state, county and city levels.
Verify your new rate (Oct 6th, 2018) Study provides clues about where to move for lower taxes A new report from Redfin shows there’s a growing trend of people moving out of high-tax markets and into lower-tax markets.
“Prior to tax reform, we were already seeing migration away from expensive metros to more affordable metros.
That means it’s easier for people to find a job in another city.” Ptaszynski noted that some people who migrated have the potential to save thousands a year in income, property, and state/local taxes.
And they pay about eight percent in local sales taxes but no state income tax.
“But in Los Angeles, they’ll pay, on average, $3,600 in property taxes, about a nine percent sales tax rate, and an eight percent income tax rate.” Moving makes sense to many Real estate attorney and Florida International University instructor Suzanne Hollander isn’t surprised that many people are researching where to move for lower taxes.
So moving to a state with a lower tax rate may be smart, too,” Hollander says.
That’s because it does not have a state income tax or state estate tax,” Hollander adds.
“Consider the cost of housing, the overall cost of living and the job market in your next destination,” Ptaszynski suggests.
Whitman says the costs to sell, buy and move from that could add up quickly.