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> where the pensioners have almost entirely moved out of New Jersey to avoid the same taxes. (Income) Tax free Texas sounds good right about now!
by o-__-o 6y ago
> where the pensioners have almost entirely moved out of New Jersey to avoid the same taxes.
(Income) Tax free Texas sounds good right about now!
- WillPostForFood 6y agoTexas is a no income tax, but moderately high property tax state. That's good when you are making money, but can be hard when you retire: low income, high tax on your house.
- deleted 6y ago[deleted]
- nrmitchi 6y agoIt also disproportionately impacts mid-tier earners. Ie, those who earn enough to own their home, but still have it make up a significant portion of their net worth. Someone making 100k/year, and making 1M/year, both living in 400k houses (not uncommon in the Austin area), will be paying the dollar-amount in tax. Ie, a high property tax and low income tax is very regressive.
- jdbernard 6y agoWait a minute, where are all these $400k homes you're finding in Austin? I thought those disappeared about 5 years ago... Joking aside, it wouldn't surprise me if $400k was close to the median price for homes within the city limits.
- nrmitchi 6y agoWithin the city currently I believe 400k is actually on the low end. Originally I wrote 500k, but changed it to avoid "no one should be complaining if they life in a half a million dollar home, that can buy so much in Ohio!!" type comments.
- yao420 6y agoI bought a house this year for $250k in 78744. Plenty others near that price range are available, but it is in a Mexican neighborhood with bad schools.
- mbesto 6y agoFunny enough $400k is pretty spot on: https://www.zillow.com/austin-tx/home-values/ https://www.zillow.com/austin-tx/home-values/
- o-__-o 6y agoLate to respond but NJ, where I used to live, has property tax of 10%+. Texas, where I live, is 2% But I don’t mind if people don’t know this, this state is great as is :)
- busterarm 6y agoYes, it's mostly Florida where New Jersey's pensioners have gone to.