Early Retirement Extreme Forums

As far as tax liability goes? (Sorry if this has been posted, looked and didn't see anything)

I live in NJ, which is a tax hell-hole. For example, I have a 1,000 sq ft- 3 bedroom 2 bathroom house. Bought for $170K which isn't horrible, with a property tax liability north of $7800 a year (yes you read that right) and probably soon to increase. Even if I were to pay off my mortgage, my property tax bill would still be around $700 a month, which is a mortgage of its own. It almost makes it pointless.

Seriously considering SC as their property taxes are lower (and I already can work from home) and overall cost of living.

What is your state like?

jacob wrote: ↑

Thu Apr 25, 2019 6:57 pm

viewtopic.php?f=14&t=7403

Ah, sorry. Feel free to delete!

I created a spreadsheet to compare several states by totaling up expected taxes for each state. Wasn't very time consuming to do and it solved the problem for my custom situation. There is no one size fits all answer since we will all have different homes (size & rural vs. urban), different income levels, and different expenditure levels on taxed purchases.

For income taxes I used smartasset.com calculators and also noted if dividends are taxed by the state. For real estate, I took a sample of 3 houses per state that I might be interested in buying based on Zillow's listings and the listed taxes. Sales tax isn't a big deal but I estimated amount I would pay per year for each state too. This way I found which state is really the most ERE friendly, which was different than each state's reputation.

Florida - Love it or leave it

Bought home 106k
Current home value 242k
Property tax for last 20 years 1.6k annually. ( That's right)
That's why so many people live in the Sunshine state
No state income tax