schmellba99 said:
Gator03 said:
schmellba99 said:
MAS444 said:
Plus property taxes are high here, which sort of offsets no state income tax. I bet the income tax thing has much less value than people think.
It does. My tax burden went up moving back to Texas from AZ because of the disparity in income tax there versus property tax here. But a few thousand.
Would it at that level though?
4% of $30M income per year = $1.2M
2% of $5M house in Memorial or RO = $100k
You'd have to really go nuts on the house to get close to the income tax burden.
Don't know about CA, but most places with state income taxes are a percentage of your federal tax, not you overall income I thought. I know AZ is at least that way, so the income tax state portion is really not all that bad. They still had property tax out there as well, but my property tax was something like $500 a year.
Yeah, I can see how income tax would be better than property tax for us mere mortals who have houses worth more than our annual income.
But if you have an annual income that's multiples of your property value then you'd much rather have no income tax and a 2% property tax.
Overall though I agree with the earlier poster who said that this is almost a non-factor.