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Ambassador
3,735,279
Anna "Banana" Kruchten
Retired Broker/Owner - Phoenix, AZ
602-380-4886

I've never heard anybody say - I moved to AZ because of the taxes.  What I did hear a lot is OMG your property taxes are so low.  Fantastic.  But that is not why they moved here.  Typically it's due to a job relocation or family.

Sep 24, 2024 09:08 AM
Rainmaker
1,310,953
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

For many people they do. Why would you want to move to a state where your hard earned money is taxed to death.

Sep 24, 2024 11:18 AM
Rainmaker
2,917,442
Richard Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Yes...one always has to be on guard for the governments share, deserved or not, being monitored. I give to Caesar what is Caesars & to God what is GOD'S

Sep 24, 2024 10:54 AM
Rainmaker
1,134,648
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Sure, or NV, TX, TN and FL would not be as popular relocation destinations! 

 

Sep 24, 2024 09:56 AM
Ambassador
3,479,644
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

 

Those are most definitely factors I consider as I ponder where I will move when I leave my home state of CA. 

Sep 24, 2024 09:42 AM
Rainmaker
1,535,504
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

All of the factors mentioned, Peter Mohylsky, Beach Broker, should be considered when relocating. Once you have made the move and found out there is a problem in one of those significant areas, its is had to unwind.

Sep 24, 2024 09:07 AM
Rainmaker
6,164,273
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have had many relo families move into Denver because of the low property taxes, especially from the East Coast.

Sep 24, 2024 09:14 AM
Rainmaker
2,630,895
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I think this is especially true when it comes to residential properties that are on boarder towns like Fargo ND and Moorhead MN Peter Mohylsky, Beach Broker . The Red River divides the towns BUT people prefer Fargo due to MN's taxes.

Sep 24, 2024 12:48 PM
Ambassador
2,738,629
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 Look how many Billionaires are moving to Florida.  Our tax structure is among the best in the United States!

 

Sep 24, 2024 12:44 PM
Rainmaker
1,562,440
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yes.  I have known people who have relocated or are considering relocating to Florida, Nevada, and other such states because of the lack of a state income tax.  One of my friends in high school back nearly 30 years ago, his dad lived in Vegas for six months out of the year for that reason.

 

I'm pretty sure it was a major factor in Elon Musk's decision to move all his companies to Texas.  Does that mean "All his Xs live in Texas"?

 

Of course, like in Elon's case, these days state laws and freedoms (or lack there of) play a big factor as well.

Sep 29, 2024 12:10 AM
Rainer
405,258
Adam Feinberg
Elegran - Manhattan, NY
NYC Condo, Co-op, and Townhouse Advisor

My decision to buy in Manhattan vs other locations in the tr-state area was at least in part due to the Tax abatement made available. I bought my apartment with a 25 year 421-A Tax abatement- which meant that my property taxes for the first 20 years would be less than $4/month (not a typo). During the last 5 years of the program (which I am sadly getting close to) the abatement will start to roll off- by 20% per year. By year 24 and 25- my property taxes will be rather substantial- but no more than what they would have been had I not had the abatement...what a savings for all those years while I paid off my mortgage. 

Sep 25, 2024 05:51 PM
Rainmaker
1,678,544
Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, CFSP
Big Block LPT Realty 858.232.8722 - La Jolla, CA
Coastal San Diego, Veteran's & Retirees Services

I know it drives some from CA to OR. So while that never influences my Top 5 reasons for moving, I'd say many do have it higher on their lists.

Sep 25, 2024 07:53 AM
Rainmaker
890,960
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

Many people leave NY to take the sting out of their tax burden... there is quite often a human connection that prompts that departure too.  ;)

Sep 25, 2024 05:21 AM
Ambassador
2,677,158
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Yes they can certainly be part of the decision on where to move, especially if expenses will be an issue - for example when retiring.

In my last state, we had a 1700 square foot home on one acre of property and paid about $11-12K per year. We moved to our new home and have close to 70 acres of property with a 2000 square foot home and multiple outbuildings and we pay less than half. It makes a big difference in affordability.

Sep 25, 2024 04:40 AM
Rainmaker
5,700,427
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Property taxes are a definite consideration while some with the freedom to move out of state will consider state income tax. Most do not pay attention to local sales taxes until after they have pulled the trigger. 

Sep 25, 2024 04:34 AM
Ambassador
6,911,362
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I am sure that for a rare few people this is the basis of their decision to relocate.  However for most they have more important reasons to move, Jobs, Family, Climate, etc.

Sep 25, 2024 02:45 AM
Rainer
485,903
J.R. Schloemer
Kentucky Select Properties - Louisville, KY

I’m sure there are plenty that tailor their estate planning around residency and taxes.

Sep 24, 2024 08:34 PM
Rainmaker
974,320
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Peter, The Tax Foundation had a fascinating article back in April on how the NFL Draftees would fare with state and local taxes playing in various NFL cities.  https://taxfoundation.org/blog/2024-nfl-draft-taxes/

The table at the bottom of the article is something any free agent in pro sports should look at before deciding on what team/city to play for. (The Jags ought to point this out how well an NFL player would fare playing in JAX)

As far as retirement goes I have been researching some various states concerning their state and local income taxes, as well as property taxes.  It has been an important consideration, but alas it would be so hard to leave God's Country with all our corn, beans, and hogs!  (and wind turbines and solar panels to keep the lights on back East)

Sep 24, 2024 04:16 PM
Ambassador
3,263,895
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.WarrenCountyOhioRealEstate.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

When we were looking for our next place, the area near Liz's family includes West Virginia, Virginia and Maryland all within a short distance.  Taxes and government policies did influence our final decision for our land purchase.  We're a few hundred feet from the state line with Virginia, but we'll be in West Virginia.

Sep 24, 2024 02:28 PM
Rainmaker
949,855
Carla Freund
Keller Williams Legacy - Apex NC - Apex, NC
NC Real Estate Transition & Relocation 919-602-848

I'd think people do take that into consideration when moving. I know we did. We moved from a state that didn't require state taxes to one that does. We made sure the new salary made up for it.

Sep 24, 2024 02:17 PM
Rainmaker
808,989
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

Those with roots in the community and enough net worth to not worry about paying taxes won't care one bit.  Those with no roots are already visting potential retirement homes and locations.  Taxes affect their decision as a matter of fact.

Sep 24, 2024 02:02 PM
Ambassador
3,238,707
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Yes.  I've had people move back to Florida because of state tax.  However some of them are now moving back to Georgia because insurance is more than ga income taxes.

Sep 24, 2024 01:16 PM