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How Money Walks: Out of California, Into Texas

drrod Wrote: Mar 24, 2013 5:32 PM
I have a different perspective on California. I moved from Dallas, TX to retire in California near family. The reason was simple: I was paying $21,000 per year in property tax on my Dallas home. There were no state taxes, but after retiring the property tax was killing me. I bought a foreclosure in California (the same size as my Dallas home) remodeled it and now pay $3200 per year in taxes. My rate is locked due to my age and state law. Another good thing is that California has balanced the state budget for the first time in a long time. Unfortunately increased taxes on the 1% was part of the reason. I am conservative but am also realistic about my finances. Property tax in Texas is one of the highest in the country. Just saying.
Becca in TX Wrote: Mar 25, 2013 11:16 AM
You must have had an awfully expensive home in an awfully expensive district. My brother has a 500K home in Fort Worth and his taxes are about 5200. I have a 3200 square foot house on 20 acres in South Texas and my taxes are less than 10K.
jimmylynn Wrote: Mar 24, 2013 6:39 PM
Texas is just like any other state when it comes to property taxes. It depends on where your property is located and the value of your home. It may be very high in some Metropolitan areas and next to nothing in rural areas. It also depends on the county and school district where your property is located. School districts in affluent neighborhoods often levy higher school taxes on your property which offer wider school curriculum and extracurricular activities for students. This is a choice of those tax payers. Those taxes must be approved by voters.
In the United States today, interstate migration is becoming a more and more prominent topic. A new book called How Money Walks has used IRS data to put hard numbers to which states are losing and which states are gaining wealth due to interstate migration.

Most of it won't surprise you: the northeast and the rust belt states, along with California, are losing residents at incredibly high rates. Most of the south and southwest is gaining. Texas, Florida, Arizona, and Colorado lead the way in total wealth gained due to migration. Some are surprising, though: Washington State,...