In the video below, I talked about how changing cities change taxes, and depending on where you're located you can make money or actually drain your wealth. Take a listen!
- Hey, everybody. Ben Green with benmgreen.com, and I'm here to optimize your career, your location, and your finances, and here at the SUNY Parthenon, as well. And can not ask for a better backdrop than that. Today, I want to talk a little bit about changing cities and the one criteria you may not be thinking about that you need to think about. The one that comes to mind for me is taxes. So, depending on where you're located, depending on where you decide to go live and work and really kinda try to get your life going, taxes can either make you more money or actually sort of drain a lot of your wealth, sort of in a hidden way or a really kind of an obvious way. So, state income taxes... are big things. So, for example, in states like Tennessee, Florida and Texas, if you're located there, you're not gonna have to pay any state income tax. That can be a huge deal. So, for example, if you're making a hundred thousand dollars a year, that may mean an additional $10,000 per year back into your pocket. If you're a family and you're making $300,000 a year, that could mean an additional $25,000 a year back into your pocket. So, state income taxes could make a big, big deal. Property taxes can make a huge deal. Down in Texas, for example, you may have to pay a lot higher residential property taxes than you would have to pay in South Carolina or North Carolina or Oregon, even for that matter. So, property taxes are something you have to take a look at, especially if you're gonna buy a place. And if you're looking to invest in property, for example, depending on the state or even the county that you're in, your commercial property taxes, if they qualify your rentals as commercial property, your commercial property taxes could be huge. It can be a lot more in literally like one county over from another county. And so, that's something that you have to take a look at. And then even things like your sales taxes, for example, in some states, in some counties, even in some cities, you may have sales taxes that are, for example, 5%. Versus, you go to another county, the next door over, and you're looking at 10% total sales taxes on everything you buy. And so, some states are really high. Some cities are really high. Some counties' really high as far as sales taxes and those taxes can eat into wealth over a number of years, that didn't eat into your savings and eat into your lifestyle, over a number of years. And then another tax that you may not be thinking about is auto taxes. So, for example, there are certain counties, they're gonna charge you maybe a thousand bucks a year to own your car, for example. Versus, if you go to another state, there may not be any auto taxes to kinda keep your car every year. You may not have any sort of auto inspection type fees, for example. So, taxes are a big, big thing that a lot of folks do not think about when they're looking to relocate anywhere within the United States. And it's something that you absolutely need to take a look at as you're looking to change cities. So, with that, leave you all for today. Hope you check out the website, benmgreen.com. If you need to dig in a little bit more to your tax situation, to your financial situations or your location situation, just hit me up on the website. We can talk about it. You can book a private session and we'll go from there. Thank you.