No Income Tax/ Pay?

U.S.A. Texas

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I am moving to TX in about 6 wks. I know there is no state income tax. My question is what % of your paycheck goes to federal taxes? Here in SC about 20% of my paycheck goes out to state and federal taxes.

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Specializes in NICU.

No income tax, but they make up for it in property tax, as it's quite high.

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.

This depends on which tax bracket you belong.

Some people are in the 15 percent tax bracket; these tend to be lower-wage earners. Most middle-income people are in the 27 percent tax bracket.

RainDreamer is correct when she states that the higher-priced property tax rates make up for the lack of state income tax. It is true that we pay no state income taxes. However, those of us that are homeowners still must pay property taxes. Let's just say that my California property taxes were much cheaper than the ones I pay in Texas.

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Specializes in ED, ICU, PACU.

You can calculate your take home on

http://www.paycheckcity.com

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I live in Austin. We're in the 27% tax bracket. Our property tax is about $8,000/year on a $265,000 home. Home insurance is about $800/year.

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.

I pay $2,700 yearly in property taxes on an 1,800 square foot home that was valued at $111,000. Therefore, the amount of property taxes you pay is based on the value of your home, as well as the tax rates of the city or town in which you reside.

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Therefore, the amount of property taxes you pay is based on the value of your home, as well as the tax rates of the city or town in which you reside.

Definitely! My parents and some of my old school buddies live in East Texas. My parents live on a small lake, own two small homes next door to each other, all on about 1.5 acres, and they pay $1,200/year in taxes. One of my friends has 10 acres, a home and a barn and pays $900/year. We have a 3-bedroom, 2.5 bath on 1/4 acre, and pay $8,000/year.

Lesson: Research the specific area you want to live in before you buy.

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Specializes in Emergency/Trauma/Education.

Here are the property tax rates in McKinney. This is when I'm thankful we don't have a county hospital district.

Taxing EntitiesCodeName2007 Tax Rate CMCMCKINNEY CITY 0.585500000 GCNCOLLIN COUNTY 0.245000000 JCNCOLLIN CO COM COLLEGE 0.086984000 SMCMCKINNEY ISD 1.517000000

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Specializes in Emergency/Trauma/Education.
Taxing EntitiesCodeName2007 Tax Rate CMCMCKINNEY CITY 0.585500000 GCNCOLLIN COUNTY 0.245000000 JCNCOLLIN CO COM COLLEGE 0.086984000 SMCMCKINNEY ISD 1.517000000

Here it is again, but easier to read!

2007 Tax Rate

MCKINNEY CITY 0.585500000

COLLIN COUNTY 0.245000000

COLLIN CO COM COLLEGE 0.086984000

MCKINNEY ISD 1.517000000

To put it in perspective, our 2001 home is 1738 sqft & appraised for $145. Last year's taxes were between $3500-4000. (I don't remember exactly.)

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I should probably add to my post. Our house, which is appraised at $265K and costs $8K/year in property taxes, is 2,700 sq. feet.

From all I've gathered in the 30 years I've lived in Texas, Austin has a higher cost of living (and lower salaries) than any other of the large cities in Texas. And now we're definitely losing our "weirdness" as we grow. In fact, I often write "Austin, California" on my return address.

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looks like our property taxes will be $3500 on our new 2100 sq ft home. geez! oh well...i guess i will have a margarita and enjoy my time in TX.

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looks like our property taxes will be $3500 on our new 2100 sq ft home. geez! oh well...i guess i will have a margarita and enjoy my time in TX.

Hey: If I am right, $3500 she pays on property tax is pre-tax money on Federal tax. So you can take 27% off that $3500.

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