TN or FL insurance rates

Property taxes here in FL depend on in which of the state's 67 counties you live in.
Each has its own milege rate.
Also, since there is no state income tax, the counties get alot of their $ by from property taxes.
If the property is "homesteaded", your taxes can only be raised a maximum of 3% per year.
If not homesteaded, (ie; 2nd home, commercial, rental) the skys the limit!
This has worked out where there may be a great disparity with the taxes paid by individuals owning the same exact size property, for the same length of time, but one pays much more in taxes.

 

I live in both the states you mention. My primary residence is in Fl. The millage in Fl. is higher than Tn. Since there is no income tax in either state each has taken a different approach. In Tn. sales tax is nearly 10% vs. 6% in Fl. Fl. has higher property taxes to gather income. It's about 20k per million of value in Fl. and about 5K per million in Tn. Car insurance is 2x higher in Fl. as well. The only really good thing is that if your house is Homesteaded then you can not loose it in a suit by creditors in Fl. That is why a lot of wealthy people have multimillion
dollar homes and feel safe. A lot of homes where I live were paid for in cash and cost several million.

 

Think folks missed your real question. Cars are not taxed on a yearly basis. I have a 1998 F355, a 2006 Land Rover Range Rover, and a 2006 MINI Cooper S and registered all of them for a little over a hundred dollars total this year.

You may have to pay a one time fee for bringing the cars into the state. Can get the details here.

http://www.hsmv.state.fl.us/html/titlinf.html

 

Definitely move to Florida: Tennessee is full.

 

Florida does not tax vehicles as property. the registration fees are about $50 per year per car here in Palm Beach county, and my insurance on a 348 is about $900 per year through Allstate with 100/300 coverage and no restrictions.
BT

 

I chose Florida because it has no personal property taxes on cars, boats, waveriders, Rv's or motorcycles. This is why i moved here in part. The insurance on a classic car policy my 2006 F430F1 is $2200/yr, 2005 Ford GT is $1875/year, 1965 Shelby Cobra 427 Kit $250/year, 2006 Lotus Sport $350/yr an 1999 Porsche 911 cab about $225.year. I could go on but you get the point.

The property taxs are high in florida but they are talking about eliminating them completely. A $500k house will be about $5600/year. In Nj the same house would be $14k ugh! They have a homestead exemption on home taxes. Once you sign up the tax rate can not go up, year to year any faster then the CPI or no more than 3.0%. They are talking about doubling and improveing this exemption.

The intangible tax has been eliminated. This is the last year for the tax. Thank Thanks to god and the Republicans.

Sales tax is 6% plus 1/2 % in some counties.

I looked at the financial burden of nine states and did a proforma tax burden review. I was trying to dicide where best to retire to.

Living in NJ the tax burden in Florida versus NJ was 32 cents on the dollar. As a comparison NC was 88 cents on the dollar, cheap real estate tax tho in NC. The day to day cost to buy stuff is in Fl.about 62% of NJ.

One of the states I looked at was Tenn. If i remember correctly these is no income tax on earned income but there is on unearned income like investment or pensions. it has been a long times (6 years) and i may have confused Ky with tn.

I hope that helps,

Lee

 

My house has a tax appraisal of 246,000, and my yearly tax bill is 1600. (whatever that comes out to).

No taxes on personal property (cars, boats, planes, etc).

Low cost of living, high sales tax on goods and services is though...just over 9%

Alot of people have moved in. They're called "half-backs". NE to FL, the "half" way back to escape the heat maybe, who knows.

There is an unearned TN income tax, the amount of which I don't know.

Side note...Every other govenor lately has gone for a state income tax here. Everytime they've (the legislators) have tried to debate it at the capital building in Nashville, there's riots. People from all over the state camp out, circle the capital in there cars blowing their horns, death threats, etc. It gets quite serious. (personally, I believe we'd have income taxes by now were it not for the civil unrest). We still have our own way of "letting our representives know what we think" here in Tennessee....

No auto inspections either...due in no small part to the fact that appalachia is still one of the poorer parts of the country.