Heavy property taxes in WA worse than state income taxes
I’ve been planning a relocation recently avoiding states that have income taxes. Then it dawned on me that I’m paying 25K a year in property taxes here, which is CONSIDERABLY more than I would pay in income tax on my six figure salary in a state with income tax, almost twice as much even if you factor in property taxes in a state I move to.
This is really killing my desire to invest in Seattle anymore. Has anyone else considered this and relocated/planned a relocation? Where did you move to?
I was previously targeting Las Vegas, Tampa, Alaska, etc since they are tax free states. But now I’m considering income tax states as long as the property taxes are low. As it stands, property owners and especially real estate investors are footing the bill for the state of Washington…..
In Las Vegas I can get a comparable house as Seattle for 1/3 the price, and 1/6th the taxes. I can also get a job paying the same there as in Seattle. Granted, Las Vegas isn't the tech power house economically that Seattle is so it will be harder to change jobs there than here, but holy crap, the taxes here are atrocious.
I have at least two 1031 exchanges coming up and am dying to buy elsewhere to escape this hell hole.