Any FedEx/NWA/PCL guys live in New Albany, MS??

[Falconjet]

TN has no state income tax. MS does. So you don't have to chose between sales tax or state income tax to deduct if you live in TN.

No state income tax was one of the factors that led us to live in TN.

FJ

 

[Flapjack]

MS income tax will cost you 5 percent. Five g's per 100K in income. Ouch. Property taxes are higher in Shelby County, but not much more if you just avoid City of Memphis taxes. In Germantown or Collierville, a home appraised at 350K will cost you about $800 more in property taxes than the same home in Olive Branch... At higher income levels, it's significantly more expensive to live in MS. Of course, you can make the argument that you can get more house for your money in MS...but in my opinion it's not so much of a difference to offset the income tax. Prices in Desoto County are creeping up, especially in Olive Branch. Your mileage may vary. Would you rather live in Germantown or Olive Branch? That's the real key. See for yourself - on the Shelby County Tax Assessor's website, as well as the Desoto County Tax Assessor's website. They have a property tax estimator. As for the sales tax, TN has the very high 9.75% sales tax for most retail items, compared to MS 7%....However, Memphis has far more variety in restaurants and businesses, so I end up eating the sales tax and driving 30 miles each way, to boot. Yes, I'm moving next month from Horn Lake to Germantown....wish it were tomorrow! That said, some folks really love MS. You just have to know what you want. Hope that helps!

 

[Laughing_Jakal]

Actually there is an income tax in Tennessee

Ran into it this year, thought my tax guy was crazy. Tax on Investment Income over a certain threshold. $2500 I believe. I just moved here two years ago.....actually Florida has the same thing too called the "intangibles tax" which takes a percentage every year of your total holdings above a certain level.

GRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRrrrrr

http://www.tennessee.gov/revenue/tntaxes/indinc.htm

 

[ptarmigan]

You get another tax advantage living in TN that you probably aren't aware of if you live in a state that has income tax. Congress partially reinstated the ability to write off sales tax, but there is a catch: you get to choose, either sales tax OR state income tax, but not both! So, living in TN (which I happen to do, in G.T. at the moment) I can write off my sales tax. That, coupled with not having to pay income tax, starts adding up to some real change when you get into income brackets that allow you to spend more.

Despite that, seems many people in MS always talk likes it breaks even, although that may be a function of their income, etc.