If you’re contemplating moving to a different state, taxes may be a deciding factor. This column explains how to evaluate the tax picture in states you may be considering.
If your intent is to relocate to a lower-tax state, it may seem like a no-brainer to move to one that has no personal income tax. No! To avoid an expensive misstep, you must consider all the taxes that can potentially apply to residents — including property taxes and death taxes.
As you know, Texas is “famous” for having no personal state income tax while Colorado has a flat 4.63% personal state income tax rate. So, if you have a healthy income, you might reasonably think it would be much cheaper tax-wise to…