You may dream of moving to a state with lower taxes, now or when you retire.
But while the grass may seem greener somewhere else, you might not save as much green as expected.
To evaluate the financial scenario of another state, ensure you include a variety of taxes you might pay.
Florida and Texas get held up as low-tax states, Davis notes.
Thats pretty much always true at the very top.
Its often not true for lower-income families.
And in the middle, its complicated.
Heres how we came up with our estimates, which do not include federal taxes.
Income tax:Tax professionals in California and Illinois prepared returns based on rules for tax year 2020.
(Florida has no income tax.)
Calculations assumed that households made no retirement-plan contributions that might have lowered their tax bill.
Property tax:Rates are drawn from Tax Foundation averages based on Census Bureau data.
Those tables take into account a households adjusted gross income and number of members.
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