Taxes
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1/17/2008
Note that when comparing cost of living, one significant factor that seems to be missing is the potential impact of high tax rates - real estate, state income taxes and other misc.taxes/fees.
Although housing prices may be lower than comparables in other states, the real estate taxes here are quite high - especially in the newer areas in the lower crime, west side of the city. Expect real estate taxes on a $250K home in these areas to be about $6,300 per year.
In addition, be sure to take into account the state income tax rates and misc fees such as auto licenses, dog licenses, and additional local telecom taxes.
When all of this was taken into consideration, we discovered that what we thought would be a decrease in the cost of living, from Colorado or upstate New York, actually appeared to be about a break-even situation.
Mark | Omaha, NE