Tax Benifits of living in WI?

[Dozer]

Are there any tax benifits of living in WI? I would still be working in MN so it wouldnt change my income tax but would property taxes be any lower in WI? I would be looking at something about 10 acres or so.

[MuskieJunkie]

I have heard property taxes are higher in Wisc. My friend was paying $4k per year on a $200k town house.

I would fiqure you are going to pay about 1% to 1.25% in MN. To compare that to wisc find a property you like in Wisc, divide the taxes by the assessed value (not the asking price) that will give you the effective tax rate on that house. In my friends case it was 2% ($4,000/$200,000). Then you can compare apples to apples.

Hope that makes sense.

[Dragonsm]

Minnesota has reciprocity with Wisconsin, so if you are looking to claim residency in Wisconsin, you will not pay income tax to the state of MN for wages, salaries, tips, commissions, bonuses.

You will instead pay income tax to the state of Wisconsin.

[Dozer]

Are income taxes lower in Wi?

[fishorgolf]

Yes somewhat.

MN 5.35% - 7.85%

WI 4.6% - 6.75%

These are for single individuals and varies slightly for married couples.

The one advantage to MN is if you earn very little money under $21,310 (ind) you do not pay taxes. In WI that number is $9,160.

Don't ask me why I just had this info laying around. I am not and accountant.

[Black_Bay]

There may be a tax benefit but you have to become a Packer fan, claim Favre is the best that ever was and will be, and be labeled a "cheesehead".

[sparcebag]

But its true Favre is best all time!If its not the vikes its the pack for me.

[Tom7227]

Most folks that I know who have checked this out have reported that it ends up being nearly a tie when you figure in income tax, property tax and vehicle taxes. If you're thinking of heading east be wary of those small towns that are booming. They're going to be spending a lot of dough for the next 20 years to build new schools, treatment plants, water towers etc. If you're in a more developed area you have some hope for a bit of stability in your property taxes.

[TRITC]

"If its not the vikes its the pack for me."

sparcebag,

You been kissing your sister lately too???

[bottomdweller]

Agree, check out the property taxes in each town.

They vary immensely.

Better off in the country, some towns really soak you.

[Tom7227]

It's not just the taxes today that will impact you. Most of your property taxes go to the schools. You need to see what the quality is and then whether or not they are going to be adding new buildings to serve the new homes that are in the area. For example I bet that Somerset is going to be facing a huge increase in taxes over the next 10 years. The you have to look at the quality. I live in White Bear and for the last 7-10 years things have really slid. That is impacting the value of homes but to many people don't make the connection and just complain.