I agree with you that states with no income tax make it up in other ways. Texas has high property tax. TN taxes food. Etc. I know AR already taxes food too. As someone who is going to retire in AR I would rather have low property tax etc than no income tax
Very good video. Thank you! I think a lot of the tax information is important to retirees and "pre-retirees" as I would hate to get to an area and then be taxed so much that it impedes my ability to enjoy retirement or life. Trying to compare NWA to AZ (Maricopa or Yavapai County). I agree on the 0% income tax - I think a good percentage for the state of AR would be as AZ is at a flat rate of 2.5% (effective 2023). It seems NWA is geared toward families with children and it's a great area for that. I would just like to see them focus a bit on retirees or semi-retirees as well because the boomers still make up a large part of the market share. Again, super good information from you, as always!
The personal property tax has tripped me up for all the places I'm considering. The personal property tax, don't u pay that at a county assessor office and not the DMV? Also, if buying a new vehicle, does the Arkansan have to pay the 1-time sales tax AND the yearly property tax? What if they buy new from another state, are they still responsible for Arkansas sales tax? A hypothetical $35k car purchase example might help.
To renew your auto tags annually you are forced to pay personal property tax. This is not real estate property tax, they tax you on all your personal possesions. Rooms of furniture, boat, car, camper, motorcycle ect. So degrading on paying taxes on your own stuff you paid taxes to buy. If you dont pay they will not renew your auto tags and then they come after you in other ways. Be ware
You have an EVO9 and you showed us properties in a Kia? What if i had to get in that Kia? Kia has ZERO world rally championships. Do you know how much fun an evo is? One of my best friends is super dave, the subi, Ford and mitsu setup master. Meet at my place, he will make sure you're faster.
I agree with you that states with no income tax make it up in other ways. Texas has high property tax. TN taxes food. Etc. I know AR already taxes food too. As someone who is going to retire in AR I would rather have low property tax etc than no income tax
Agreed. I think the 0% income tax is "fine" but I would rather have states be able to balance the money across a few places vs only 1-2 spots.
Hi Phillip, great content . How often do you have to smog your vehicles ? Thank you for all your important information !
Ahhh! That’s not a thing here :) we had to do that all the time in illinois. No emissions testing here
Very good video. Thank you! I think a lot of the tax information is important to retirees and "pre-retirees" as I would hate to get to an area and then be taxed so much that it impedes my ability to enjoy retirement or life. Trying to compare NWA to AZ (Maricopa or Yavapai County). I agree on the 0% income tax - I think a good percentage for the state of AR would be as AZ is at a flat rate of 2.5% (effective 2023). It seems NWA is geared toward families with children and it's a great area for that. I would just like to see them focus a bit on retirees or semi-retirees as well because the boomers still make up a large part of the market share. Again, super good information from you, as always!
Thank you! Appreciate it :) Yep. Not the biggest fan of 0%. Good for AZ -- I think AR could do a flat 2-3% and be just fine.
A fully (100%) Disabled Veteran does not have to pay Property Taxes.
I thought so. I know you have to apply for it but I have a few clients who did that and they got all accepted
Philip, how does assessed valuation relate to market value? I bet AR needs prop 13!!
It seems the appraised value is much lower -- they are very generous in making sure the appraised value is lower than the actual value
The personal property tax has tripped me up for all the places I'm considering. The personal property tax, don't u pay that at a county assessor office and not the DMV? Also, if buying a new vehicle, does the Arkansan have to pay the 1-time sales tax AND the yearly property tax? What if they buy new from another state, are they still responsible for Arkansas sales tax? A hypothetical $35k car purchase example might help.
Yeah good idea - let me see how that works out on paper :)
I’ll comment back
Maybe consider a short video on it. I'm sure ur subs will get something out of it.
Hi Phillip! Does Arkansas tax food purchases? I’m in New Mexico and there is no tax on most food items.
To renew your auto tags annually you are forced to pay personal property tax. This is not real estate property tax, they tax you on all your personal possesions. Rooms of furniture, boat, car, camper, motorcycle ect. So degrading on paying taxes on your own stuff you paid taxes to buy. If you dont pay they will not renew your auto tags and then they come after you in other ways. Be ware
Have they emplemented the Star ID system in NWA ?
what is that ... WHAT IS THAT!??!?!?
haha sounds like some crazy Government thing. This is new to me haha
You have an EVO9 and you showed us properties in a Kia? What if i had to get in that Kia? Kia has ZERO world rally championships. Do you know how much fun an evo is? One of my best friends is super dave, the subi, Ford and mitsu setup master. Meet at my place, he will make sure you're faster.
Oh and, very informative, thank you (Kia... KIA!!!)
hehe next time... we take the evo. We can see double the homes...
hahaha