Think It's CHEAPER TO LIVE in TENNESSEE Than KENTUCKY? Why No State Income Tax May Not Matter!
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- Опубліковано 6 вер 2024
- Think It's CHEAPER to Live in TN Than KY? Why No State Income Tax May Not Matter!
With so many people moving across country, many are counting the costs and deciding which State may be right for them! There can be many different factors to consider when choosing between Tennessee and Kentucky. In this video, we'll break down the reasons you may want to THINK AGAIN about which State is actually cheaper. Many people choose to move to Tennessee because there is no State income tax, but do they get their money from you in other ways? You betcha!
Looking to move to Central or South Central KY?
Hardesty Team is here to help show you around the I65 strip from Elizabethtown down to Bowling Green and Franklin! We‘re very familiar with these areas as they have been home to us for over 20 years. If you’d like to see more about these areas, maybe you’re taking a new job at one of the many new plants coming to the Central Kentucky area, or you are getting orders to PCS to Fort Knox, our channel should bring you some very helpful content to help get you acquainted! We are local realtors here, so please feel free to contact us should you need assistance finding a home in these areas.
CONTACT US HERE:
hardestyteamre...
Text or call 502-419-3077
Looking to move to another State and need more info on HOW to manage the move and eliminate some of the overwhelm?
Check out Project Relocation HERE: vj.systeme.io/...
Jarrett & Val Hardesty/Hardesty Team Realtors
Crye*Leike Executive Realty
📱502-419-3077 | 270-547-0622
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#realestate #kentuckyrealestate #livinginkentucky #movingtokentucky #kentucky #movingtotennessee #movingtonashville
I have property in both KY & TN, the cost of not just land but builders & subcontractors is absolutely insane in TN compared to just across the border.
cost of living involves a lot of factors. I moved to NH a few years ago thinking it would be more affordable than Colorado because houses are cheaper, there's no income tax, and no sales tax. HOWEVER, property tax was nearly 5 times higher, and heating bills for the winter season were astronomical. Don't just look at the cost of homes when picking somewhere to live, look at EVERY expense. It adds up!
The sales tax is higher in tourist areas like Pigeon Forge and Gatlinburg.
I like your channel, and we are in this world you are addressing. We are planning a move to your area. However, one thing you didn't include in this comparison, is that Kentucky has a very unusual Inheritance Tax (only 5 states do this). It doesn't tax the estate, it taxes the recipient if the recipient lives in Kentucky. So, even if the person who dies was living in a Estate Tax free state, if the recipient lives in Kentucky, there's a big tax hit. That's the main reason I'm looking across the boarder into Tennessee. Keep up the good work.
Thanks for the kind words. I believe Val may have addressed it in her video titled “Is KY a good place to retire”.
Best of luck in your search! You’ll most likely love either State. Feel free to reach out if we can help in Kentucky. - Jarrett
I would add there is a push to eliminate income tax in KY.
Was supposed to go down again to 4% this year but missed a threshold for some reason.
This was somewhat informative, it would also be helpful to know what real cost comparisons to expect for things like car registrations, car insurance cost, home insurance cost, medical insurance cost, medical service availability and cost?,travel requirements to access services, available services and product availability, disaster readiness expenses,severe weather incidence, why people prefer to rent vrs own there homes? Average utility cost for similar homes ect. You know the rest of the whole story not just a select few items?
@@WilliamSpringer-sy1pe
There are lots great cost of living comparison sites out there. Just google cost of living comparison calculators, you’ll find ‘em!
You also did not mention that in Kentucky we have to pay property tax on our vehicles every year when we get new license tags. So if you have a fairly new vehicle in Kentucky, it's going to cost you quite a bit to get the new license tags, whereas in Tennessee I don't think they pay property tax on vehicles each year; or if they do, it's much cheaper!!!
As someone else commented, it is better to live in Tennessee right near the state line. No state income tax in Tennessee (providing you also work in TN), cheaper to get the car licenses each year, and you can go right across the border to buy groceries (no sales tax in KY on groceries). I actually live in such an area; unfortunately though, I'm on the KY side. If the hypothetical idea came up for my part of KY to be annexed by TN, I would seriously consider supporting it..............too bad this probably won't ever happen though. I don't know if there was ever a time when part of one state became part of another........at least since the mid 20th century. Within the past year or so parts of Oregon wanted to become part of Idaho, but I doubt that will ever happen.
From Tennessee here. I also lived in Owensboro and Robards. Tennessee does NOT tax your cars or rvs every year and our property tax is pretty low with no state income tax, but our sales tax is a little over 9%. Our roads are in better shape than KY and we don’t have any toll roads or bridge tolls here either.
My state income tax is currently $7,000. That's a lot of money
Great video paired sales, only difference is the state. Why do they call them pairs? Its like a pair of shoes, they are exactly the same except for ones left and ones right!
This is why i but a fixer upper in Redding, California it's 1%of the value you paid for it and then it goes up 1% per year after that.
Redding has such high housing prices. Hope this fixer upper works for you.
@jondavis1834 a few years ago it wasn't bad but now good luck. It stil there and glad i got a fixer.
Great content. Care to make a video on how smiths grove real estate is changing / expected to change with the growth at the transpark and the addition of the buccees?
Yep, Bucee’s will definitely be a hit in the area! Can’t wait for that brisket! 😜 But yes, whole area will be growing over the next few years. Probably won’t do a whole video on it but we’ll mention what’s going on from time to time as we can! Happens fast around here lately!
We like KY also, however I'd like to stay farther west, I like space like you...
I like your common sense video, and you bring in all the details to come up with your conclusion. Thanks.
The very best deal is to live within 30 of the TN/KY border in TN. You have advantage
of lower property tax and no income tax in TN and a lower sales tax in KY. Home
values will appreciate more in TN. Here in TN we love our KY cousins moving back
to TN when they retire. You know Daniel Boone and his family lived in TN before he
went to KY.
If I own a house different state and I would like to buy another in Kentucky what do I need?
I’ve lived in middle Tn since 2005 and I used to brag on how great the roads were maintained here but since 2020 that is not the case anymore. The roads are complete garbage year round now ever since. And you’re right there are way too many people here now. It really sucks and isn’t what it used to be. Not to mention it’s completely unaffordable now. If you’re reading this and considering moving to middle Tn, DONT.
I would have guessed urbane bronze
😂 hey!! Good call! You know your Sherwin colors! We used Urbane Bronze on some exterior accents on our homes, it’s gorgeous. -Val
@@centralkentuckyliving I've used it quite a bit too
Do retires pay real estate tax in Kentucky?
Great informative video, thank you.
Thanks for the kind words, glad it was helpful.
Funny about the potholes in Tennessee. 😅