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I derive all of my income from municipal bonds and stock market short term capital gains. I need to relocate to the Philadelphia PA area and need to know which state, DE or PA, will be more favorable for me to live in from a tax standpoint. I will most likely purchase a home in the $600,000 to $900,000 range.
The comparison of state sales tax can be found at: http://www.taxadmin.org/fta/rate/sales.html As you are probably aware, Delaware has no state sales tax. The state income tax rates can be found here: http://www.taxadmin.org/fta/rate/ind_inc.html Keep in mind that Philadelphia also has local income and sales tax. Delaware has a site which extolls its tax advantages, and claims that there is no state real property tax, and the local property tax is very low. http://www.state.de.us/dedo/information/databook/taxes.shtml#real Here is a site about how Phil. property tax is determined: http://www.hallwatch.org/profiles/brt/proptax2/howcalculated You can also go to a site called www.homefair.com and use their salary calculator. This tells you how much you need to make to have the same type of lifestyle between one city to another. I would think that most people would vote for Delaware as being the better state for taxes, but use these guides and information to make your own personal choice.
Enrolled Agent
10+ years tax preparation and tax advice.