Financing in Oakland>Question Details

Guy72, Home Buyer in Oakland, CA

Any tax benefits to changing OR to CA residency?

Asked by Guy72, Oakland, CA Tue Jan 17, 2012

I've lived in Oregon my whole life, but now I'm moving to Oakland, CA. Are there any tax or other reasons why I should become a California resident?

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4
Tomi Thomas’ answer
I must agree with Ann below. This is a question that should not be answered by a real estate agent, but rather by a financial consultant who is familiar with your specific financial picture. Real estate agents are forbidden, by LAW, to give you financial or legal advice. The reason for this is that every person's financial picture is different and there may be factors related to your personal life, business, or other considerations that factor into the discussion. The question can only be answered taking into account your total situation....anything else is simply speculation.

And some quality of life issues, also personal, simply can't be easily quantified. I would personally love to live somewhere where real estate costs less, but hey, the bay area keeps pulling me back. The weather is gentle, you have access to the entire world right here, the job market is way above average, so there's lots of opportunity.

Good luck to you.
0 votes Thank Flag Link Mon Jan 23, 2012
Tax benefits? On the contrary my freind. Welcome to the land of government vultures continually sticking their hands in your pants trying to extract every last cent they possibly can out of you. You don't don't how lucky you are.

I don't know the exact numbers but just to guess I'd say that for every one of you Oregonians moving in to Cali there's probably at least 10 moving out. Many of them to the PNW just to get rid of Big Brother gagging the hell out of them. You're a brave soul but welcome just the same and good luck.
0 votes Thank Flag Link Wed Jan 18, 2012
Wow, Guy72, you are in for a culture shock (tax wise) moving to CA from OR. I am not a tax professional and can not (will not) provide tax advice; however, I am a pretty well traveled/seasoned consumer. For starters, get ready to pay a lot in sale taxes (as you know OR has no sales tax). Property taxes are pretty comparable...a good rule of thumb for CA is 1.25%...they are slightly higher is OR; however, property values are lower so that hardly matters. Your $35 (estimated) annual car registration is going to shock you into submission. Add a hefty state income tax that our Governor just announced he thinks needs to be raised..... And, you might get the understanding why CA is actually losing businesses and individuals to other tax friendlier states.

Love CA, don't get me wrong...but I know no one who ever moved here to save money on taxes!!! Best to you!
0 votes Thank Flag Link Wed Jan 18, 2012
When it comes to any tax issues, it's always best to consult with your tax profesional, and or, tax attorney...
0 votes Thank Flag Link Tue Jan 17, 2012
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