It's mid-April. Are taxes on your mind?
If you're wealthy and live in Maryland, say hello to the first in the nation, Millionaire's Tax. Signed into law yesterday by Governor Martin O'Malley, the legislation created a new tax bracket for those who earn over $1 million per year. Approximately 6,000 Maryland households fall into this new tax bracket and are subject to a 6.25% tax rate.
According to The Baltimore Sun newspaper, more than 40 percent of these wealthy households are in Montgomery County. While Montgomery County is a great place to live and Maryland is a great state, many of those being hit with this new tax may decide to vote with their feet.
Let me be the first to WELCOME YOU TO VIRGINIA.
As you know, Virginia is just across the Potomac River from Maryland. Northern Virginia offers wonderful amenities, parks, schools, history, culture, and an easy commute to D.C. Homes in the upper brackets are plentiful throughout the area, especially in popular communities like McLean, Great Falls, Arlington, Alexandria, Fairfax Station, and more. Another bonus of moving to Virginia -- how about in-state tuition at some of the best public colleges and universities in the country, including University of Virginia, James Madison University, and George Mason University.
Virginia has consistently ranked as the Best State for Business by Forbes Magazine year after year.
Best of all -- Virginia does not have a Millionaire's Tax. (Virginia's highest income tax bracket is 5.75%).
Maybe it's time to contact your Maryland Realtor (I can offer some great suggestions) about selling your Maryland home and moving to Virginia.
I'd be happy to help you find a Northern Virginia home and welcome you to our side of the river.
Here's a few homes that might interest migrating Maryland millionaires:
GREAT FALLS HOME ON 2 ACRES UNDER $2 MILLION
MCLEAN CUSTOM HOME - 3 CAR GARAGE, 1/2 ACRE LOT
ALEXANDRIA 5 BEDROOM 4 BATH COLONIAL W/LIBRARY & CHEF'S KITCHEN
MCLEAN HOME W/ITALIAN MARBLE FLOORS -- 6 BEDROOMS 6 BATHS $2.5 MILLION
CAMERON STATION, ALEXANDRIA 'CITY HOME' 4 BEDROOMS 4.5 BATHS FOR AROUND $1M
GREAT FALLS BEAUTIFUL 5 ACRE HOME W/POOL & TENNIS COURT
CLICK HERE TO START YOUR SEARCH FOR HOMES IN VIRGINIA IN ANY PRICE RANGE
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Good lord! I'm in a 10 percent tax bracket in DC! OK. I'll have to finish my renovations and get me a cute little place in the Commonwealth! Cute post!
This is a good post, will definitely make those living in Maryland definitely consider moving to Virginia :)
Brian, I hope you catch of few of those wealthy Montgomery County households that want to move to Virginia. AJ
PATRICIA: Yes, but you've got a new ballpark there in D.C.!
PATRICIA: I hope so -- I know some good Maryland Realtors who'd be happy to sell these millionaire's homes.
AJ: Thanks! I hope so too.
Brian,
Did I ever tell you that I think of you as one very brilliant man !?! You're a marketing guru in disguise....
((-:
Jo
What do all those millionaires do for a living? That is my goal to someday have to worry about that when I am a millionaire!
Hey we don't mind them moving here, come visit Virginia Beach too, we shall welcome you with open arms and if you need financing on Jumbo loans give me a ring :)
JO: Thanks! That's a very sweet compliment.
NAOMA: Good question! Professional athletes, tech company owners, and more, I'm sure. I'm certain that a slight tax increase is the least of their worries.
JUSTIN: Thanks for your comment. Jumbo loans for sure.
I really love that title!
BARBARA JO: Thanks! Alliteration is always awesome!