Why buy in Cincinnati as opposed to northern KY? (Springfield: sales, insurance)

[G in MP]

Hi, considering the higher property tax rates in OH, can you locals clarify for me some benefits to purchasing a primary residence on the Ohio side as opposed to buying south of the river in Covington or there abouts? I understand the expenses are somewhat offset due to the vehicle plate sticker and home/auto insurance costs, but there's got to be more to it.

Let's say a detached single family in the $500k range within max 20 min drive to downtown Cincy, scenic/established area. Why OH over KY? Thx much in advance for some pointers.

[TomJones123]

Originally Posted by G in MP

Hi, considering the higher property tax rates in OH, can you locals clarify for me some benefits to purchasing a primary residence on the Ohio side as opposed to buying south of the river in Covington or there abouts? I understand the expenses are somewhat offset due to the vehicle plate sticker and home/auto insurance costs, but there's got to be more to it.

Let's say a detached single family in the $500k range within max 20 min drive to downtown Cincy, scenic/established area. Why OH over KY? Thx much in advance for some pointers.

Theres lots of folks around here who purchase property based on tax consequence assicociated with a given municipality. That in itself is reason alone to move some place or not...meaning if you work in Cincinnati and live in Forest Park your getting hit pretty hard on local income tax versus living in a township. I think the rest comes back to choice. Personally, I prefer living in Cincinnati due to amenities and lifestyle choices - I prefer city living over suburban/rural living. I would love to own property across the river though and am interested to hear more as well on why NKY...

[G in MP]

Originally Posted by TomJones123

Theres lots of folks around here who purchase property based on tax consequence assicociated with a given municipality. That in itself is reason alone to move some place or not...meaning if you work in Cincinnati and live in Forest Park your getting hit pretty hard on local income tax versus living in a township. I think the rest comes back to choice. Personally, I prefer living in Cincinnati due to amenities and lifestyle choices - I prefer city living over suburban/rural living. I would love to own property across the river though and am interested to hear more as well on why NKY...

Thanks for answering, Tom. Are you downtown or farther out? I guess my main question is if the desire is close proximity to downtown/OTR Cincinnati, and it's equal distance either in OH across the river in KY, why choose OH?

I've never been out that way, so just using Google maps/street view, and measuring travel times between points per that. From Google maps, it looks way urban on the Kentucky side in Covington...it's as though crossing the river is just another Cincy neighborhood.

[TomJones123]

Originally Posted by G in MP

Thanks for answering, Tom. Are you downtown or farther out? I guess my main question is if the desire is close proximity to downtown/OTR Cincinnati, and it's equal distance either in OH across the river in KY, why choose OH?

I've never been out that way, so just using Google maps/street view, and measuring travel times between points per that. From Google maps, it looks way urban on the Kentucky side in Covington...it's as though crossing the river is just another Cincy neighborhood.

Ive lived in Cliftion, Prospect Hill/Mt Auburn, Northside, and currently Roselawn. And you are very correct...those tiny little cities across the river have autonomy but functionally are no different from downtown Cincy except vastly different alcohol laws and local prejudices. In the same manner that spme suburbanite Cincinnatians (Westchester/Mason, etc) pride themselves in never setting foot in Cincy proper, many on the NKY side of life pride themselves the same.

[WVNomad]

Originally Posted by G in MP

Hi, considering the higher property tax rates in OH, can you locals clarify for me some benefits to purchasing a primary residence on the Ohio side as opposed to buying south of the river in Covington or there abouts? I understand the expenses are somewhat offset due to the vehicle plate sticker and home/auto insurance costs, but there's got to be more to it.

Let's say a detached single family in the $500k range within max 20 min drive to downtown Cincy, scenic/established area. Why OH over KY? Thx much in advance for some pointers.

State income tax rates are generally higher in Kentucky than in Ohio. Obviously, your mileage may vary depending upon your income sources (social security benefits, pension, earned income, dividend/interest, etc.). I think it is not unreasonable to say that the total tax burden when including property taxes, income taxes, sales taxes, etc between the two states are not dramatically different. I wouldn’t let it impact where you want to live.

[TomJones123]

Originally Posted by WVNomad

State income tax rates are generally higher in Kentucky than in Ohio. Obviously, your mileage may vary depending upon your income sources (social security benefits, pension, earned income, dividend/interest, etc.). I think it is not unreasonable to say that the total tax burden when including property taxes, income taxes, sales taxes, etc between the two states are not dramatically different. I wouldn’t let it impact where you want to live.

Its the local income taxes amongst the many fiefdoms around here that people play whack-a-mole with, not so much the state taxes, but perhaps some factor that in as well to catch a complete cost of living comparison or something like that...

[G in MP]

Originally Posted by WVNomad

State income tax rates are generally higher in Kentucky than in Ohio. Obviously, your mileage may vary depending upon your income sources (social security benefits, pension, earned income, dividend/interest, etc.). I think it is not unreasonable to say that the total tax burden when including property taxes, income taxes, sales taxes, etc between the two states are not dramatically different. I wouldn’t let it impact where you want to live.

Thanks for the pointers, guys!

WVNomad, I found a pretty slick cost comparison tool online, OH vs KY: https://moverdb.com/us-taxes/ohio-vs-kentucky-taxes/ Looks like it backs up what you're saying about it being pretty much a wash, after factoring all those costs in.

I will say also, looking at past sf home sales on Zillow, I found way more interesting properties on the OH side. More variance, especially custom modern architecture in established neighborhoods...that's what me and wifey like.

[blickcd]

You might also consider the commute to work. If you have to cross the river the bridges are usual slow spots during rush hour and sometimes have lanes closed for inspections or repairs making the situation worse.

If you lived in Covington, KY and worked in downtown Cincinnati it wouldn't be much of an issue, but a longer commute with crossing the river at the 1/3 to halfway point could make for some unpredictable driving times.

[WVNomad]

Originally Posted by G in MP

Thanks for the pointers, guys!

WVNomad, I found a pretty slick cost comparison tool online, OH vs KY: https://moverdb.com/us-taxes/ohio-vs-kentucky-taxes/ Looks like it backs up what you're saying about it being pretty much a wash, after factoring all those costs in.

I will say also, looking at past sf home sales on Zillow, I found way more interesting properties on the OH side. More variance, especially custom modern architecture in established neighborhoods...that's what me and wifey like.

We just purchased a home in Loveland, OH. We initially tried to factor in the tax rates in the different areas we were considering, but in the end, the specific house, the location, the neighborhood, proximity to stuff we cared about, etc. all trumped any differences in taxation. I think in the end you should by the home you like (assuming you have resources to do so)….you’ll be happier in that home than in a lesser one with lower taxes.

[TomJones123]

Originally Posted by WVNomad

We just purchased a home in Loveland, OH. We initially tried to factor in the tax rates in the different areas we were considering, but in the end, the specific house, the location, the neighborhood, proximity to stuff we cared about, etc. all trumped any differences in taxation. I think in the end you should by the home you like (assuming you have resources to do so)….you’ll be happier in that home than in a lesser one with lower taxes.

I think this is great advice, not just because I live that way myself. I had inlaws who moved multiple times on account of taxes. Last I knew they sold a home in Forest Park and purchsed another one about two miles away in Springfield Township...which I still think was zonkers..but to each their own. My ex-wife's aunt works for a credit union and got a substantial promotion but had to work in Cincinnati and they didnt like the double income taxes that each municipality took. To me that seems like a lot with only a little bit of gain...but anyways.