Relocation projects seem to bring a laundry list of challenges and new experiences that can range from sometimes frustrating to often thrilling. Drives around town as you explore your new home can get you lost but can also lead to unexpectedly delightful discoveries.
Nighttime skies may seem more full of stars than the place you just arrived from. Farmers markets may offer some of your favorite fruits yet also introduce you to local produce you never even knew existed and will come to love. A fancy night on the town may come at less expense than you thought, or maybe the local theater scene puts on a production you didn’t expect. It’s the excitement of discovery, that fresh feeling of novelty when you come to a new place that makes all the hassles worthwhile. But it’s also good to get a little bit of the lay of the land in some ways before you arrive, especially in regard to your money.
When arriving to your new life in Oklahoma City, the elements of excitement and prudence associated with relocation will surely be at the forefront of your mind. Be keenly aware of the fact that every state, every region, every locality in America will have very different economic landscapes that must be traversed with caution. You don’t want to show up somewhere new and not be ready for how local laws and regulations affect your bottom line. In some cases, you might be looking at some excellent incentives to spend. In other areas, there may be a call to exercise more caution. Here are a few things to know about financial considerations in Oklahoma City that will help you get a firm footing before stepping into town.
A Look at OK’s Tax Structures
Tax exposure is often primary in the mind when considering one’s own financial footing. States like New York have often felt prohibitive and punitive because of how certain state taxes can fall upon earners. In Oklahoma City, there is good news when it comes to taxes in some areas, while in others, one simply needs to be prepared for the tax rate. To begin with, the state income tax tops off at 5%. That happens progressively, but pretty much anyone making a decent living can expect the top rate. That is good news since that puts Oklahoma in the bottom half of America’s tax rate scale. Additionally, there are a number of allowable deductions in the state that can be applied, so employing a sharp accountant can be key to protecting your money even more thoroughly.
Other taxes will require more attention, however. Combined sales taxes at the state and local level add up to a fairly healthy amount. In OKC, you can expect all sales to be taxed at a rate of 8.625%. You will want to be aware of this fact both as a buyer and as an owner of a business so you can plan rates and purchases accordingly. There are many creative ways tax professionals can assist you with rounding out the edges when addressing this. Again, business deductions could help take some of the bites out of these structures, especially if you are paying a lot of sales taxes in relation to building up a business.
Finally, a quick look at real estate taxes in this regard, we have some very good news to tell you. When looking at the Oklahoma City region, depending on which part of town you live in, you are likely looking at an average just over 1% on real estate tax. This puts it squarely in the middle of the national average — not a terrible place to be. It’s very manageable, and when worked into your overall financial picture, it will likely emerge as a net positive for your bottom line. Additionally, you can seek out certain exemptions in this area as well, so it’s another win for your wallet.
Managing Your Money
When it comes to wealth management, expect there to be some terrific choices in Oklahoma City. Several firms are overseeing hundreds of millions of dollars’ worth of assets, with top advisors requiring from $100,000 up to $750,000 minimums. Skilled and accredited professionals keep a keen eye on events and big moves to ensure your money will keep growing, staying finely in tune with not only local concerns but also international markets. Decades of experience are the hallmark of many of OKC’s seasoned financial firms.