Quote:
Originally Posted by Rich42
Most states have laws requiring your residency designation to be that state where you spend the majority of days in the year. It’s pretty straightforward and that doesn’t give you a lot of options as to which to choose.
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Considerations:
Homestead tax savings-exemptions differ, tax rates differ - you need to do the math
Medical insurance - if you change your residency you may have to change your insurance.
Car insurance rates based upon residency or tax spent.
How your current state taxes part-year residents- does it tax based upon days, income derived within the state only - as examples.
If you trying to change residency yes you have to change your state your driver's license and voter registration is in.
As a "taxman" I get these questions a lot.