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03-10-2008, 12:39 PM
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To anyone who says you can't beat the low property taxes in Delaware: You are not quite right about that. You say income tax graduate up to 5.95% over 60K in Delaware is not much more than PA's 3.07%, it is a lot more. For someone looking for a $400-600k house, they would have to have a pretty good income. Let's even be conservative and say $150k/yr (if it's not near that then you are dreaming about a $400-600k house). In PA (Chester county) your property taxes would be well over $5k (maybe up to $7-8k) in Delaware maybe $1900-2500. Ok so you think you have a better deal. Well, your income tax in PA would be $6100 including the 1% school and municipal tax. In Delaware.... $8300. So at that point yes Delaware wins (slightly, less than $1000/ yr more than likely) The difference only shrinks with a higher income and eventually it will pay to live in PA. Send your kids to private schools and PA is already ahead. About the sales tax... drive to Delaware and buy what you want, then drive home to PA. The only savings would be buying and registering a car in Delaware, if you live there, then there is no sales tax. This is a tough decision and it's not one that is as simple as property taxes are lower and income taxes are higher.
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03-10-2008, 01:00 PM
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terrypa says: "To anyone who says you can't beat the low property taxes in Delaware: You are not quite right about that"
If you are talking about real estate taxes alone, then the statement above remains true. You can't beat the low property taxes in Delaware in any neighboring state. Not PA, NJ, NY, VA, or MD. If you expand the conversation to include income tax, then it depends on the individual. When I arrive, my social security and first $12,500 of my pension will be exempt from taxation, therefore I will actually be paying less than 3.07% income tax on my total income. Last time I did the calculation, it worked out somewhere in the 2.7% range. It's different for each individual situation. However, the statement about property tax alone, as stated above, remains true.
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