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Old 09-12-2008, 04:29 AM
 
Location: NJ
56 posts, read 127,421 times
Reputation: 20
Default What's the difference in taxes?

Coming from (what I think is) the most overtaxed state in the nation, I wanted to compare NJ taxes to FL taxes. Can anyone help me out?

Just for comparison:

Sales tax: 7%
Property tax: Don't own a house, but if I bought a 2br, 2ba condo in my neighborhood (a decent one, no crime, but certainly not upscale), I would plan to pay $2500-3500/yr for $175k. If I had a house it would certainly be much more.
Tolls: 3 toll highways, plus a $4-8 toll to get out of the state through either Philly or NYC. Unfortunately, it's not worth it to avoid it.
Income tax: We have it (and I know you don't)

Thanks!
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Old 09-12-2008, 07:41 AM
 
Location: Houston, Tx
3,644 posts, read 3,394,703 times
Reputation: 1585
Quote:
Originally Posted by gcctrumpeter View Post
Coming from (what I think is) the most overtaxed state in the nation, I wanted to compare NJ taxes to FL taxes. Can anyone help me out?

Just for comparison:

Sales tax: 7%
Property tax: Don't own a house, but if I bought a 2br, 2ba condo in my neighborhood (a decent one, no crime, but certainly not upscale), I would plan to pay $2500-3500/yr for $175k. If I had a house it would certainly be much more.
Tolls: 3 toll highways, plus a $4-8 toll to get out of the state through either Philly or NYC. Unfortunately, it's not worth it to avoid it.
Income tax: We have it (and I know you don't)

Thanks!

It will be the same as you stated: 7% sales tax, property taxes are 2% the value and I think a 2/2 condo goes for about what you listed there. So, other than income tax, it sounds like Florida is tied with the "most overtaxed state in the nation", as many of us here have long suspected.
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Old 09-12-2008, 07:53 AM
 
Location: Downtown Raleigh, NC
2,082 posts, read 4,862,655 times
Reputation: 1253
Miami-Dade sales tax: 7% (FL sales tax rate is 6% min.)

Property tax: For 2007, the 672 sq ft, 2/1 condo I used to live in nice area (South Miami), not too fancy was valued at $186,680 and the 2007 property taxes were $3,466.26 (I noticed that it's 2008 assessed value dropped 30k thanks to the RE market).

Tolls: Turnpike, Sawgrass, Alilgator Alley and Dolphin. ~$15 to get out of the state from Miami on the Turnpike.

No income tax (incomes are generally lower anyway because you get "paid in sunshine" in the Sunshine State).

Not sure what the homeowner's insurance rates are like in NJ, but in most areas of FL it is very high if you can even get it (and you really need to have decent coverage). Auto insurance is also pretty high, but I have heard that it is fairly high in NJ as well.
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Old 09-12-2008, 09:37 AM
 
5,974 posts, read 3,048,619 times
Reputation: 1614
Do not forget that NJ does not tax clothing.
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Old 09-12-2008, 10:33 PM
 
Location: NJ
56 posts, read 127,421 times
Reputation: 20
Keep in mind that if I owned a condo, I would pay less in taxes than I would in other areas of NJ. I know people with 4br/3ba houses on 1/2 acre land that pay over $10-15k, and a $20k tax bill isn't surprising in some areas. There is no way I could afford a single family house for a long time. Not that I can say I'd be ready to move to FL, but at least with the lack of income tax I might make out. (Currently I have a teaching job but I'm looking to be a principal, and Miami-Dade pays it's Vice Principals more than my VP makes in my school. My wife might take a cut as a special ed teacher, but if she taught at the right school, the gov could pay off her loans, so that's a plus.)

Yes, they don't tax clothing here, nor basic food items. Car insurance is high but starting to go down.

They initially talked about 50% hikes on the tolls every 4 years, but the public finally stood up to our governor. They also wanted to do the same with the gas tax a couple of years ago.

Now, what's the deal with the property taxes down there? I thought I read something about how your tax or tax rate doesn't go up until you move. I'm not sure I understand that part. Ours just go up. I feel awful for the seniors who thought they could afford to retire and are just being taxed out of their homes.
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Old 09-13-2008, 08:27 AM
Status: "Can't wait till its December." (set 12 days ago)
 
6,313 posts, read 12,200,045 times
Reputation: 2366
Quote:
Originally Posted by gcctrumpeter View Post
Now, what's the deal with the property taxes down there?

Property Tax is 2% of the sale price of your home.
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Old 09-13-2008, 02:46 PM
 
Location: Houston, Tx
3,644 posts, read 3,394,703 times
Reputation: 1585
Quote:
Originally Posted by gcctrumpeter View Post
Now, what's the deal with the property taxes down there? I thought I read something about how your tax or tax rate doesn't go up until you move. I'm not sure I understand that part.
The short of it is that the house taxes of longterm homeowners are subsidized by people like you who mvoe here. They get to keep low property taxes and you will pay the high rates. Totally unfair and we've tried to get reform several times but the courts, at the behest of special interst groups, throw out the reform measures.
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