U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Hampshire
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 09-18-2007, 06:38 AM
 
60 posts, read 225,896 times
Reputation: 31

Advertisements

Struggling with the tax scenarios. I posted this in MA forum to get their opinons as well.

We are relocating up to the Southern NH / Northern MA area, from NJ. At first glance, NH looks better - no sales tax or state income tax. But property taxes - most homes we are looking at are between 5-8K per year. And while this is alot less than NJ's property taxes, when looking at northern MA / suburbs of Boston, we are seeing same size homes for 3-4K per year, literally half the taxes of MA. So what the house costs more? If you have a decent salary, you can pay the mortgage down and be done with it. But property taxes? You are stuck with them - FOREVER. And they keep going up .

So we are confused. I am a tax accountant in a busy season now. And as soon as that's done I'm going to sit down and try to do a detailed comparison of the 2 states, side by side, taking all taxes into consideration. If anyone has any input for me, let me know. Thanks!
Quick reply to this message

 
Old 09-18-2007, 07:51 AM
 
625 posts, read 1,773,700 times
Reputation: 477
Bottom line, as you well know, state and property taxes are deductible from your federal income tax anyway.

And really, what's worse? 2 percent property tax on a house that costs $300K or 1 percent tax on a smaller house that costs $600K?

People gripe about it because they actually have to scratch the check--in other words, it's not something automatic like the confiscatory taxes in Mass, Maine, and elsewhere.
Quick reply to this message
 
Old 09-18-2007, 08:06 AM
 
175 posts, read 745,351 times
Reputation: 120
You get more for your money in NH. Live and work in NH if you can. A lot of people in Southern NH have to commute to MA to make the big bucks so they end up paying MA income tax as well. If you can make enough money in NH, live and work there. Unfortunately, I'm one of the suckers that has to commute down 93 and give my hard earned money to MA. But they give me the higher paying job that more than makes up for the taxes I have to pay. If I could find an equal paying job in NH (impossible), I'd never leave the state.
Quick reply to this message
 
Old 09-18-2007, 09:02 AM
 
Location: Southern New Hampshire
4,069 posts, read 7,904,125 times
Reputation: 3363
Taxes in NH are high, there is no doubt about it. Some towns much more so than others. And at present, no income or sales tax (this will probably change in the not so distant future. And don't think for a minute that your property taxes will go down when that happens....)

My advice would be to consider the taxes in both states (and you as a tax accountant can do that much better than I...) but not to let that be your deciding factor. Move to NH because you want to live in a state where you can still think for yourself on many issues. Chose a state where there is still some open space. Many towns vote their budget at Town Meetings once a year... are you willing to attend this all-day event to have a say in the budget for the following year(s), and be willing to voice your opinion?

Regarding NH homeowners writing their own property tax check--not necessarily so. If you buy with 20% or less downpayment, your taxes are escrowed as part of your monthly mortgage payment. Only if you have plenty of equity in your home do you have the pain of writing your own check...

WinterWonder... feel free to email or PM for info on various towns, taxes, schools, etc once your busy season is done


Quote:
Originally Posted by WinterWonder View Post
Struggling with the tax scenarios. I posted this in MA forum to get their opinons as well.

<snip>


So we are confused. I am a tax accountant in a busy season now. And as soon as that's done I'm going to sit down and try to do a detailed comparison of the 2 states, side by side, taking all taxes into consideration. If anyone has any input for me, let me know. Thanks!
Quick reply to this message
 
Old 09-18-2007, 09:03 AM
 
19 posts, read 52,508 times
Reputation: 23
The overall tax burden is LESS in NH.

NH has one of the lowest overall tax burdens in the U.S. -regardless of your income. (Look it up for yourself)
Quick reply to this message
 
Old 09-18-2007, 10:45 AM
 
117 posts, read 322,984 times
Reputation: 129
I paid 5000 in property taxes in OH for a 270,000 house plus 6.5% income and 6.5% sales tax and my wife paid 2% city tax. I don't consider paying my 5600 for a 300,000 house that outrageous in NH considering no sales or income tax. I would rather pay 1500 in fees here than 7000 in sales and income to other states. Plus OH still did not have enough money to balance their ballooning budget shortfall which has been said open the door and it will never close again just get wider and wider open.
Quick reply to this message
 
Old 09-18-2007, 10:49 AM
 
625 posts, read 1,773,700 times
Reputation: 477
Quote:
Originally Posted by Valerie C View Post
Regarding NH homeowners writing their own property tax check--not necessarily so. If you buy with 20% or less downpayment, your taxes are escrowed as part of your monthly mortgage payment.
Not necessarily. I purchased by first home with 20 percent down and did an impound account (for a year), whereas with the home I just bought here I put nothing down and, had I wanted to, NOT done an impound account--why give the bank an interest-free loan for six months to a year?

In the end, however, I simply decided to do the impound account for peace of mind, knowing the money was there and I couldn't touch it or mess with it.
Quick reply to this message
 
Old 09-18-2007, 11:29 AM
 
2,767 posts, read 3,426,711 times
Reputation: 2967
As far as I know, if you move to NH and work in MA you pay MA taxes.
Quick reply to this message
 
Old 09-19-2007, 06:19 AM
 
175 posts, read 745,351 times
Reputation: 120
Quote:
Originally Posted by 399083453 View Post
As far as I know, if you move to NH and work in MA you pay MA taxes.
You are correct.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Hampshire
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top