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Also think about Maine. Sure you have income tax and sales tax, but with lower property taxes, it usually evens out. You can easily commute from Kittery, ME to Portsmouth in 5 min or York ME in 10 min.
Dover NH Home - $200,000 - taxes would be $5200 year
Kittery ME Home - $200,000 - taxes would be $3134 year
York ME home - $200,000 - taxes would be $2200 year
The sales tax is inconsequential, easy to drive over the bridge to shop. The maine income tax is 8%. The poster would have to be making < $40K to come out ahead on that house in York, approximately $25K to come out ahead on the house in Kittery.
It would seem that Maine would be better for retirees after they stop working since their income tax would go down greatly combined with the already lower property taxes would make for a smaller tax bill than what they'd have in NH. Sales tax is mostly avoided by living near the border and shopping in NH (ssshh, don't tell Maine I said that). Tax burden doesn't go down for a given house in NH after a person retires because their property is taxed the same (minus a senior credit)
I've often thought about moving just over the border after I retire to Eliot or the Berwicks to lower my tax burden. In either case, run the numbers on property tax in NH vs property/income/sales taxes in ME for your given income.
Nope. And to go further, if you live in NH and work in Maine, your spouse's income also gets taxed by Maine at the end of the year regardless of which state they work in. There was a big lawsuit about this years ago due to the shipyard workers. It was finally ruled that the Portsmouth Naval Shipyard is actually in Maine, hence the maine income tax issue.
Nope. And to go further, if you live in NH and work in Maine, your spouse's income also gets taxed by Maine at the end of the year regardless of which state they work in.
Yes, it gets taxed because you file together, but then the non-maine job spouse tax gets refunded. So in the end you only pay income tax for the spouse that works in Maine.
Yes, it gets taxed because you file together, but then the non-maine job spouse tax gets refunded. So in the end you only pay income tax for the spouse that works in Maine.
Yes, but your Maine tax bracket is determined by the combined income from Maine and non Maine income, which I believe is incredibly unfair. Your spouses non Maine income, while not taxed directly, may bump you up into a higher tax bracket.
Hey! We visited this past weekend. You guys were so right! Sticker shock! So, we are under contract for a 3 br 1.5 bath in Dover for 235K. It's a big bite for us, but we can swing it. We are really excited to be on our way up in 2 short weeks!
Hey! We visited this past weekend. You guys were so right! Sticker shock! So, we are under contract for a 3 br 1.5 bath in Dover for 235K. It's a big bite for us, but we can swing it. We are really excited to be on our way up in 2 short weeks!
Congratulations! Dover is good area to be in, has a solid amount of interesting things to do, and so convenient to Portsmouth and the coast.
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