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I’m sure this been discussed many times already. Do you find that without NH sales & income tax, they are offset with the high property taxes?
I’m seriously thinking of retiring to NH. However, like any other state it comes down to taxes.
I will be retiring from the government. Half of my income will be my pension, the other half investments. Then eventually SS
I’ll be coming from Long Island, NY. Presently I live in a modest 500k basic ranch. My property taxes are $8,200 (Which is considered VERY CHEAP). Obviously we have NYS/County tax = 8.25% combined.
NYS income tax is approximately 5% based off of income.
Thinking of downsizing to a condo. With zero mortgage. I’d only have HOA & homeowners expenses as far as a mortgage goes. $1,000 per month +/-
Your property taxes will be mostly dependent on where in NH you move, for example
a home assessed at 500,000 would cost you almost fourteen grand a year in taxes in say Alstead based on a rate of 27.85 per thousand dollars and eighty two hundred in Greenland NH based on 16.40 per thousand ( using 2019 data)
[quote=CrazyDave;58127203]Your property taxes will be mostly dependent on where in NH you move, for example
a home assessed at 500,000 would cost you almost fourteen grand a year in taxes in say Alstead based on a rate of 27.85 per thousand dollars and eighty two hundred in Greenland NH based on 16.40 per thousand ( using 2019 data)
That’s what I’m trying to figure out. Will that 14k per year in property taxes technically be knocked down to 5k +/- per year because I’m not paying sales tax along with income tax (my 401k is taxed as “Income” tax in NY) on my withdrawals.
Your property taxes will be mostly dependent on where in NH you move, for example
a home assessed at 500,000 would cost you almost fourteen grand a year in taxes in say Alstead based on a rate of 27.85 per thousand dollars and eighty two hundred in Greenland NH based on 16.40 per thousand ( using 2019 data)
That’s what I’m trying to figure out. Will that 14k per year in property taxes technically be knocked down to 5k +/- per year because I’m not paying sales tax along with income tax (my 401k is taxed as “Income” tax in NY) on my withdrawals.
I am not sure I am following but I am assuming you mean will it balance itself out. That I guess is something only you can decide.
You will pay 14K again dependent on location but no you won't have a sales tax or income taxe, you will however have a room and meals tax on what you purchase in a restaurant ( even Dunkins) or if you purchase prepared foods like the lousy pizza at the local Seven Eleven or should you decide to stay at a local motel/hotel like at the beach .
I am not sure I am following but I am assuming you mean will it balance itself out. That I guess is something only you can decide.
You will pay 14K again dependent on location but no you won't have a sales tax or income taxe, you will however have a room and meals tax on what you purchase in a restaurant ( even Dunkins) or if you purchase prepared foods like the lousy pizza at the local Seven Eleven or should you decide to stay at a local motel/hotel like at the beach .
My property tax bill went down when I moved here, but I came from a very highly taxed state.
Quote:
Originally Posted by Spanky25
I’m sure this been discussed many times already. Do you find that without NH sales & income tax, they are offset with the high property taxes?
Depends on your income, and your spending.
Difficulty is that in retirement, you probably won't have much taxable income (even in states which tax your 401k withdrawal) and won't be spending a lot of money on "stuff", so you would not benefit from the lack of income, sales, use taxes.
If you have no strong ties to or incentive to move to New Hampshire, why not choose a state with a retiree-friendly income tax?
You can find 2019 NH property tax rates here. https://www.revenue.nh.gov/mun-prop/...-tax-rates.htm
A 500K home would cost >$16K/year in taxes where I live, and over $20K/yr in Claremont, which someone else asked about recently. Best to know the tax situation before you decide where to settle.
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My property tax bill went down when I moved here, but I came from a very highly taxed state.
