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I was wondering if anyone would bring up that the "dividends" tax is only 5% and that is only on dividends over $1500.00, though (I think that's the figure). See? They cut you a little break. As for the real estate taxes, I'm hoping that there is something that creeps in during my later years... with no children in the school system, I don't mind paying my share for that, but I'm hoping there is some offset if/when I hit that nice magical age of 65.
I'd say that I've been saving to have a nice buffer for that day, but, well, we know what happened to all those buffers lately!
No matter what, New England, and NH in particular, have a whole lot going for them! I don't care how tax/retirement friendly some of those other places are!
I pay over $10k in real estate taxes and do not have a problem with it. Most of that goes to my town and most of that to the schools. I have three kids in the school system. When I lived in MA, I had not idea where the money was going. If you take my house and put it in a similar town in MA (Westford, Sudbury), it would be over $10k in taxes. The rate is lower in MA, but the valuations are much higher. I have a friend in Sudbury who has been to my house and he says his is similar and he pays $16k.
The schools are a huge concern for families. I have friends and relatives in MA and many send their kids to private schools starting around 7th or 9th grade. Some are well off (Lawyer, CEO, CFO) but some are not (one is a hard working one-man plumbing business and his wife is a nurse). Some live in nice towns (Needham, Swampscott) and others do not (Hull). My brother in law (the plumber) spends $14k/year to send his son to all boys catholic high school in MA. A sales guy i work with spends $28k to send his son to private school; he lives in Westwood. As my oldest prepares for college next year, the realities of college costs are settling in. I don't know how one can save for college when you are paying for private high school.
One last thought is to consider the other costs of living. My sister in law told me she paid $5100 last year for car insurance in MA; we paid $1600. Same situation with somewhat older cars, two drivers, and one teenager....
Based on the "Big Three", (Income, Sales and Property taxes) the residents of NH have have the distinction of ranking 49th on the list of being taxed the lowest of all other States per capita. But, that doesn't tell the whole story. There are over thirty some taxes in the books that most of us are subject to. Meals tax, energy tax, cigarette tax, liquor tax and taxes on dividends to name a few. The slogan, "Tax Free NH", is a marketing device designed to attract out-of-Staters to buy in NH and take advantage of not paying a sales tax on their purchases. It works out great for the shoppers and helps with the local economies. While large ticket items such as motor vehicles, boats and motorcycles are free from a sales tax the registration fees are very high compared to other States. As it was stated in an earlier post, the money to support the local towns and schools has to come from somewhere. Typically, but not necessarily, the towns with the larger property taxes have better services and schools. These services can be as small as curb side trash pick-up to extracuricular activities for kids in the schools. You only get what you pay for is especially true in NH. Having said all that NH is still one of the best States to live in. The political attitude is fiscal conservatism and socially libertarian. Otherwise, don't waste our money and stay out of our lives. It works well here. Live Free or Die is not a cutesy slogan but is an generation's old attitude that makes NH so great. We expect all new comers to buy into that philosophy.
Just because it's not called a tax, paying a toll to travel on some of our highways certainly is. As Franklin stated, the only two things certain in life are death and taxes.
amen. I am a massachusetts transplant. I cam up here to get out of the massachusetts big government, big tax mindset. I wish people who wanted to live here came here realizing that if they come here and bring their blue state ideals with them, they are just changing all the great things about this state that attracted them here in the first place.
my husband and I may have to relocate because of property taxes here. We want to settle down into our own home but the property taxes are just too burdensome and renting is such a waste of money. I really love all things about new hampshire but I don't see how we can afford to own here.
public schools are the biggest drain on states. before I am jumped on, let me just say that I have 2 children in the local public school system so I'm not begrudging people with children. You would see a dramatic drop in local tax burden if people get a nice tax credit for private schooling-what GW Bush wanted to do. The children would be the ones to benefit by this by also getting a better, more individualized education. If we could get more people out of the public schooling system, less resources would have to be delegated to the system. It's a classic case of a public service costing the tax payers an arm and a leg. the simple solution is to relieve the individual tax burden so that people can have more of their own disposable income to spend as they need to.
ask yourself why democrats won't even consider this as an option...
(teachers unions)
(taxes grow government)
(individual income shrinks due to tax burden)
(more public assistace=more democrat votes)
it's a power play plain and simple. it has absolutely nothing to do with providing children with a great education. this is just one of the many wool-over-the-eyes schemes of the democrats.
I cam up here to get out of my husband and I may have to relocate because of property taxes here. We want to settle down into our own home but the property taxes are just too burdensome and renting is such a waste of money. I really love all things about new hampshire but I don't see how we can afford to own here.
Your statements are contradictory. You are basically saying that both buying and renting are too expensive in NH. If that is true, why is NH the fastest growing of all states in the northeast? The answer is in-migration. Also, renting might not be a terrible idea for those that don't want to pay the insane property taxes along with high mortgage payments.
The area of NH that is the most affordable is the Lakes Region away from the water. Property taxes are still low and median house prices are more affordable.
Taxes are highly dependent on your personal financial situation. It is possible to live in a mobile home on small acreage up in the northern part of the state and only pay $1200 a year in property tax. It is also possible, if you have significant savings and investments, to pay thousands in the NH Dividends and Interest Tax, thus wiping out any tax "savings" you thought you'd be getting by moving to the state.
Basically, NH taxes are structured such that if you live from paycheck to paycheck, in a rented mobile home, and have six school-age kids, you will get a LOT of services for almost no taxes! On the other hand, if you are a wealthy retiree living in a home valued at $400K, with a mill or two in non-IRA investments, be prepared to pony up!
Taxes are highly dependent on your personal financial situation. It is possible to live in a mobile home on small acreage up in the northern part of the state and only pay $1200 a year in property tax. It is also possible, if you have significant savings and investments, to pay thousands in the NH Dividends and Interest Tax, thus wiping out any tax "savings" you thought you'd be getting by moving to the state.
Basically, NH taxes are structured such that if you live from paycheck to paycheck, in a rented mobile home, and have six school-age kids, you will get a LOT of services for almost no taxes! On the other hand, if you are a wealthy retiree living in a home valued at $400K, with a mill or two in non-IRA investments, be prepared to pony up!
Yea, Fair is a ***** alright!
Theres always Texas.
public schools are the biggest drain on states. before I am jumped on, let me just say that I have 2 children in the local public school system so I'm not begrudging people with children. You would see a dramatic drop in local tax burden if people get a nice tax credit for private schooling-what GW Bush wanted to do. The children would be the ones to benefit by this by also getting a better, more individualized education. If we could get more people out of the public schooling system, less resources would have to be delegated to the system. It's a classic case of a public service costing the tax payers an arm and a leg. the simple solution is to relieve the individual tax burden so that people can have more of their own disposable income to spend as they need to.
ask yourself why democrats won't even consider this as an option...
(teachers unions)
(taxes grow government)
(individual income shrinks due to tax burden)
(more public assistace=more democrat votes)
it's a power play plain and simple. it has absolutely nothing to do with providing children with a great education. this is just one of the many wool-over-the-eyes schemes of the democrats.
How come it never changes when Republicans are in Power?
Oh, I see-same reason RoevWade was never even brought up when Republics
had COMPLETE control of govt. for 6 years, no need to do squat when you can always rely on base being delusional.
Rave on.
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