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I am considering relocating to NJ from London in the UK. Job offer is in Basking Ridge.
Is there anywhere commutable (45 mins or less) to Basking Ridge that is pretty rural - 3 acres or so preferred, for less than 3k a month? Minimum of two bedrooms. If it is close to a lake/waterway even better!
Schools are not important and neither is local nightlife. Easyish access to NYC is though.
I hear about high taxes (although I think it would be difficult to match the UK) but what is the top tax band and when does it kick in? I am getting confused with state and federal tax and SSI, so any clarity would be very much appreciated.
Just look on the map west of Basking Ridge...it gets pretty rural.
Look at Tewksbury and Clinton areas, and perhaps Branchburg, Whitehouse, Readington. This is all Hunterdon County. There are two big Reservoirs - Spruce Run and Round Valley. There is also a river near there - and area called Ken Lockwood Gorge. You might enjoy those areas for the lake/rivers.
You could also look in western Morris County (Mendham, Chester) but taxes very high.
Everytheing is relative, so it's tough to suggest something compared to what you think is expensive.
Basking ridge is kind of on the what you might call on the edge between suburbs and more rural, where you might find a house rental with the land you wnat. west of Basking ridge is pretty wide open with lots in the size you mean.
But when you mention 45min access to NYC, you are talking more east of basking ridge.
"easyish" access to NYC, ,eans the more west of basking Ridge you go, the more time it takes. If you plan every once in awhile for a play, plan on about 90 ride each way.
As far as taxes, take all into account and figure very rough.
about 15-20% of your gross pay, will taken out of your check, taxes, maybe benefits, etc. If you are talking about a rental for 3K/month, that's 36K/year for rent.
I assume your gross pay is in the area of 100K or more/year.
Since you are talking rental, you don't have to worry about property tax, which in NJ, is expensive. (But I'm sure it's in the rental cost.)
"You could also look in western Morris County (Mendham, Chester) but taxes very high."
I am afraid you are incorrect in these statements. Firstly, Mendham, (both the Borough and the Township) are in the south/central part of Morris County with both Chester and Chester Twp just to the west. Secondly, taxes are not high, in fact they are much lower than other towns in NJ, according to the state website.
You can't just look at the tax rate...you have to look at the assessments as well. We looked at some houses in Mendham/Chester and taxes were near $25K. If you look at some listings, you'll see. And, by perspective, anything west of Morristown is generally considered "western" Morris County. I'm sure the OP can find them on the map.
First, property taxes in NJ are very high and they are paid by the property owner who will pass that expense on to the renter. Thus, it will probably be difficult to find a 3 acre piece of property to rent in NJ for under $3K, but nothing is impossible.
Now, some things to help with payroll taxes and deductions
Federal Taxes
Federal Income Tax is based on Federal tax brackets and a tax table. You may be able to "reduce" your income by deducting elegible dependents and various other allowable deductions.
Social Security (SSI) 6.2% on the first 90K of income
Medicare 1.45% no limit
State Taxes
State Income Tax based on State Tax brakets and Tax tables
NJ Unemployment (NJUI) .3825 on the first $24,900
NJ Disability insurance .5% on the first $24,900
NJ Workforce Developmet .425% on the first $24900
In addition to the taxes, most employers have deductions for different benefits they offer. These generally include Medical, prescription, dental and vision coverage. The cost will vary widely depending on your employer and the coverage you need/choose. You may also be offered other benefits as well.
Wow! Thank you so much. This is very helpful indeed to get an initial set of criteria together. If this is indicative of the general neighbourliness of people from NJ it would be a pleasure to live there
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