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One of the reasons behind the high property taxes is actually the "low rate" on NJ State income taxes. Although the top bracket has a relatively high rate, it kicks in at a fairly high income. Here in NC, the top rate kicks in at $60,000. Does anyone in NJ pay $4500 on $60,000 in state income tax? I believe the slightly higher top rate in NJ starts at around $150,000. I can well remember Christy Whitman's claim of lowering the state income tax in 1994, but the next year local property taxes increased dramatically! This had the effect of decreasing the taxes on the wealthy and moving more of them onto middle-class earners. It's truly amazing how $30,000 wage earners complained about the so-called "death taxes" when only "million dollar and higher" estates were paying them, but on the repeal of those "death taxes", those $30,000 wage earners had to make up the shortfall. It's baffles me how many low-income people drank that "Kool-Aid!
By cause and effect, in large measure, they are influenced by the governor. Corzine has lowered income tax revenues to the municipalities. The original intent of the income tax in 1976 was specifically for this purpose, to take pressure off the local portion of the property tax bill, which is heavily influenced by school spending. The SC of NJ has, through a series of rulings, steered increasingly more money to city districts, at the expense of rural and suburban districts. I've said this before: 33 districts in NJ consume 60% of the income taxes remitted to the statehouse.
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our township budget has increased an average of less than 3% per year since Corzine took office. Is that unreasonable?
tahiti - All I can say is WOW! I've actually come across a few people originally from NJ that have ended up paying waaay more overall, in taxes in NC vs. NJ because of the high state income tax in NC, which can end up trumping the lower property tax here. In the long run, each state possesses those unique "gotcha areas" when it comes to money.
tahiti - All I can say is WOW! I've actually come across a few people originally from NJ that have ended up paying waaay more overall, in taxes in NC vs. NJ because of the high state income tax in NC, which can end up trumping the lower property tax here. In the long run, each state possesses those unique "gotcha areas" when it comes to money.
em - actually, let me amend that - the TOP rate is for earners in excess of $500K (that's what I focused on), which is 9%. the next tier down is from $75K - $500K, and that's 6.37%.
I just figured out how much my state taxes would be in NC - it literally negates any property tax savings I would gain. YMMV.
em - actually, let me amend that - the TOP rate is for earners in excess of $500K (that's what I focused on), which is 9%. the next tier down is from $75K - $500K, and that's 6.37%.
I just figured out how much my state taxes would be in NC - it literally negates any property tax savings I would gain. YMMV.
The lower car insurance might be a deal breaker!
Luckily for me, being retired, and "clinically poor" by NJ standards and due to a lovely NC Supreme Court decision (thanks, Bailey whoever you were!) that exempts federal pensions, I can actually pretend I'm lower middle-class again!
Luckily for me, being retired, and "clinically poor" by NJ standards and due to a lovely NC Supreme Court decision (thanks, Bailey whoever you were!) that exempts federal pensions, I can actually pretend I'm lower middle-class again!
we spoke about this - my car insurance is really low already (about $600/yr per car)!! LOL - pays to live in the sticks, have good driving records and of course, belong to NJM.
the taxing of pensions (or non taxing, as it may be) is really the attractive pull for retirees. my IL's were investigating SC at one time but I don't think they'll leave.
we spoke about this - my car insurance is really low already (about $600/yr per car)!! LOL - pays to live in the sticks, have good driving records and of course, belong to NJM.
the taxing of pensions (or non taxing, as it may be) is really the attractive pull for retirees. my IL's were investigating SC at one time but I don't think they'll leave.
$600 is low, in fact very low for NJ, but I got you beat at $371. But you're practically a teenager compared to me so congrats on that rate! SC does have lower taxes than NC for retirees (me excepted) but that comes with a price. The governor there would make Attilla the Hun look like a bleeding-heart liberal. You may not pay alot in taxes, but you don't get much for what you do pay for. As we say in NC -"South Carolina, one screen door away from Hell"!
Even my Liberal Relatives from the NYC area feel that NJ/NYC Area property taxes are ridiculous.
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