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Old 12-22-2010, 12:55 PM
 
Location: The Internet
355 posts, read 867,968 times
Reputation: 443

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I saw this coming for a long time now.

Who wants to live in a state with outrageously high property taxes (New York usually rates in top 4 highest nationwide)?

Who wants to live in a state with a 6.85% income tax on income over $20,001?

Who wants to live in a state where the sales tax is 8% and above in many areas?

The Bottom line is this:

Until our elected "leaders" get the message, New Yorkers have and will continue to vote with their feet by leaving. The people are fed up with being nickel and dimed to death with taxes!

Last one out; turn off the lights!
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Old 12-22-2010, 01:45 PM
 
92,667 posts, read 122,997,895 times
Reputation: 18208
Quote:
Originally Posted by RottenChester View Post
I saw this coming for a long time now.

Who wants to live in a state with outrageously high property taxes (New York usually rates in top 4 highest nationwide)?

Who wants to live in a state with a 6.85% income tax on income over $20,001?

Who wants to live in a state where the sales tax is 8% and above in many areas?

The Bottom line is this:

Until our elected "leaders" get the message, New Yorkers have and will continue to vote with their feet by leaving. The people are fed up with being nickel and dimed to death with taxes!

Last one out; turn off the lights!
What's sad is that other states are on their way to similar siotuations and the overall cost of living in Upstate NY metros are similar or on par with Southern metros. So, taxes are just one aspect of costs.

I think the bigger concern is jobs and to continue to diversify the economies in Upstate NY.
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Old 12-22-2010, 02:26 PM
 
3,235 posts, read 8,697,251 times
Reputation: 2798
NY didn't lose residents. It gained less than most other states.
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Old 12-22-2010, 03:05 PM
 
Location: Where my bills arrive
19,139 posts, read 16,970,121 times
Reputation: 15493
Quote:
Originally Posted by ckhthankgod View Post
What's sad is that other states are on their way to similar siotuations and the overall cost of living in Upstate NY metros are similar or on par with Southern metros. So, taxes are just one aspect of costs.

I think the bigger concern is jobs and to continue to diversify the economies in Upstate NY.
Other states may eventually experience similar problems but one big difference is the lower influence of unions which allows "the cost of doing buisness" more practical.

There is a difference in the cost of living down south, a simple item like gasoline jumps about 30 cents/gal just because of NY taxes. Plus add the additional costs of most items costing more or the higher sales taxes and before you know it the cost of living is much higher.

I just read on Yahoo news yesterday that NY was on the top 10 list of where not to retire (yes I know this is subjective) because it has the highest tax obligation.

For enough people to move causing the loss of 2 congressional seats is significant...
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Old 12-22-2010, 03:47 PM
 
969 posts, read 2,066,065 times
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No surprise. On top of the tax/union issues of NY, technology has allowed much more freedom as to where businesses can locate and where people can work, and most people are attracted to warmer climates. I'm glad to see the population is spreading out. Lower population will force us to do things more efficiently, hopefully.
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Old 12-22-2010, 05:11 PM
 
Location: Orlando, FL
275 posts, read 791,184 times
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Quote:
Originally Posted by VA Yankee View Post

I just read on Yahoo news yesterday that NY was on the top 10 list of where not to retire (yes I know this is subjective) because it has the highest tax obligation.
I'm not sure about NY having the highest tax obligation for retirees. I am considering retirement there and I know that SS income is not taxed and the first $20K of my pension will not be taxed. And I assume that the NYS tax return is somewhat structured like the Feds where you have deductions and exemptions. As far as property taxes are concerned, yes it is high. But, I believe with a bit of research, one can find reasonable (for NY anyway) property taxes depending on the locale and the assessment of the property itself. Everyone's situation is different and it's difficult to lump everyone into one category concerning NYS taxes. How much does the STAR exemption knock off a typical tax bill? Sales tax? Try living in TN where the sales tax rate is something like 9.5%. They're going to get you somehow. To me, lifestyle is going to be a big determining factor.
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Old 12-22-2010, 07:26 PM
 
12,017 posts, read 14,274,877 times
Reputation: 5981
Quote:
Originally Posted by orlandoyankee View Post
Try living in TN where the sales tax rate is something like 9.5%. They're going to get you somehow. To me, lifestyle is going to be a big determining factor.
Looking at your handle, you realize that FL has a lower sales tax than that right? It's 6-7% in most places with lower property taxes than NY, and no income tax.
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Old 12-22-2010, 07:28 PM
 
12,017 posts, read 14,274,877 times
Reputation: 5981
Quote:
Originally Posted by VA Yankee View Post
I just read on Yahoo news yesterday that NY was on the top 10 list of where not to retire (yes I know this is subjective) because it has the highest tax obligation.

For enough people to move causing the loss of 2 congressional seats is significant...
Yup

the-10-worst-states-for-retirees: Personal Finance News from Yahoo! Finance

And Florida was the #1 destination for retirees:

Where to retire? Florida is most popular state - Yahoo! News (http://news.yahoo.com/s/nm/20101216/lf_nm_life/us_retirement_cities_usa - broken link)
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Old 12-22-2010, 08:27 PM
 
Location: Where my bills arrive
19,139 posts, read 16,970,121 times
Reputation: 15493
Quote:
Originally Posted by orlandoyankee View Post
I'm not sure about NY having the highest tax obligation for retirees. I am considering retirement there and I know that SS income is not taxed and the first $20K of my pension will not be taxed. And I assume that the NYS tax return is somewhat structured like the Feds where you have deductions and exemptions. As far as property taxes are concerned, yes it is high. But, I believe with a bit of research, one can find reasonable (for NY anyway) property taxes depending on the locale and the assessment of the property itself. Everyone's situation is different and it's difficult to lump everyone into one category concerning NYS taxes. How much does the STAR exemption knock off a typical tax bill? Sales tax? Try living in TN where the sales tax rate is something like 9.5%. They're going to get you somehow. To me, lifestyle is going to be a big determining factor.
Property tax is the main issue, my research shows the average tax obligation is @$45.00 per 1k of assessed value, I realize this varies with the community but for me it's 5x my current taxes. Star only helps with the property tax (if elligable) not school tax which seems to be the lions share in most communities. Someone quoted NY sales tax at 8.5%, ouch. I also am looking at upstate to retire but I am used to excellant services for my tax dollar and am not willing to accept pot holes, intersections that need traffic lights and worthless public officals so i'll have to see when the time comes...
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Old 12-22-2010, 08:45 PM
 
Location: Orlando, FL
275 posts, read 791,184 times
Reputation: 209
Quote:
Originally Posted by chopchop0 View Post
Looking at your handle, you realize that FL has a lower sales tax than that right? It's 6-7% in most places with lower property taxes than NY, and no income tax.
The sales tax rate in central FL is 6.5%. I believe it is 7% in Warren County in NYS, where I am looking at. True, FL has no income tax (yet). But, running the numbers for my own personal situation, NYS tax for my projected income would be <$1K/yr (retirement). Not necessarily a deal breaker for me. Currently, I pay approx $1500/yr in property tax. However, that is for a home I have lived in for 30 years in Orlando. With the Save our Homes amendment in FL, longevity in a residence means lower taxes. Even if I don't ultimately move to NYS, I am not going to stay in Orlando. Hence, if I move to another part of FL, the property tax rate I will pay will be current market value less the SOH portability figure. For the houses and areas I have been looking at, that can be anywhere from $2500 - $4000/yr. Add the extremely high cost of homeowner's insurance here, you get into NYS values for taxes plus insurance. I don't think it is out of the realm of possibility to find a decent home in Warren County NY with property taxes of $5K or less with much less cost for insurance. Again, all other things being equal, not a deal breaker for me. I have numerous reasons why I want to move out of FL, the least of which is the extremely hot weather for a very long duration. As I previously said, it comes down to quality of life issues primarily. Your results may vary.
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