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Old 12-08-2008, 07:24 PM
 
1,362 posts, read 4,314,767 times
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I anm trying to understand any fundamental difference in tax structure related to the following:

If living in Radnor / Bryn Mawr / KOP type areas in Pennsylvania
-vs-
living in Cherry Hill / Mt Laurel type areas in NJ
(and possibly working in Philadelphia city)

How does the tax structure generally stack up?
Is one more weighted towards property taxes than the other?
Is one more weighted towards income/wage taxes than the other?
Very approximately, what can one expect to pay in property taxes for a 350K single-property house in either area.

Thanks.
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Old 12-09-2008, 04:24 AM
 
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Primarily, I am trying to find out if in one state the property tax burden is higher, and if in the other the income/wage tax burden is higher. Or if it is basically about the same. Thanks.
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Old 12-09-2008, 05:56 AM
 
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Property taxes are roughly 50% higher in NJ versus PA, but it depends on the town. In Cherry Hill, for example, taxes could be $10K on a $350K house. Taxes in CH are very high even for NJ. In Mount Laurel, it might be $6K. It's no secret to this board that I'm not a fan of PA generally and I happily pay my Moorestown property taxes while working in center city. I suggest you drive through and compare towns in both areas and decide for yourself. Keep in mind that economic growth is generally stronger in SJ compared to PA and IMO a better long term housing investment. NJ is also better situtated to places that matter like the shore, Princeton, NYC and is in the middle of the northeast corridor and NJ's wealth belt.

Last edited by MoorestownResident; 12-09-2008 at 06:23 AM..
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Old 12-09-2008, 06:36 AM
 
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I will be working in center city, what towns in Pennsylvania are comparable to Cherry Hill as far as types of homes and distance to center city. I really like Cherry Hill but the taxes are pushing me away.
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Old 12-09-2008, 06:42 AM
 
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Look in Voorhees, Marlton, Mount Laurel, close to 295 and easy to the Patco.
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Old 12-09-2008, 06:43 AM
 
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Quote:
Originally Posted by MoorestownResident View Post
Look in Voorhees, Marlton, Mount Laurel, close to 295 and easy to the Patco.
Thanks, those are great suggestions
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Old 12-09-2008, 06:43 AM
 
Location: Montco PA
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In terms of other taxes, NJ will give you a credit for taxes paid to Philadelphia toward your NJ state income tax. The NJ state income tax is graduated and the top rate is 8.97%, while PA has a flat rate of 3.07%. Assuming you don't work in Philadelphia, and you make more than $40k or so annually, your income tax burden will always be higher in NJ. If you make more than $75k, your income tax burden will be twice as high in NJ (6.37%) when compared to PA. If you make more than $500k you're in the 8.97% bracket, the so-called "millionaires" tax. Remember that if you work in Philadelphia NJ will give you a credit against your NJ tax in an amount up to what you pay in the wage tax. Is this helpful?

Regarding real estate taxes, they are very likely going to be higher in NJ.

I think it's almost impossible to say how much taxes you'll pay with a $350k house in either state, b/c it varies so much.
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Old 12-09-2008, 06:45 AM
 
Location: Montco PA
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Quote:
Originally Posted by DailyJournalist View Post
I will be working in center city, what towns in Pennsylvania are comparable to Cherry Hill as far as types of homes and distance to center city. I really like Cherry Hill but the taxes are pushing me away.
There really isn't anything suburban in PA that's so close to Center City. CH is around 6-7 miles or so. That same distrance north and you're still in Philly. South and you're in a bad section of Delaware County near the airport. West and you're in Manayunk (still in the city). In general you can be in a suburban area closer to Center City in NJ when compared to PA.
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Old 12-09-2008, 06:49 AM
 
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This is correct, my credit of Philly wage tax offsets about 2/3rds of my NJ State income tax. NJ also has a homestead rebate as property tax relief. That has been running around $1,000 per homeowner but it varies and depends on the budget. PA is a lower tax state than NJ except for the gasoline tax.
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Old 12-09-2008, 07:41 AM
 
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Quote:
Originally Posted by BPP1999 View Post
There really isn't anything suburban in PA that's so close to Center City. CH is around 6-7 miles or so. That same distrance north and you're still in Philly. South and you're in a bad section of Delaware County near the airport. West and you're in Manayunk (still in the city). In general you can be in a suburban area closer to Center City in NJ when compared to PA.
Any towns I should checkout in PA?
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