Quote:
Originally Posted by talk2night
Quite the opposite . . . its a total shock to me. I cant believe you have to pay an annual tax of that much to live in a property.
I'm presuming that property tax covers all the local services ie Fire, Police etc. Here we call it 'Council Tax' and its no more than $2500 a year on a property (in any area) where the houses are say worth $350,000.
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Here is a list of taxes for new york state:
NEW YORK
Sales Taxes
State Sales Tax: 4.0% (food, prescription and non-prescription drugs exempt); Other taxing entities may add up to 5.5% in additional sales tax.
Gasoline Tax: 41.7 cents/gallon
Diesel Fuel Tax: 41.2 cents/gallon
Cigarette Tax: $1.50/pack of 20; New York City adds an additional $1.50.
Personal Income Taxes
Tax Rate Range: Low - 4.0%; High - 6.85%
Income Brackets: * Lowest - $8,000; Highest - $20,000
Number of Brackets: 5
Personal Exemptions: Single - $0; Married - $0; Dependents - $1,000
Standard Deduction: Single - $7,500; Married filing jointly - $15,000
Medical/Dental Deduction: Federal amount
Federal Income Tax Deduction: None
Retirement Income Taxes: Social Security, military, civil service, state/local government pensions are exempt. Also, up to $20,000 of qualified private pensions for those 59½ and older. Out-of-state government pensions can be deducted as part of the $20,000 exemption. For more information on senior citizen and retiree benefits, click here.
Retired Military Pay: Exempt from taxes.
Military Disability Retired Pay: Disability Portion - Length of Service Pay; Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless combat incurred. Retired Pay - Based solely on disability: Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless all pay based on disability and disability resulted from armed conflict, extra-hazardous service, simulated war, or an instrumentality of war.
VA Disability Dependency and Indemnity Compensation: Not subject to federal or state taxes
Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income tax. Check with state department of revenue office.
Property Taxes
Property taxation is limited to real property. New York State law gives local governments and public school districts the option of granting a reduction on the amount of property taxes paid by qualifying senior citizens. This is accomplished by reducing the assessed value of residential property owned by seniors by 50%. To qualify, seniors must be 65 years of age or older and meet certain income limitations and other requirements. For the 59% exemption, the law allows each county, city, town, village or school district to set the maximum income limit at any figure between $3,000 and $24,000. Localities have the further option of granting an exemption of less than 50% to senior citizens whose incomes exceed the local income limit by less than $1,000 in three income ranges or $900 in six other income ranges. For example, in a community that has taken this "sliding-scale" option and has adopted the $21,500 income maximum, an eligible resident whose income is more than $21,500 but less than $22,500, is entitled to a 45% exemption. If a person's income is more than $29,000 but less than $32,400, the exemption is 5%.
There is no general, statewide homestead property tax exemption. However, a taxpayer's primary residence may be partially exempted from school taxes under the state's School Tax Relief Program (STAR) program. Seniors can take advantage of this program that provides a partial exemption from school property taxes. All New Yorkers who own and live in their one-, two-, or three-family home, condominium, cooperative apartment, manufactured home, or farm dwelling are eligible for a STAR exemption on their primary residence.
There are two parts to the STAR program:
The Basic STAR exemption is available for owner-occupied, primary residences regardless of the owners' ages or incomes. Basic STAR works by exempting the first $30,000 of the full value of a home from school taxes. The Enhanced STAR exemption is available for the primary residences of senior citizens (age 65 and older) with yearly household incomes not exceeding the statewide standard. For qualifying senior citizens, the Enhanced STAR program works by exempting the first $50,000 of the full value of their home from school property taxes. For property owned by a husband and wife, or by siblings, only one of them must be at least 65 years of age as of December 31 of the year in which the exemption will begin to qualify for the Enhanced exemption. Their combined annual income, however, must not exceed the STAR income standard. Call 888-697-8275 or 518-486-5446 for details.
Inheritance and Estate Taxes
There is no inheritance tax and the estate tax is related to federal estate tax collection.
I know this might be too much info but thought you might want to know some of are tax system.
Retirement Living - Taxes by State: New York - Wyoming
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