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I am married and working in Jersey City, NJ, makes low 100 a year. I'm considering whether to buy a house in NJ or Staten Island. I'm looking at 400K houses. Originally plan to live in NJ, but found out that property taxes are about $700+per month for houses in 400K range (from Trulia.com). On the other hand, in Staten Island, houses that range have property taxes of less than $300 per month. A difference of about $400+ a month.
My argument for looking in Staten Island:
- a colleague of mine who makes about the same, sees $300 more per month from his paycheck as a result to moving to NJ from NY(less income and state taxes).
I tried using income tax calculator from paycheckcity.com, which reported tax savings of about $150 per month based on 100K income of living in NYC and NJ comparison. I am not sure how accurate this is.
My argument for looking in NJ:
As my income increases, it probably would make more sense to live in NJ.
Does anyone have any opinion on this? I'm looking only from financial perspective.
I am married and working in Jersey City, NJ, makes low 100 a year. I'm considering whether to buy a house in NJ or Staten Island. I'm looking at 400K houses. Originally plan to live in NJ, but found out that property taxes are about $700+per month for houses in 400K range (from Trulia.com). On the other hand, in Staten Island, houses that range have property taxes of less than $300 per month. A difference of about $400+ a month.
My argument for looking in Staten Island:
- a colleague of mine who makes about the same, sees $300 more per month from his paycheck as a result to moving to NJ from NY(less income and state taxes).
I tried using income tax calculator from paycheckcity.com, which reported tax savings of about $150 per month based on 100K income of living in NYC and NJ comparison. I am not sure how accurate this is.
My argument for looking in NJ:
As my income increases, it probably would make more sense to live in NJ.
Does anyone have any opinion on this? I'm looking only from financial perspective.
Personally, I'd take the monthly savings and live in SI. As you expect your income to grow, if you were wise and saved the savings in SI you'll have more to spend when eventually moving to NJ on top of whatever the sale may generate for you.
It is 6 of one and a half dozen of the other. Another issue you left out is commuting costs, if you drive to Jersey City from norther SI it is a short drive, but can you park- and you will have to pay bridge tolls. From Jersey you have the train or bus costs.
Also depends on income since your property taxes can be written off.
I think the commute to Jersey City is generally better from Northern New Jersey so I would focus my sights there. I know a few people who commute to Jersey City by public transit from Staten Island and it is a pain. There is a bus that goes there but it only runs along one area so if you don't live near there you have to drive to the bus in rush hour traffic.
One thing to be aware of is there is wide differences in what an individual property will be assessed and taxed. See https://taxhistory.brooklyncoop.org/view1/3010240018 for example, our current mayor pays about $3,581 on a $1,970,000 home while others for the same value pay 5 or 6 times more.
The reason is law s7000a that seems to turn NYC into a fraternity where the new development and people that repair their homes are hazed while the people that speculate and pay high prices for homes are not affected. s7000a does not allow assessments to increase more than 20% in any 5 year period regardless of the market value. But s7000a makes an exemption for IMPROVEMENTs (which NYC DOB and DOF seem to interpret REPAIR as IMPROVEMENT)
California's approach (Proposition 13) is to re-access the property at the point of sale. That seems logical.
To be fair, this is a NYS law, but a large part of the NYS assembly and senate is made of NYC representatives.
I am married and working in Jersey City, NJ, makes low 100 a year. I'm considering whether to buy a house in NJ or Staten Island. I'm looking at 400K houses. Originally plan to live in NJ, but found out that property taxes are about $700+per month for houses in 400K range (from Trulia.com). On the other hand, in Staten Island, houses that range have property taxes of less than $300 per month. A difference of about $400+ a month.
My argument for looking in Staten Island:
- a colleague of mine who makes about the same, sees $300 more per month from his paycheck as a result to moving to NJ from NY(less income and state taxes).
I tried using income tax calculator from paycheckcity.com, which reported tax savings of about $150 per month based on 100K income of living in NYC and NJ comparison. I am not sure how accurate this is.
My argument for looking in NJ:
As my income increases, it probably would make more sense to live in NJ.
Does anyone have any opinion on this? I'm looking only from financial perspective.
Isn't Staten Island a cancer area in some parts (close to Fresh Kills?)? Would look into that if I were you. Economics is a big factor, but it's not the only factor...especially when it comes to your health.
Isn't Staten Island a cancer area in some parts (close to Fresh Kills?)? Would look into that if I were you. Economics is a big factor, but it's not the only factor...especially when it comes to your health.
I know that, but the landfill remains are still there. A higher cancer rate there relatives to the other 4 boroughs. Higher than national average for lung cancer incidents and mortality rates.
I am married and working in Jersey City, NJ, makes low 100 a year. I'm considering whether to buy a house in NJ or Staten Island. I'm looking at 400K houses. Originally plan to live in NJ, but found out that property taxes are about $700+per month for houses in 400K range (from Trulia.com). On the other hand, in Staten Island, houses that range have property taxes of less than $300 per month. A difference of about $400+ a month.
My argument for looking in Staten Island:
- a colleague of mine who makes about the same, sees $300 more per month from his paycheck as a result to moving to NJ from NY(less income and state taxes).
I tried using income tax calculator from paycheckcity.com, which reported tax savings of about $150 per month based on 100K income of living in NYC and NJ comparison. I am not sure how accurate this is.
My argument for looking in NJ:
As my income increases, it probably would make more sense to live in NJ.
Does anyone have any opinion on this? I'm looking only from financial perspective.
Because Chris Christie has driven New Jersey to the edge of bankruptcy I would be willing to bet that tax increases of all kinds in New Jersey ..both state and local...income and property as well as fees ,etc , will far outpace those in NYC in the next 5 to 10 years. Something to consider.
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