Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
And how do you finance the infrastructure, etc? taxes have a purpose. Too much is not good but I wouldn't say having no taxes is the dream.
There are other ways of funding state or local governments besides income taxes.
Nine states don't have income tax at all. Other states have sales taxes or other rates but income taxes. Still others like NY and NYC tax both income and sales.
Previously NJ relied heavily on property taxes including those upon commercial properties and owned by railroads. Well by 1970's railroads (what was left of them) were in bad to poor shape and manufacturing joined that with NYS and elsewhere in north fleeing to south or later Mexico.
There are also various ways to finance infrastructure besides income taxes. NJ has an "infrastructure bank" among other sources. https://www.njib.gov/njeit
our kids are in new jersey but it is my least favorite state to live in or visit
new jersey has an inheritance tax . not a great place to die
It would not stop me from enjoying life and calling NJ
or the other 5 inheritance states..... home.
I believe you can reduce or even eliminate in some cases your inheritance tax.
Applying family exemption per family member ,Create Joint tenancy and property accounts.
Establish a trust unique to you . Purchase Life Insurance. Leave monies to charitable organizations.
Certain farmland and similar properties are exempt. If you are military and die from an active duty injury
you are exempt from inheritance tax. There are many other ways around reducing the punch to the gut but.........
Like the old government saying goes, "You can pay me now or you can pay me later." and that goes for everyone.
most are not able to avoid it with out expensive legal work ..or the knowledge that they even have an issue
so it can be a factor depending who you are planning to get it .
we almost got bagged here in new york simply because we were not aware of new yorks own tax cliff .
we went to meet with an advisor before i retired and he works in concert with a tax attorney and an estate attorney .
at that time new york was still below the federal level ….what we didn’t know is that if you went over the limit you didn’t pay on the overage .you lost the entire 1 million dollar exemption .
so we had to get very costly disclaimer trusts to get around it .
so for many it is going to be what they don’t know and prepare for that will get them
Class A: A spouse, civil union or domestic partner of a decedent, a father, mother, grandparent, child or children or step-children of a decedent, and any child or children adopted by the decedent, the issue of such child or adopted child, and in certain circumstances, non-biological children of the decedent where the child was the offspring of a biological parent in a civil union or domestic partnership with the decedent. NO TAX
…I’m not very worried about it. Definitely not a reason to stay in hellhole NY.
Class A: A spouse, civil union or domestic partner of a decedent, a father, mother, grandparent, child or children or step-children of a decedent, and any child or children adopted by the decedent, the issue of such child or adopted child, and in certain circumstances, non-biological children of the decedent where the child was the offspring of a biological parent in a civil union or domestic partnership with the decedent. NO TAX
…I’m not very worried about it. Definitely not a reason to stay in hellhole NY.
not a reason to stay in new york , but lots of reasons i wouldnt choose new jersey
our kids are in new jersey but it is my least favorite state to live in or visit
Ok, we've done this to death; please keep up.
It varies by town but on average you see far more benefits for your RE taxes in NJ than NYC. Good to great local public schools, nice homes with a bit of property surrounding them so your kids have room to go outside and play, nice backyards for BBQ or whatever and so it goes.
Honestly your family is not representative of 99% of people. It doesn’t matter which state you live in when you can afford a 3 million dollar home. Pretty sure you realize this.
The average person, even above average but not rich, will 100% see more bang for their buck in NJ. No one in my tax bracket is affording 1/4 acre in any decent NYC suburb in NY. In NJ, it’s not only affordable but pretty easy. My mortgage is less in NJ than I was paying for a tiny townhouse on Staten Island - including taxes. And utilities cost FAR less. My house on Staten Island would be $850+ and still not have half the property.
all that is relevant is what matters to each of us and why we picked to live where we do .
so while you have your reasons for new jersey i have my reasons why westchester over jersey.
we also have loads of reasons for where we live now in bay terrace queens as well and based on those reasons we would take where we are over jersey as well.
many of those reasons are why we haven’t gone to westchester.
if i moved anywhere regardless of where our family is it would be to south carolina or florida
Last edited by mathjak107; 05-01-2023 at 07:25 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
