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Old 01-23-2013, 05:09 PM
 
Location: Philadelphia, PA
8,700 posts, read 14,698,612 times
Reputation: 3668

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Quote:
Originally Posted by frankgn87 View Post
That means with your wifes and your wage, you would most likely pay MORE in Philly wage tax then your whole NJ prop tax.. Like us.. Then you have to pay Philly prop tax on top..
Property taxes in New Jersey with still be higher than in Philadelphia EVEN AFTER AVI
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Old 01-23-2013, 05:34 PM
 
1,340 posts, read 3,698,092 times
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This isn't a thread about where is it cheaper to live. This was just me trying to determine my income in both scenarios.

Each location has benefits and negatives. I get that. I am not considering a move to center city to save money. I am considering a move to center city because I think I would prefer living there over the suburbs. Need to try it to know if that is true.
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Old 01-23-2013, 05:41 PM
 
Location: Philadelphia, PA
8,700 posts, read 14,698,612 times
Reputation: 3668
Quote:
Originally Posted by NatasNJ View Post
This isn't a thread about where is it cheaper to live. This was just me trying to determine my income in both scenarios.

Each location has benefits and negatives. I get that. I am not considering a move to center city to save money. I am considering a move to center city because I think I would prefer living there over the suburbs. Need to try it to know if that is true.
Well you have wage tax and PA income tax for Philadelphia, and income tax for NJ. Then you have property taxes for both. Property taxes in NJ are MUCH HIGHER than Philadelphia... even after AVI is initiated in 2014, Philadelphia will still have cheaper property taxes. If you get a 10 year tax abatement, you won't pay any property taxes for ten years.

If you are buying, Philadelphia will be cheaper, MUCH cheaper if you get a tax abatement house.

If you are renting, it depends on the price of the apartment. Are you renting or buying?
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Old 01-23-2013, 05:43 PM
 
1,340 posts, read 3,698,092 times
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Current plan is to rent. If after a year we love it then maybe we would consider buying.
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Old 01-23-2013, 05:54 PM
 
Location: South Jersey
7,780 posts, read 21,880,174 times
Reputation: 2355
Quote:
Originally Posted by Summersm343 View Post
Property taxes in New Jersey with still be higher than in Philadelphia EVEN AFTER AVI
not in every case + you have to include the good old city wage! lol...
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Old 01-23-2013, 05:58 PM
 
Location: South Jersey
7,780 posts, read 21,880,174 times
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Quote:
Originally Posted by Summersm343 View Post
Well you have wage tax and PA income tax for Philadelphia, and income tax for NJ. Then you have property taxes for both. Property taxes in NJ are MUCH HIGHER than Philadelphia... even after AVI is initiated in 2014, Philadelphia will still have cheaper property taxes. If you get a 10 year tax abatement, you won't pay any property taxes for ten years.

If you are buying, Philadelphia will be cheaper, MUCH cheaper if you get a tax abatement house.

If you are renting, it depends on the price of the apartment. Are you renting or buying?
psst, 10 year abatement's are only on new dwellings.. And you conveniently forgot the city wage tax.. If you actually made good $, it would be a MAJOR consideration.. Lets recap.. For taha-nj, after the AVI and city wage tax... he will be paying *THREE* times my whole prop tax for a condo as compared to my large single home with ground.. Makes sense to me lol

Last edited by frankgn87; 01-23-2013 at 06:58 PM..
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Old 01-23-2013, 06:08 PM
 
Location: Philadelphia, PA
8,700 posts, read 14,698,612 times
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Quote:
Originally Posted by frankgn87 View Post
psst, 10 year abatement's are only on new dwellings.. And you conveniently forgot the city wage tax.. If you actually made good $, it would be a MAJOR consideration.. Lets recap.. For taha-nj, after the AVI and city wage tax... he will be paying twice my whole prop tax for a condo as compared to my large single home with ground.. Makes sense to me lol
Lol. You're such a liar. How much is your house? What do you pay in property taxes a month?
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Old 01-23-2013, 06:13 PM
 
Location: Philadelphia, PA
8,700 posts, read 14,698,612 times
Reputation: 3668
Quote:
Originally Posted by frankgn87 View Post
not in every case + you have to include the good old city wage! lol...
Wage tax, plus state income tax for Philadelphia is 6.998%

Income tax for New Jersey is 6.37%

After AVI, properties will be taxes at 1.3% in NJ... there are very few NJ property taxes lower or near that. I see a lot with property tax rates over 3%!!

Here is NJ's property tax rates for each county
NJ Division of Taxation - General Tax Rates by County and Municipality

So no, hater, you're wrong. Even after AVI, Philadelphia will still be cheaper. MUCH cheaper.
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Old 01-23-2013, 06:23 PM
 
Location: South Jersey
7,780 posts, read 21,880,174 times
Reputation: 2355
Quote:
Originally Posted by Summersm343 View Post
Wage tax, plus state income tax for Philadelphia is 6.998%

Income tax for New Jersey is 6.37%

After AVI, properties will be taxes at 1.3% in NJ... there are very few NJ property taxes lower or near that. I see a lot with property tax rates over 3%!!

Here is NJ's property tax rates for each county
NJ Division of Taxation - General Tax Rates by County and Municipality

So no, hater, you're wrong. Even after AVI, Philadelphia will still be cheaper. MUCH cheaper.
lets see. I pay 6k a year for prop tax... we make close to 200k so wage tax would be $8k + $10k the taha will pay for a condo.. $6k vs $18k.. Are you catching on yet? Hater? Am I wrong? Philly Much cheaper?? LOLOL
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Old 01-23-2013, 06:27 PM
 
Location: South Jersey
7,780 posts, read 21,880,174 times
Reputation: 2355
Quote:
Originally Posted by Summersm343 View Post
Wage tax, plus state income tax for Philadelphia is 6.998%

Income tax for New Jersey is 6.37%

After AVI, properties will be taxes at 1.3% in NJ... there are very few NJ property taxes lower or near that. I see a lot with property tax rates over 3%!!

Here is NJ's property tax rates for each county
NJ Division of Taxation - General Tax Rates by County and Municipality

So no, hater, you're wrong. Even after AVI, Philadelphia will still be cheaper. MUCH cheaper.
Using your table my tax rate is 1.9%..
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