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It’s the whole package that has to be evaluated……plus there are things that are priceless in the comparisons and that is being near kids ,grand kids and friends.
Number one reason we are here in nyc ….the above.
Nyc has much lower real estate taxes then our surrounding areas because nyc has an income tax ….except for a few places in westchester , there are no local taxes in most of westchester or Long Island .
I don’t think New Jersey or ct have local income taxes either
So all these other places make it up in real estate taxes
It’s the whole package that has to be evaluated……plus there are things that are priceless in the comparisons and that is being near kids ,grand kids and friends.
Number one reason we are here in nyc ….the above.
Nyc has much lower real estate taxes then our surrounding areas because nyc has an income tax ….except for a few places in westchester , there are no local taxes in most of westchester or Long Island .
I don’t think New Jersey or ct have local income taxes either
So all these other places make it up in real estate taxes
Local taxes can vary greatly - you live with them if you must, no matter the reason for being there.
Few places tax as much as around NYC. A place like Westchester NY has high property tax and high state income tax even if no local income tax. About the only place that has a significant local income tax is NYC. The very few other places with local income tax are mainly collected from the employer - doesn't tax retirees.
Some places have lower taxes overall, not making it a tradeoff between income taxes vs real estate taxes - not everyplace taxes citizens significantly. My NV taxes are less than 20% of those in CA.
In NV, there are low property taxes and no income tax - very low personal taxes overall made up by casino taxes. In CA, there are high income taxes and about average property tax that only gets up there because of high housing costs - but that is mitigated for older residents by prop 13. My moms house property taxes would probably be $16K-20K without prop 13, $2K with it. It is not a grand place by any means, about 2000 sqft but in a very nice area of the SF bay area and worth around $2M.
The good thing though is ny can be pretty kind to retirees tax wise .
We pay so little in state and nyc tax that the 1600 dollar tax credit I get from my partnership plan for long term care that I have has to have most of it carried over since we dont have enough state taxable income .
My wife’s pension isn’t taxed , our ss is not taxed , our treasury interest isn’t taxed and the first 20k of retirement money isn’t taxed here
So we really don’t pay much in state and local taxes despite being in a high tax state
The same holds true for Boston and it's immediate burbs. And for that reason where I live in R.I. as well as everywhere else within an hour drive to Boston, those working in Boston with high salaries but not high enough to be able to afford to buy decent Boston real estate are paying top dollar for homes in these areas because top dollar in these areas is a bargain for them compared to Boston real estate prices. And these people are are willing to make the hour commute by car, bus, or train to be home owners. This is good news for me as I will be selling my home in the spring and following will be relocating to Florida, but those who grew up in my town small town in particular and want to live their post college working adult lives here not only can't afford to unless they work in higher paying jobs in Boston, the inventory of pre-owned home for sale is very low, and new home builds are almost non existent because there is little if any land left to build on.
That is generally true. The inventory of properties in central Boston is very low, driving the prices of even not particularly good properties quite high. But Boston has very low real estate taxes for the primary home (ie, my residential exemption is something like half of the full real estate tax amount - one of the reasons why I remained domiciled in Boston, after buying my Back Bay condo just around the time prices started climbing a bit 22 years ago... they climbed tremendously since then, ie, the value of my place more than tripled in two decades).
As mentioned, I used to have two small rental condos in a somewhat outer area of Boston (in Brighton, near Boston College) that I used to rent to grad students from BC. The first one was totalled by a Chinese grad student couple that left with no comment at the end of the lease... windows broken, pieces of hardwood floor ripped out, writing with magic marker on the walls, unbelievable damage - yet it sold in 2005 at a major profit, and within a week. The other one was not outrageously damaged, but was unrenovated, and that one sold within hours of being on the market, also at a major profit in 2015. The inventory is so small that buyers snap absolutely everything immediately.
Again, it depends on WHICH government you worked for, Fed, state (and which state) county, city, or municipal district. People forget that there are many layers of "government" and some things, like school districts (including state universities, which count as state employment), and other muni districts (water, power, etc) that are considered government jobs, but have many, many different retirement pension plans. My retired relatives of school districts get both pension and SS. My friends and family that worked for state, county, and munis are not subject to WEP. It's something to look into before accepting, or blowing off the idea of, working in a "government" agency.
Yep. I worked for a quasi-public agency that is part of a state employees pension system. I am retired but not yet collecting SS.
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