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Old 12-20-2017, 02:08 PM
 
59 posts, read 137,183 times
Reputation: 84

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Quote:
Originally Posted by New Yawker View Post
Is it "cool" when they raise my taxes to give huge, wildly off-market contracts to public sector unions that "coincidentally" happen to be the biggest contributors to the liberal politicians' campaigns?

Seriously, pretending your ideological position is saintly while demonizing those of your ideological opponents is a dick move. Grow up.
You're equating teachers with rich kids inheriting their parents' fortunes? Wow, you make yourself sound like a dick more than anyone else could.
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Old 12-20-2017, 02:10 PM
 
59 posts, read 137,183 times
Reputation: 84
Quote:
Originally Posted by antinimby View Post
Except your so called non-partisan analysis is partisan. Anyone that claims the bill is only for the rich (or for Trump hinself) is lying to you. The Left and their liberal media friends are always going to attack everything this administration does. You didn’t think they would praise it, did you?
Gutting the estate tax isn't helping anyone but the rich. Only rubes like you don't understand that.
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Old 12-20-2017, 02:17 PM
 
92 posts, read 218,975 times
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Quote:
Originally Posted by wm90 View Post
You're equating teachers with rich kids inheriting their parents' fortunes? Wow, you make yourself sound like a dick more than anyone else could.
I guess you would be an expert, as you certainly are practiced in the art of sounding like a dick. I think I'm done swimming in the kiddie pool with you juveniles for now.

Enjoy the new tax law, and maybe you should try blaming your elected representatives in NY for failing to hold the line of spending, rather than blaming Washington DC for no longer allowing high tax states to hide the burden of their SALT taxes behind federal tax shelters. I get it, when you're a liberal, everyone ELSE is to blame, it's never your fault. Grow up.
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Old 12-21-2017, 06:14 AM
 
98 posts, read 75,803 times
Reputation: 120
Seems like within Westchester this will bring prices down a bit in the higher tax villages relative to the non-village real estate. When we were buying our home, a house in a town had taxes in the 20-25k range but an identical house in a village was 30-35k. Now that the difference isn't deductible that extra cost might give buyers pause.
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Old 12-21-2017, 07:37 AM
bg7
 
7,697 posts, read 8,857,161 times
Reputation: 15168
Quote:
Originally Posted by what_the_what View Post
Seems like within Westchester this will bring prices down a bit in the higher tax villages relative to the non-village real estate. When we were buying our home, a house in a town had taxes in the 20-25k range but an identical house in a village was 30-35k. Now that the difference isn't deductible that extra cost might give buyers pause.


The difference between village and town tax rates can be nothing, or go either way, depending which village and towns you are looking at. There's no rule that village tax rates are higher than town tax rates.
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Old 12-21-2017, 12:13 PM
 
8 posts, read 9,201 times
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Quote:
Originally Posted by bg7 View Post
The difference between village and town tax rates can be nothing, or go either way, depending which village and towns you are looking at. There's no rule that village tax rates are higher than town tax rates.
Agree that village and town tax rates could be quite different depending on which village/town. A $10K difference in deductibility (between say $35K and $25K) would be a $3700 difference (in the highest bracket) in net after-tax impact or about $300 a month. Perhaps less of a deciding factor.

The costs just related to home-ownership would basically be 1) non-deductibility of mortgage interest on $250K (at ~4% that would be $10K annually or a net impact of $3700 if one is in the highest tax bracket 2) non-deductibility of property taxes (avg. of ~$35K for a house in the $1-1.5M range) which would be another $13K or so in net impact after-tax. I am assuming here that the $10K in deduction goes towards income taxes which you can get even if you rent. So the net cost of owning a house (in the 1-1.5M range) goes up by ~$1500 a month.

Now the non-deductibility of income taxes if you are itemizing state income taxes impacts by 6.85% X 37% which is ~2.5% at the highest bracket (up to 2M in annual income in NY and more above that). However the top rate goes down by 2.6% so it is a wash. So once you get above a certain threshold the net impact could to be neutral to slightly positive even in NY - in my case it is very slightly positive overall.

Not sure what effect it will have on housing.
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Old 12-21-2017, 08:19 PM
 
1,594 posts, read 2,978,211 times
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Quote:
Originally Posted by New Yawker View Post
Is it "cool" when they raise my taxes to give huge, wildly off-market contracts to public sector unions that "coincidentally" happen to be the biggest contributors to the liberal politicians' campaigns?

Seriously, pretending your ideological position is saintly while demonizing those of your ideological opponents is a dick move. Grow up.
Reread my post. Is that what I said?

You're just making stuff up now to blindly support an idiotic tax plan.
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Old 12-22-2017, 02:51 PM
 
12,270 posts, read 10,016,241 times
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BTW, for all you folks worried about the GOP tax bill, Westchester legislators just overrode Astorino's budget veto. And once Latimer gets in get ready to pay and pay.

From the Daily Voice -

"For the first time in eight years, property taxes will be increasing in Westchester County.

Legislators unanimously voted to override County Executive Rob Astorino's veto of their $1.8 billion 2018 budget, which carries a two percent increase in the property tax levy.

This is the first budget under Astorino, who was defeated for re-election in November, to have a tax increase."

Legislators Unanimously Override Astorino Budget Veto | New Rochelle Daily Voice

Westchester is getting screwed by both parties.
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Old 12-22-2017, 06:18 PM
 
118 posts, read 148,425 times
Reputation: 106
so, per above property tax increase, is it official, or there has to be another vote?

does this mean all towns will have taxes increased 2%?

isn't this a death blow to the real estate market. and this isn't even taking into account whether the new trump tax plan is good/not good for RE sales..
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Old 12-23-2017, 11:30 AM
 
44 posts, read 40,335 times
Reputation: 132
My cousin currently lives in Westchester County (Yonkers to be exact) and he was already near the end of his ropes with these high taxes. Now with this new tax law he will be moving out here to Carmel Indiana within a year. I moved here from SoCal 2 years ago and I easily save over $15,000 a year just in taxes and another $10,000+ in housing and basic cost of living expenses. He told me he expects to save over $20,000 a year just in taxes and with how much more affordable homes are here he plans on taking a couple long vacations every year with all the extra $$$ in his pocket.
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