First time Homeowner: Income taxes for NYC vs. Westchester (New York: employment, private school)
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As mentioned above, my family and I are looking to move to Westchester. I'm going through the process of trying to itemize all of the additional expenses of being a homeowner vs. renter.
One question I had was about income taxes. When moving to Westchester, does your paycheck go up dollar for dollar when removing the NY City tax?
For example, let's say the total NY City tax withheld monthly is $200. Would my net pay go up $200 by no longer having the NY City income tax?
I’m confused. My paycheck has a NY State tax and a NY City Income tax that ranges from 3.078% to 3.876%. If my NY City Income tax amounted to $200 a month, does my net pay change by losing that tax?
btw, enter in your details into that calculator on link above, replacing a nyc address with a westchester one and it should model it accurately for you.
I recently bought in Westchester, having moved from the city. I no longer pay NYC income tax, but as far as the actual change to your check, you should do what others above have suggested and run a model keeping all else the same, except changing your address to Westchester. My net pay did go up.
The NYC resident income tax goes away, but you pay higher property taxes with after tax dollars. More of wash if you ask me.
True but assuming you are sending your kids to public school in Westchester, you have to factor that in. A lot of ppl who live in the city would otherwise send their kid(s) to private school.
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