We moved from Brooklyn to North Plainfield in 1985. We have lived in the same three bedroom, 1½ bathroom house, raised three sons, and are now empty nesters. In 1985, our property tax bill was $2,805. It was over $10,000 a few years ago, Recently, I looked online at a beautiful four bedrooms, three baths, very affordable house in Nazareth, Pennsylvania. The property tax is just over $3,100.while a retiree’s Social Security benefits are not taxed, New Jersey only allows for a retiree to pay no income tax if income is below $100,000. At $100,001, you are taxed on the entire amount. We have worked hard and saved hard over the years, and I am proud that our retirement income will exceed that threshold. As a result, we will get no tax break. Pennsylvania charges no income tax on any retirement income, including pensions, IRA’s, 401K’s, and Social Security."https://www.nj.com/opinion/2019/04/why-im-leaving-new-jersey...PA is five miles down the road from his house, which has gone down in value as more and more folks flee the statet.
Good luck on your tax migration.Going to be living anywhere near the Martin Guitar factory? I've been there twice. First time just a visit in early 90s. Second time in 97 for some surgery on my D-35. Both trips were a kind of pilgrimage. We migrated across the Columbia River from Portland (where I was born and raised) at our retirement to Vancouver. High sales tax but no income tax. Saves us about $6,000 to $7,000 a year. Close enough for family visits but far enough that family are not a problem.Other factors to consider other than state income and property tax is sales tax, gasoline tax, auto registration costs, transaction tax on the buying and selling of real estate and estate/inheritance tax.BruceM
I thought you lived in the Dallas area.
ImaGolfer:"I thought you lived in the Dallas area. "I do but I grew up in NJ......went off to college in NY (not any batter tax wise but that's where college was)......Then moved the Chicago suburbs for 3 years for my first job....then down to Central Virginia for 12 years.......then 8 years in Arlington VA just outside DC. VA was OK on taxes......but their income tax sucked.....low real estate taxes for me at the time. Then I got 'moved' to TX and been here 28 years. Good tax situation. I can't think of any place I'd rather be FULL TIME than here. Since I'm retired, I can escape most of the hot summers by traveling. Winters aren't too bad and still have time to travel. However, I still think of NJ......we had a summer place in NW NJ. Was nice - a bit rural at the time and 'summer only' for nearly all the residents. Now is 50/50.....and too crowded....and lake full of algae from too many folks fertilizing too many lawns to perfection. People who grew up there and have family there have a hard time moving out. My parents retired......sold their NJ house near NYC...and moved to upstate NY in the summer, and to FL in the winter. FL was their tax residence. Nearly all my uncles and aunts stayed behind in NJ.....too attached.....same for most of cousins.....Folks leaving New England and NJ and NY for FL...... maybe for only half a year.....are increasing.....t.
Notes to progressives. People vote with their feet
Something like 30% of Bruce Springsteen songs are about Getting TFO of New Jersey.
Other factors to consider other than state income and property tax is sales tax, gasoline tax, auto registration costs, transaction tax on the buying and selling of real estate and estate/inheritance tax.I give that a strong second. Homer wanted to move to FL due to no income tax. However, looking at it, the COL is so much higher that it not only offsets the savings on tax, it overrides it. We are still here in Georgia. Kathleen
Folks leaving New England and NJ and NY for FL...... maybe for only half a year.....are increasing.....The technical name is "Snowbirds".Kathleen
"We are still here in Georgia." - KathleenGeorgia does not tax retirees over age 65. Art
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