High Property Taxes Pushing Many New Yorkers to Relocate
Recently I posted a report that the number of wealthy individuals leaving Connecticut for more tax-friendly pastures has been increasing. It seems that Connecticut isn’t the only state that is facing this problem. According to a report in the Democrat and Chronicle, New York is also dealing with more people leaving due to high taxes; and it’s not just the wealthy.
Reportedly, 41 out of 50 upstate counties in New York saw their populations decrease between 2010 and 2015. The mass exodus it seems appears to be closely related to New York’s disproportionally high property taxes. One woman from New York, who moved to neighboring Pennsylvania, now enjoys a 60 percent decrease in her property tax bill. It dropped from $5,000 annually to just $2,000.
Despite the spin that some government officials are trying to put on the numbers, the fact is that between 2009 and 2014 the state took a hit of $22 billion in wealth, with $11 billion coming between 2012 and 2014. According to financial advisors, even though it’s a tough decision, for many the taxes savings are just too much to pass up. Combined with a slow economy the high property and income taxes leave many residents with no choice but to pack up for greener pastures.
Even many of the state’s retirees are starting to worry more about New York’s high property taxes, with 56 percent saying they are concerned about being able to pay these taxes in retirement, according to a report from the AARP. In fact, 55 percent of baby boomers reportedly said they fully expect that they will leave New York when they retire, and 66 percent of the Gen-X population said they are also considering doing the same.
http://www.democratandchronicle.com/story/news/local/2016/05/11/new-yorkers-leave-states-lower-taxes/84212658/
Job Search Expenses Can be Tax Deductible
Can job search expenses be tax deductible? Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job change. If you are looking for a new job that is in the same line of work, you may be able to deduct some of your job hunting…
IRS Simplifies Tip Reporting
IRS Simplifies Tip Reporting The Internal Revenue Service today released formal guidance on its new tip reporting procedure, the Attributed Tip Income Program (ATIP) ATIP expands the existing IRS tip reporting and education program by offering employers in the food and beverage industry an additional tip reporting program. ATIP reduces industry recordkeeping burdens, has simple…
GROCO Receives Recognition From Fremont Education Foundation
GROCO Receives Recognition From Fremont Education Foundation Fremont, CA – February 23, 2006 – Greenstein Rogoff Olsen & Co. (GROCO), Top Bay Area CPA Firm, is pleased to announce they were recognized by the Fremont Education Foundation as a Foundation Sponsor for 2006. At the Fremont Board of Education meeting on Wednesday, February 22, 2006 Fremont…
A Thorny Dilemma: The Ethics of Mortgage Walkaways
A Thorny Dilemma: The Ethics of Mortgage Walkaways By Steve Merrel, Partner Willow Ridge Capital Advisors In the aftermath of the housing bubble and the lending frenzy that fueled it, more and more families find themselves stuck owing a lot more on their mortgages than their homes are worth. Pressed with rising mortgage rates and…