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/
How to Find Profitable Investment Properties
Want to know how to find profitable investment properties? Read on to see how to determine property values by one of our valuation analysts. The Discount for Lack of Control (DLOC) vs. The Minority Interest Discount (MID) The Business Valuation Glossary provides these definitions of two similar terms: Discount for Lack of Control – an…
Glossary of Business Valuation Terms
Glossary of Business Valuation Terms Valuation Services Valuation Process Valuation Experience Sample Report Glossary of Terms A Adjusted Book Value Method – a method within the asset approach whereby all assets and liabilities (including off-balance sheet, intangible, and contingent) are adjusted to their fair market values. Adjusted Net Asset Method – see Adjusted Book Value…
Business Valuations
Business Valuations The Business Valuations group at Greenstein Rogoff Olsen & Co provides the expertise of a large big four firm with the hands on individualized service of a small local firm with regional prices. We are committed to provide our clients and their advisors with the highest quality services and support available. Valuation Process…
Valuation Process
Valuation Process Valuation Services Valuation Process Valuation Experience Sample Report Glossary of Terms When performed on a going-concern basis, the valuation of a company is, in general, based on the projected earning of the company. In other words, how much could a hypothetical buyer of the company expect to receive as a return on his…