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/
Survey: Biggest Challenges Facing California Businesses
Survey: Biggest Challenges Facing California Businesses A recent survey was conducted to determine what business owners in California thought the biggest challenges facing their businesses were. Out of 1500 questionnaires, these are the percentage of respondents who checked off a box next to each challenge. (Respondents were allowed to select more than one box, so…
5 Strategies to Successful Cash Flow Management
5 Strategies to Successful Cash Flow Management By John Reddish How can you predict, avoid and/or, minimize the impact of a cash emergency? Managing cash flow is every manager’s challenge, every day, every year. Those managers who keep a close eye on their daily activity and emerging industry trends can help reduce their company’s exposure…
15 Tips to Streamline Your Business and Become Profitable in 2007
15 Tips to Streamline Your Business and Become Profitable in 2007 By Julian Stone Here are some tips to help you ‘cut the fat’ and improve the productivity of your business. If you apply a few of these, you’re well on your way to achieving greater profit and creating less stress! Cut the SlackersCut the…
10 Ways to Increase Your Profitability
10 Ways to Increase Your Profitability “Profitability is as dependent on cutting costs as it is on increasing sales.” Profitability is as dependent on cutting costs at it is on increasing sales. As financial advisors, we are often called upon to assist management in reducing costs and finding alternatives to their unique situations. We have…