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/
Predicting Success | Mike Kwantinetz
About Mike Kwatinetz Mike Kwatinetz is a founding General Partner with Azure Capital Partners where he specializes in software and related infrastructure technologies. His current board memberships are Chairish, Education.com, Julep, JumpStart, Le Tote, Medsphere, Open Road and Silkroad and he led Azure’s investment in FilterEasy, Maker Media, Coffee Meets Bagel, Sprinklr and Tripping. He…
The Master Tailor | Panos Aristakessian
About “Peter” Panos Aristakessian As a young boy Peter attended on of the finest tailoring houses in Beirut Lebanon. Driven from the country due to genocide Peter eventually found himself living in San Francisco. With only a little more than $2 in his pocket he began knocking doors seeking to demonstrate his skill in…
Building Stronger Structures and Character | Bradley Bateman
About Bradley Bateman CEO Bradley Bateman has extensive history with Dome Technology. Many years ago prior to starting his engineering degree, he worked for the company as a member of the dome construction crew. As a laborer “I really fell in love with the process and the product and have been an advocate ever…
Chatham Created Gems and Diamonds | Tom Chatham
About Carroll Chatham In the 1920’s, Carroll Chatham at the age of 12 built his first gem growing laboratory in his family’s garage. By 1938 he had mastered growing emeralds and went on to growing rubies, sapphires and other precious stones. In 1965, his son Tom Chatham joined him in business and was eventually…