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/
The Excitement of Starting Companies | Jim Castelez
About Jim Castelez Jim Castelez is the founder and CEO of Motiv Power Systems; a company that works to retrofits diesel trucks into electric vehicles. Before he founded Motiv Power Systems, Jim worked as Chief Architect at an EV start-up focused on designing electric buses. Jim received a BS in Engineering and Economics from…
Life of a Leader | Richard King
About Richard King Richard King served as the World President of Rotary International from 2001-2002, supervising the work of 350,000 members in 163 countries around the world. During his tenure, Rotary has it’s greatest one-year growth record in its history, with an increase on some 75,000 new members and a new Rotary club formed…
Building Barriers of Entry | Alfred Mandel
About Alfred Mandel Alfred Mandel has been an entrepreneur since his teens and has over thirty years experience in technology businesses, Steve Beals notably at Apple Computer and Redgate Communications. He co-founded and ran Tenex Medical Investors, which become this country’s largest angel investor group for the health and life sciences. In its eight years…