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/
What Makes a Great Boss Unforgettable?
What Makes a Great Boss Unforgettable? Have you ever had one of “those” bosses? You know the type. The kind of person that walks around like a prison guard, always peering over your shoulder through his or her mirrored glasses, ready to pounce on you like a lion at the first sign of trouble. Of…
Habits to Ditch So You Can Retire by Your 40th Birthday
Habits to Ditch So You Can Retire by Your 40th Birthday Are your retirement plans set? Are you going to call it quits when you turn 65 and spend your goldenyears traveling the world, lavishing your grandkids with gifts and good times, and spending your down time relaxing in the sun by a crystal-clearpool? It…
What Things Do Successful People Do to Start Their Day?
What Things Do Successful People Do to Start Their Day? The old adage goes: the early bird gets the worm. Does that mean the birds that have been out late and decided to sleep in miss out? Surely there are enough worms to go around for all the birds, right? The fact is, worms would…
The Best Jobs for Work-Life Balance
The Best Jobs for Work-Life Balance Why do you work? Is it to achieve a sense of accomplishment? Perhaps you simply work for a paycheck. Of course, most people work out of necessity to provide for themselves and for their families. Just about anyone who works to provide for his or her family will face…