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/
Simple Steps to Building a Culture Of Direct Communication
Simple Steps to Building a Culture Of Direct Communication How’s the communication culture where you work? Is there open and direct communication? Do employees feel like they can speak with their bosses freely? Are supervisors easily accessible and willing to listen? Or, does it feel like you never know exactly what is going on, or…
How to Take Your Small Business to the Next Level
How to Take Your Small Business to the Next Level Are you looking for ways to give your small business a boost? Do you want your small business to shed its “small” description? Owning and running a small business has several challenges. In many cases, you have to wear multiple hats and do most of…
Are You Prepared to Avoid the AMT Under the New Tax Law?
Are You Prepared to Avoid the AMT Under the New Tax Law? The Tax Cuts and Jobs Act (TCJA) changed a lot of things. But unfortunately, it didn’t eliminate the dreaded Alternative Minimum Tax (AMT). The TCJA did change some of the AMT rules and it reduced the odds that you will qualify for the…
Ready for Taxes After Marriage? Here’s What You Need to Know
Ready for Taxes After Marriage? Here’s What You Need to Know The 2018 tax season is officially over. Most Americans are happy to have their tax returns in the rearview mirror. After all, nobody really enjoys doing taxes. Why is that? For the most part, it’s because doing taxes is such a complicated, frustrating experience…