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/
Where Do Most Americans Fall With Proposed Tax Reform?
Where Do Most Americans Fall With Proposed Tax Reform? Tax reform is coming. At least that’s what we’ve been led to believe for the better part of a year now. Ever since Donald Trump won the election last November, most of the nation has been expecting tax reform. Here we are a year later and…
What’s the Biggest Mistake By People Who Work a Side Job?
What’s the Biggest Mistake By People Who Work a Side Job? Everyone wants to make more money. For many that mean picking up a side job to earn a little more cash. There are literally hundreds of side jobs out there but most are only good for a few extra dollars. However, there is a…
Senate’s Tax Bill Would Raise Taxes on Stock Sales
Senate’s Tax Bill Would Raise Taxes on Stock Sales Capital gains have long been a controversy when it comes to taxes. Many high net worth individuals use capital gains to make the majority of their money. Because the tax rate on gains from stock sales are much lower than taxes on personal income, this is…
Five Helpful Tips to Be More Productive and Organized
Five Helpful Tips to Be More Productive and Organized You want to be more organized, right? Most people do. However, there are certain things you need to do in order to get more organized and become more productive. The problem is, many people spend way too much time on tasks of little or no consequence.…