Things that make you frown :(

JerseyPete said:
Also if Rick owned his place in NJ for 2 years, he could get a % off the amount of tax he has to pay.
Another NJ thing is that if you buy a home that cost more than 1 million, you have to pay an additional tax of 1% ($10K) to the state.
View attachment 221024
Click to expand...

Nope the 2 year rule only applies to primary residence. Our townhouse was our secondary residence from day 1. There's also an exemption if it was a rental property, which is also no.

I just did a rough calculation based on a capital gain estimate and we should get a refund of about 75% of what is being withheld at closing.
 
JerseyPete said:
Also if Rick owned his place in NJ for 2 years, he could get a % off the amount of tax he has to pay.
Another NJ thing is that if you buy a home that cost more than 1 million, you have to pay an additional tax of 1% ($10K) to the state.
View attachment 221024
Click to expand...
Yeah, I thought that fee was actually the "exit tax" that people talk about.

I like how the Realty Transfer Fee is to cover recording the deed. Just call it a tax which is what it is. If it was a fee for recording the deed it would be a flat rate fee, not a %. It's not a 10k effort to record the deed for a million dollar house but a 1k effort for a 100k house.
 
Santapez said:
Yeah, I thought that fee was actually the "exit tax" that people talk about.

I like how the Realty Transfer Fee is to cover recording the deed. Just call it a tax which is what it is. If it was a fee for recording the deed it would be a flat rate fee, not a %. It's not a 10k effort to record the deed for a million dollar house but a 1k effort for a 100k house.
Click to expand...

We get a break in the RTF since we are both 65. Half the usual rate.
 
Santapez said:
Yeah, I thought that fee was actually the "exit tax" that people talk about.

I like how the Realty Transfer Fee is to cover recording the deed. Just call it a tax which is what it is. If it was a fee for recording the deed it would be a flat rate fee, not a %. It's not a 10k effort to record the deed for a million dollar house but a 1k effort for a 100k house.
Click to expand...
It makes you wonder what states screw you over the least.
 
ebarker9 said:
I think it probably balances out across all of the various ways of being screwed over.
Click to expand...
Maybe to a certain extent during the working years where a higher salary can offset higher taxes and living expenses.

But it's way cheaper in some states to live. Some states things may balance out like in TX where you don't pay a lot in income tax but killed in property taxes. But there's a bunch of states that are overall low tax and low cost of living. And a few of them aren't so bad to live in. Some get oddly expensive. Look at VT where it's high taxes, low salaries don't even look at that winter heating bill.

I had a lot of people telling me how NC was going to get their money from me no matter what. I didn't move down here for the cost of living so I didn't really care.

I can't think of a single thing that's more $$ in NC than NJ outside of salaries. Property tax is *way* less. Income tax is a few % less. People kept telling me how property tax on cars was going to make up for a lot of other taxes. Turns out property tax on my car every year is like $100... Garbage/Water/Sewer seems to be a good amount less. Home insurance & car insurance is significantly less.

Ignore what I said above, it's horrible here. Expensive and Meth everywhere. And hurricanes and earthquakes. We're closed, no more room!
 
Santapez said:
Maybe to a certain extent during the working years where a higher salary can offset higher taxes and living expenses.
Click to expand...

I guess I was thinking in terms of all aspects of quality of life beyond just finances, although I definitely didn't make that clear at all. NC might be a great balance of things (I have absolutely no idea), but I'd imagine that, in general, higher cost of living states have greater average life expectancy, better education, better access to healthcare, etc.
 
Looking down the road, our options are:
Stay in NJ and just resign to high costs of everything, but everything is nearby.
Move to DE, NC or FL.
My wife has friends (former coworkers) in Naples and Venice she stays in touch with. Some are full time and some are snowbirds.
All this depends on where my son settles down.
 
JerseyPete said:
Looking down the road, our options are:
Stay in NJ and just resign to high costs of everything, but everything is nearby.
Move to DE, NC or FL.
My wife has friends (former coworkers) in Naples and Venice she stays in touch with. Some are full time and some are snowbirds.
All this depends on where my son settles down.
Click to expand...
As someone who was looking for 20 years of places to move to, I'd say just keep looking at different areas as there's so many different possibilities. What works for some doesn't work for others.

It's amazing how many people where we live now lived in the NE, moved to FL for awhile then moved here when realizing FL wasn't for them. I think our realtor said it was most of his clients.
 
Santapez said:
Maybe to a certain extent during the working years where a higher salary can offset higher taxes and living expenses.

But it's way cheaper in some states to live. Some states things may balance out like in TX where you don't pay a lot in income tax but killed in property taxes. But there's a bunch of states that are overall low tax and low cost of living. And a few of them aren't so bad to live in. Some get oddly expensive. Look at VT where it's high taxes, low salaries don't even look at that winter heating bill.

I had a lot of people telling me how NC was going to get their money from me no matter what. I didn't move down here for the cost of living so I didn't really care.

I can't think of a single thing that's more $$ in NC than NJ outside of salaries. Property tax is *way* less. Income tax is a few % less. People kept telling me how property tax on cars was going to make up for a lot of other taxes. Turns out property tax on my car every year is like $100... Garbage/Water/Sewer seems to be a good amount less. Home insurance & car insurance is significantly less.

Ignore what I said above, it's horrible here. Expensive and Meth everywhere. And hurricanes and earthquakes. We're closed, no more room!
Click to expand...

It's more complicated when you are still working. Once retired, it comes down to where you want to live. For us, we were done with winters so wanted a place as warm as possible. Florida is not the cheapest place for housing, property taxes and insurance, but property taxes and insurance still cheaper than NJ. We were lucky to buy a house before the explosion so that's not an issue for us and no income tax is a bonus. Some people move here and find it too hot in the summer so move further north.
 
Frown: Climbing 30+ minutes for a downhill trail to get stuck behind a jabroni with their dropper all the way up and not letting a pass.

Kept stopping and thinking "there's no way I didn't just give him enough time" and then catching back up to him in seconds.
 
My neighbor who encourages a doe and two fawns to come in his yard with salt licks. He is some kind of deer whisperer or something. He also picked the one fawn up when it was 95 degrees and put it in the shade by his house. Now they basically live in his back yard.
 
stb222 said:
My neighbor who encourages a doe and two fawns to come in his yard with salt licks. He is some kind of deer whisperer or something. He also picked the one fawn up when it was 95 degrees and put it in the shade by his house. Now they basically live in his back yard.
Click to expand...

What an idiot. Sometimes when a human picks up a baby (like bison out west) the mother will abandon it.
 
You must log in or register to reply here.
Back
Top Bottom