Adios New Jersey

[Bricktop]

Nah you are absolutely right. I have a friend who doesnt even own he rents got a good rate and just invest everything in stock market. He says he can double his money in a few yrs. Whereas real estate you are talking decades.

However NY, NJ have appreciated very fast past 25 yrs or so. Compared to most of the country.

Never borrow against home. Pay off before retirement and live rent free.

 

[East Lake II]

Never borrow against home. Pay off before retirement and live rent free.

Good advice for all states other than NJ. In NJ, even if your home is paid off, the real estate taxes will kill you. The real estate taxes in NJ are more than most states principal, interest and real estate taxes combined. All my friends that left NJ, left because the state taxes are a killer.

 

[Bricktop]

Good advice for all states other than NJ. In NJ, even if your home is paid off, the real estate taxes will kill you. The real estate taxes in NJ are more than most states principal, interest and real estate taxes combined. All my friends that left NJ, left because the state taxes are a killer.

Didn’t know it was so much. Are we talking more than 10k yearly?

 

[East Lake II]

Does this mean that, instead of "njlefty", you're going to change your name to "leftnj" ???

That or FinallyleftNJ

 

[East Lake II]

Didn’t know it was so much. Are we talking more than 10k yearly?

Yes, most are more than $13K year.

 

[Uniquelyme]

Never borrow against home. Pay off before retirement and live rent free.

Property tax kills that idea. But yes its better than nothing.

 

[Bricktop]

Yes, most are more than $13K year.

In that case it’s similar to Long Island. Retire and move.

 

[Uniquelyme]

In that case it’s similar to Long Island. Retire and move.

Long island is a bit more. But yes its expensive. You can find property tax though at 7-8k rate for $350-400k property in good neighborhood just will be 3 bedroom 2 bath.

 

[East Lake II]

This is super beautiful. In normal non pandemic years, the state / municipalities are late getting the August property tax bills out. And, by the time they get them out, there is a grace period.

Enter the pandemic and they get the property tax invoice early, earlier than ever and with no grace period.

Murphy has given renters grace periods so they don’t get evicted. Landlords and property owners have reduced rent payments by as much as 1/2 for some tenants. But, as far as property tax goes, there was no grace period on the May payments or on August.

 

[East Lake II]

Property tax kills that idea. But yes its better than nothing.

Always best to pay off any and all debt. The property tax is ongoing, but, like you said, better just the property tax. I was discussing the property tax with a provider and she said, look at like a rent payment. It’s pretty cheap considering the size of your house, which isn’t big by any means.

 

[East Lake II]

In that case it’s similar to Long Island. Retire and move.

Most in NJ do exactly that.

I’ve heard that NJ, too keep retirees from moving doesn’t tax the first $100K on a couple. No state tax, but you do have property tax. You have more than $100K combined income, say $100,001 and your are paying state income tax.

 

[Porkchop]

Didn’t know it was so much. Are we talking more than 10k yearly?

Over $14000 for me.
No pool. Just a 100x120
Lot with a 2200 sq ft house.
1 garage.
Bergen County NJ

 

[Porkchop]

Most in NJ do exactly that.

I’ve heard that NJ, too keep retirees from moving doesn’t tax the first $100K on a couple. No state tax, but you do have property tax. You have more than $100K combined income, say $100,001 and your are paying state income tax.

Doesn’t make sense. If I go over $100,000 by just 1 penny I have to pay taxes on the full amount.
I could almost understand paying taxes on anything over $100,000.

 

[Uniquelyme]

Over $14000 for me.
No pool. Just a 100x120
Lot with a 2200 sq ft house.
1 garage.
Bergen County NJ

Damn u gotta be in like Saddle brook or some shit.

 

[Boogie]

PA has no tax on pensions, SS or IRAs/ 401Ks, and much lower property taxes.

 

[Uniquelyme]

PA has no tax on pensions, SS or IRAs/ 401Ks, and much lower property taxes.

Yea i would imagine most ppl in NJ & NY are here for their jobs.

 

[East Lake II]

Doesn’t make sense. If I go over $100,000 by just 1 penny I have to pay taxes on the full amount.
I could almost understand paying taxes on anything over $100,000.

I haven’t researched it yet, but according to what I’ve read, yes. 1 cent over ...

https://www.nj.com/advice/2019/10/im-retired-do-i-have-to-pay-tax-on-my-retirement-income.html

“If you go even $1 over the $100,000 income limitation, you will owe New Jersey income tax on all of your income - except Social Security- not just the income over $100,000,” he said.”

 

[East Lake II]

PA has no tax on pensions, SS or IRAs/ 401Ks, and much lower property taxes.

Good to know. Thanks

 

[njlefty]

Didn’t know it was so much. Are we talking more than 10k yearly?

I had what I would call a modest townhome. Three bedrooms. 1,400 square feet.

The property tax and association dues were $10,000 a year.

 

[Bricktop]

Over $14000 for me.
No pool. Just a 100x120
Lot with a 2200 sq ft house.
1 garage.
Bergen County NJ

Wow! That’s crazy!