Taxes, Schmaxes!4

Posted by Deirdre // 11-16-2011

 

My husband and I, well we no so good at money stuff. It’s shocking that we were ever able to get ourselves together to buy a place. Of course we did say, “Hey, we can just sell in a few years and buy a bigger place if this one is too small” and “It’s in Park Slope – of course it’s in a good school zone!” – neither of which turned out to be true, which I blame on the bubble. Although we did sell thankfully we did NOT buy a bigger place because we cannot afford a bigger place – we rent.

So tonight I was getting my dose of Hudson Valley dreamin’ via Upstater.net (which you should follow if you’re interested in the area) and I learned something new about the taxes in NY in the comments on this post on Chatham. And thanks to a poster named Berkshires Fan who included a link to this article from the Berkshire Eagle I now (kind of) get why they’re higher than say, Massachusetts, which is right over the border.

It has to do with NY taxing on all levels of government (counties, cities, towns, state). Add in a tax cap that Massachusetts put into law in the 80’s and “taxes in New York run between 2 percent and 3 percent of a home’s value, while those in Massachusetts are 1 percent”. Let’s face it, I only skimmed the piece but if you’re really weighing towns near a border of NY (and we have actually thought fleetingly about Great Barrington which is such a cool little town) it’s worth a diligent read for sure. And it’s good to know to look closer at the taxes when you’re looking at listings online – sometimes it ain’t all there.

 
 

4 Responses

  1. Deirdre says:
    November 17th, 2011 at 2:08 pm

    Home ec would’ve been even better… :-)

  2. slopette says:
    November 16th, 2011 at 8:44 am

    One thing I try to keep in mind (which I found in the comments no less, from another piece) is that income taxes are lower out of NYC — I think we often forget that, but there is yet another calculation to keep in mind.

    • Deirdre says:
      November 16th, 2011 at 10:59 am

      Yes, a LOT less. But apparently income taxes are also lower in other states. And I believe if you work in Manhattan, you still pay income taxes in NYC? I could be TOTALLY wrong about this. Again, I no so good with money.

      • Stoopmama says:
        November 17th, 2011 at 1:33 pm

        I’m so bad with money that I barely understand what you’re talking about. I really should have taken at least one economics class at Lafayette, huh? Pfffft. :)