Major Changes for Me

[mrs.b]

Tara,
I have the honor of paying 6,000 a year for a house currently valued at 89000 makes no sense that half my mortgage is paying taxes each month.

Most locations have their downsides. Our property taxes are some of the lowest in the country. The tax bill for the year actually just arrived and is $400 for the year for a home valued at $140k (just outside city limit line). That said, I pay almost $5k a year for homeowners insurance. I could pay a little less in HOI if I lived north of the mandatory evacuation line for hurricanes, but not by much...and funny thing is friends who do live a little more north have property taxes that are higher by about that same amount. I've compared escrow accounts with my sister in Kansas, aunt in Illinois, and parents in Pennsylvania. All of us pay about the same amount for combined HOI and property taxes.

[Lindagerr]

Exit tax:

Your Money: NJ's 'exit tax' and home sales | NJ.com

Yes this tax has me really confused and worried. I had seen this article before. Maybe it is just taxes and capital gain just make my head spin. I have been using my NJ house as a second residence but now that we are trying to sell it all this exit tax stuff is driving me nuts. I need someone good in economics to explain this. How much will I have to pay? Do I pay it at closing? If I file NJ income tax can I get some of it back. Do I have to file NJ income tax?

I lived in NJ all of my life moving has been a very difficult thing, finding a way to make new friends and become part of a closed community here in NY has been challenging. I have lived here over two years now and can still count on one hand the people I know well enough to say more then Hi to. I have been unable to drive because of shoulder surgery. I stay home alone all day everyday, except when my one friend takes me to therapy. In NJ I would have friends over or be going out as much as I wanted to.

Moving for most people is a major life change, if combined with other major life changes (ie new job, marriage, death, baby) the move can be extremely emotionally trying. Those of us who tend to stay put, like we did for 30 years, can find it harder to move. Even people who move faifly often can get a feeling of disorientation with a move. It takes time and work to make a new community feel like home.

[EI2HCB]

Exit tax:

Your Money: NJ's 'exit tax' and home sales | NJ.com

Yes this tax has me really confused and worried. I had seen this article before. Maybe it is just taxes and capital gain just make my head spin. I have been using my NJ house as a second residence but now that we are trying to sell it all this exit tax stuff is driving me nuts. I need someone good in economics to explain this. How much will I have to pay? Do I pay it at closing? If I file NJ income tax can I get some of it back. Do I have to file NJ income tax?

I lived in NJ all of my life moving has been a very difficult thing, finding a way to make new friends and become part of a closed community here in NY has been challenging. I have lived here over two years now and can still count on one hand the people I know well enough to say more then Hi to. I have been unable to drive because of shoulder surgery. I stay home alone all day everyday, except when my one friend takes me to therapy. In NJ I would have friends over or be going out as much as I wanted to.

Moving for most people is a major life change, if combined with other major life changes (ie new job, marriage, death, baby) the move can be extremely emotionally trying. Those of us who tend to stay put, like we did for 30 years, can find it harder to move. Even people who move faifly often can get a feeling of disorientation with a move. It takes time and work to make a new community feel like home.

Linda,
Y-X=P P*0.0897= exit tax

X is the price you bought the house for
Y is the price you sold it for
P = profit/gain

P*0.0897= exit tax

From the article you'll pay it when the deed is written in the new homeowners name which is at the sale.

Or you pay 2% of the complete house price whichever is the larger amount

Y*0.02=exit tax

Now for me to go back to my job and crunch numbers for the tax quarter

[Getiton1]

Lindagerr, I just read this and I am off to bed….but I am going to private message you Here's a virtual hug for now ((((( Lindagerr ))))))). If/when you come back to NJ for any reason…I am here and I am your friend