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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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people living in the city and paying city income tax
did you know that once we move out of the city, we no longer have those taxes deducted from our check.
this makes the prospect of the darned crazy property taxes MUCH easier to bear I think.
that combined with the mort. interest deduction is making me feel slightly better about this whole buying a house outside of NYC thing.
I still wish in some ways in was in my own backyard....but I wouldn't HAVE a backyard if I stayed...
ahhhh the compromises we make...from the cradle to the grave......
when all I want is 
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Posted 3/14/08 4:32 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
firsttimer
Member since 5/07 1532 total posts
Name:
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Re: people living in the city and paying city income tax
Yes but, on the flip side, you will be paying much more in property taxes.
It sux either way.
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| Posted 3/14/08 4:38 PM |
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Re: people living in the city and paying city income tax
Definitely knew this..and...when you add the city tax to the "cheap" property tax in NYC, it really almost adds up between both...so, go ahead, have your backyard! We had the same thought process by looking outside of NYC..good luck!
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| Posted 3/14/08 4:39 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: people living in the city and paying city income tax
Posted by TheDivaBrideandTeddyFrog
Definitely knew this..and...when you add the city tax to the "cheap" property tax in NYC, it really almost adds up between both...so, go ahead, have your backyard! We had the same thought process by looking outside of NYC..good luck!
exactly.
good luck to you as well!
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| Posted 3/14/08 4:44 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: people living in the city and paying city income tax
welcome to surburbia
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| Posted 3/14/08 4:54 PM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: people living in the city and paying city income tax
Yep and I don't even work in the city. I live in the city and work on LI but pay city income tax since I live here. We also figured that in our tax bracket, when we add the city income tax to city property taxes, it is probably comparable to property taxes on LI. We are choosing to buy on LI for that reason.
I also was raised on LI and for the property taxes you pay, I think the services are better from what I have seen here. The parks and libraries are nicer, a lot of the schools are better, etc.
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| Posted 3/14/08 5:59 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: people living in the city and paying city income tax
You will typically pay far less NYC taxes than you would in Long Island property taxes.
ETA: Also property taxes tend to increase much faster than city income tax does as well.
Message edited 3/14/2008 6:01:26 PM.
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| Posted 3/14/08 6:00 PM |
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Re: people living in the city and paying city income tax
Posted by Ophelia
Posted by TheDivaBrideandTeddyFrog
Definitely knew this..and...when you add the city tax to the "cheap" property tax in NYC, it really almost adds up between both...so, go ahead, have your backyard! We had the same thought process by looking outside of NYC..good luck!
exactly.
good luck to you as well!
Thank you..keep your fingers crossed for our closing date...we are!
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| Posted 3/14/08 6:09 PM |
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DandN
Twins are here!
Member since 3/06 3597 total posts
Name:
Deirdre
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Re: people living in the city and paying city income tax
I just showed my new address to my employer and wont be paying city taxes - YIPPEE!!!!!!!!!!!!!!!!!!!!!!!
. . .actually the thing I'm most excited about it having a driveway. The amount of money we have paid to park in our building garage is insane.
Message edited 3/14/2008 9:13:42 PM.
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| Posted 3/14/08 9:12 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
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Jackie
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Re: people living in the city and paying city income tax
Posted by TheDivaBrideandTeddyFrog
Definitely knew this..and...when you add the city tax to the "cheap" property tax in NYC, it really almost adds up between both...so, go ahead, have your backyard! We had the same thought process by looking outside of NYC..good luck!
exactly what my accountant told me, def a perk of moving out of the city
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| Posted 3/14/08 9:33 PM |
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TJLealand3
LIF Adolescent
Member since 6/07 839 total posts
Name:
Thomas
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Re: people living in the city and paying city income tax
Posted by ave1024
You will typically pay far less NYC taxes than you would in Long Island property taxes.
ETA: Also property taxes tend to increase much faster than city income tax does as well.
Plus you pay alot to commute to the city so we are all paying alot for that backyard........
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| Posted 3/14/08 10:42 PM |
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Salason
♥
Member since 6/05 9878 total posts
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Re: people living in the city and paying city income tax
Posted by ave1024
You will typically pay far less NYC taxes than you would in Long Island property taxes.
ETA: Also property taxes tend to increase much faster than city income tax does as well.
It depends on how much you make  My accountant pointed out how much we'd save in we moved to LI...
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| Posted 3/15/08 9:31 AM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: people living in the city and paying city income tax
Posted by ave1024
You will typically pay far less NYC taxes than you would in Long Island property taxes.
ETA: Also property taxes tend to increase much faster than city income tax does as well.
I am not moving to LI.
and my husband is an acct...I'll let him do all that math.
we will also be keeping our apt in the city. if it ever becomes not worth it to us to keep our house taxwise, we'll see it.
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| Posted 3/15/08 10:08 AM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: people living in the city and paying city income tax
Posted by TJLealand3
Posted by ave1024
You will typically pay far less NYC taxes than you would in Long Island property taxes.
ETA: Also property taxes tend to increase much faster than city income tax does as well.
Plus you pay alot to commute to the city so we are all paying alot for that backyard........
we'll be living in the city for the most part during the week, to cut down on commute.
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| Posted 3/15/08 10:09 AM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: people living in the city and paying city income tax
And if you move to the suburbs, your car insurance will be much cheaper. Don't forget that one...you can call your ins company and tell them where you may move, and they can give you an estimate. It will go down, this is based on useage of driveways, decrease in crime stats, etc.
Check it out.
Message edited 3/15/2008 10:20:18 AM.
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| Posted 3/15/08 10:18 AM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: people living in the city and paying city income tax
Posted by Goobster
And if you move to the suburbs, your car insurance will be much cheaper. Don't forget that one...you can call your ins company and tell them where you may move, and they can give you an estimate. It will go down, this is based on useage of driveways, decrease in crime stats, etc.
Check it out.
this AND we won't be paying $300 per month to the garage for our car now!
combined, these small additional savings add up!
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| Posted 3/15/08 10:22 AM |
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babymakes3
Almost there!
Member since 7/06 7376 total posts
Name:
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Re: people living in the city and paying city income tax
Posted by Ophelia
Posted by Goobster
And if you move to the suburbs, your car insurance will be much cheaper. Don't forget that one...you can call your ins company and tell them where you may move, and they can give you an estimate. It will go down, this is based on useage of driveways, decrease in crime stats, etc.
Check it out.
this AND we won't be paying $300 per month to the garage for our car now!
combined, these small additional savings add up!
Our car insurance actually went down when we moved to the city? Our garage expense obviously went up, but DH's company picks it up.
We are trying to decide what's more beneficial for us, moving to the burbs or staying in the city. If we moved to the burbs obviously we'd have more room, but we'd also need another car, train passes, higher utility bills, etc.. Still the 4% city tax ends up being more than our property tax would be in the Nassau/
Sufolk, and that just makes me angry.
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| Posted 3/15/08 11:28 AM |
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