The value of $100 in your state

djtaso

DJ Extraordinaire
Apr 4, 2017
2,689
5,548
32
NJ
www.djtaso.com
My mother and father built a house on Long Island in the early 50's - it's where I grew up. Years ago, we had an elder care attorney add my brother and myself to the Deed, so that upon my Mothers passing, the home would automatically transfer to us - which it did. My youngest son expressed interest in the house. I told him I could help him with my half, but he would have to buy my brother's half out, at fair market value - which he did.

Even though I was giving my half to my son ("Gift of Equity") I still had to have my own lawyer. After all, it is New York. Then, when the paperwork was slid across the table to his lawyers side, and legally became his, the Taxes went from $2000 per year (my Mom was over 65 and had Double Star) to $12,300 per year - exact same house. After all, it is New York!
Yup... and it's even worse in NJ... $12000 in taxes is typical in North jersey for a house around 2000sq ft.
 

Handinon

DJ Extraordinaire
Oct 1, 2014
1,544
2,469
73
Yup... and it's even worse in NJ... $12000 in taxes is typical in North jersey for a house around 2000sq ft.
It's the whole Tri-State area of New York, New Jersey, and Connecticut. Year over year, the population decreases in these states, yet taxes still increase. Plus, amounts above 10K no longer qualify as an Income Tax deduction. Eventually this will become unsustainable. It is already effecting the infrastructure - roads with potholes so big there are families living in them!
 
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wifedj

DJ Extraordinaire
Mar 20, 2008
2,360
3,110
It's the whole Tri-State area of New York, New Jersey, and Connecticut. Year over year, the population decreases in these states, yet taxes still increase.
...keep electing swamp monsters and all the money they deem you are worthy to manage will also be theirs.
 
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Albatross

DJ Extraordinaire
Sep 7, 2016
1,981
4,754

steve149

Veni, Vidi, Lusi
Staff member
Sep 26, 2011
24,524
37,757
Prospect, CT
It's the whole Tri-State area of New York, New Jersey, and Connecticut. Year over year, the population decreases in these states, yet taxes still increase. Plus, amounts above 10K no longer qualify as an Income Tax deduction. Eventually this will become unsustainable. It is already effecting the infrastructure - roads with potholes so big there are families living in them!
Yea .. we're #45, so near the "other" top ...