The main idea behind of my new journey is to find a way to live a simple life in retirement with an limited budget, but live life to its fullest. From a personal level, this means to be able travel, to explore our world, to challenge myself with new hobbies, woodworking, welding, web hosting, etc. To see what’s around the corner.
From a family perspective, the idea of moving back to the NE, is to get to know my family again. To spend real time around them. Also, if possible set up a home, a community that we can share and maybe pass on to family.
How do we accomplish this on a limited budget. The first spot is Taxes. I queried both State Taxes and Property taxes and found:
State Income Tax, Sales Tax, Fuel Tax, Inheritance tax and whether Social Security is exempt at state level.
State Sales Tax St Income tax Gas-diesel SS Exempt Inheritance
FL 6-8% 0 55-58 y n
MA 6.25 5.1 45-51 Y 1M
NY 4-4.8 8.82 62-67 y 1M
NC 4.75 5.5 53-59 y
VT 6 8.95 49-56 N 14%
On Property Taxes, I pulled off counties Terry and I are interested in.
The main number is “property’s assessed fair market value”. Take the % times value of property and that will be the taxes payed.
Example if we have 4 little worth $75000 each for total Value of $300K, each county would cist just for property taxes each year:
Main counties we are interested in are :
Albany, NY 1.74% * 300K = $5220 or $435 per month
Bershire, MA 1.15% * 300K = $3450 or $287 per month
Columbia, NY 1.62% * 300K = $4860 or $405 per month
Greene, NY 1.43% * 300K = $4290 or #357.5 per month
Renesellar, NY 2.06% * 300K = $6180 or $515 per month
Saratoga, NY 1.52% * 300K = $4560 or $380 per month
County Taxes House value % of a property’s assessed fair market value as property tax
albany 3562 $202 1.74%
greene 2584 $180 1.43%
columbia 3600 $222 1.62%
rensellaer 3529 $171 2.06%
washington 2875 $137 2.1%
saratoga 3368 $221 1.52%
schenectady 3857 $160 2.41%
schoarie 2273 $139 1.64%
montgomerie 2713 $95K 2.86%
fulton 2262 $95K 2.38%
MASS
Berkshire 2386 $208 1.15%
Hampshire 3140 $262 1.2%
Franklin 2968 $222 1.34%
VT
bennington 3190 $198 1.6%
rutland 2984 $172 1.73%
Penn
wayne 1929 $173 1.11%
pike 2911 $217 1.34%
susquenhanna 1791 $124 1.44%
nc
WAKE 1793 $222 .81%
Franklin 1070 $121 .88%
chatham 1430 $193 .074%
FL
Hillsboro 2168 $198 1.09%
pinellas 1699 $185 .91 %