How NEW HAMPSHIRE Taxes Retirees

[@inthewoods9470]

Property tax is based on whare you live it's not equal at all. My property assessed at $220,000 my taxes are $7,800. Big difference town by town in NH. Quality of life is worth it.

[@WorldlyBudget]

Wolfeboro and Tuftonboro is $5-$7 to the $1,000 home value. Pretty cheap. I saw some towns have $0 tax per $1000, places like hart’s location, I don’t know why the property tax rate there is $0 though 🤷‍♂️

[@DD-cf3me]

Too high

[@inthewoods9470]

@@DD-cf3me but the houses there start at $500k

[@inthewoods9470]

I just had my house appraised in a refinance deal. Came out at $320k, next door just sold his house 1000sqft smaller than mine for $320k $900 more than advertised.

[@dizzymcwhizzy]

I agree with most commenters here: it is a great state to live in. However, and it's a big one, the issue I see with retirees moving here is that it doesn't exactly promote or encourage younger people to live and work here...and it taxes the already limited workforce we do have.. We have a very high senior population here already, and we don't have enough workers as is. We can't keep our nursing homes staffed and open--we may have no elder care services available within 5 years. The property taxes cover some school budgets, but even there-- our schools are not funded well, they aren't excellent, and we have no staff to work in SAU positions here.. It's just sad, that although NH is a great place to raise a family, many families can't subsist on two incomes and we are basically forfeiting our future social security so that older people can move here and retire comfortably. In southwestern NH where I live, our rental vacancy rate is under 1%. (A healthy rental vacancy rate is about 6%) and affording a home or land is out of the question. Edit: YT or this channel crossed out a portion of my comment. The strike out above is not my own.

[@Scott-by9ks]

I live in Tennessee oh, and I absolutely hate hate hate hate how much focus is put on income tax! For most Americans income tax whether it be the state income tax or the federal income tax is one of their lowest taxes! Payroll taxes on the other hand are something you can't avoid no matter what state you live in. The only way to avoid payroll taxes is by changing how you earn money, but that's a different subject. Getting back to what I said about income taxes, too much focus is placed on income tax. In most areas of the United States property tax sales tax, excise tax, toll roads and bridges, government fees and fines, are way more important than income tax. Then you have how everyone completely overlooks the cost of living! Alaska for example has no personal income tax and no Statewide sales tax and even though Alaska's property taxes are not the highest in the nation it's cost of living is among the highest in the nation! It doesn't matter if I'm not paying any income tax if I'm paying three times more for my regular goods and services. I have seen so many people do this including my own brother. I advocated to him at one time to pay off his mortgage, and told him that I was doing the same. He thought I was foolish because my mortgage interest is tax deductible and I could be saving that money in a retirement account and earning possibly 10% interest. What he failed to realize was the interest on my house accounted for less than $4,000 a year hardly enough to itemize and mutual funds however more secure than picking stocks individually still have downside risk whereas owning a property outright means I have an asset that is less likely to depreciate. The tax advantages of paying the bank a dollar in order to save $0.15 in taxes was absolutely crazy to me! At the time my wife and I were in the 15% tax bracket. It is also important to note that each person's situation and lifestyle is different.

[@Scott-by9ks]

@@waynv1835 everyone's personal situation is different. There are several states the exempt taxes for retirees. Some of these exempts have age, occupation, or income requirements. Take military pensions. There are more than a dozen that exempt military retirement pay, Arkansas, Missouri, New York, New Jersey, Pennsylvania, Alabama just to name a few. Then there are states that exempt a certain amount , like Kentucky exempts the first $31,000/individual of retirement pay and 100% of social security. Then there are states like Georgia that roll out the red carpet for retirees over age 65. Knowing taxes are 1 thing, cost of living is another. I couldn't afford to live my lifestyle in Hawaii even if I was exempted from 100% of all taxes, it just costs too much. If not paying much if any taxes and a low cost of living is what's important to you then the best state for you might not be a US state. There are retiree safe havens outside the US that have extremely low cost of livings. Panama comes to mind. But if you insist on a US state then, for me, Tennessee or Florida would be the best, for me right now. Florida is a little more expensive but there are about a dozen great states for me and my family. And not just anywhere in these states but Nevada, Texas, Oklahoma, Arkansas, Missouri, Mississippi, Alabama, Georgia Tennessee, North Carolina and Florida all make the list. Honorable mentions: South Carolina, Pennsylvania, Ohio and Kentucky. Indiana, Iowa, Kansas, Nebraska, North and South Dakota are cheap but they are boring and have little else to offer me. If my situation changes(100% VA disability)states like South Carolina, New York, and New Jersey become way more interesting.

[@fritzsmith3296]

@@Scott-by9ks: " everyone's personal situation's is different" Indeed it is. Starting with most folks are tied closely to their families and like to be within close proximity of them. Just a thought. What do you do for a living to have such a wide range of knowledge of tax laws?

[@Scott-by9ks]

@@fritzsmith3296 I'm retired. I retired young, age 35. I was in the Army until medically retired. While in the service I invested well and learned as much as I could about business and taxes from open sources like the IRS website and the library. I studied economics but never got a degree. I owned a lawn service for a while but I sold it in 2016. Now I pretty much live off my VA disability/retirement and my investments. And yes, everyone's personal situation is different. So how the tax code will affect you might be completely different then how it affects me but most Americans are pretty clueless about taxes.

[@susanturner1906]

Great info but the reading of info is irritating unless you read it in advance to prepare.

[@WorldlyBudget]

Tax rates differ greatly by NH county and town and can be as low as $5-$7 for every $1000 of property value. If you live in southern NH you’d pay around $20-$25 to the $1k in property value.

[@inthewoods9470]

I paid $32.11/ $1,000 per of assessed value. On my last ast tax bill. That's down from $37 /1000. That's a small price to pay to live here in the greatest of all states. And Hart's location is $4.05/1000

[@WorldlyBudget]

@@inthewoods9470 your taxes are extremely high! I’m currently looking for property in NH, however I don’t want to pay more than $15 to the $1k. Wolfeboro and Tuftonboro are on my radar at the moment. Close to the lake not too far from the mountains or Boston.

[@inthewoods9470]

@@WorldlyBudget Good luck and do it fast, prices are rising as we type.

[@remington351]

This was a really informative video. I spent a week skiing at Sunapee this winter and am now looking into NH for retirement. Thanks.

[@stufngatz]

Wouldn’t renting an apartment be better if retiring to New Hampshire? Seems like a no-brainer?

[@OurRetireEarlyJourney]

NH has the 10th highest rental costs in the country. It's up 60% in the past 5 years. It's no longer cheap to rent here unfortunately.

[@gregwarner3753]

PROPERTY TAX AND ROOM AND MEAL SALES TAX!

[@OurRetireEarlyJourney]

Thats right, 9% prepared food tax. That is often overlooked.

[@axelfoleyt]

So if you were a saver NH is terrible on dividends and interest!!

[@OurRetireEarlyJourney]

1,000% accurate

[@smallfries3462]

I was Born in whitefield NH