Quote:
Originally Posted by rsmlp
All high tax states are the same. The SALT limitation on tax deduction has made them more so. And people are moving out in droves. Of course, this doesn't stop pols from continuing their attempts to tax the wealthy. NJ is trying to pass a "millionaires" tax will only drive more higher end earners out.
The ramifications are that RE in these high end places are taking it on the nose. When we sold our house in Albany NY the local property tax had gone from $6K when we bought in 1989 to just under $25K. We sold for LESS than we bought it for-25 years later!
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I know that. I just can't believe they actually have a "police force" to check people out and see if they really live in another state. Wow!