We’re retired. Will moving to Pennsylvania save us on taxes?

Q. My husband and I are retired. We live in northern New Jersey, with its high property taxes. We were considering moving to Pennsylvania where we can save a great deal in property taxes. However, we have been told that Pennsylvania has a variety of other taxes that, when added up, greatly reduce the differential between the cost of living in New Jersey versus Pennsylvania. What do you think? — Retired A. You’re right that New Jersey has incredibly high property taxes. In study after study, New Jersey is ranked No. 1 for the highest real estate taxes in the 50 states plus the District of Columbia. One study said New Jersey real estate tax on a $205,000 home was $5,064 and the median was $8,1

I moved to N.J. Can I get the Senior Freeze?

Q. Can I get a property tax deduction or credit if I bought a condo in March 2019 when I moved to New Jersey? I am 66 years old. — Garden Stater A. You’ve got several items to consider, but your new arrival in the state disqualifies you from one popular program. New Jersey allows all homeowners and renters a tax deduction for their real estate taxes. Homeowners can deduct up to $15,000 in real estate taxes, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. He said renters are allowed to deduct 18% of their rent as a property tax deduction and are also limited to the maximum $15,000 deduction. In addition to the incom

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Phone: 973-455-1894 | 51 Dumont Place, Morristown, NJ 07960 | Get directions!

Kiely Capital Management offers financial planning and investment advice. Serving Central and Northern New Jersey, Yvonne and Bernard (Bernie) Kiely provide over 25 years of experience offering discretionary asset management, retirement planning and income tax preparation. KCM is registered with the State of New Jersey as a Registered Investment Advisor.

 

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