When it comes time to build a new home, one of the things you can’t overlook is what you’re going to be spending on real estate tax. It’s not an insignificant expense.
The state taxes you pay—including state real estate taxes—vary from state to state. But is the difference between one state’s rate and another’s worth jumping across the state line? When it comes to the battle for real estate bucks between New Jersey and Pennsylvania—who wins?
To be honest, the exact rates you’ll pay in both New Jersey and Pennsylvania vary according to your exact location and the county you’re in. Still, thanks to the folks at WalletHub you can have an idea of the difference.
Again, this isn’t an exact apples-to-apples comparison, but it gives you a feel for the difference between the two states. State sales tax for Pennsylvania is at 6 percent, compared to 7 percent for New Jersey.
Naturally, there’s more to selecting the perfect home than simply the tax rates. And for some people, jobs and family in the area may be reasons to stay in the Garden State. But if you’re retired or retiring, a move to a gorgeous location like Easton may make sense. It still puts you only about 70 miles outside of Manhattan. And if your extended family (kids and grandkids) live outside of the metro area—you’re still within easy access.
This is why our Legacy at Morgan Hill community, located in Easton, PA was a popular choice for many years. However, it truly is a personal choice when deciding to move to another state. Homebuyers should truly consider the lifestyle and financial implications before making their move, to ensure it is the right one.