Home Buying in 10301>Question Details

temar2005, Home Buyer in New Jersey

is jersey better to buy than ny?

Asked by temar2005, New Jersey Wed May 28, 2014

Help the community by answering this question:


While both New York and New Jersey have relatively high income taxes, New Jersey's lowest income tax rate is 1.4 percent while New York's is 4 percent. The lowest tax bracket is also wider in New Jersey than in the Empire State, as of 2013. Furthermore, while you'll have to file taxes in both states if you commute, New Jersey lets you take the tax you've already paid as a dollar-for-dollar credit against your New Jersey tax liability. Shopping is less expensive in New Jersey. Every borough of New York City has an 8.875 percent sales tax. New Jersey's statewide retail sales tax is 7 percent -- already less than New York's. However, areas of New Jersey that are in designated enterprise zones, like much of Jersey City, have a sales tax of just 3.5 percent.
0 votes Thank Flag Link Mon Oct 6, 2014
I've worked with hundreds of clients in both fine states this year alone. I can tell you that the answer to your questions will depend on what you value. Many NJ towns, at least in north, come with high property taxes which creates additional costs from a monthly housing payment perspective. Areas in NY such as Brooklyn and Staten Island offer some of the lowest property taxes in the area which has helped lower the total expense of home ownership.

When you get to the point when you're ready to start looking at homes please contact me so we can discuss issuing your mortgage Pre-Approval Letter. This will grant you buying power to place and negotiate offers. If you'd like to get some of the ground work out of the way ahead of time please don't hesitate contacting me at your earliest convenience so we can go over the mortgage and home buying process, along with weighing out cost effective mortgage options.

I may be reached directly via phone or email; whichever is easiest for you. I look forward to helping!

Kind regards,

Paul Marzolla
Vice President
Direct: (201) 957-6768
Email: info@paulmarzolla.com

Licensed by New Jersey Department of Banking
Licensed by New York Department of Financial Services
Member of NAMB - The Association of Mortgage Professionals
Member of New York Real Estate Investors Association
Member of New Jersey Real Estate Investors Association
0 votes Thank Flag Link Wed Oct 1, 2014
Depends on what you are looking to get out of homeownership. If you would like to discuss, you can call me.

Peter Botros
Senior Loan Office
US Mortgage Corp
347 231 4444
0 votes Thank Flag Link Thu Jun 19, 2014
0 votes Thank Flag Link Sun Jun 1, 2014
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