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Author Topic: Getting depressed about moving to NH  (Read 8563 times)

weatherford

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Getting depressed about moving to NH
« on: December 23, 2009, 10:52:12 am »

OK, I admit it, I simply don't see how I can afford to move to NH and do what I do best (write and raise horses).

First, buying farmland - which you have to have to have horses - is absolutely outrageously expensive!! OK, it is NOT as expensive as Ireland, but in Ireland, you at least have grass 24/7/365!

Second, real estate taxes are outrageous! So, I find a farm for my price range (300K) (maybe I find one), then wind up paying $1,000 per month to the gub'mint? Yikes!!

Third, the 5% tax on investment income. No one has mentioned this before - what do retirees do? Keep their money stashed in their mattresses? Yes, I would LOVE to go totally cash and off the grid, but I can't - I am stuck with a small investment income (to which I add my income from writing).

I think you people are FABULOUS and from a "where I want to be - who I want to know" standpoint, this is IT!!

But, I simply don't see how I can afford it.   :'(

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Sovereign Curtis

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Re: Getting depressed about moving to NH
« Reply #1 on: December 23, 2009, 10:58:41 am »

You want to be in cash?!? Um, havent you heard of precious metals? They are doing quite well these days (as opposed to the dollar).
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weatherford

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Re: Getting depressed about moving to NH
« Reply #2 on: December 23, 2009, 12:43:06 pm »

<bg> can't do any of those - the investments from which I get a small income are not touchable, unfortunately, except to purchase a place to live ... and, I am not sure it isn't too late to hop on the precious metal bandwagon (that is, however, a different discussion.) Frankly, farm land is the best investment - scarce and no particularly affordable in NH... :(
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freedomroad

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Re: Getting depressed about moving to NH
« Reply #3 on: December 23, 2009, 12:57:55 pm »

I don't know about your entire situation but I have some good news for you.  Property taxes aren't expensive on farmland in NH.  Not at all.  You can buy farmland and put the land in current use and the taxes go down to hardly anything.

That said, lots of people change their situation when the come to NH.  Some people have left a spouse.  Others have left a great career.  Others leave a dream house which they helped build.  Thus is life, change.
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maxxoccupancy

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Re: Getting depressed about moving to NH
« Reply #4 on: December 23, 2009, 01:22:18 pm »

Current Use basically means that you don't put any permanent structures onto the land.  If you choose to build later, you would have to pay the property taxes, but farm/ranch type stuff is cheap.  There are lots of ways around taxes up here, and you can get a couple of acres for cheapo in some areas.

Come out to New Hampshire, and we'll show you how to do everything.

If you still don't think that it can work out, well... you will have had a tax deductible vacation in the Free State! (not sure how tax deductions work in Ireland). If nothing else, you'll learn a ton of good stuff on how to get a Euro FSP going in Ireland (the country was a leading candidate amongst euro fsp efforts at one point).

Bottom line, come on out and have a kick ass time.
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maxxoccupancy

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Re: Getting depressed about moving to NH
« Reply #5 on: December 23, 2009, 01:23:23 pm »

... or even lease a property for a year and see what you can do with it.  You might only break even, but nothing ventured nothing gained...

or actually, you'd have some good experience with little/nothing ventured.
;D
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Dreepa

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Re: Getting depressed about moving to NH
« Reply #6 on: December 23, 2009, 01:38:29 pm »

OK, I admit it, I simply don't see how I can afford to move to NH and do what I do best (write and raise horses).

First, buying farmland - which you have to have to have horses - is absolutely outrageously expensive!! OK, it is NOT as expensive as Ireland, but in Ireland, you at least have grass 24/7/365!

Second, real estate taxes are outrageous! So, I find a farm for my price range (300K) (maybe I find one), then wind up paying $1,000 per month to the gub'mint? Yikes!!

Third, the 5% tax on investment income. No one has mentioned this before - what do retirees do? Keep their money stashed in their mattresses? Yes, I would LOVE to go totally cash and off the grid, but I can't - I am stuck with a small investment income (to which I add my income from writing).

I think you people are FABULOUS and from a "where I want to be - who I want to know" standpoint, this is IT!!

But, I simply don't see how I can afford it.   :'(



yes Farmland is expensive.  How many acres are you looking for?

Taxes totally depend on the town.  For $300K it would be about $7k a year in my town (one of the more expensive for property taxes)... and the current use has already been pointed out to you.

yes there is a tax on dividend income right now.... that is a law that many of us want to work to repeal.
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anon37268573

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Re: Getting depressed about moving to NH
« Reply #7 on: December 23, 2009, 02:53:13 pm »

OK, I admit it, I simply don't see how I can afford to move to NH and do what I do best (write and raise horses).

First, buying farmland - which you have to have to have horses - is absolutely outrageously expensive!! OK, it is NOT as expensive as Ireland, but in Ireland, you at least have grass 24/7/365!

Second, real estate taxes are outrageous! So, I find a farm for my price range (300K) (maybe I find one), then wind up paying $1,000 per month to the gub'mint? Yikes!!

You can buy land that you're not allowed to live on in NH much cheaper.  The idea would be to buy a farm for the stables/horses down the street from where you live - which would be either a small house you also buy or just a room/apt that you run.    The land that's restricted for year round living is not nearly as expensive because people mostly want to buy land that they can live on.  Talk to one of the porcupines that is a realtor and they can explain everything regarding taxes and land prices to you.

Third, the 5% tax on investment income. No one has mentioned this before - what do retirees do? Keep their money stashed in their mattresses? Yes, I would LOVE to go totally cash and off the grid, but I can't - I am stuck with a small investment income (to which I add my income from writing).

If you want to focus your activism on getting that 5% investment tax repealed, I'd be happy to help you.  I'm also effected by that law.  Perhaps, we could start by getting a reasonable exemption in place (i.e. no interest and dividends tax on investment income under $250,000 per hear. with the $250K figure tied to CPI inflation figures so that it automatically adjusts upward each year.)


   - anon
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rossby

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Re: Getting depressed about moving to NH
« Reply #8 on: December 23, 2009, 03:34:46 pm »

Third, the 5% tax on investment income. No one has mentioned this before - what do retirees do? Keep their money stashed in their mattresses? Yes, I would LOVE to go totally cash and off the grid, but I can't - I am stuck with a small investment income (to which I add my income from writing).

Most pay the tax. Or move to a state that doesn't tax on investment income, like Florida. It's one of the reason there are so many retirees from the northern states to Florida specifically.

I think you people are FABULOUS and from a "where I want to be - who I want to know" standpoint, this is IT!!

But, I simply don't see how I can afford it.   :'(

You're a writer? Write something, keeping in mind its purpose is to finance your move. There. Your move is bought and paid for ;)
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weatherford

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Re: Getting depressed about moving to NH
« Reply #9 on: December 23, 2009, 03:38:57 pm »

Property tax on land is NOT cheap, regardless of how you may view it, current use or not. I've checked the taxes and the tax rate on every piece of property that holds the slightest interest for me, and I can't seem to find any that are less than $6,000 per year - most average around $10,000... YIKES!!! It's almost as bad as NJ - where at least the farm exemption does make a difference. Most of the places I've checked are already under current use AND have the "veteran's" exemption (which I won't get).

From what I've read, current use decreases your tax burden around 20% - not much when you are talking five figures to start...

anon- I'll be HAPPY to work with you on that! IF I can afford to live there...
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freedomroad

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Re: Getting depressed about moving to NH
« Reply #10 on: December 23, 2009, 03:46:56 pm »

Property tax on land is NOT cheap, regardless of how you may view it, current use or not.

I don't think you understand current use.  It really is low, quite low.

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I've checked the taxes and the tax rate on every piece of property that holds the slightest interest for me, and I can't seem to find any that are less than $6,000 per year - most average around $10,000... YIKES!!!


All of the land you are looking at is likely not in current use.  Have you spent sometime talking to a real estate agent in NH?  If not, I understand how you are confused.  The tax laws are likely different in NH from that you are used to where you live.

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It's almost as bad as NJ - where at least the farm exemption does make a difference.

It makes a massive difference in NH.  Like night and day type difference.


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From what I've read, current use decreases your tax burden around 20% - not much when you are talking five figures to start...

From what I've seen, it can be far more than that.  Especially if your house is not attached to the current use property.  Again, it you haven't spent quite a bit of time talking to a knowledgeable real estate agent, I understand where you are confused.

Also, keep in mind that horses may cost more to keep in NH than where you are from.
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anon37268573

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Re: Getting depressed about moving to NH
« Reply #11 on: December 23, 2009, 04:04:19 pm »

Property tax on land is NOT cheap, regardless of how you may view it, current use or not. I've checked the taxes and the tax rate on every piece of property that holds the slightest interest for me, and I can't seem to find any that are less than $6,000 per year - most average around $10,000... YIKES!!! It's almost as bad as NJ - where at least the farm exemption does make a difference. Most of the places I've checked are already under current use AND have the "veteran's" exemption (which I won't get).

From what I've read, current use decreases your tax burden around 20% - not much when you are talking five figures to start...

I don't know anything about property taxes in Maine, VT, or MA.  But, maybe you could look into living in a border town in NH and having a farm across the border.  My understanding is that land is very cheap in Maine.  They have very high taxes there. But, since they have a great number of them (especially a high sales tax) perhaps the land tax would be comparatively low.

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freedomroad

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Re: Getting depressed about moving to NH
« Reply #12 on: December 23, 2009, 04:23:26 pm »

Property tax on land is NOT cheap, regardless of how you may view it, current use or not. I've checked the taxes and the tax rate on every piece of property that holds the slightest interest for me, and I can't seem to find any that are less than $6,000 per year - most average around $10,000... YIKES!!! It's almost as bad as NJ - where at least the farm exemption does make a difference. Most of the places I've checked are already under current use AND have the "veteran's" exemption (which I won't get).

From what I've read, current use decreases your tax burden around 20% - not much when you are talking five figures to start...

I don't know anything about property taxes in Maine, VT, or MA.  But, maybe you could look into living in a border town in NH and having a farm across the border.  My understanding is that land is very cheap in Maine.  They have very high taxes there. But, since they have a great number of them (especially a high sales tax) perhaps the land tax would be comparatively low.

Property taxes tend to be lower in ME, VT and MA than in NH.  Western MA just south of Keene would be a good place for a situation like this because property taxes on farms in that area are even lower than the already low farming taxes in the towns just outside of Keene.
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Dreepa

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Re: Getting depressed about moving to NH
« Reply #13 on: December 23, 2009, 05:05:01 pm »

Might be useful.
http://www.nhspace.org/cu.shtml

http://www.nhtoa.org/faq.html

http://www.city-data.com/forum/new-hampshire/294135-can-anyone-explain-current-use-2.html
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I cannot begin to explaint the whole current use systems, but can comment on your questions:

If land is "in current use" that means that the value placed on it for tax purposes is reduced, actually reduced quit a lot. For example, if you own 10 acres of land and its open market value and tax assessed value is $200,000 because it can be developed then your tax for that parcel would be 400 x rate per thousand for that Town so at $20/1000 = $4000 tax.

If the same parcel is "in current use" and it is "forest land" the current use valuke may be around $300 per acre or 10 x 300 = $3000 current use value. This value would be used for tax calculations as in the example above, 3 x rate per thouse for that Town, so at $20/100 = $60 tax.

As you can see this is a SUBSTANTIAL savings in tax. When any land that is "in currect use" changes use, that is to build a house and become a residential property the "change of use tax" is calculated as 10% of the appraised value at the time the use is changed so if the value of the land is $250,000 at the time the use is changed then the 'change of use tax" would be $25,000.

Current use can be tricky, because there are minimum sizes that different types of land can qualify. The most important is the "10 acre" minimum. I you have 10 acres in Current Use and want to only take 2 to build a house, you still must pay the change of use tax on all 10 acres because you must be able to keep 10 acres in curent use to get the benefit.

Feel free to contact me if you have additional questions. I can point you to a number o fplaces for more info and/or criteria and rules material.
Hope this helps.

Read more: http://www.city-data.com/forum/new-hampshire/294135-can-anyone-explain-current-use-2.html#ixzz0aYHp27Ox




I can tell you for a fact that current use gives a HUGE tax break.
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creaganlios

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Re: Getting depressed about moving to NH
« Reply #14 on: December 23, 2009, 05:06:10 pm »

Where the heck are you looking?  I own one home in westmoreland on 10 acres (NOT current use) and the property taxes are under $3,000.  I am buying my home in Winchester (18 acres, in Current Use) and the prop taxes are $3,000.  
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