Free State Project Forum

Please login or register.

Login with username, password and session length
Pages: 1 2 [3]   Go Down

Author Topic: New Hampshire Taxes  (Read 8194 times)

Pawlno1

  • ****
  • Offline Offline
  • Posts: 22
  • Wher were you in seventy-two
Re:Help with overview of taxes
« Reply #30 on: March 09, 2004, 06:49:19 am »

The tax you have to worry most about is the property tax.  That house may cost 150k in Hanover but only 110k in Claremont

look at the bottom dollar you may pay less for a house in Claremont vs Hanover.  But the tax rate in Claremont is higher so you may end up paying more for your taxes in Claremont.  

You could start out for less in Claremont, after a number of years you would have spent about the same on housing with a higher resale value in Hanover

Business profits tax would be the same in both communities since it is a state tax
Logged

Terry 1956

  • ****
  • Offline Offline
  • Posts: 2889
  • I'm a llama!
Re:Help with overview of taxes
« Reply #31 on: March 17, 2004, 12:59:34 pm »

Quote
Taxes stink, but with property taxes, individules have many choices on how to deal with the issue. Sure beats a state income tax in many ways.

The problem with them is that they are a constant drain, whether you have income or not and if you can't keep the government happy, out you go.
                                                                             
            If a person or business could take a reduction down to a percentage of their income it would help say 5%. If a person or had a million dollars in property even if the tax rate was 50 per thousand , 5% of property value or in this case 50,000 dollars, if they only made 200,000 a year they would have to pay no more than 10,000 dollars if they where willing to file for the reduction. If a person or business perfered their privacy they would not have to file.  With the above allowed reduction I could live with just a tax on the land value not improvements, it would certainly be better for the economy than a property tax and with the qulifying reductions it would not ruin anyone even if the rate was high.
Logged

Terry 1956

  • ****
  • Offline Offline
  • Posts: 2889
  • I'm a llama!
Re:New Hampshire Taxes
« Reply #32 on: March 17, 2004, 03:00:11 pm »

Ok I looked at the reduction for the state property tax based on income. Check the state website to see if I am correct.                                                                          
 A single person making less than 12,500 pays no state property tax.                                                              
  Head of Household or marrired person making less than 25,000 a year pays no state property tax.                
  A single person making less than 15,000 but more than 12,500 gets a 60% reduction.                                  
  Head of household with less than 30,000, a 60% reduction.                                                                          
   Single with less than 17,500 a 40% reduction.                
   Head of Household with less than 35,000 a 40% reduction.                                                                            
 Single with less than 20,000 gets a  20% reduction.          
  Head  of household with less than 40,000 gets 20%.            
     So I imagine if a married couple with 38,000 in income owned  homestead property worth 100,000 and the rate is 1/2% instead of paying 500 dollars they would pay 400 dollars in state property tax. If they only made 29,000 they would pay 200 dollars.That would beat the 7% sales tax in my state and 6% on food for most people.
Logged

kuhllax24

  • Guest
Re:New Hampshire Taxes
« Reply #33 on: March 17, 2004, 04:49:49 pm »

Quote
A single person making less than 12,500 pays no state property tax

Is this based on your total gross income or adjusted gross income?

Also, regarding the corporate income, is this applicable only to C-Corps, or sub-S corps., LLC, LLPs, etc. as well?  I'm planning on investing in real estate when I get to NH and am curious (although I'll have plenty of deductions) if I have to be cognizant of an additional five percent corporate tax when I earn a profit over a certain threshold.  Since the LLC that I'll form is a pass-through entity as well, I assume my being taxed on the individual level will circumvent the corporate tax, but just want to double check. Brian Sullivan, any ideas?

And yes, I'm too lazy to look through the 40 pages of tax code.  I can't wait for the day to start reducing the tax code verbiage, and put plenty of tax lawyers, preparers and accountants out of business (as an aside, no offense to men and women of these professions, I understand it's an excellent profession in terms of income, but I find the practice reprehensible).

Regards,

Dan
Logged

Terry 1956

  • ****
  • Offline Offline
  • Posts: 2889
  • I'm a llama!
Re:New Hampshire Taxes
« Reply #34 on: March 20, 2004, 12:44:07 am »

Quote
A single person making less than 12,500 pays no state property tax

Is this based on your total gross income or adjusted gross income?

Also, regarding the corporate income, is this applicable only to C-Corps, or sub-S corps., LLC, LLPs, etc. as well?  I'm planning on investing in real estate when I get to NH and am curious (although I'll have plenty of deductions) if I have to be cognizant of an additional five percent corporate tax when I earn a profit over a certain threshold.  Since the LLC that I'll form is a pass-through entity as well, I assume my being taxed on the individual level will circumvent the corporate tax, but just want to double check. Brian Sullivan, any ideas?

And yes, I'm too lazy to look through the 40 pages of tax code.  I can't wait for the day to start reducing the tax code verbiage, and put plenty of tax lawyers, preparers and accountants out of business (as an aside, no offense to men and women of these professions, I understand it's an excellent profession in terms of income, but I find the practice reprehensible).

Regards,

Dan
                                                                             
 I could be wrong but I beat its gross. The thing I see with the property tax it can take a big percentage of  middle class income.  Maybe that is one reason NH is behind a couple of other states in the small business friendly score, the over all high property tax, I imagine in a few cases it is possible it takes more than the federal income tax.
Logged
Pages: 1 2 [3]   Go Up