Tax Laws in New Hampshire
 

:confused:Hi
We are moving to maine in Sept but toying with the idea of living in NH eventually. I have heard that they don't pay income or sales tax there. Is this why the house tax is so high. Also what are the implications of living in NH but working in ME?
Help!!!!:confused:

Re: Tax Laws in New Hampshire
 

There is no sales tax tax or state income tax in NH, which is why property tax is higher as that is the way the state finances itself.

However if you live in NH but work in Maine, you'll have to pay Maine state taxes on your income. I Live in NH but work in Mass and pay Mass state taxes for the pleasure of being stuck on I-93 twice a day.....:(

Re: Tax Laws in New Hampshire
 

Don't forget paying federal taxes, you don't get out of that either. And if you live close to the border on a neighbouring state, car insurance tends to be higher because car insurance isn't a requirement in NH.

Re: Tax Laws in New Hampshire
 

You don't say whether you plan to rent or buy...

My wife's grandparents used to rent in NH due to the property taxes there. Unlike the UK, you won't pay any property tax if you rent.

Just a thought.

Re: Tax Laws in New Hampshire
 

You probably will - its just included into the rent so you don't notice it and then the landlord claims it as a deduction.

Re: Tax Laws in New Hampshire
 

Uh, you're dreamin' lad. You pay it, and you don't get to write it off your tax return like the landlord does. :)
It is all bundled in with your rent.

Re: Tax Laws in New Hampshire
 

OK, but it's not an additional cost for budgeting purposes.

Re: Tax Laws in New Hampshire
 

Yeah, yeah... fair point everyone :lol:

Like has basically been said, at least your monthly costs are exactly what they say on the tin.

Re: Tax Laws in New Hampshire
 

Seems like an odd argument. Nor is property tax if you budget for it in the first place :confused:

Re: Tax Laws in New Hampshire
 

Car insurance is still cheaper than Mass though

Re: Tax Laws in New Hampshire
 

Aye, but I said if you were living in a neighbouring state, close to the border...