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Tax Laws in New Hampshire

Tax Laws in New Hampshire

Old Feb 20th 2008, 8:35 am
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Default Tax Laws in New Hampshire

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!!!!
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Old Feb 20th 2008, 9:50 am
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Default 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.....
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Old Feb 20th 2008, 4:54 pm
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Default Re: Tax Laws in New Hampshire

Originally Posted by RoB1833 View Post
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.....
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.
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Old Feb 20th 2008, 5:52 pm
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Default 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.
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Old Feb 20th 2008, 6:51 pm
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Default Re: Tax Laws in New Hampshire

Originally Posted by hobbes79 View Post
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.
You probably will - its just included into the rent so you don't notice it and then the landlord claims it as a deduction.
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Old Feb 20th 2008, 6:59 pm
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Default Re: Tax Laws in New Hampshire

Originally Posted by hobbes79 View Post
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.
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.
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Old Feb 20th 2008, 7:36 pm
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Default Re: Tax Laws in New Hampshire

OK, but it's not an additional cost for budgeting purposes.
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Old Feb 20th 2008, 7:40 pm
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Default Re: Tax Laws in New Hampshire

Yeah, yeah... fair point everyone

Like has basically been said, at least your monthly costs are exactly what they say on the tin.
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Old Feb 20th 2008, 8:35 pm
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Default Re: Tax Laws in New Hampshire

Originally Posted by lapin_windstar View Post
OK, but it's not an additional cost for budgeting purposes.
Seems like an odd argument. Nor is property tax if you budget for it in the first place
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Old Feb 21st 2008, 1:22 pm
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Default Re: Tax Laws in New Hampshire

Originally Posted by Bob View Post
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.
Car insurance is still cheaper than Mass though
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Old Feb 21st 2008, 2:09 pm
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Default Re: Tax Laws in New Hampshire

Originally Posted by RoB1833 View Post
Car insurance is still cheaper than Mass though
Aye, but I said if you were living in a neighbouring state, close to the border...
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