New Hampshire Taxes?

[TOAD]

Good chance we will be moving to Moultonboro in the near future...I hope..I hope.

I have a question about the taxes there. I have heard rumblings about something called the "Inter Lakes School Tax" or something like that. Can't find a whole lot of information on it. I'm wondering about any hidden taxes such as this that would be levied on me, outside of the real estate tax, if our move to Moultonboro reaches fruition? I think we have exercised due diligence in our investigation of the town but life can be full of nasty surprises.

Are there any taxes outside of the real estate tax that are going to hit me.

In addition in my research of NH taxes it appears that there is a 5% tax levied against seniors on their retirement accounts? I have contacted my accountant with this question but he is licensed in Mass not NH but is investigating for me.

Wondering if anyone can clarify this "retirement tax" thingy. Does NH bang you for 5% of your total retirement savings plans every year or do they hit you for 5% of what you draw out of them per year? Any clarification appreciated.

I'm looking to "living free and dieing" after awhile but getting hit with surprise taxes that I didn't know about could shorten the "live free" part.

[Lakesrider]

Maybe this is what you were wondering about.

http://www.nh.gov/revenue/faq/dra_900.htm

As far a s Moultonborough still one of the lowest taxes around. As long as your not right on the water.....

[Slickcraft]

School taxes are part of the real estate tax. The local property tax is comprised of the sum of town, school and county tax but the final tax is one amount that you pay either once per year or more likely half on July 1 and half on Dec 1.

NH has a 5% interest and dividends tax that is an income tax on those items. Each person has a $2,400 exemption plus an additional $1,200 exemption if over age 65. Income from NH muni bonds is exempt. This is a tax on interest and dividends only, your IRS 1040 line 8(a) is the interest income and your 1040 line 9(a) is your dividend income. This is not a tax on retirement income reported on form 1099-R nor is it a tax on any savings principal.

[TOAD]

Originally Posted by Lakesrider

Maybe this is what you were wondering about.

http://www.nh.gov/revenue/faq/dra_900.htm

As far a s Moultonborough still one of the lowest taxes around. As long as your not right on the water.....

Got that right. Won't be right on the water. Couldn't afford it. I'm a Wal Mart kind of guy.

[TOAD]

Thanks for the link LakesRider...very informative.

Thank you also Slickcraft for the clarification.

As I see it this is actually a little better than the interest and dividends levy that I get hit with in the UnCommonwealth of Mass.

[jmen24]

Along the same lines of this question. Has anyone read about a possible federal sales tax that was included in the Health Care Reform Bill. It would take 3.8% of the sale price of your home to put into the health care coffers?

Something about it taking affect in 2012.

Not trying to start anything, just curious as this was mentioned to me when talking about the possibility of selling in the near future.

[CateP]

Originally Posted by jmen24

Along the same lines of this question. Has anyone read about a possible federal sales tax that was included in the Health Care Reform Bill. It would take 3.8% of the sale price of your home to put into the health care coffers?

Something about it taking affect in 2012.

Not trying to start anything, just curious as this was mentioned to me when talking about the possibility of selling in the near future.

For the third time in the past six months, NAR[National Association of Realtors] is being inundated with questions about a real estate transfer tax enacted as part of the Health Care reforms in 2010. THERE IS NO SUCH TAX. A viral Internet posting is riddled with errors.

The Health Care legislation did create a new tax that would apply to a portion of the gain on the sale of any capital asset (including real estate). That tax will apply ONLY to individuals with more than $200,000 Adjusted Gross Income (AGI) (or $250,000 AGI on a joint return). The tax does not apply to any amount excluded from taxation under the $250,000/$500,000 principal residence rules. The tax is never imposed directly on the full amount of any capital gain.

For more info see:
http://www.realtor.org/wps/wcm/conne...PERES&CACHEID=

[AC2717]

Originally Posted by CateP

For the third time in the past six months, NAR[National Association of Realtors] is being inundated with questions about a real estate transfer tax enacted as part of the Health Care reforms in 2010. THERE IS NO SUCH TAX. A viral Internet posting is riddled with errors.

The Health Care legislation did create a new tax that would apply to a portion of the gain on the sale of any capital asset (including real estate). That tax will apply ONLY to individuals with more than $200,000 Adjusted Gross Income (AGI) (or $250,000 AGI on a joint return). The tax does not apply to any amount excluded from taxation under the $250,000/$500,000 principal residence rules. The tax is never imposed directly on the full amount of any capital gain.

For more info see:
http://www.realtor.org/wps/wcm/conne...PERES&CACHEID=

Thank you for the Clarification, but none the less it is still BS and should not be allowed to be done

[phoenix]

A big issue is donor towns. That was a problem a few years back and added a grand or more to tax bill. it was suppose to start again this year but i think the legislature was trying to delay or eliminate

[wifi]

Moultonboro has its own school system from K-12, and isn't subjected to the interlakes school district taxes. Meredith, Center Harbor, Sandwich are towns in that district : http://www.interlakes.org/ or I'm sure FLL could fill you in with all the facts and probably much more

[songkrai]

Moultonborough is slated to be a "Donor Town" (again). So your property tax will partially be going to fund other towns school costs. If this goes through as stated your real estate taxes in Moultonborough will have to go up. I don't have figures in front of me but some have stated that the cost per pupil is the highest or near highest in the state in Moultonborough. Statistics can be manipulated. IE: Some count the cost to bus children to school while others do not count this as a school cost. Some state that Moultonborough has one of the highest administrative costs for any school district. But let others chime in on the specifics.

[Sue Doe-Nym]

It looks as though Moultonboro has once again dodged the donor town bullet. The legislature recently approved funding that does not include receiving money from donor towns.

Comments about M'boro high cost schools is exactly what I have been told by people who have studied the numbers. Average cost per student is around $20,000 which if not the highest in the state is close to it. It seems that very little effort has been made to contain expenses even though enrollment is dropping. I believe the teachers contract is up for renewal and there will no doubt be demands for more money and greater benefits. For some interesting comments on this subject visit the MCA website at www.moultonboroughcitizensalliance.com.

[Rattlesnake Guy]

Lets see, you get to be a

Donor taxpayer

in a Donor Town

in a Donor State

in a Donor Country.

And be accused of not paying enough taxes.

[phoenix]

I was told today by a town official that donor town status will be put off for at least 2 years. It would have amounted to ~ $1.40 per thousand so if your house was assessed at say 100k you would have paid an additional $ 140

[TOAD]

Originally Posted by Rattlesnake Guy

Lets see, you get to be a

Donor taxpayer

in a Donor Town

in a Donor State

in a Donor Country.

And be accused of not paying enough taxes.

Sounds good to me.