The Jersey Shore by Karl Hess: New Jersey: Bayville

Are You Thinking of Moving Out of New Jersey?

Retiring

Thinking of moving and/or retiring out of the area? Do you need to sell your current home first? With housing prices rising in Ocean County by 10-15% over the last year alone, you'll need to know what your home is worth in today’s market… and, of course, where do you want to live?

What’s my Current Home Worth?

AARP has listed 10 places you can live for under 40K a year:

Sheboygan, Wisconsin

Located on the western shore of Lake Michigan at the mouth of the Sheboygan River, the bustling waterfront of this small city provides its heartbeat. As the locals say, it may get cold, but it never gets old.

Abilene, Texas

Don’t write off this small-city gem as a dusty relic. Still authentically Texan, it’s also an affordable trendsetter with a diverse population. With offerings far beyond steak and BBQ, it’s becoming a haven for foodies, too.

Fort Walton Beach, Fla.

A laid-back island spirit informs this affordable city in Florida’s Panhandle. It’s growing fast and attracts lots of tourists, but that just means there’s always something to do.

Cleveland, Ohio

With its varied neighborhoods, world-class orchestra, thriving downtown, elite medical centers, miles of biking and hiking trails along Lake Erie and — finally!— championship sports teams (thanks, LeBron), this Rust Belt city is staging a mighty comeback.

Eugene, Oregon

Known for its bike-friendly culture and paths that crisscross the city, this northwestern hamlet has a distinctive resident blend that includes college students, arts enthusiasts and aging hippies. Sure, it rains a lot, but Eugene has carefully cultivated its image as an outdoors-lover’s paradise, and as the home of Nike, it may be the running capital of the world.

Bristol, Va./Tenn.

If you like the outdoors or music or both, start packing. Spanning two states, this southeastern border town is ideal for fans of country music, NASCAR, lakes and mountains.

Cañon City, Colo.

Plenty of people only discover this welcoming little haven when they’re out playing. Because it straddles the Arkansas River, it attracts plenty of river rafters, but also offers rock climbing, hiking and fishing. It lacks the sprawl, congestion and traffic that plague other Colorado towns and offers low unemployment and endless outdoor fun.

Cheyenne, Wy.

Come for the authentic cowboy culture, affordable housing and tasty steaks. Beyond its Wild West street cred, the city is all business. Its recent reinvention has included the addition of lots of affordable housing — much of it built to woo downsizing Baby Boomers. 

Rochester, N.Y.

This often overlooked upstate New York town — it’s the state’s third largest — offers a diverse, artsy lakeside setting and boasts top universities and stellar health care. And home cooks, take note: Wegmans, the much-loved supermarket chain, was born here.

Sioux Falls, S.D.

The city ranks high on happiness measures, with abundant outdoor activity, a strong sense of community and a friendly spirit. More upsides: There’s no state income tax and one of the lowest unemployment rates in the country.

There are other considerations as well, like how much is your current home worth? How fast can you sell? Who should you hire as your real estate agent? All questions in which I can help. Oh, and then there’s this…

Understanding the so-called NJ Exit Tax: Hardly any other aspect of real estate is as misunderstood as the so-called “Exit Tax.” Whatever you have heard, it’s probably wrong. In fact it’s not even really an "exit" tax.

This so-called Exit Tax is two percent of the gross sale price, without regard to whether there is a capital gain on the sale or not. But, and this is the key point, you are paying the 2% as an estimated tax payment. This forces the seller moving out of state to file a New Jersey tax return for that year. If you lost money on the sale, or there is no capital gain tax to pay, you get your entire 2% back. If there is a capital gain to pay, it would be deducted from the estimated tax payment and the rest would be refunded to you. No need to panic. In fact, if you look at the GIT/REP-1 form, you will see that it is in fact the estimated tax payment form, exactly like you would have to file if you were self-employed and had to make estimated tax payments.

There are also many exemptions, the most common of which is that the property is your primary residence and you are exempt from capital gains under the Federal Tax Code. In other words, it has been your primary residence for two out of the last five years, it was not used for rental or business purposes, you have not used the homestead capital gain exemption in the last five years, etc.  

Of course, the best plan of action is to consult a real estate attorney and/or accountant and a local Realtor that understands the market and who has contacts with other agents across the country. So wherever you decide to live, you’ll have the peace of mind knowing you have professionals assisting you every step of the way.

As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County

 

 609-553-7926

Find Your Dream Home on The Jersey Shore in Ocean County!

www.TheJerseyShoreHomeFinder.com

 

 Licensed in New Jersey.  Keller Williams Shore Properties 

1400 Hooper Ave. Toms River NJ 08753 Phone: 732-797-9001

 

 

 

Comment balloon 0 commentsKarl Hess • September 23 2017 02:23PM
Are You Thinking of Moving Out of New Jersey?
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