Profile picture for newBuyer99

First time home buyer. some questions on tax situation.

So, i have been searching on zillow for last 2 weeks for homes near Northeast phila area. i'm 25 years old with excellent credit score (pre-approved for $285) and make close to 65k per year working in KOP. My target range is around $200k - $225k with 20% down. 

However, i'm concerned about property tax and income tax. property taxes are bit low in phila vs. surrounding counties but i pay close to 4% in phila income tax. 

can someone please advise on income tax situation if i move to Bucks or surrounding counties. just wondering if it comes out to same or phila is lower.
Do i also have to pay school tax in Bucks? if so, how much is it?
 
Thanks in advance.         
  • July 16 2014 - Philadelphia
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Answers (1)

Profile picture for Mike Bottaro
The answer to any good question is, "it depends." Each county has different local wage taxes. Most townships in Bucks county are 1% of your annual salary. There are a few townships however such as Bensalem that have no wage tax. From your personal financial perspective if you choose to live in the city or the burbs- what is best for you is a question for your tax accountant or tax consultant, not your realtor. However I will say this. Typically the big cost savings of the suburbs is if you utilize the schools with the school tax you are paying. If you need anything else it would be my pleasure to help. I work in the city and the suburbs. My contact info is below. Best of luck! Mike Bottaro Realtor HomeStarr Realty The Bottaro Team  [contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • July 19 2014
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