Young professional: how is Orange county NY

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dance873
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Joined: Thu May 23, 2013 8:34 pm

Young professional: how is Orange county NY

Post by dance873 » Thu Jun 13, 2013 1:19 pm

I am a young physician in training looking for jobs one year from now.

Could anyone help comment on tax, cost of living, physician compensation, malpractice environment of Orange County, NY?

I am single right now and live and train in NJ. I am aware of NJ's high tax, relatively low physician compensation, and high cost of housing/property tax.
I heard NY state has high tax burden also. I also heard Orange County can be expensive, since a lot of people work in NYC.
I like NYC and now go there once a month for fun, for the museums and Central Park and good food.

Grt2bOutdoors
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Re: Young professional: how is Orange county NY

Post by Grt2bOutdoors » Thu Jun 13, 2013 1:44 pm

dance873 wrote:I am a young physician in training looking for jobs one year from now.

Could anyone help comment on tax, cost of living, physician compensation, malpractice environment of Orange County, NY?

I am single right now and live and train in NJ. I am aware of NJ's high tax, relatively low physician compensation, and high cost of housing/property tax.
I heard NY state has high tax burden also. I also heard Orange County can be expensive, since a lot of people work in NYC.
I like NYC and now go there once a month for fun, for the museums and Central Park and good food.
It's nice and scenic in the fall, great hiking as well. Lots of outdoors stuff to do (Harriman State Park), if you're into it.
To be frank, if you live in NYS, NYC, NJ or CT and you make a decent income or not, you will pay taxes through the nose.
There is a high cost of living in those areas, and there are some parts of Orange Cty - you couldn't pay me to live in because the property taxes border on the obscene (Monroe is one such town, Spring Valley is another) - equivalent to Nassau Cty, LI or Essex Cty, NJ but without the services. Rockland's not any cheaper, it's worse. Most folks who live up there spend 2+ hours commuting each way into NYC - I have colleagues who do this 5 days a week. :shock: So it's all relative - either pay alot in property taxes/rent for little or no services or pay alot but have proximity to the city including ease of transportation (mass transit options) as opposed to relying on your car. In Orange Cty, you will need to drive everywhere.

Don't know anything about physican compensation, malpractice.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

dance873
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Re: Young professional: how is Orange county NY

Post by dance873 » Thu Jun 13, 2013 1:59 pm

The recruiter says he finds the cost of living in Monroe reasonable. Good to have a second opinion... Thank you so much !

Grt2bOutdoors
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Re: Young professional: how is Orange county NY

Post by Grt2bOutdoors » Thu Jun 13, 2013 2:30 pm

dance873 wrote:The recruiter says he finds the cost of living in Monroe reasonable. Good to have a second opinion... Thank you so much !
Did the recruiter also disclose his income and personal wealth? Reasonable is relative, what do you have in mind in terms of living conditions, taxes, income expectations, etc? For point of reference, one of my relatives bought a brand new spanking home in late 2006, spent nearly $700K, today it's worth about $500K and the taxes are nearly $17K - in the middle of nowhere. The township of Monroe, carries a high tax burden because of all those schools up there, plus one of the towns in the township (will not name names) has a low income/low tax high need for services (you will be paying for them) - that is paid from general taxes.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

billyt
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Re: Young professional: how is Orange county NY

Post by billyt » Thu Jun 13, 2013 2:37 pm

Grt2b:
It sounds like you are familiar with the area and I wondered if you could provide some insight. Wife and I are considering Hudson Valley area for retirement. She has to be near a train line to NYC and I want some acreage for gardens and maybe some livestock. I have been checking out real estate online, and it looks like the RE taxes are not only high, but highly volatile. For some properties, it looks like taxes have doubled or more from one year to the next. Can you shed any light on this?

Grt2bOutdoors
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Re: Young professional: how is Orange county NY

Post by Grt2bOutdoors » Thu Jun 13, 2013 4:09 pm

billyt wrote:Grt2b:
It sounds like you are familiar with the area and I wondered if you could provide some insight. Wife and I are considering Hudson Valley area for retirement. She has to be near a train line to NYC and I want some acreage for gardens and maybe some livestock. I have been checking out real estate online, and it looks like the RE taxes are not only high, but highly volatile. For some properties, it looks like taxes have doubled or more from one year to the next. Can you shed any light on this?
Residents and taxpayers of NYS are able to apply for STAR and Enhanced STAR (basically a rebate of school taxes) based on income limitations and age 65+. Those who receive the enhanced STAR can pay much less than one who does not qualify, you can also appeal, if the home has been recently reassessed by the town - the taxes may either be adjusted upwards or downwards. Ideally you want to live in a town that has taxable ratables - if you live in a town that demands services, has a large population of single family homes (think families), has a large government and little or no commercial/industrial - expect to pay high taxes. You can checkout SeeThroughNY - google it, it will tell you more or less what the school districts employees earn (about 50%+ of overall property taxes) - remember as a taxpayer, you'll be on the hook for paying them. If you own a "farm" (you'll have to see how NYS defines a farm) you maybe eligible to pay a reduced amount of taxes.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

Dave76
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Re: Young professional: how is Orange county NY

Post by Dave76 » Thu Jun 13, 2013 4:57 pm

Cost of living is higher than it was when I moved here in 1988. My parents' property tax was $2200 the first year. Today, it's over $8k. The economy was a dynamic one back then. There were at least 150 farms in the county and plenty of small family-owned businesses. Much of that has disappeared. Lots of retail now. The Hudson Valley region has turned into a child-centered culture. Raising children is the only major industry in these towns. We lost a lot of manufacturing jobs in nearby Mahwah and Tarrytown (Ford and Chevrolet). There was a cutlery company in Ulster County which closed about a decade ago.

The cost of living for a physician should be low. Housing in Warwick, Goshen and Cornwall is a bit pricier than Maybrook and Walden.

Buffetologist
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Re: Young professional: how is Orange county NY

Post by Buffetologist » Fri Jun 14, 2013 2:23 pm

Pennsylvania is where you want to go for low taxes. I don't see the appeal of the Hudson Valley over Bucks County, the Lehigh Valley or the Poconos with respect to access to NYC.

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