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When comparing taxes between regions, it would be helpful to compare the actual tax BEFORE any exemptions. Anyone qualifying for an exemption can then plug it in for their personal situation.
The fact that NYS has these exemptions is proof that our "leaders" know they are overcharging us, and is just political gamesmanship as NYS becomes more and more unaffordable, as they avoid getting to the root of the problem.
States across the country have tax exemptions of some kind. So, this isn't exclusive to NY.
Every state offers some form of property tax exemption, which can be applied to your property tax bill to lower the amount you owe. The types of exemptions and their values vary by state and county.
The most common property tax exemption is the homestead exemption. Forty-six states offer this exemption on the taxpayer’s primary residence. The exemption protects a portion of the home’s assessed value from being taxed, which lowers the overall tax liability of the property."
Another thing to consider is that many states also have what is called a Personal Property Tax, which is on items such as vehicles and some other tangible items. NY doesn't have this and is something else to consider when looking at "property" taxes, as not all property taxes are on real property.
Also, Upstate NY is actually just as, if not more affordable than areas in many Southern states now(and in some cases for a while) due to the demand in many of those areas. NYC skews things higher on a state level, but people don't live on a state level. So, you have to look at the area or even the community/neighborhood.
Every state offers some form of property tax exemption, which can be applied to your property tax bill to lower the amount you owe. The types of exemptions and their values vary by state and county.
The most common property tax exemption is the homestead exemption. Forty-six states offer this exemption on the taxpayer’s primary residence. The exemption protects a portion of the home’s assessed value from being taxed, which lowers the overall tax liability of the property."
Another thing to consider is that many states also have what is called a Personal Property Tax, which is on items such as vehicles and some other tangible items. NY doesn't have this and is something else to consider when looking at "property" taxes, as not all property taxes are on real property.
Also, Upstate NY is actually just as, if not more affordable than areas in many Southern states now(and in some cases for a while) due to the demand in many of those areas. NYC skews things higher on a state level, but people don't live on a state level. So, you have to look at the area or even the community/neighborhood.
None of this changes the fact that NYS has high property taxes. 8700 on a 240k house is excessive. In addition 8.75 sales tax plus 9th highest electric prices, natural gas is not inexpensive and you need a lot in the winter.
None of this changes the fact that NYS has high property taxes. 8700 on a 240k house is excessive. In addition 8.75 sales tax plus 9th highest electric prices, natural gas is not inexpensive and you need a lot in the winter.
This thread isn't about taxes though.
Again, the fact remains that Buffalo's housing opportunity index is higher than many/most bigger areas when looking at median family income and median home prices, even with the property tax rates(key word). There is data in the thread that supports that.
Same goes for how property taxes vary by homeowner.
Given the effective property tax rate for Erie County, that example you give for a $240k home is actually well above the average rate of 2.43%: https://smartasset.com/taxes/new-yor...tor#KeFflXdZPH Which means this considers homeowners in the county in totality.
The other fact to keep in mind is that housing makes up the biggest portion of cost of living at about 30%.
So, the housing piece is much bigger than sales tax, which depends on one's consumption of goods(let alone that NY isn't even the highest on average) and electric/natural gas. As if electric isn't needed during the summer in places with extended summers/warm weather.
Last edited by ckhthankgod; 01-19-2024 at 11:51 AM..
You keep glossing over the fact that WNY has high property taxes and nothing you say or try to deflect, will change that. Can you honestly tell me that 8400 taxes for a 240k house is not excessive? The lower house prices are lower for a reason and those are taxes and a poor economy. The more people that want to move into an area, the higher the home prices, period. Its called supply and demand. My entire family and almost all my friends left the area because of lack of job opportunities, awful weather and high taxes. NYS also has the 3rd highest income taxes. People are leaving NYS and moving to Florida for a reason.
You keep glossing over the fact that WNY has high property taxes and nothing you say or try to deflect, will change that. Can you honestly tell me that 8400 taxes for a 240k house is not excessive? The lower house prices are lower for a reason and those are taxes and a poor economy. The more people that want to move into an area, the higher the home prices, period. Its called supply and demand. My entire family and almost all my friends left the area because of lack of job opportunities, awful weather and high taxes. NYS also has the 3rd highest income taxes. People are leaving NYS and moving to Florida for a reason.
No, actually I'm not glossing over it. My point has been consistent in terms of the housing opportunity still being higher even when considering property taxes, which a source I provided states. https://www.nahb.org/news-and-econom...ortunity-index (look under Methodology and then look at Complete List by Affordability Rank)
I also provided information that illustrates that property taxes will vary by homeowner and not going by just one personal experience. Again, that example is actually an example that is showing a property tax rate that is above the county average.
Home prices are lower in part due to the older housing stock, not necessarily taxes(which are higher due to the lower prices) and economy. Buffalo has an older housing stock on average and in turn, that plays a part in regards to prices.
Frankly, a lot of the post is basically off topic, as the topic is about Buffalo being the Hottest Housing Market in 2024. I'll talk about that, as that is the actual topic and will continue to post information related to that.
Last edited by ckhthankgod; 01-19-2024 at 02:28 PM..
We moved to Buffalo from Philly and most of living is significantly cheaper for us here. We live in a much nicer house in a much nicer town than we could have afforded. We pay more in property taxes, yes, but but our cost of living is much lower. We also receive much better services for our taxes. Our trash is picked up, our schools are excellent, roads are plowed and the village even clears our sidewalks during snow
Property taxes also depend on area. I pay a lot in East Aurora, people that live in south Buffalo pay very little.
Florida is an unappealing place for me personally, lower taxes or not. Hard to picture a lot of people picking between Florida and Buffalo. If you like it, good for you.
I have actually met quite a few people that moved from WNY to Florida and would never go back. East Aurora is one of, if not the, nicest place to live in WNY. I lived there for some years as well as Hamburg, Orchard Park, Boston, West Seneca, Williamsville, Eggertsville, East Amherst and Snyder. IMHO its a little far from everything, but the town has grown into a yuppie paradise, replete with the usual coffee shops and trendy places. I lived and worked there for 10 years and the change has been enormous. Its like Elmwood Village in the burbs.
I have actually met quite a few people that moved from WNY to Florida and would never go back. East Aurora is one of, if not the, nicest place to live in WNY. I lived there for some years as well as Hamburg, Orchard Park, Boston, West Seneca, Williamsville, Eggertsville, East Amherst and Snyder. IMHO its a little far from everything, but the town has grown into a yuppie paradise, replete with the usual coffee shops and trendy places. I lived and worked there for 10 years and the change has been enormous. Its like Elmwood Village in the burbs.
Yeah I get why someone would be enticed to move from WNY to Florida. I am thinking more from the perspective of people who are priced out of more expensive metros, seems unlikely FL and WNY will be their final two areas to choose from. I am willing to bet most of the people you know that made the move are WNY native so a change of pace is understandable.
A lot of people here think EA is far removed but I can still get to my office in Amherst in 30 minutes or so. In philly it could take 1.5 hours to get from my house in NW philly to center city (downtown). Everything feels very easy and convenient to me. I love the coffee shops and restaurants so your yuck is my yum when on that front . I actually have more to walk to now than I had in my old neighborhood in Philadelphi.
I like East Aurora and lived there for 10 years. I was watching this video and was surprised at how much things have changed. I am not sure what you mean by my yuk is your yum. I was just commenting on how it changed from a sleepy village to a trendy yuppie hangout. I wasn't criticizing it, I was making an observation.
I like East Aurora and lived there for 10 years. I was watching this video and was surprised at how much things have changed. I am not sure what you mean by my yuk is your yum. I was just commenting on how it changed from a sleepy village to a trendy yuppie hangout. I wasn't criticizing it, I was making an observation.
What happened to the Tops, or one of their experimental stores?
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. I actually have more to walk to now than I had in my old neighborhood in Philadelphi.
