Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I've made several trips to Buffalo the past few years. I love the old buildings its such a neat looking city. Traffic is great for a big city - only Corpus Christi, TX can rival Buffalo for ease of driving. I live in Rockport TX a nice widlife refuge and art town near corpus christi and have lived all over the US, but summers here are bad.
So why aren't I spending my summers in Buffalo?
REAL ESTATE TAXES! They are so out of line with the rest of the US that its scary. I wanted to buy a building right on Niagara Street with a super view of the Niagara River. I actually love Niagara St. I could have gotten the building for $400,000 and it would have cost more than twice that even in Texas which is somewhat cheaper than the rest of the nation.
What literally scared me off was the $24,000 a year in real estate taxes. That same building down here ( and we are a bit higher than average in real estate tax (but have no state income tax) would have about $4100 a year. Needless to say I freaked out - was afraid that I wouldn't make enough cash flow and didn't buy. No one else did either and the bldg has been vandalized and its copper gone. Lose Lose situation.
The Buffalo Tax Assessment Office had a bad attitude- it was appraised for well over the $400k but even though I was buying it at an arm's length transaction - they acted like they would never lower it.
This didn't just discourage me - it discouraged another investor friend from Florida. Buffalo would have so much going for it if it weren't for the tax system saying "STAY AWAY!"
I don't agree with Bush cutting taxes for the rich (even though I'm wealthy) when the deficit is so high but Buffalo is clearly a place that needs change. It will continue to lose population until taxes come down to reality. That is a shame for both the city and myself as it seems to be about 95 here in Texas today. I could have been sitting on the roof of that building watching the view of the river and the great old buildings- I'm not happy about it.
Sometimes the state income tax is a good thing, I live in Fl now and have a child with a disability, the services are not half of what they were in NY and why because of the state income tax! I understand where people are coming from but sometimes the income tax is useful.
I've made several trips to Buffalo the past few years. I love the old buildings its such a neat looking city. Traffic is great for a big city - only Corpus Christi, TX can rival Buffalo for ease of driving. I live in Rockport TX a nice widlife refuge and art town near corpus christi and have lived all over the US, but summers here are bad.
So why aren't I spending my summers in Buffalo?
REAL ESTATE TAXES! They are so out of line with the rest of the US that its scary. I wanted to buy a building right on Niagara Street with a super view of the Niagara River. I actually love Niagara St. I could have gotten the building for $400,000 and it would have cost more than twice that even in Texas which is somewhat cheaper than the rest of the nation.
What literally scared me off was the $24,000 a year in real estate taxes. That same building down here ( and we are a bit higher than average in real estate tax (but have no state income tax) would have about $4100 a year. Needless to say I freaked out - was afraid that I wouldn't make enough cash flow and didn't buy. No one else did either and the bldg has been vandalized and its copper gone. Lose Lose situation.
The Buffalo Tax Assessment Office had a bad attitude- it was appraised for well over the $400k but even though I was buying it at an arm's length transaction - they acted like they would never lower it.
This didn't just discourage me - it discouraged another investor friend from Florida. Buffalo would have so much going for it if it weren't for the tax system saying "STAY AWAY!"
I don't agree with Bush cutting taxes for the rich (even though I'm wealthy) when the deficit is so high but Buffalo is clearly a place that needs change. It will continue to lose population until taxes come down to reality. That is a shame for both the city and myself as it seems to be about 95 here in Texas today. I could have been sitting on the roof of that building watching the view of the river and the great old buildings- I'm not happy about it.
It is too high but thats NYS for you. They really do need to restructure things.. but thats a long time from now... either way, the one upside of the taxes is that it keeps the prices low... the only reason you can buy a building for $400,000 in an urban area like that is cause it costs $24k a year in taxes. It kinda caps prices. Its my understanding that in a lot of places..its be like $4.5 million for the same property and you'd be paying the same taxes. I always think of figures between like here and California from a few years ago.. its like Buffalos taxes was 3.5x higher than say L.A.... but at the same time its like a house in the ghetto in Buffalo - $20k (or LESS) ... L.A. itd be like $300k w/gang graffiti on it. But real estate is all up in the air now anyway. We've actually been shielded from the whole housing bubble thats affecting everything (as have a lot of other overlooked cities)
I've made several trips to Buffalo the past few years. I love the old buildings its such a neat looking city. Traffic is great for a big city - only Corpus Christi, TX can rival Buffalo for ease of driving. I live in Rockport TX a nice widlife refuge and art town near corpus christi and have lived all over the US, but summers here are bad.
So why aren't I spending my summers in Buffalo?
REAL ESTATE TAXES! They are so out of line with the rest of the US that its scary. I wanted to buy a building right on Niagara Street with a super view of the Niagara River. I actually love Niagara St. I could have gotten the building for $400,000 and it would have cost more than twice that even in Texas which is somewhat cheaper than the rest of the nation.
What literally scared me off was the $24,000 a year in real estate taxes. That same building down here ( and we are a bit higher than average in real estate tax (but have no state income tax) would have about $4100 a year. Needless to say I freaked out - was afraid that I wouldn't make enough cash flow and didn't buy. No one else did either and the bldg has been vandalized and its copper gone. Lose Lose situation.
The Buffalo Tax Assessment Office had a bad attitude- it was appraised for well over the $400k but even though I was buying it at an arm's length transaction - they acted like they would never lower it.
This didn't just discourage me - it discouraged another investor friend from Florida. Buffalo would have so much going for it if it weren't for the tax system saying "STAY AWAY!"
I don't agree with Bush cutting taxes for the rich (even though I'm wealthy) when the deficit is so high but Buffalo is clearly a place that needs change. It will continue to lose population until taxes come down to reality. That is a shame for both the city and myself as it seems to be about 95 here in Texas today. I could have been sitting on the roof of that building watching the view of the river and the great old buildings- I'm not happy about it.
It's really out of line - I agree...big bloated govt gets it not the payer...buffet d-ddidn't he get a tax break coming here?
too bad they don't treat joe sixpack the same way..no he gets to subsidize the buffets then watch services get cut every year, and his county raise taxes even more! -it makes that cheap house price not so cheap..nuther 800 a month in taxes was what I paid...on TOP of my mortgage payment.. and prsquare foot that house cost the SAME as a comp in Greenville SC, or Winston Salem NC, Roanoke VA, and Baltimore MD. It was in a good school district north of the city...but the area has some great aspects to it - each one has to decide if it's worth the high taxes...if you rent it's not so bad...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
