Taxes and other hidden costs (Troy, Northport: real estate, mortgage, attorney)

[Troy1]

When buying a house in LI, do taxes only include the annual taxes or are there other hidden costs (besides the usual closing cost items) at closing that I shd be aware of( I am from out of state)? Thanks.

[norm]

I find your question confusing. Taxes mean taxes. What other cost do you think might be involved?

[Troy1]

Originally Posted by norm

I find your question confusing. Taxes mean taxes. What other cost do you think might be involved?

What I meant was other taxes besides the amount that we see when we do a house search on mlsli.com. Thanks.

[wardlwag]

there is definitely some other tax, like a transfer tax or something...maybe like 7 cents on the dollar...is that possible?

[NYC2RDU]

Some towns/villages have their own tax bill so beware. When I bought my house in Northport five years ago I was unaware of an additional $2k in property taxes. The full listing will show it but it's easy to miss so be sure to ask your Realtor about it.

[antipode12]

There's also a NYS mortgage tax. (This is sometimes labeled as part of your title fees.)

[Mar1lyn27]

Hi Troy.

I'd ask your real estate attorney, or whomever is doing the closing for you about all this. They should know.

I vaguely remember Title Tax, Mortgage Tax, all sorts of taxes. LI is famous for high taxes of every kind.

marilyn