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Is LI that much more expensive than other major city burbs? ( Chicago, DC, Boston, LA)
For taxes, yes for example in the DC Burbs Fairfax is $11.30 per $1k assessed there is no school tax. Bethesda Maryland's tax rate is $12.60 per $1k assessed, no apparent school tax.
Don't worry, once the working and middle classes leave Long Island and go to NYC or literally anywhere else, all those taxes will fall on the super rich and super poor that remain.
Is LI that much more expensive than other major city burbs? ( Chicago, DC, Boston, LA)
For property Taxes? Yes It is more expensive. For housing and COL, DC Area, Boston, and LA are very comparable if not more expensive in some cases. Chicago area is a bit cheaper.
My taxes are very reasonable. Why, I never traded up homes still in starter home, never did a renovation that required a permit and grieve my taxes.
Brand new construction homes and homes on the water with large square footage and homes that have recently undergone renovations that increased square footage greater than 50% pay higher taxes.
Therefore property taxes are a luxury. First you don't need to buy a house at all. Just rent. Heck parts of Long Beach and Great Neck still have rent stabilized units. Older folks there are income based complexes which are rentals etc or coops with low taxes.
Or do what I do live in a smaller, older house that has not been blown out.
Yes I could afford to buy a 1.2 million dollar home in RVC but the taxes would make me want to vomit. Some of them are 30K a year. My buddy has a huge showy house in Massapequa on the water and pays 35K a year.
They want to be a big shot let them pay. I also have a neighbor in a little house like me who is a C level employee at a bank so I see his income. I think he makes around 1.2 million a year. He lives in a little house on Southshore walking distance to LIRR around Lynnbrook. Never traded up as did not want to pay huge RE tax. Instead back in the late 1990s bought a huge waterfront home in the Hamptons that only pays like 3k in taxes.
Uses the little house basically to sleep in Monday through Thursday night. Sure he could of got all showy, but the 35K tax houses are stupid and in AMT not really deductible.
^ $7k for a small ranch/cape in a town like Hicksville is still robbery.
That said, I often look at other places out of curiosity - for $500-600k you get an older/smaller house in a place like NoVA compared to here (taxes about 5k though). We're not the worst at housing.
Don't worry, once the working and middle classes leave Long Island and go to NYC or literally anywhere else, all those taxes will fall on the super rich and super poor that remain.
One family leaves and another moves right in to take over the burden. Unions can request raises till the cows come home because there's always going to be a market here.
[quote=ovi8;43203321]^ $7k for a small ranch/cape in a town like Hicksville is still robbery.
That said, I often look at other places out of curiosity - for $500-600k you get an older/smaller house in a place like NoVA compared to here (taxes about 5k though). We're not the worst at housing.
You selected a city that is just across the river from DC and is more in line with Great Neck for housing costs. Looking at Fairfax and other locals outside the beltway you get more substancial housing for the price, it's still not cheap but the home are larger
When we all bought homes back in the 1970's in suffolk they were 35k or so. That was a ton of money back then.
We today that 30k mortgage is gone and taxes are 12k a year or more . So in the scheme of affordability having a paid off mortgage really accounts for little. That mortage you paid off is likely like a utility bill
Exactly why the retired & elderly are forced to sell & leave LI. Even with their SS & pensions if they still had one was not enough to pay the insanely high property taxes & utilities that LI has. Does not matter that home is paid off & there is no mortgage. That is also why they are forced to invite strangers into their homes and rent space like their basement which are illegal apts for the most part. They need that income in order to stay in their homes. I know a friend of mine that has elderly parents. For the last 4 years they rented the home out to a very nice family with 2 kids. My friends parents meanwhile fixed up the basement nicely & put in a few very nice egress windows. It worked out perfectly for them as they did not need all the space the home had. But they wanted to stay on LI & be near their grandkids.
Well her son got a job transfer & is moving his family & their grandkids out of area. She told the tenants that were renting the home the last 4 years that they were putting the home on the market. So they would not be renewing their lease. Since they are following the family & grandkids. Luckily the renters were able to get approved for a mortgage & can afford the other overhead so they made them an offer for a little less than they were going to ask & showed them all their financial papers with why they can only offer that much. They did the nice thing & accepted their offer because they did a lot for them & the home during the 4 years they rented it from her. So very happy ending for all there. Renter got a great deal on a new home. And they will remain close friends for years to come. They even told them whenever they need a place to stay they are welcome to say in the basement. They decided to come to LI for the summer this year & next year & they have a written agreement allowed the couple to live in the basement of the home they owned for years for FREE the whole time. So there are some good people left on LI.Such a heartwarming story.
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