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Old 03-21-2016, 07:50 AM
 
15 posts, read 11,561 times
Reputation: 15

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We are looking for a house in Port Jeff. Low taxes are definitely a plus. Based on what I have read, the taxes are low because LIPA shoulder's most of the district taxes. Does anybody know what the current state of affairs are? I believe LIPA is grieving their tax burden, do you guys believe that it will happen and any idea of the timeline?

Thx
bw
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Old 03-21-2016, 03:08 PM
 
Location: Inis Fada
16,966 posts, read 34,639,962 times
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http://www.portjeff.com/wp-content/u...5-15_Final.pdf
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Old 03-22-2016, 01:42 PM
 
15 posts, read 11,561 times
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thank you much appreciated
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Old 03-22-2016, 03:43 PM
 
Location: Union County
6,150 posts, read 9,993,610 times
Reputation: 5831
Quote:
Originally Posted by OhBeeHave View Post
Interesting read. It's really eye opening how they put a direct correlation between property taxes and home price.

Quote:
for every $1,000 increase in property taxes, property values will be reduced by between $5,000 and $20,000
Scenario 2 (the "gradual option") estimates that a ~1% tax increase per year for 20 years would suppress home values "between three and 12 percent of current median home value".

It seems a 1% increase is an ongoing YoY thing in most towns, yet nobody seems to factor this into a 30 year mortgage. Heck, on top of all the interest you're paying, the rising taxes are robbing your principal.
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