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Im looking to buy a new house in Nassau county, should I just throw the current taxes out the window when comparing houses, and just base decision on the list price since taxes in a year or two will be based on whatever the house sells for basically right?
So if a house on the water is coming down and down in price maybe b/c the taxes are very high right now, it might be a great time to snag that house b/c you will only have to pay those high taxes for a couple years until they base it on what the house is worth?
So if you are looking for a deal, look for the house that has high taxes and been on the market a while?
What does it matter, your taxes will only go up and up anyway
Like anybody on LI is going to see a major property tax cut.
well if you are spending lets say 800k and comparing two houses, one with 12k taxes and one has 25k taxes, it is a big deal. even if they go up and up from 12 or up and up from 25, its a big difference.
but if they are both going to be the same 18k or 20k in a couple years, you dont need to really factor the taxes into your decision anymore.
well if you are spending lets say 800k and comparing two houses, one with 12k taxes and one has 25k taxes, it is a big deal. even if they go up and up from 12 or up and up from 25, its a big difference.
but if they are both going to be the same 18k or 20k in a couple years, you dont need to really factor the taxes into your decision anymore.
That is the plan two similar homes in same SD one is 25k one is 18k, after the 5 year phase in both should be 21.5k. Allot of this is guess work by the county. I have a friend in Syosset, 1300 sq ft ranch 3br 2.5 bath, legally finished basement. Tentative assessment 750k. He will fight and win that house would sell for 585k at best today it hasn't been updated since 1993. I sure as hell wouldn't pay a premium for lower taxes like people have been doing for the last few years.
So if a house on the water is coming down and down in price maybe b/c the taxes are very high right now, it might be a great time to snag that house b/c you will only have to pay those high taxes for a couple years until they base it on what the house is worth?
If a house on the water is what you're actually looking for, you need to find out about the OTHER big annual impact: the cost of flood insurance and a new homeowners policy. I think you addressed this subject in another one of your posts because your current house is in two different flood zones..? (if I'm remembering correctly)
I've learned that it's usually a waste of time to speculate on why a particular house is coming down in price. Could be one of many things, and one of them could be the taxes but just as easily could be the seller's personal situation, an originally overly optimistic/pushy/greedy listing agent, another house in the pipeline (that they're buying), or the fact that they maybe just can no longer afford the taxes PLUS a $3500 flood insurance premium every year.
Be aware too that as a new owner/policyholder you may end up paying more in homeowners insurance than the sellers do.
We owned two houses on the water since the early 1970s and there are expenses specific to waterfront properties that prospective buyers sometimes don't factor in. And don't expect your realtor to bring them up either.
For example, if the house is on a canal and the bulkhead is going to need replacing, you're probably looking at about $250 - $300 per foot. That's close to $20,000 for a typical 75 foot wide bulkhead, even without a floating dock.
If a house on the water is what you're actually looking for, you need to find out about the OTHER big annual impact: the cost of flood insurance and a new homeowners policy. I think you addressed this subject in another one of your posts because your current house is in two different flood zones..? (if I'm remembering correctly)
I've learned that it's usually a waste of time to speculate on why a particular house is coming down in price. Could be one of many things, and one of them could be the taxes but just as easily could be the seller's personal situation, an originally overly optimistic/pushy/greedy listing agent, another house in the pipeline (that they're buying), or the fact that they maybe just can no longer afford the taxes PLUS a $3500 flood insurance premium every year.
Be aware too that as a new owner/policyholder you may end up paying more in homeowners insurance than the sellers do.
We owned two houses on the water since the early 1970s and there are expenses specific to waterfront properties that prospective buyers sometimes don't factor in. And don't expect your realtor to bring them up either.
For example, if the house is on a canal and the bulkhead is going to need replacing, you're probably looking at about $250 - $300 per foot. That's close to $20,000 for a typical 75 foot wide bulkhead, even without a floating dock.
gotcha thanks. i know all too much about flood zones.
I wouldnt buy a home in a flood zone after living in one the past 11 years, many homes on the water actually are not in a flood zone. when your not in flood zone AE, you pay about 500 bucks a year for flood insurance.
but your right i need to think about other expenses associated with living on the water. not to mention buying a boat etc.
one big downside to living on a house on the water was always higher taxes, now i dont think they will be as much.
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