How much lower is the housing market going to go on Long Island? (health insurance, lawyer)

[budsvtec]

That is true because even though the house may be affordable, you are syill going to be dishing out around $1000 a month on taxes.....and that is not affordable.

[REMINGTIN7]

I love LI But......Your absolutely right. Too many people today want to use their house as a bank instead of a home.

When we bought our 3 BR 1BA house in 1971 for $31,000, we lived in it and raised our family. 32 years later we sold it for $350,000 and were happy with that. Too many young people today want to start out with everything their parents worked all their life for.

[ClarkStreetKid]

Originally Posted by TomMoser

I wasn't saying that property taxes are the reason for the high price of homes. I was talking about affordability. When you have property taxes that are 10,000 to 12,000 per year, it makes homes unaffordable for many, even if they were sold at very low prices.

Tom,
Taxes were one of the two major reasons we left the Island, and that was before the Pat Halpin Tax increase. I just have to shake my head when I hear my friends complain about taxes on the Island as the problem has been around for decades and no one has ever done something about it.

[Elke Mariotti]

Originally Posted by REMINGTIN7

I love LI But......Your absolutely right. Too many people today want to use their house as a bank instead of a home.

When we bought our 3 BR 1BA house in 1971 for $31,000, we lived in it and raised our family. 32 years later we sold it for $350,000 and were happy with that.

You are so right!! Many people look at their home as an investment more than a home. They don't think of it as paying their own mortgage instead of their landlord's and building equity over the long haul--after all, it's a 30 year mortgage! Not to mention the fact that you can do whatever you want in your own home, vs. having to ask the landlord for permission for everything, or not knowing if the lease will be renewed...

I sold my first house after 15 years and did very well; the next house I sold after 17 years and had a nice "profit". Even my current house has a "profit" after 7 years. Yikes, I can't believe I've been a homeowner for such a long time

Originally Posted by REMINGTIN7

Too many people today want to start out with everything their parents worked all their life for.

I guess parents are partly to blame, sort of... wanting their kids to have it easier than they did and inadvertently raising the kids' expectations; then the kids expecting everything they grew up with and more... and now having to learn to curb their expectations--always more difficult than the other way around.

[Samrai309]

Whats sad is that even if someone had a house free and clear, lets say their taxes are between 7-10k. I think thats a relatively fair assessment (At least from what I have seen). THey still are going to have a "mini mortgage" with a monthly payment in excess of 600 bucks a month minimum just to live in that house. Then you can factor in all the other utility bills and creature comforts.

Short story--My grandparents are in their 80s. My grandfather owned his own business. He had a lab in the city where he tested food additives and spices and ingredients for bugs and pesticides and other junk for major companies like Durkee, Cadbury, McCormick, etc. He lived modestly and when he retired, my grandparents moved from Queens to Aquebogue, way out east. This was about 22 years ago. He had a home built (colonial style)on an acre of land. Taxes when he moved out there were 2300 if memory serves. They are currently close to 10k. Services have not changed one iota. Beleive me I ask. He has the star credit, veterans credit (he was in the navy) and those taxes take half of their social security. If it were not for his investment aand stock dabbling, factor in the prescription medical costs for both he and my grandmother, insurance, dr visits, etc, there would be no way for them to afford to live where they are. Things will not get back to normal IMO until prices come more in line with salary and the ratios make more sense when comparing earnings with mortgage. But we all know those numbers for LI houses will never be reality.

[AndreaII]

I still say that LI real estate taxes are high due to school taxes - 3/4 of my bill is school tax alone, and I'm sure that's the case all over the Island.

[ClarkStreetKid]

In 1990 my dad was paying more in taxes than his mortgage. He and my mom sold their house in NB, moved to NC where he paid cash for a nice little place on a golf course. Islanders need to fight for lower taxes.

[nbres]

Whats sad is that even if someone had a house free and clear, lets say their taxes are between 7-10k. I think thats a relatively fair assessment (At least from what I have seen). THey still are going to have a "mini mortgage" with a monthly payment in excess of 600 bucks a month minimum just to live in that house. Then you can factor in all the other utility bills and creature comforts.

This is why I've been advocating for the elimination of the property tax in New York and its replacement with a one-time property tax transfer tax at 1% of sale value.

The rest of the lost tax monies would be made up from a new progressive income tax that would be used to fund schools, fire departments , police, etc...

This would be the fairest solution.

[rocafeller05]

Oh no the schools. Our schools will turn to ruins if we dont have the tax money coming in. Its the same old cry when the budget fails.

Originally Posted by ClarkStreetKid

In 1990 my dad was paying more in taxes than his mortgage. He and my mom sold their house in NB, moved to NC where he paid cash for a nice little place on a golf course. Islanders need to fight for lower taxes.

[okaydorothy]

Why dont the schools insist on a $25 per kid registration. That would help to reduce the school taxes. Then if our fire district would join one of the local fire districts, my taxes would go down again. Now I am paying over $10,000 ; when I moved here 4 years ago it was $8500.

It is just getting way to expensive to stay here.
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