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You do realize that $10K in property taxes on a 700sq ft condo (under $1MM cost) in NYC is pretty much the norm now? You're not much better off with comparable coops where the lowest maintenance is about $1K/month (at least half that is property taxes)
Yes, there are $5MM Brownstones that pay $6K/yr but that's not the norm in most of the city.
The only people who think NYC property taxes are THAT much cheaper are those who either pay none at all or pay under some subsidized program where their perspective is skewed.
There's plenty of neighborhoods in the outer boroughs where people are paying under 10K a year in property taxes.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I can't figure why anyone would move to Long Island. It never made sense to me. You're putting NYC in between you and the rest of the world. I don't even like going there temporarily.
I feel the same way about NJ. It’s all highways and exits and shopping centers.
South And western NJ by Del Gap is nicer though.
There's plenty of neighborhoods in the outer boroughs where people are paying under 10K a year in property taxes.
What's the tax $/per SQ foot of property?
Save $5K in property taxes so your kids can go to a school full of children raised by parents who don't care about education and fail in life? Isn't that child abuse?
Save $5K in property taxes so your kids can go to a school full of children raised by parents who don't care about education and fail in life? Isn't that child abuse?
You can throw as many variables as you want into the equation, but what I said is true. Plenty of properties on the market (SFH at that) for under 10K.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Median property tax bill for class one homeowners in NYC is about $5.5k per. But that does not tell entire story.
First and foremost thanks to NYC/NYS complex and byzantine property tax system actual tax rate is only part of story. Other half is assessed value which means city can extract more money from owners without raising effective rates.
As myself and others have repeatedly stated on this issue, anyone who knows anything about owning property in NYC (versus renting) has crunched numbers.
You pay less in property taxes for 1-3 family home in NYC but services and amenities on average suck to stink. This includes everything from local public education on up. Now if you happen to live in certain areas of Manhattan and few other places with access to top quality healthcare, parks and other amenities and services, that may balance things out.
OTOH in NJ, CT, and LI you pay more in property taxes but those benefits are visible at once locally. Good to excellent public K-12 schools, parks, recreation, things for kids to do, healthcare, etc... Roads and streets in much of NJ are like silk compared to the pot hole infested things you find in NYC. Streets are clean, and so forth.
This is why people have and still pack-up and move to NJ, LI or CT from NYC. At some point you sit down and after crunching numbers realize making that move just makes sense on various levels.
None of this even touches fact NYC levies an income tax, and also has a vast and bewildering array of surcharges and other levies (piled on with those from Albany) on both private and commercial.
NYS and NYC are HCL areas in large part due to all the taxes and fees levied on commercial activity. Those are passed onto consumers which is why milk and other groceries cost more in NYC than just across river in NJ.
Any decent house on Staten Island is paying close to $10,000 nowadays, and those within are paying the city income tax on their salaries as well. All while getting very little in return for all those taxes.
Can't even send your kids to the schools unless you're willing to risk their future success and immediate physical safety, especially if they look like mine.
Probably hair under $9k or so for a house priced at 1,250,000.
Click on any property located in good area of SI priced between $600k and bit over one million, you'll find taxes don't go much above $8k-$9k.
What is more telling is people want $600k for busted properties in some really bad parts of North Shore and elsewhere.
The local income tax is another ingenious way to push the burden onto higher earners, and of course to catch renters. You cannot be taken seriously if you ignore the city income tax while claiming NYC real estate taxes are low.
Our real estate tax now is LOWER than that plus city income tax on both salaries were when we lived there. Meanwhile my house is 700 sq feet larger and rather than NO yard, I have .33 of an acre with woods behind me. Oh and my garbage is picked up on time, there’s near zero crime, the roads are awesome, schools are great… I could go on.
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