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I grew up in the Rochester area and ended up in Tennessee. I was just looking at some property in your area and saw that property taxes where over 11,000 dollars per year on a 400,000 dollar house? How does local government justify these rates? What do the citizens of New York receive for this almost 1000 dollar a month levy on property they own?
I grew up in the Rochester area and ended up in Tennessee. I was just looking at some property in your area and saw that property taxes where over 11,000 dollars per year on a 400,000 dollar house? How does local government justify these rates? What do the citizens of New York receive for this almost 1000 dollar a month levy on property they own?
A lot of times, the figures you see are before tax exemptions and possible challenges of assessments. What you can get may vary depending on where you live. For instance, the town I live in has garbage pickup, will pick up your leaves on the edge of your lawn, will plow the streets, etc. I believe that the figure posted includes the school tax as well.
The property taxes seem high only if you are looking at a $400,000 house. Property is much cheaper here than in the rest of the country, especially the coasts. For example, in a nice Boston suburb, $400k gets you 3BR, 1600sf home. In Rochester, you would only need to spend $200k for an equivalent house in Brighton or another nice suburb. Therefore, the taxes would be be closer to $5500, which is about the same amount you would pay in Boston. Also, as stated above, the level of services is higher (leaf pick up, old furniture pick up, etc.) Also, in a Town like Brighton you get top notch schools, library, police, street repairs, etc.
The property taxes seem high only if you are looking at a $400,000 house. Property is much cheaper here than in the rest of the country, especially the coasts. For example, in a nice Boston suburb, $400k gets you 3BR, 1600sf home. In Rochester, you would only need to spend $200k for an equivalent house in Brighton or another nice suburb. Therefore, the taxes would be be closer to $5500, which is about the same amount you would pay in Boston. Also, as stated above, the level of services is higher (leaf pick up, old furniture pick up, etc.) Also, in a Town like Brighton you get top notch schools, library, police, street repairs, etc.
Great point about the housing price. You really do not have to pay 400K for a nice home. Heck, may only have to pay 150k, if not a little less for a decent to nice home. So, the overall housing cost in many cases is lower than many, if not most areas.
2k a yr in prop taxes? That is really low, what town is that? The services must be really trimmed down or maybe there is a large commercial district footing the tax bill?
Eh... too many people underestimate the amount of property taxes and how it plays into home value.
Using 3.5% 30 year with 20% down as common stats... about 2000 sq ft, 0.15-0.20 acres.
East-Side Rochester Suburbs: $200k house + $7k property taxes == $718.47/mo P&I + $583.33/mo tax = $1,301.80/mo total
Denver, CO Suburbs: $320k house + $2k property taxes == $1,149.55/mo P&I + $166.67/mo tax = $1,316.22/mo total
So take a look at it this way, once you have the house paid in full, same 30y duration for both... you're still having to pay for the taxes.
Not only that... but after 10 years, you've accumulated ~$58k in equity in Denver vs ~$36k in equity in Rochester.
Are you paying the same amount in taxes after 30 years? I know that tax rates are high, but you get more exemptions as you get older here in NY. I'm not sure about CO though. Say if you are a veteran and live in NY. That is another tax exemption. So, it can vary and could be a matter of paying out more during those 30 years or paying more later.
It is tricky... I know it's easy to feel (and say) "wow, the property taxes are high here"... But when you dig into it like above, it turns out to not be as bad as you think... On a percentage basis, YES - very bad. But when you look at apples-to-apples on the type of house you get, it comes into focus... I know many will disagree, but until you've lived somewhere else, and compared a truly comparable house, you probably won't agree.
Perhaps the thread title should be "Why are housing prices so low in Rochester" LOL :-) :-)
Taxes are high because there are many layers of government. We have county taxes, town taxes, school taxes, and village taxes. Come steps towards consolidation have been taken and really most NY state residents have had ENOUGH and the leaders finally have to address it. This is something that happened in MA and CA....and those states now have fairly reasonable property taxes and, at least in the case of Mass, a good economy and balanced budget.
Property taxes are definitely too high here...but I think too many people equate that with being "an expensive place to live"...not accurate. Property taxes are high but many other factors in COL of fairly low. More affordable housing prices, lower grocery/food prices, and though gas price by the gallon tends to be about average or a little above, Rochester has a very good and convenient infrastructure for its size and you don't have to drive nearly as much/use as much gas as in many other areas of the country. I probably spend about 25%-30% less on gas here than I did when I lived in Sprawleigh, NC....even though gas prices here tend to be about 5 -10 cents higher.
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