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I know some folks like to use the "even out" argument, but I'd argue that one person's "even out" is another's realization that their property taxes are so bad it's like carrying a second mortgage. To me it seems once you get beyond a certain home price, the taxes are outrageous. As if $4000 on $105K assessed isn't bad enough (a family member in Greece). This is one of the reasons why we left. They can't keep taxing people like that, 'cause something's gonna give.
My sister and brother in law's house in Victor carries taxes of roughly $4900 or so/yr. Same house in Perinton would have about a $7-$8K+ tax bill. To me that's a burden not worth carrying, especially for young couples starting a family who desire to live in a decent or even a nice area.
Personally, I'd rather have my money go into my property, instead of the pockets of powerful unions, overpaid government workers (many are overpaid, in NY), and the well-connected (amongst others).
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but is a young family going to start out in Perinton or are they more likely to start out in say Greece or Irondequoit?
Also, wouldn't the taxes be factored in with the home price? So, if you move to another area, should a person be ready to pay more for a similar sized home?
With the taxes, many of them go towards the schools too. Considering the standards in NY State, the rest is up to the child, for the most part, to make the most out of their educational experience. You also have to think about the variance between different towns and communities too. So, do you get what you pay for with those taxes is the question one has to ask as well.
Also, if you get the $400,000 home with lower taxes, doesn't it almost "even out" versus a $340,000 home with the taxes you noted since the mortgage on the other home would be more per month and the house sizes are probably roughly similar?
It doesnt even come close to equaling out. If you do some very basic math, you'll find that the more expensive home with cheaper taxes is still hundreds cheaper than the less expensive home!
The example given above based on a 30yr mortgage and fixed taxes, which obviously doesnt happen, but we cant tell what lies in the future:
Home price - $340,000 / 360months = 944
Taxes - $14,000 /12months = 1166
Total = $2110/month
Home price - $400,000 / 360months = 1111
Taxes - $4000 / 12months = 333
Total - $1444/month
Thats a total of $666 per MONTH less for the mortgage, 7992 per year, and almost 240 THOUSAND dollars less over the span of the 30 yrs! Yeah, I could say there isnt necessarily anything "equaling out" at those price points lol Here in Rochester, I cant really see where that extra money is going compared to somewhere like Charlotte, which to me appeared to offer way more than Rochester does in the city alone.
I live in Fairport where we receive the reduced cost of electricity from Fairport Electric. I at least know that in most other areas of Rochester, you would have to use RG&E.
So today we had this dinner at my aunt's house (she is much more wealthy than our family, so the house was more like a mansion) in Webster. After dinner I asked if she used RG&E and she replied yes. It costs her almost as much as my parents' mortgage just to pay the electric bill.
Our mortgage: ~$1500
Our Fairport Electric: ~$30
Her RG&E: ~$1397
When my simple middle class family used to lived in ROC city, our RG&E bill was $300-$400, and we're usually more conservative with our appliance usage. There are much more wasteful people than us.
So I'm not trying to denigrate any area specifically, I just thought it'd be interesting to share one of the monthly bills. Somethin' to think about.
Wait wait wait, it cost her 1397 a MONTH for RGE? Tell your aunt to stop wasting so much freakin energy! I live in a 1400 sq ft home and my bill is usually around 30-40 for electric and 20-200 for gas depending on the month/weather for that month. Obviously, summer time is nothing for gas while fall/winter/spring is hell for me lol. However I'm on a budget plan @ $155/month. Sounds to me like your aunt is an energy hog and needs to be given a lesson or two on conservation. Unless her house really is 8 times the size of mine and is built with poor energy saving measures. Im no tree hugging hippie demanding everyone go green, but that is just absurd.
Her house really is that large. The basement is almost the size of our house, including a workout room, air hockey, Pac Man arcade, refrigerator, theater, etc.
I gotta ask my mom how much we usually pay for gas during the winter; I do not think it is much higher though, but the winters really are cold so...
Look, all I'm trying to say about Rochester at this point is, winter is terrible, and is only cute up until Christmas. And on top of that, yes, the taxes of NYS hurt. The money is siphoned off to NYC to fix their problems; Rochester is like the younger brother getting beat up by the older brother. The politics don't work for the entire state, just NYC.
The only bill I pay is my cell phone bill, but it doesn't take a genius to see that living here won't be financially sound (for me) in a few years. I plan on getting out of here before things get much worse. It's sad because I really do like NYC and LI when I visit.
Edit: I just asked my aunt and she says her house is ~7000 sq feet. So...5 times the size of your house lol. Dunno if that justifies the bill, but she does have a lot of company drop by too.
Yeah, I guess a 7000 sq ft home could inflate the bill that much. Man, that sucks, but then again if you can afford a home that large you can probably afford an RGE bill the size of an average mortgage payment lol
It doesnt even come close to equaling out. If you do some very basic math, you'll find that the more expensive home with cheaper taxes is still hundreds cheaper than the less expensive home!
The example given above based on a 30yr mortgage and fixed taxes, which obviously doesnt happen, but we cant tell what lies in the future:
Home price - $340,000 / 360months = 944
Taxes - $14,000 /12months = 1166
Total = $2110/month
Home price - $400,000 / 360months = 1111
Taxes - $4000 / 12months = 333
Total - $1444/month
Thats a total of $666 per MONTH less for the mortgage, 7992 per year, and almost 240 THOUSAND dollars less over the span of the 30 yrs! Yeah, I could say there isnt necessarily anything "equaling out" at those price points lol Here in Rochester, I cant really see where that extra money is going compared to somewhere like Charlotte, which to me appeared to offer way more than Rochester does in the city alone.
Charlotte is much bigger than Rochester and the way things are looking in NC, taxes might be going up soon too.
Yeah, I guess a 7000 sq ft home could inflate the bill that much. Man, that sucks, but then again if you can afford a home that large you can probably afford an RGE bill the size of an average mortgage payment lol
One rental property in the city someone pitched to me had an RG&E bill of $1200/mo, and that was several years ago. That's another consideration people have to make in NY. Some folks we know around Rochester have RG&E bills of under $100/mo., but these are newer homes with 100% energy star stuff and quality windows, etc.
I seem to remember someone posted on here a while ago about a house in the city with an $1800/mo. bill. That's typical for a huge old house, there.
When we were looking at houses up there it always seemed like the older houses, particularly those not updated or not properly updated, were pretty bad, as in $350 and up.
One rental property in the city someone pitched to me had an RG&E bill of $1200/mo, and that was several years ago. That's another consideration people have to make in NY. Some folks we know around Rochester have RG&E bills of under $100/mo., but these are newer homes with 100% energy star stuff and quality windows, etc.
I seem to remember someone posted on here a while ago about a house in the city with an $1800/mo. bill. That's typical for a huge old house, there.
When we were looking at houses up there it always seemed like the older houses, particularly those not updated or not properly updated, were pretty bad, as in $350 and up.
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Sounds like RG&E is robbing people in older homes then. Here in CNY, I've never had a bill for National Grid go over the 150 mark, if that. It does depend on the home too.
How does Rochester rate against New York City (Manhattan) as far as quality of life/crime issues?
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Here in Rochester, I cant really see where that extra money is going compared to somewhere like Charlotte, which to me appeared to offer way more than Rochester does in the city alone.
