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Old 11-30-2009, 03:11 PM
 
455 posts, read 1,410,390 times
Reputation: 413

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I thought it was about time we had another thread to gripe about the taxes in the region.

As I continue to pay off my student loans, I find myself contemplating a house purchase in the next few years. I've always known the taxes are terrible in the area, but after doing some comps on other areas around the country, I've realized just how bad they are.

1. Why are the taxes so high, when the services they are funding are only adequate at best? Other states, counties, cities seem to get by with significantly less in taxes and do just as well, if not better.

For example:
A 2,000 sqft, $150,000 property in the Rochester region will run about $5,000/yr in taxes.
A 6,000 sqft, $1,000,000 property in the Denver, CO region will run about $5,000/yr in taxes.

Am I the only one that thinks there's something wrong with this? The cost of living in the Denver region is only slightly higher than Rochester, with the average salary in Denver being about $6,000 higher than Rochesters'.

2. What can we do to fix the taxes? With taxes this high, it's no wonder people are fleeing the state. I myself am strongly considering moving elsewhere, I'd much rather put money into a principle that is my home mortgage (and thus increasing my net worth) than sending it to fly into the oblivion that is state funding (decreasing my net worth).

Note for admins: sorry if posting links to specific real-estate websites isn't allowed... just using them because they're specific examples with real tax information readily available.
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Old 11-30-2009, 04:46 PM
 
Location: Rochester, NY
1,293 posts, read 4,536,498 times
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This has been discussed in detail. Its a short answer of: too much government, too many services, unions, special interest groups and outdated laws.
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Old 11-30-2009, 05:29 PM
 
42 posts, read 97,902 times
Reputation: 67
» Why Are Property Taxes In New York So High? John Tedder's Random Notes
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Old 11-30-2009, 07:08 PM
 
36 posts, read 179,641 times
Reputation: 26
Default Property Taxes

Tim Geitner's house in Larchmont, New York is for sale. (He is the Secretary of the Treasury.) It's listed for around $1.5 million and the taxes are $27,000. How does that compare with the taxes on your house?

Are you paying $5,000 on a house appraised at $100,000?
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Old 11-30-2009, 07:13 PM
 
Location: Was in Western New York but now in Hilo Hawaii
1,234 posts, read 4,302,572 times
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One of the many reasons I'm leaving NY.
Probably the main reason
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Old 11-30-2009, 07:59 PM
 
5,265 posts, read 15,445,187 times
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Too many layers of government; too many state mandates meant to control development in NYC.
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Old 11-30-2009, 08:49 PM
 
Location: Mid-Atlantic
1,820 posts, read 4,174,555 times
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On the bright side though.... at least , you can purchase a decent home in many areas of Rochester for $150K and less!
Still, in many areas, a starter home is going to start at no less than $200K. Even in today's market environment.
Agreed though, yes,the taxes are high .....
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Old 12-01-2009, 11:31 AM
 
66,265 posts, read 92,152,450 times
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Quote:
Originally Posted by NYMD67 View Post
On the bright side though.... at least , you can purchase a decent home in many areas of Rochester for $150K and less!
Still, in many areas, a starter home is going to start at no less than $200K. Even in today's market environment.
Agreed though, yes,the taxes are high .....
Exactly....Did I actually see someone compare a million dollar home to a home that costs 150k? Considering the mortgage is going to be much higher, it's comparing apples to oranges.

Also, if you look at similarly sized homes for say Denver, while the taxes are higher here, many times the mortgage offsets it, if not surpasses the tax issue. You also have to realize that other states like NC are increasing their tax burden and other states have higher fees in terms of some things as well. So, people have to look at more than just taxes in terms of costs.

While I agree that there are things that can be done to lower taxes such as some consolidation, taxes aren't the end all be all in terms of the costs people have to pay.
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Old 12-01-2009, 12:35 PM
 
4,913 posts, read 7,741,364 times
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Also, many homes in other areas have HOA fees that are quite high...say $400 a month which ends up being $4,800 a year....so property taxes might not be as high but the HOA, etc. will get you.
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Old 12-01-2009, 01:01 PM
 
66,265 posts, read 92,152,450 times
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Quote:
Originally Posted by loveautumn View Post
Also, many homes in other areas have HOA fees that are quite high...say $400 a month which ends up being $4,800 a year....so property taxes might not be as high but the HOA, etc. will get you.
Exactly! People have to realize that they have to get their money from somewhere......
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