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Hi everyone -- this is probably been asked several times before but I wanted to provide our situation and seek any guidance you may be able to offer.
We are looking to move out of the City to Westchester, and would like to understand what towns we can look into that don't have crazy expensive taxes and at the same time a good school district. Here's our rough requirements:
4 bedrooms
Budget is $1 Million
Good school district
Property tax - something less than $20k a year
Close distance to metro so I can commute to city
Any thoughts or suggestions on where we could look ? Thanks in advance.
This is extremely broad. Please start by focusing on your commute time to Manhattan (if that is where you work) and advise as to how long of a commute you are willing to tolerate. A $1 million budget in a "good" school district with a very short commute by Westchester standards (like Pelham/Larchmont/Hastings) does not get you a heck of a lot for your money, and you'll be hard pressed to find a house with property taxes under $20,000 annually on a home selling for around $1 million. Conversely, in northern Westchester you will get a whole lot more for your money, and depending on the district/town, taxes may be less as well. But what you get for your money in Armonk versus Larchmont is night and day, despite that they are both considered to be good districts.
I think Armonk and a small town called Pocantico are the only towns in Westchester that fits the bill...good schools, taxes under 20k for 1 mil house. Taxes are a little lower in both towns, Armonk due to IBM facility shouldering a big chunk of the bill, and Pocantico from a grant from the Rockefeller family. Neither town has a train (Pocantico isn't even really a town more like an area that straddles different towns that has a it's own elementary school).
With all due respect, you are going to have a huge challenge in reconciling your need for both a good school district and low property taxes on a $1M home. Westchester, on average, has the highest property taxes in the nation, and most communities use that income to fund their good school systems. You can absolutely get a $1M, 4 bed, walking distance to the train home in a good school district -- but you will need to pay the (property tax) piper.
Also, for a realistic chance at this, you'll probably need to look at northern Westchester (above White Plains) which will make your commute longer, even if you live within walking distance of the train station itself.
If you have a bit more flexibility on taxes (say, up to $25K) then you have some real options. Also if you are willing to go a bit lower-end on the house itself (whether a fixer uppper, etc.) that was priced south of $1M, you might be able to do it. But a nice, 4B $1M house in a good school district will almost definitely have property taxes north of $20K, but maybe not by too much.
chappaqua/mt kisko/katonah/bedford - all may have chance to hit the mark (or come close), it will be a short drive to the train, and your commute will be longer. Train is about 45 minutes (chappaqua) to an 65 minutes (Katonah)
Armonk doesnt have a train station, so you would have a longer drive to north white plains, or white plains, and then take a shorter train.
If commute is your primary focus, then you will need to be okay with a tax bill going above $20k. If taxes are a primary concern, then I would suggest looking in CT towns like Greenwich, Darien, New Canaan, Westport where a $1M home will only have about $10k in taxes.
If you bought a house for $900,000 instead of $1,000,000, but said house had property taxes at $25,000, than it would take you 20 years before you started to lose out on the taxes viz-a-viz a million dollar house at $20,000 taxes. And this ignores the time value of money - meaning it ignores that you can take the $100,000 you save on purchase price and invest it.
Bottom line is don't be so caught up in bright line numbers, and instead look at total costs.
As others have said, distance from the city needs to be figured out. Other things are your tolerance/desire for older, smaller houses on small lots vs larger lots/newer houses. These two things run opposite each other. Where you fall on these metrics will determine where you will live generally. Then it will be a matter of figuring out, on a micro level, which school district is a good fit for your family.
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