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I’m yet to consider Pelham bc it took me a month to find info about one of the 4 Mamaroneck elementary schools after school program. And then when everything made sense we didn’t get the house. But I’m in no rush and trying to get a deal given I’m aware my taxes will only increase from the purchasing point. 3000sq ft is not an option to me; I grew up in Europe in an apt and I am not a fan of big houses and I’m looking at around 2000sq ft at most. But even that will cost us a lot. I’m trying to see if I can get a house with 17-18K taxes max... but now that a lot of properties drop in prices, I’ve realized their assessed value is over the asking price so I would need to pay those taxes until next spring regardless 😰. I will definitely consider other areas; so far my priority is commute and being able to walk to places. I loved the idea of a walkable town!
I mean we could buy a 1M house and we are looking at way above 20% downpayment... but taxes... I can’t stand the idea they are out of my control and will keep going up. I’m a fixed rate person lol
In addition to paying higher taxes for the first year, Your lender may require 3-7 months of taxes locked away in an upfront escrow (at the higher taxes) which you may not be able to touch until refi or sale. This will not be applied to your out of pocket taxes and is almost effectively a closing cost. We had to stroke a check for almost 10k of property taxes at closing
22% tax increase in two years?! That's insane especially when you account for the limiation on deductions.
We are in AMT and have zero deduction. The new tax law actually will work in our favor when we file next year. And our kid will start school in the near future. But we’re effectively paying close to 30k in tax for no schooling at zero deductions. Ouch
In addition to paying higher taxes for the first year, Your lender may require 3-7 months of taxes locked away in an upfront escrow (at the higher taxes) which you may not be able to touch until refi or sale. This will not be applied to your out of pocket taxes and is almost effectively a closing cost. We had to stroke a check for almost 10k of property taxes at closing
And don't forget about the mortgage and transfer tax! Another gift from NYS/Westchester.
You mean the mortgage recording tax? Yeah not great!
Yep! If seem to recall that we had to pay the mortgage recording tax and then a separate RE transfer tax. I've tried to cleanse that experience from my memory.
I can imagine. It’s all these things that add up. Thanks for the heads up!What I also found deceiving was that they often say taxes will be such and such if sold for such and such yet unless you do your reaearch nowhere they tell you that if you buy now you inherit the current tax until next summer or so when they will re assess at the price you bought. I don’t know I’m so lost in terms of how to deal with these increases where taxes sometimes go up 20% in just a few years.
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