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Old 08-14-2018, 11:43 AM
 
58 posts, read 128,965 times
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Quote:
Originally Posted by gen2010 View Post
i am arguing that Westchester is expensive not because of property price, but because of high tax. Even the price is low in Westchester, it is still a bad investment, as the price will continue to go down.I don't think you understand the logic here.
1. Home prices aren't going down in Westchester, they're going up, so they won't "continue to go down."

2. On planet Earth, sane homebuyers factor taxes into their purchases, so even by your (silly) standard that price = quality, the true price of homes include those very taxes that (you claim) make Westchester more expensive, and once again, Westchester homes are higher-priced than LI, net of taxes.


Not a lot of logic being applied on your end, just a strange urgency to prove that LI is somehow better than Westchester. And LIRR sucks, as everyone in my office will attest.
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Old 08-14-2018, 11:54 AM
 
77 posts, read 32,074 times
Reputation: 44
Quote:
Originally Posted by gen2010 View Post
i am arguing that Westchester is expensive not because of property price, but because of high tax. Even the price is low in Westchester, it is still a bad investment, as the price will continue to go down.I don't think you understand the logic here.
I do agree with you that in general, the taxes in Westchester are high, nobody will deny that. The new tax laws have compounded this problem. Not being able to write off $30k to $100k or even higher in property taxes a year sucks.

The property tax rates of the towns that Iíve been researching are approximately:
Scarsdale - 2.4%
Edgemont - 3.7% (thatís why this market is incredibly slow and house prices are generally lower)
Larchmont - 2.3-2.4%
Rye Neck (Rye side) - 2%
Rye - 1.6% (low taxes are a reason house prices are higher in Rye)
Rye Brook - 2.5%
Harrison - 2-2.3%? Tough to tell since the houses donít reassess at sale

It looks like Great Neck is ~1%? If so, this is a huge delta from Westchester (putting it closer to Greenwich CT).

All things being equal, weíd probably be looking in NJ but my wife works in Stamford CT so thatís not an option for us.
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Old 08-14-2018, 12:46 PM
 
1,011 posts, read 628,529 times
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I believe the tax in GN is around 1.5%. Contrary to most people's belief in the westchester forum, LI is more desirable due to several factors:
1. it borders Queens and BK, which offer more amenities and job opportunities than Bronx, which WC borders.
2. it has easier access to nice beaches and hamptons, which are super expensive areas
3. it will have better commute to Manhattan in a couple of years with new access to Grand Central
4. the demographics in LI is more diverse, so LI attracts more international buyers, especially affluent asian buyers

Quote:
Originally Posted by Dabaomb View Post
I do agree with you that in general, the taxes in Westchester are high, nobody will deny that. The new tax laws have compounded this problem. Not being able to write off $30k to $100k or even higher in property taxes a year sucks.

The property tax rates of the towns that Iíve been researching are approximately:
Scarsdale - 2.4%
Edgemont - 3.7% (thatís why this market is incredibly slow and house prices are generally lower)
Larchmont - 2.3-2.4%
Rye Neck (Rye side) - 2%
Rye - 1.6% (low taxes are a reason house prices are higher in Rye)
Rye Brook - 2.5%
Harrison - 2-2.3%? Tough to tell since the houses donít reassess at sale

It looks like Great Neck is ~1%? If so, this is a huge delta from Westchester (putting it closer to Greenwich CT).

All things being equal, weíd probably be looking in NJ but my wife works in Stamford CT so thatís not an option for us.
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Old 08-14-2018, 01:27 PM
 
58 posts, read 128,965 times
Reputation: 84
Quote:
Originally Posted by gen2010 View Post
I believe the tax in GN is around 1.5%. Contrary to most people's belief in the westchester forum, LI is more desirable due to several factors:
1. it borders Queens and BK, which offer more amenities and job opportunities than Bronx, which WC borders.
2. it has easier access to nice beaches and hamptons, which are super expensive areas
3. it will have better commute to Manhattan in a couple of years with new access to Grand Central
4. the demographics in LI is more diverse, so LI attracts more international buyers, especially affluent asian buyers
1. Since you seem obsessed with status and money (consistent with LI's rep), you should be aware that professionals with high-paying jobs are mostly commuting to Manhattan, not Brooklyn or Queens.
3. Westchester already has access to Grand Central, but with trains that actually run on time. Latest estimate of this LI-Grand Central is December 2022, not "a couple of years." This means it will eventually provide poor service to two stations instead of one.

It seems really important to your self-esteem that LI is more "desirable," but that doesn't make it true.
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Old 08-14-2018, 01:31 PM
 
1,011 posts, read 628,529 times
Reputation: 283
i am simply comparing LI with Westchester using price as an objective measure. since all other measures are too subjective.
i really don't think LI is more desirable, as i don't live on LI

Quote:
Originally Posted by wm90 View Post
1. Since you seem obsessed with status and money (consistent with LI's rep), you should be aware that professionals with high-paying jobs are mostly commuting to Manhattan, not Brooklyn or Queens.
3. Westchester already has access to Grand Central, but with trains that actually run on time. Latest estimate of this LI-Grand Central is December 2022, not "a couple of years." This means it will eventually provide poor service to two stations instead of one.

It seems really important to your self-esteem that LI is more "desirable," but that doesn't make it true.
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Old 08-14-2018, 01:53 PM
 
143 posts, read 60,147 times
Reputation: 107
Quote:
Originally Posted by gen2010 View Post
i don't live on LI
Where do you live?
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Old 08-15-2018, 09:06 AM
 
670 posts, read 524,762 times
Reputation: 320
I always wondered why as you go past Westchester into Connecticut, areas with comparable commutes and school districts become dramatically cheaper in Long Island (region between end of Nassau county into Suffolk).
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Old 08-15-2018, 09:27 AM
 
1,011 posts, read 628,529 times
Reputation: 283
https://www.timesledger.com/stories/...8_08_10_q.html
https://smartasset.com/taxes/new-yor...or#methodology
Here is the ranking for NY counties where people get the best bang for their property tax dollars

Queens is the only county in the metro area in the top 10
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Old 08-15-2018, 09:57 AM
 
143 posts, read 60,147 times
Reputation: 107
Quote:
Originally Posted by gen2010 View Post
https://www.timesledger.com/stories/...8_08_10_q.html
https://smartasset.com/taxes/new-yor...or#methodology
Here is the ranking for NY counties where people get the best bang for their property tax dollars

Queens is the only county in the metro area in the top 10
This is bad analysis as it does not factor in the NYC Income Tax.
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Old 08-15-2018, 12:07 PM
 
1,011 posts, read 628,529 times
Reputation: 283
but it also does not factor into the plus of the NYC like the easy commute and better amenities.

Quote:
Originally Posted by ironlex View Post
This is bad analysis as it does not factor in the NYC Income Tax.
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