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Could someone help me understand what property tax we'd be looking at on a home in Elmwood or Allentown? Some real estate sites generally list the taxes but for some reason we can't find it on the homes in these areas. I'm concerned that the taxes might be way too high. If you know the formula, or where I could find it. How much usually would it be on a house with market prices between $200K - $300K?
City tax is a little less than 2%. County tax is about 0.5% (half a percent). And then there is the "sewer rent" tax, which is something like 0.15%. So I think you could expect to pay around $5000 to $7500 a year in taxes on your property price range.
I can offer one actual data point: on my house in the city I paid a total of 2.25% of the assessed value in 2012. I've never owned a house anywhere else to compare it with, but my understanding is that taxes in the city are quite low compared to the suburbs. (Some might say they are *too* low, given the frequent complaints about lackluster municipal services that result from resources being stretched too thin.)
That's because the property taxes AREN'T ridiculously high. The taxes in the city are about half of those in the suburbs and lower than other comparable cities.
Most people don't want to live inside the city of Buffalo though right?
Most of the metro population live in the suburbs. My wife's family lives in Cheektowaga and they pay almost $5,000 in property taxes on a home that worth about $120k. That's outrageous.
I wouldn't say that "Most people don't want to live inside the city of Buffalo though right?"
I've enjoyed it, along with many others, for the past 25+ years. I have three kids and we all enjoy the things that Buffalo has to offer. We are paying about $2.5K for a $100K house. If you add that up over 30 years that's a differential of $75K. That's a lot of money to work with.
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