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I looked up home improvement tax exemption and it say market value of the improvement should not exceed $80,000. Dormer itself is more than $80,000. Kitchen extending to the back is about $30,000 without cabinets.
Here's the text:
Quote:
The improvement must have an equalized market value of between three thousand and eighty thousand dollars. Anything in excess of eighty thousand dollars is not eligible for the exemption, according to State law
It is actually read another way - anything over $80k simply won't count, but it doesn't disqualify you if you go over. We spent well over $200k and we still got it (I don't believe it asks you your cost since they care only about the assessment difference anyway).
It takes away $80k max from your new assessed value for the first year, a little less than that the 2nd year, and so on.
This is one of the reasons why home ownership is a bit overrated. Even after your home is fully paid off, try not paying your property tax and see how much you actually "own your home".
Well if all you're paying is ~$1k/mo. in taxes for housing, given NY-area salaries, that's still very viable. Hopefully we'll be there in 8 years.
It is actually read another way - anything over $80k simply won't count, but it doesn't disqualify you if you go over. We spent well over $200k and we still got it (I don't believe it asks you your cost since they care only about the assessment difference anyway).
It takes away $80k max from your new assessed value for the first year, a little less than that the 2nd year, and so on.
This is one of the reasons why home ownership is a bit overrated. Even after your home is fully paid off, try not paying your property tax and see how much you actually "own your home".
Still works out cheaper than rent, even in most town on Long Island. Rents are rising everywhere.
And if someone can't afford it, they are free to move somewhere else with lower taxes once they are done working.
I beg to differ. I'm not looking to build a forever home in LI. But while living there I want to find what I can do to keep the tax lower which would also help when it's time to sell.
Still works out cheaper than rent, even in most town on Long Island. Rents are rising everywhere.
And if someone can't afford it, they are free to move somewhere else with lower taxes once they are done working.
Well that depends. Once you factor in property tax, homeowners insurance, heating oil, upkeep/maintenance/repairs, etc... you're looking at about what someone pays in rent per year anywhere outside of the expensive areas of manhattan and its surrounding areas.
I live in Middle Village Queens and pay $1,300 for a 2br w/ backyard and parking. My rent has stayed the same for the past 3yrs with a written agreement to not raise it for as long as I'm residing there (unless the building is sold of course). I did the math and I'm better off renting vs owning for what I pay. In the meantime I will continue to save $ until the day comes where my wife and I decide to buy something NOT IN NY. Well I would consider Westchester County where you get more bang for your buck. Home prices/taxes here are flat out ridiculous! In my area I've seen fixer uppers go for around a half mil!
Well that depends. Once you factor in property tax, homeowners insurance, heating oil, upkeep/maintenance/repairs, etc... you're looking at about what someone pays in rent per year anywhere outside of the expensive areas of manhattan and its surrounding areas.
I live in Middle Village Queens and pay $1,300 for a 2br w/ backyard and parking. My rent has stayed the same for the past 3yrs with a written agreement to not raise it for as long as I'm residing there (unless the building is sold of course). I did the math and I'm better off renting vs owning for what I pay. In the meantime I will continue to save $ until the day comes where my wife and I decide to buy something NOT IN NY. Well I would consider Westchester County where you get more bang for your buck. Home prices/taxes here are flat out ridiculous! In my area I've seen fixer uppers go for around a half mil!
The thing is you build zero equity by renting. Dont forget the tax advantages of home ownership. There is a good likelihood you can make some change by owning and selling it over the long term to offset these homeowner costs.
The thing is you build zero equity by renting. Dont forget the tax advantages of home ownership. There is a good likelihood you can make some change by owning and selling it over the long term to offset these homeowner costs.
Not at $1,300 a month once you factor in repairs. You're not losing money renting under those circumstances...
The thing is you build zero equity by renting. Dont forget the tax advantages of home ownership. There is a good likelihood you can make some change by owning and selling it over the long term to offset these homeowner costs.
This is what I'm thinking too, if you own the home long term you can walk away with a good amount once you sell. It might not be the case if you borrow against the equity it builds. But for most you can walk away with a considerable amount where as there's no return on the rent you pay. Also the mortgage interest helps us when itemizing.
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