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One could argue, the cost of living on LI runs counter to the resistance to allow legal accessory apartments in owner-occupied homes.
Of the many regions, in the US I've lived, LI is notable for its aversion to renters and insistence that home owners meet their financial obligations without the rental income of an accessory apartment; while, at the same time, knowing such accessory apartments are fairly common.
Note: The major portion of one's property tax is that which supports the school district; a large portion of which pays for teachers' retirement benefits. There are some abusive examples of benefits paid to teachers, police, etc. but, for the most part, such occupations are difficult and/or dangerous and should be well paying.
Also Note: The property tax *rate* on LI is among the lowest in the State. Yes, the $ amount, of property tax paid, is among the highest in the State but that's only because it's comparatively insane to pay more than 3x one's gross income for a home. The fact that so many LIers are willing to do so drives up the cost of all homes and creates an environment in which profit from the eventual sale of the home overrides all other considerations (incl. allowing accessory rental apartments in owner-occupied homes).
Most arguments against allowing legal accessory apartments are based on racial discrimination (which is also notable on LI), for fear of how minorities will impact the future profitability when the home is sold. I find this argument strange given how "white" LI is.
A note of optimism: As the older generation of teachers passes on, we will benefit from the significant changes to the pension system that have taken place over the past few decades, which each successive "Tier" having less lavish benefits. It'll take a while to materialize, though.
A note of optimism: As the older generation of teachers passes on, we will benefit from the significant changes to the pension system that have taken place over the past few decades, which each successive "Tier" having less lavish benefits. It'll take a while to materialize, though.
I agree with this. I think we are seeing the apex of school taxes and will continue to do so for the next few years. After that, I see taxes staying more or less even, which will actually be a comparative reduction economically.
My wife is a teacher this is based of the the NYC top salary at the end of 2018 contract. Below is a example of the latest 2 tiers of some one retiring in 4 years or so.
Tier 5 the contribute for 10 years and then it ends. At 30 years and 57 yrs old they would get 70k pension
Tier 6 they have to contribute for life, and they top out at contributing 5% and wouldn't hit 70k until 30yrs and 63
My wife is a teacher this is based of the the NYC top salary at the end of 2018 contract. Below is a example of the latest 2 tiers of some one retiring in 4 years or so.
Tier 5 the contribute for 10 years and then it ends. At 30 years and 57 yrs old they would get 70k pension
Tier 6 they have to contribute for life, and they top out at contributing 5% and wouldn't hit 70k until 30yrs and 63
Wow, only on LI can a teacher rake in $70K a year for not working, and this doesn't include medical benefits for life. In many other states working teachers make $35K.
This is a big reason why taxes are so painful here, and I don't think they'll ever go down. Any savings from pensioners kicking the bucket will be absorbed by the school systems, and they'll always need more and more.
Wow, only on LI can a teacher rake in $70K a year for not working, and this doesn't include medical benefits for life. In many other states working teachers make $35K.
This is a big reason why taxes are so painful here, and I don't think they'll ever go down. Any savings from pensioners kicking the bucket will be absorbed by the school systems, and they'll always need more and more.
$35k is not reasonable for a college educated person. Just because other states do it doesn't make it right. Hey, maybe that's livable for Mississippi. Teachers in major suburban areas are not making $35k. I'm not losing sleep over a retired teacher making $70k.
Pensions are such a topic of jealousy. I get it. It does seem like a sweet deal. But we should ask why our private sector employers ditched so many of their pensions. They used to be common. There is nothing inherently wrong with a pension plan. Governments and private sector employers fatally mismanaged them, especially in the days when the stock market was returning 20+% per year with no end in sight. We're all paying for that now. New York State teacher pensions, though, I think, are actually in pretty sound shape...
Our retirement system in the US is based on the premise that retirees will have a combination of Social Security, private savings and a pension. Pensions are vanishing, Social Security can easily be made to work for younger generations, but I worry our leadership will seriously harm it, and private savings can obviously wildly vary based on the broader economy and individual recklessness.
Those changes to the pensions we're talking about seem somewhat minor, but they are eventually going to make a big difference in districts' liability.
$35k is not reasonable for a college educated person. Just because other states do it doesn't make it right. Hey, maybe that's livable for Mississippi. Teachers in major suburban areas are not making $35k. I'm not losing sleep over a retired teacher making $70k.
That must be one of the reason why so many teacher's all retire in FL. They even have their own little retirement community! Must be ironic many of them probably can't afford 70K a year pension retired in the NY metro
That must be one of the reason why so many teacher's all retire in FL. They even have their own little retirement community! Must be ironic many of them probably can't afford 70K a year pension retired in the NY metro
The Union has insurance plans for retirees in florida. This is the NYC teachers Union they are a different animal than the ones LI districts have.
I figure local taxes will decrease about the same time as state and federal taxes decrease.
I remember 30 years ago that Oak Beach Inn guy was driving around Long Island screaming Long Island was about to empty because taxes were too high or something. That was kind of cool and exciting to watch.
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