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I was thinking of buying a condo soon, and it seems like some parts of Jersey City, for example, is a good bet. I know how expensive Manhattan is but what about Brooklyn or Queens? I am wondering about not just the purchase price, but property taxes and other short and long term major living expenses.
I was thinking of buying a condo soon, and it seems like some parts of Jersey City, for example, is a good bet. I know how expensive Manhattan is but what about Brooklyn or Queens? I am wondering about not just the purchase price, but property taxes and other short and long term major living expenses.
TAXES
if you live and work in nyc, you have to pay ny city income tax + ny state tax.
if you live in nj and work in nyc, you only pay ny state tax
(you still have to file nj taxes but you get a credit for the ny state taxes paid which results in you not owing anything to nj because ny state taxes are a little bit higher.)
Commuting Costs
The cost of transit from nj to nyc, which varies depending on WHERE in northern NJ you buy and you may also need to own a car depending where you live if you want to do certain things (ie: go to the mall, shopping, etc.). In NYC, depending on where you live ..... all you might need is a metrocard (if you're near a subway station) or you might need a car (in certain more residential neighborhoods that arent as easily accessible via subway).
TAXES
if you live and work in nyc, you have to pay ny city income tax + ny state tax.
if you live in nj and work in nyc, you only pay ny state tax
(you still have to file nj taxes but you get a credit for the ny state taxes paid which results in you not owing anything to nj because ny state taxes are a little bit higher.)
What about property taxes? In NYC property taxes are fairly low, what are they in JC?
Property taxes in New Jersey are the highest in the nation because the schools are fully funded with the real estate tax.
State income tax HAD been very low but they got a big bump-up lately.
Jersey City RE taxes are VERY high and slated to change soon in a reval which will dramatically raise taxes in the nicer parts of town...like Downtown and the Waterfront. Those taxes are the primary reason I never bought in Jersey City.
You'll spend a lot less in NJ on food cooked in because of the plethora of SUPER-SUPERMARKETS (ShopRite, Pathmark, A&P) something not found much in New York City. And a small but real concern is the JC sales tax of 3.5% compared with the whopping near-9% in Manattan. No tedious bottle deposits in NJ.
Transportation in and out of town is trying, unless you are atop a PATH station.
If I buy in JC, I would def buy near Path. Regarding not needing a car in NY, I for sure need a car, wherever I live, I hate public transit. JC kinda tough with parking and everything as well though, its pretty much like a small NYC borough now, even if people hate comparing them, it is what it is. I like the JC idea cuz it's almost in the middle of everything, you can get to NYC fast, not too far from outer boroughs and also you can get out of town and go to Jersey beaches or what not, where as if you live in NYC, you basically have to stay and do everything there unless you want to spend hrs in traffic all the time just to get out of town. Maybe I am wrong so let me know, I am new to this area.
What would be better investment wise for long term though?
Last edited by OleSchoolFool; 09-13-2011 at 03:30 PM..
What about property taxes? In NYC property taxes are fairly low, what are they in JC?
Can you (or anyone else who might be reading this) give me an idea, in actual numbers, of what NYC property taxes are like, and how they work? (I'm from Jersey.)
In NJ, the property tax is calculated by applying the specific town or city's property tax rate on the property's assessed value (which is different and unrelated to the the property's market or sale price).
So, for example, I currently own a condo in NJ where:
-the market/sale price is $375,000
-the assessed value is $275,000
-the tax rate is 2.36%
-my yearly property tax bill is 275,000 x 0.0236 = $6,500
The monthly maintenance fee is $300 a month (i.e. $3,600 a year).
(For simplicity, I am using easy figures.)
So how does this all work in NYC? If I purchased a condo in Brooklyn or Queens for $375,000, what kind of yearly property tax bill am I looking at? How would the property tax be calculated? Are there different property tax rates for each borough? Each neighborhood within a borough? What do the monthly maintenance fees look like, and what do they cover? And would there be other miscellaneous fees to consider like tips for doormen?
I do realize that $375,000 will, if you're lucky, get you 1 bedroom, small apartment sized condo in an outer borough (as opposed to a 2 bedroom townhouse in suburban NJ).
(To the OP bolshoi-- I am sorry for butting into your thread.)
I understand that taxes are high in NJ, but other things were mentioned too in regards to high cost in NYC. So overall, comparing Jersey City and Brooklyn, let's say, which is more affordable?
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