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On a per sq ft basis NYC isn't far off anymore. Brownstone Brooklyn gets a sweet deal where a $5MM brownstone pays $10K in taxes but that's not true for all of NYC.
On a per sq ft basis, NYC property taxes are in some cases more expensive than LI or Westchester. For example, I just checked similarly priced homes to the above in Brooklyn and they're paying ~$15K for 4K sq foot lots. This home was $40K for a 20K sq ft lot.
but homes are taxed on value not the sq ft that make up that value so it is not a good comparison . a westchester home can be the same value as a brooklyn home yet taxes are very different .
You do realize that then property tax would sky-rocket, and that would probably be reflected in the high cost of everything else - not just rentals, but supermarket prices, etc.?
You're wrong and I can prove it.
60% of this city pays ZERO in income tax. Economies of scale work for tax revenue just like they do everywhere else. Due to sheer density, NYC does collect tax receipts with lower individual burdens. The problem is 60% pay ZERO yet are afforded the most services and budget revenue. If 80%+ payed income tax like in any normal society, the overall tax burden could actually be lowered.
If you take into account that the 60% that pays ZERO actually uses more tax revenue per capita (simply for existence), then without them, taxes COULD be lowered with the same QOL left for actual taxpayers.
The issue in NY is regular people see near zero return from their taxes. Only the poor, well-connected cheats, and those who can afford the absolute best school zones see any benefit (and even then).
Within 1 week of moving to NJ I watched a major street in my town be ripped up, re-paved, and painted in 2 nights. Parts of Hylan Blvd in Staten Island, as of today, are on the second week of being shredded. If they follow the inevitable NYC pattern I’ve seen play out numerous times on that street and others, it won’t see pavement for another few weeks, and paint for 2-3 weeks after that. Even the Belt Parkway remained unpainted for weeks two years ago. That’s absolutely mindblowing. A few years back Joe Borelli had to raise hell to get Richmond Avenue finally paved after accidents became a daily occurrence on the stripped and unpainted road.
And don’t get me started on residential trash…
My buddy’s house in my old neighborhood costs him $8200 in taxes. I pay $8900. Houses are nearly the same size but my yard is 3x the size of his.
but homes are taxed on value not the sq ft that make up that value so it is not a good comparison . a westchester home can be the same value as a brooklyn home yet taxes are very different .
square footage is already figured in to the price
I understand they're taxed on value. NYC's density simply adds to the "value" but the trade-off is less square footage. It's 12 of one, half dozen of another. NYC property owners pay "less" because they occupy less property (they get less bang for their buck so to speak).
The issue in NY is regular people see near zero return from their taxes. Only the poor, well-connected cheats, and those who can afford the absolute best school zones see any benefit (and even then).
Within 1 week of moving to NJ I watched a major street in my town be ripped up, re-paved, and painted in 2 nights. Parts of Hylan Blvd in Staten Island, as of today, are on the second week of being shredded. If they follow the inevitable NYC pattern I’ve seen play out numerous times on that street and others, it won’t see pavement for another few weeks, and paint for 2-3 weeks after that. Even the Belt Parkway remained unpainted for weeks two years ago. That’s absolutely mindblowing. A few years back Joe Borelli had to raise hell to get Richmond Avenue finally paved after accidents became a daily occurrence on the stripped and unpainted road.
And don’t get me started on residential trash…
My buddy’s house in my old neighborhood costs him $8200 in taxes. I pay $8900. Houses are nearly the same size but my yard is 3x the size of his.
The bull**** with the roads has gone into overdrive post COVID. It's a sign of how broken the administration of this city is. Also, a substantial number of the "poor" in NYC just play the system. If the system couldn't be played, they wouldn't be here.
The issue in NY is regular people see near zero return from their taxes. Only the poor, well-connected cheats, and those who can afford the absolute best school zones see any benefit (and even then).
Within 1 week of moving to NJ I watched a major street in my town be ripped up, re-paved, and painted in 2 nights. Parts of Hylan Blvd in Staten Island, as of today, are on the second week of being shredded. If they follow the inevitable NYC pattern I’ve seen play out numerous times on that street and others, it won’t see pavement for another few weeks, and paint for 2-3 weeks after that. Even the Belt Parkway remained unpainted for weeks two years ago. That’s absolutely mindblowing. A few years back Joe Borelli had to raise hell to get Richmond Avenue finally paved after accidents became a daily occurrence on the stripped and unpainted road.
And don’t get me started on residential trash…
My buddy’s house in my old neighborhood costs him $8200 in taxes. I pay $8900. Houses are nearly the same size but my yard is 3x the size of his.
Virtually everyone from SI who has bothered to crunch numbers finds they will get more bang for their bucks by moving to NJ, hence reason for decades since 1980's or so people have been fleeing across Outerbridge, or Goethals.
You can spend between $600k to $1.2 million for a property on SI and still be living just a driveway apart from your neighbors, very little front or not much of a back yard. For this you'll pay eff tons of taxes and in return amenities and services aren't that great. Unless you're in a good area for primary schools you'll be paying for your kids to attend private, don't ask about secondary... In general when it comes to things for the kids you'll do better in most areas of NJ.
Yup. My kids on SI haven’t seen the inside of a NYC public school in 3 years. I’d kill before letting them mix with the trash those schools entail, students and teachers both. And they live in arguably the best zone in SI. I was at a catholic high school open house this afternoon.
Virtually everyone from SI who has bothered to crunch numbers finds they will get more bang for their bucks by moving to NJ, hence reason for decades since 1980's or so people have been fleeing across Outerbridge, or Goethals.
You can spend between $600k to $1.2 million for a property on SI and still be living just a driveway apart from your neighbors, very little front or not much of a back yard. For this you'll pay eff tons of taxes and in return amenities and services aren't that great. Unless you're in a good area for primary schools you'll be paying for your kids to attend private, don't ask about secondary... In general when it comes to things for the kids you'll do better in most areas of NJ.
I'm not sure if this is true because I've literally only transited through SI but from what I've heard, SI has become a lot more dense over the past 20 years. Density brings it's own issues and I can understand why, for many, that may have "ruined" SI.
I grew up in a very low density neighborhood in BK. While it technically hasn't become a lot more dense over the past 20 years, the surrounding neighborhoods have and even that has contributed to a lower QOL. The issues are "small" things but unless you live in the neighborhood you'd never notice it.
NYC's largest source of revenue is property/real estate taxes. City draws in nearly twice as much from that source than next highest; personal income taxes.
NYC imposes income tax largely to get at well off individuals who may not even live in city (or state for that matter) full time. Long as you're here for > 180 days, you pay, this regardless if you live in NJ or wherever.
Things are flipped around for NYS as a whole. After federal transfers (Medicaid, Medicare, etc..) largest source of state revenue comes from income taxes then property taxes.
Out of the gate both at city and state level NY is a welfare state. Two largest budget items for both are "social services" and education. Both are areas where NYS and NYC for that matter spend far more than other states on average.
Above is reason why no one is eliminating income taxes either at state or city level. It also also explains why Albany and city are always looking for something else to tax, raise taxes, attach a fee or surcharge to and in general always looking for money.
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