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Oh I agree that homeownership has its own set of maintenance fees. And that's true about abatements for developers. I've just never heard of it for homeowners. I do remember builders offering something like it in a new development of homes but I thought it came from the builders, not the city. But who knows. This was in Virginia.
Well maybe my dream of owning in Manhattan one day is not a pipe dream after all. Anytime I mention it to anyone they immediately squash it and tell me that the fees and taxes will eat me up. It's not like CT is so cheap. It probably wouldn't be for another 5 years but it's nice to know I can get a little studio or one bedroom one day. I'm really pleasantly surprised on those property taxes!
Well,a lot of the "gentrification" or whatever you want to call it that has been happening in NY in the last 10 years or more has been fueled by empty nest suburbanites and people from other areas of the country who have decided that when you add all the costs and headaches up on both sides it's not such a bad deal to live in NYC.
Most of them are also happy to eliminate the expense of car ownership and maintenance which might be a "hidden" cost of homeownership where you live if where you live makes owning and maintaining a car a necessity.
I can see that. If you're retired and/or not drawing a lot of taxable income, then the combined state & city income taxes don't hurt as much. Lower property tax sounds pretty good, and they're not worried about K-12 schooling either.
I was watching that HGTV show called Selling New York. They had this couple that bought an apartment that was just under 2 million and their agent told them the property taxes were "194". He didn't say thousand or hundred or specify whether it was 194k a year or $194 a month. So anyway, I've been trying to look up property taxes in Manhattan and I'm finding this on Zillow. Are taxes really this cheap? I mean, we're talking 2-3 million and taxes under 5k a year?
I'd love a place in the city one day but I always pictured the property taxes being like 50k a year. A 1200 square foot house in Connecticut can have 5k in property taxes. How can Manhattan be that low?
I am first time home buyer, so if I have a house at $120K how much should I estemate my taxes? I am completely new to this. Please explain how to do this. I figured that it is based on my property value, and if I upgrade the place. As a rule of thumb, what percent should I take into account each year before the assessor comes to visit? The only "upgrade" I plan on doing is just installing an IRIS home security system. I plan on lving there and the security system comes with me if or when I move.
New York State and City have the most byzantine property tax system in the United States. Residential property can many things and often what one assumes would be is not.
First and foremost the system favours one and two family homes over multiple dwellings. Rental apartment buildings are taxed as commercial properties, Co-ops can have rates based on the rentals in the area, and on it goes.
However in general as others have stated, NYC homeowners despite all their complaining pay very low property taxes when compared to the suburbs such as New Jersey, Westchester, and Long Island. Flip side of this again as mentioned is that the public school system especially on the high school level ranges from poor to middle quality. There are some excellent public schools at all levels but not enough of them.
Every NYC property owner that has or is considering starting a family does the same math; live in NYC and pay less property taxes but probably send the children to private school, or move to the suburbs and pay more in taxes but send the children to a local school system with excellent reputation.
With the increase of families with children living in NYC in particular Manhattan the private schools are bursting. Everyone else will move into or try various games to get their children into a good kindergarten and public elementary school. If they survive that the question becomes what about high school? For those who remain in NYC and cannot afford private they push for one of the City's "elite" high schools.
Actually, per the Census Bureau, New York City spends more money per child on the school system than anywhere else in America, with FY 2011 being just shy of $20,000 per child.
I am first time home buyer, so if I have a house at $120K how much should I estemate my taxes? I am completely new to this. Please explain how to do this. I figured that it is based on my property value, and if I upgrade the place. As a rule of thumb, what percent should I take into account each year before the assessor comes to visit? The only "upgrade" I plan on doing is just installing an IRIS home security system. I plan on lving there and the security system comes with me if or when I move.
Actually, per the Census Bureau, New York City spends more money per child on the school system than anywhere else in America, with FY 2011 being just shy of $20,000 per child.
That can't be right. Most districts in Westchester exceed $20K per child, eg Scarsdale is $26.5K, Rye is $21.5K. I'm sure there's plenty on LI which do also.
NYC does have to be low because NY is one of the highest tax states: state income tax and city income tax plus sales tax. The city gets its revenue from income tax and property tax is just secondary, while in places like NJ property taxes are higher bc tones don't have or have less city tax.
A 2 mil house in riverdale pays about 12k a year in property tax.
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