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I have the opportunity to purchase my grandparents old family home in Olean NY. It is a very sentimental home where I grew up in the 70s and early 80s. Since their passing in 1990 it has gone through numerous owners which have allowed it to become run down in need of repairs. My goal is to fix it up and live there part of the year when I retire from teaching school in Virginia next year. What concerns me is the high taxes in Olean. Its almost like the City deters people from moving to the area.....Yes , the housing prices are very reasonable, but the high taxes can make a $60,000 house very expensive. In Chesterfield Va , a home that is worth $150,000 is taxed around $1400 a year...In Olean , for a $60,000 home the taxes are double that !!! its almost like you have to be wealthy to live in the city of Olean....so very sad..In the meantime , a majority of the older homes like my grandparents house become neglected in need of some major TLC....Then a soon to be retired guy like myself wants to come back to the area part of the year and fix up a house in disrepair but is apprehensive about doing so do to the high costs of living in the area..It is just heartbreaking to see such a unique , beautiful little town become so run down with little opportunity or growth...Growing up in the 70s , it reminded me of the town of Mayberry on the Andy Griffin show. Can anyone give me an idea of the average monthly cost of gas , electric , sewage/water bill for a two story 1650 square foot home in the city of Olean these days ?? I also understand there is a sticker fee you have to place on your trash bags also...lol...wow...I'm not sure I want to return to the area after hearing all this....thank you so much !!!
Status:
"Let this year be over..."
(set 19 days ago)
Location: Where my bills arrive
19,219 posts, read 17,083,204 times
Reputation: 15537
I appreciate the sentiment you hold, we had the family homestead pass out of the family also and as much as I would like to get it back the taxes would be 4x what I pay in Henrico. Ask yourself how long did your grandparents own the house or was it a long time or just a period in their lives? If your looking for a part time residence for your retirement years then why not look for one that appeals to you and is more reasonable on cost, is Olean where you really wasn't to be living?
Are the taxes also keeping property tax exemptions in mind as well? Are you keeping non real estate property tax in mind in terms of the VA property? I ask only because people may not realize that not all "property tax" is from real estate in every state. Other states may have a higher prevalence of HOA's and may be another thing to keep in mind, as it is essentially a form of private taxation. Some personal property tax info: County of Chesterfield, VA | Commissioner of the Revenue - Steps to Calculating your Tax - Vehicle Services
Also, Chesterfield's median home price is around $220,00 and that home there may need some repairs in comparison to the housing market it is in. That is speculation, but may be an aspect to consider. Chesterfield County, VA Housing - USA.com™
Here is a specific COL comparison:Moderator cut: Link removed, linking to competitor sites is not allowed
Olean has actually taken on some projects to help improve infrastructure in the city on North Union Street as well: https://m.facebook.com/WalkableOlean/
So, there may be some other things to consider as well.
Greater Olean still retains many old line manufacturers including Dresser-Rand, Cooper Power Systems, Alstom and American Olean. I understand (though I can't find any verification on the internet) that Dresser Rand in Olean manufactures nuclear reactors for the US Navy. They used to be manufactured by Struthers Wells Company in nearby Warren, PA but that company went bankrupt several decades ago. See link for list of businesses in Olean.
Greater Olean still retains many old line manufacturers including Dresser-Rand, Cooper Power Systems, Alstom and American Olean. I understand (though I can't find any verification on the internet) that Dresser Rand in Olean manufactures nuclear reactors for the US Navy. They used to be manufactured by Struthers Wells Company in nearby Warren, PA but that company went bankrupt several decades ago. See link for list of businesses in Olean.
Status:
"Let this year be over..."
(set 19 days ago)
Location: Where my bills arrive
19,219 posts, read 17,083,204 times
Reputation: 15537
Quote:
Originally Posted by Wells5
Greater Olean still retains many old line manufacturers including Dresser-Rand, Cooper Power Systems, Alstom and American Olean. I understand (though I can't find any verification on the internet) that Dresser Rand in Olean manufactures nuclear reactors for the US Navy. They used to be manufactured by Struthers Wells Company in nearby Warren, PA but that company went bankrupt several decades ago. See link for list of businesses in Olean.
The reactors are historically made by GE & Westinghouse although Dresser Rand (formally Ingersoll Rand) makes other equipment that may be used on US Navy ships in other roles.
Thank you all so much for the information.....Most everyone I talk to think that Im nuts even to consider returning to the southern Tier for part of the year...I realize the area is an economically depressed area , but to me , Olean has always been Home....I guess I'm just too darn sentimental....I just have to get a good grasp of all thats involved with restoring my grandparents house , taxes, utilities...I think alot of the drive is the challenge to take on such a project....I just don't want to get myself in a financial pickle.....
Thank you all so much for the information.....Most everyone I talk to think that Im nuts even to consider returning to the southern Tier for part of the year...I realize the area is an economically depressed area , but to me , Olean has always been Home....I guess I'm just too darn sentimental....I just have to get a good grasp of all thats involved with restoring my grandparents house , taxes, utilities...I think alot of the drive is the challenge to take on such a project....I just don't want to get myself in a financial pickle.....
Yes, it looks like there is a lot to consider, but it all comes down to what is best for you. If you want to, keep us updated to see how you make out.
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