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I am not thrilled about the property taxes. Our goal is to not pay more than $6,000 a year in property taxes, and knowing that no matter where we buy they will only go up, I want to start well under that $6,000 limit. But I have no idea how to determine what the property taxes will be. The MLS of course shows property tax history based on yearly assessments. The assessment is always below the current value / likely purchase price. So you know they'll go up right off the bat when you buy a place. But the bigger problem is, these numbers in the MLS property history are not necessarily accurate at all. I just looked up the house we sold in FL and the taxes listed are not correct / not what we paid. I know there's also all kinds of exemptions and credits (STAR, veterans, seniors, etc) so if the numbers shown in the MLS tax history are supposed to reflect what the owner has actually paid each year those numbers are likely meaningless to a buyer who may or may not qualify for the same exemptions. It's feeling impossible to know what I'm going to be paying in property taxes, like it'll be a total gamble, and I don't like that.
I am not thrilled about the property taxes. Our goal is to not pay more than $6,000 a year in property taxes, and knowing that no matter where we buy they will only go up, I want to start well under that $6,000 limit. But I have no idea how to determine what the property taxes will be. The MLS of course shows property tax history based on yearly assessments. The assessment is always below the current value / likely purchase price. So you know they'll go up right off the bat when you buy a place. But the bigger problem is, these numbers in the MLS property history are not necessarily accurate at all. I just looked up the house we sold in FL and the taxes listed are not correct / not what we paid. I know there's also all kinds of exemptions and credits (STAR, veterans, seniors, etc) so if the numbers shown in the MLS tax history are supposed to reflect what the owner has actually paid each year those numbers are likely meaningless to a buyer who may or may not qualify for the same exemptions. It's feeling impossible to know what I'm going to be paying in property taxes, like it'll be a total gamble, and I don't like that.
Check with the Real Property Tax site for the county the home you are interested in is located. For instance, this is the site for Onondaga County: Onondaga County Department of Real Property Taxes
Last edited by ckhthankgod; 10-10-2023 at 10:47 AM..
I am not thrilled about the property taxes. Our goal is to not pay more than $6,000 a year in property taxes, and knowing that no matter where we buy they will only go up, I want to start well under that $6,000 limit. But I have no idea how to determine what the property taxes will be. The MLS of course shows property tax history based on yearly assessments. The assessment is always below the current value / likely purchase price. So you know they'll go up right off the bat when you buy a place. But the bigger problem is, these numbers in the MLS property history are not necessarily accurate at all. I just looked up the house we sold in FL and the taxes listed are not correct / not what we paid. I know there's also all kinds of exemptions and credits (STAR, veterans, seniors, etc) so if the numbers shown in the MLS tax history are supposed to reflect what the owner has actually paid each year those numbers are likely meaningless to a buyer who may or may not qualify for the same exemptions. It's feeling impossible to know what I'm going to be paying in property taxes, like it'll be a total gamble, and I don't like that.
When I listed my house for sale they immediately raised the assessment even though the house hadn't sold and eventually sold for less than the original listing price. If you are not thrilled about property taxes then be prepared to pay more every year.
I am not thrilled about the property taxes. Our goal is to not pay more than $6,000 a year in property taxes, and knowing that no matter where we buy they will only go up, I want to start well under that $6,000 limit. But I have no idea how to determine what the property taxes will be. The MLS of course shows property tax history based on yearly assessments. The assessment is always below the current value / likely purchase price. So you know they'll go up right off the bat when you buy a place. But the bigger problem is, these numbers in the MLS property history are not necessarily accurate at all. I just looked up the house we sold in FL and the taxes listed are not correct / not what we paid. I know there's also all kinds of exemptions and credits (STAR, veterans, seniors, etc) so if the numbers shown in the MLS tax history are supposed to reflect what the owner has actually paid each year those numbers are likely meaningless to a buyer who may or may not qualify for the same exemptions. It's feeling impossible to know what I'm going to be paying in property taxes, like it'll be a total gamble, and I don't like that.
Keep in mind that you can get multiple property tax exemptions at the same time. So, my parents have a couple of Veteran Exemptions and Enhanced STAR(they pay a little over $4200 in total property taxes in a highly regarded SD, btw). So, this is an example of how the property tax will depend on the homeowner.
Also, keep in mind that the School Tax portion makes up the majority, if not vast majority, of the property tax bill.
Last edited by ckhthankgod; 10-10-2023 at 12:06 PM..
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