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In most of Manhattan, a “starter home” is a small condo or coop that is around $2 million. If you want something more spacious and updated, those typically start at $5 million.
Those are the ones that have taxes in the $60,000/yr range.
Manhattan is not the bulk of NYC though. Overall, real estate taxes are low. The over $400k townhouse I just recently sold only cost me $3200 a year (less in fact because of a steep veteran discount).
that is for sure . i would say there are very few 2 million dollar apartments or homes with 60k taxes .. maybe that was even a typo the poster saw .
our apartments we had over looking central park in a very prestigous building were no more than 10-12k in taxes because total maintance which includes taxes was under 2500 a month
today the same apartment we had in the same building on central park south is 2.5 million and total maintenance is 3747 a month as a new comer and less than half is for taxes
more normal real estate in the boroughs is a fraction of that .
my ex pays 700 a month in a coop we own in queens and again less than half is taxes .
if one is looking at buildings structured as co-ops that 60k you saw maybe the maintence charge which includes all taxes , building maintenance , heat , air conditioning , water , sewar and many times an underlying building mortgage so your underlying personal mortgage can be smaller .
you cant compare co-op maintenance with condo fees since co-op maint . includes so much more .
. co-op structure is far more common in nyc .
Last edited by mathjak107; 04-17-2021 at 07:06 AM..
today the same apartment we had in the same building on central park south is 2.5 million and total maintenance is 3747 a month as a new comer and less than half is for taxes
I don't recommend what I did but sometimes we don't have a choice. We do what we do to survive.
I wanted to rent in retirement but either I was priced out for market rate apts. Or I was over the income to qualify for senior Apts. I had no choice but get a mortgage thru the VA. I bought a small home in Fla that is alot less than what monthly apt rent would be. Problem is there is alot of added cost HOA fees being one.
I like my home but I'm concerned about the upkeep and the added costs to own. Like I said though I had no choice but to buy. I would still rather rent but thankfully I enjoy my home.
do you have the link ? there is likely a reason it is that high .
as we said nyc is far cheaper than anywhere else in the tristate area because we have a local income tax .
If you click on your zillow link and then click on Price and Tax History and scroll down a bit, the latest year it shows is 2019:
Year Property Taxes Tax Assessment
2019 $7,287,827(-4.2%) $67,846,952(+0.7%)
This shows $7.2 million for property taxes and $67.8 million for tax assessment. Yikes! Is that for 1 condo? What is tax assessment vs. property taxes?
If you click on your zillow link and then click on Price and Tax History and scroll down a bit, the latest year it shows is 2019:
Year Property Taxes Tax Assessment
2019 $7,287,827(-4.2%) $67,846,952(+0.7%)
This shows $7.2 million for property taxes and $67.8 million for tax assessment. Yikes! Is that for 1 condo? What is tax assessment vs. property taxes?
I believe that is for the entire building. That figure is divided amongst the apartments in the building and generally included in each apartment's monthly co-op fees.
It is a coop so each apartment is not taxed The building is taxed Then the coop decides how to allocate as part of the maintenance. Our apartments had stabilized tenants so our prorating was also lower
It is a coop so each apartment is not taxed The building is taxed Then the coop decides how to allocate as part of the maintenance. Our apartments had stabilized tenants so our prorating was also lower
So, how much taxes does that unit actually have to pay?
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What is tax assessment vs. property taxes?
