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In looking at property tax payments on several properties on Zillow, it looks like many parts of lower Westchester saw tax increases of almost 25% in 2008 (GREAT time to hit families with that, by the way!) and over 50% from 2005-2009. Is there any kind of cap whatsoever on your annual increases and if not, is there some kind of organized effort to bring taxes down in the county? Why did they increase so much anyway?
As much as everyone supposedly wants to live here, truly, 20%+ increases are obviously not sustainable. Why were the villagers not heading to Albany with burning torches?? Since most of the 'starter homes' (OK, not starter for everyone but one for us) that we are looking at come with existing tax bills of $20K+, we want to ensure that we won't be paying another $10K in 4 years.
Absolutely. $10K in the next 4 years is certain. Towns/Counties/states are full of debt and liabilities for retirement/health benefits, and raising taxes is their only way to pay some of those liabilities off.
For that reason alone, prices will go down because, as income remains fixed, the only way than a family can afford higher taxes is a lower mortgage. If you buy now you will pay high mortgage and taxes. The solution is to wait and rent until mortgage+taxes+utilities+maintenance is affordable.
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