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Hi! I’m considering moving to Westchester and of course terrifyed of the property taxes. I really would love to know by how much I should expect my taxes to go up each year? I’m looking at Larchmont/Mamaroneck (not the village). The town only has information about last year and this year. I know taxes are based off the selling price. My question is- how often does the rate itself go up or the assessment? Given i buy this year, can they re-assess next year or 2020? Thank you everyone so much!!
I live in Larchmont (and love it here) but taxes are reassessed every single year and they go up very frequently. I can all but guarantee that unless your purchase price is lower than the assessed price, you'll see a property tax increase in 2019. Just FYI we bought our home in late 2014 and property taxes have looked roughly like this:
Thank you so much. Your comment was so helpful! The purchase price is slightly lower than assessed value so I do expect the taxes to go up based on the town and school rates... the increases are pretty insane given you started off at 18K! Would you say the schools are worth it?
BD1978 - if you don't mind my asking, what assessed value are those amouts based on?
Annual reassessments are arguably the most ridiculous aspect of property taxes. You pay for incremental (phantom) gains that likely won't be realized for decades. Especially because the assessments are unlikely to reflect negative market movements.
The home was assessed in the low $800k range in 2014, which is what we paid for it. It is now assessed in the $930k range.
My daughter is starting in public school very soon, so I cannot gauge whether the schools are worth it yet. However, we've been extremely happy with the neighbors and friends that we have met in Larchmont, many of whom are parents of children my daughter's age that we met through a local nursery school. We really like Larchmont a whole lot.
We cross shopped Glen Ridge nj with Larchmont. And bought in nj. Similar housing commute and schools. But alas here’s a snapshot of a high demand commuter town with excellent schools...
We closed on our house 2 years plus 1 week ago. Our taxes have gone up 22% across three tax cycles
It is also hard to gauge off of a 5 yr window. Home Values have gone up considerably over the past few years. While that shouldn’t translate to similar tax increases, many towns capitalize on it if they could get away with it
You are wise to compile this information before buying in Westchester. When I lived in Scarsdale they did two re-assessments in a three year period that caused a substantial jump--2016 taxes were 16.4 and 2017 they went to 20.6.
Omg these tax increases are insane!!! I started digging into taxes bc I have a living example of someone in Armonk with 60K in taxes. Everyone I talk to gets a nervous reck when I mention taxes. I also found towns practices when it comes to taxes EXTREMELY not transparent! It took me a while to figure out how they are based and then to realize I won’t be in control by how much they go up. Even if I buy a small house with 15-17K in taxes boarding Larchmont Mamaroneck, in 5 years I will have one trip to Europe less. It all seems like a rip off to me.
And thanks for mentioning Nj! We did consider glen ridge!!
I would compare it to Pelham for many reasons. Great schools short train. As close as you could get to NYC (12 miles) but surrounded by not so nice areas. You could get 3000 SF renovated house for 1mm that would be 1.5mm in Larchmont. The effective taxes are high (about 3.0%) compared to roughly 2.5% in other towns, which keeps housing costs low. You’re subsidizing not so nice areas (Newark for Essex County vs Pelham low income areas for Pelham Manor)
But net net you get a bit more for your money. We put a big down payment and it won’t be long until our monthly tax escrow outpaces my fixed monthly P and I, since almost 40% of my monthly payment goes to taxes that is growing at a rapid pace. While it still okay from a value perspective, it almost feels like you’re still renting since your monthly payment goes up 100/mo every year which isn’t applied to your equity. I smile every time I see what houses sell for in comparable towns like Larchmont, but cringe every time the latest tax bill hits.
Last edited by JaRuss01; 08-01-2018 at 03:05 PM..
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