newbie owner question

Categories: Taxes

just bought for the first time in NY so excuse the newbie question.

i accidentally received the NY property tax envelope in my mail box and opened it.

the rough details are our building of 7 units is valued at $1.5m

with a tax rate of 12% this means we pay property tax of 22,000 per year.

(i’m assuming this is correct as ive never seen one of these forms before).

but my question is this, on the document it mentions that we ow $5200 this quarter but if we have a mortgage we owe nothing.

can this be correct?

therefor cant our building take out a minimal mortgage of $40k or so and not have to pay property tax?

or am i way off on this assumption.

sorry for the super newbie question.

TIA,
Dean

By deancollins | 02/26/2009 6:23 PM