A rant on Manhattan RE tax...
So I was reading an article here on Brownstoner that led me to Sotherbys website…I did a search for Soho/Tribeca property…Now, I know RE tax is high in Manhattan but some of these listings are crazy! This one below has RE taxes of almost $2500 a month for a property thats selling for 1.8M…Is this…
So I was reading an article here on Brownstoner that led me to Sotherbys website…I did a search for Soho/Tribeca property…Now, I know RE tax is high in Manhattan but some of these listings are crazy! This one below has RE taxes of almost $2500 a month for a property thats selling for 1.8M…Is this really $2500 a month or is this per year?:
http://www.sothebyshomes.com/nyc/sales/0134047
To 1:23pm
The program you are referring to is called STAR
It is offered by the nyc dept of finance.
12:40 isn’t wrong, but 11:39 hints at a good point: city residential taxes are low, but we pay for that with subpar public schools. I expect the price you’re seeing in tribeca is for the year.
An overlooked benefit from NYC real estate (provided you don’t have children or they’ve grown up) is that you save a lot of money in the long run with these low taxes…hundreds of thousands of dollars, in some cases, over several decades.
Taxes are less in the city because there is corporate tax base that contributes to taxes, where the suburbs are largely residential.
Single and two family houses in Brooklyn typically have very low RE taxes, because politicians have capped the amount they can rise. Apartments do not enjoy the same cap, so taxes for them have risen much more. There was an article in the NY Times about it last year I think. Plus, as others say, its way worse elsewhere. My brother lives outside Rochester in a 250K house and pays twice what I pay in real estate taxes on my triplex with garden rental that’s worth well over a million. LI is out of control – but they do have some excellent school systems (and some very highly paid police officers).
Condo apartment owners pay unusually high taxes in addition to high monthly
common charges,
It makes no sense
Yep, I know people in NJ and LI who live in VERY modest homes in very modest neighborhoods and pay through the nose. I don’t get it.
Wow…ok I see now…and I thought 7K a year was alot for a house we just looked at!
RE taxes are very very relevant to discussing where to buy.
Long Island RE taxes are C R A Z Y. We know someone with one of the $600K typical 3BR ranch style houses on which they pay $18,000 a year RE taxes. This is not for the Hamptons, btw, this is just for a town near Rockville Centre.
It’s exactly why I don’t feel all that panicky about Brooklyn property values. If people start looking at the option to leave Brooklyn to buy in the suburbs instead, or buy a smaller place in Manhattan, they will find out about the nutty RE taxes outside Brooklyn. Even nice parts of CT have lower taxes than LI or upstate NY on the Metro North lines. But even in CT, we found we’d pay $10,000 a year taxes on the smallest size house we could tolerate in a good school district (good school district being the only reason to leave the city for the suburbs, otherwise we’ll just pay for private schools here).
30,000/ year on a 1.8 Mil condo is not so bad.
Try LI where people pay 10-18K for 600K to 800K homes.