Renovations and taxes

It’s not just Park Slope, it’s neighborhoods with 1-3 fams that have shown tremendous price gains since the 1970s. UWS too. Here’s a $6m house with $30k in taxes. As a percentage, it’s half of what the Carnasie house pays. https://www.zillow.com/homedetails/11-W-74th-St-New-York-NY-10023/31518929_zpid/

chemosphere

in General Discussion 1 year and 2 months ago

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chemosphere | 1 year and 2 months ago

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Among other things these perverse systems incentivize, is encouraging boomers, who don’t need them, to stay in large homes, keeping them off the market for younger generations, who do need them.
https://www.cnn.com/2024/01/16/economy/boomers-own-more-larger-homes-than-millennial-families/index.html#:~:text=Empty%20nest%20Baby%20Boomers%20own,a%20recent%20report%20from%20Redfin.&text=Buying%20a%20family%2Dsized%20home,for%20young%20people%20with%20children.

randolph | 1 year and 2 months ago

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boomers ruined and continue to ruin everything for future generations. this is a well established fact.

RobertGMarvin

in General Discussion 1 year and 2 months ago

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Only a century chemosphere? I had my house customized by the builder when we bought it in 1899. 🙂

chemosphere | 1 year and 2 months ago

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Meanwhile, do we care about coop and condo owners who are longtime homeowners? Do they deserve tax relief too? Do they deserve to live in “stable, thriving neighborhoods”? because our system benefits 1-2 fam owners but not them. They end up paying higher prop taxes as a percentage of the value of their homes than the house owners do, folded into their HOA or maintenance fees. What is the benefit of that?

colonialrevival | 1 year and 2 months ago

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I think we should pause this conversation until the SALT cap expires in 2025 🙂

cate | 1 year and 2 months ago

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This idea that people in Park Slope aren’t paying full freight puzzles me. $23,000 a year on a 20-foot-wide house seems plenty high to me. New Yorkers also pay city income tax. For the same real estate costs and property taxes you could live in New Jersey and Westchester (or Palo Alto, Calif.) where the public schools are outstanding and crime is low. Sure, lower the property tax of co-op and condo owners. Why not?

justinromeu26 | 1 year and 2 months ago

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Cate, if you took the value of a house here with taxes of 23k and tried to do that in nassau or suffolk counties, the taxes would be double. When we bought in here in queens, our taxes were only 3k. At that time i looked at house in just over the line in nassau that was 7/10’s the price of what we paid here and the taxes were 9400. Taxes are lower in here. Yes, we pay city income tax but the density in here allows the taxes to be less.

chemosphere | 1 year and 2 months ago

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“A five-bedroom brownstone facing Prospect Park in the Park Slope section of Brooklyn is currently listed for sale at $8 million. But it has an extremely low assessed value, leading to an annual property tax bill of $20,165 despite its huge market value.

By comparison, the owner of a ranch-style home in Fieldston in the Bronx would pay roughly the same in property taxes on a house with a market value of about $2 million. So would the owner of a $900,000 home just north of there, in Yonkers in Westchester County, according to tax records.” https://www.nytimes.com/2020/01/30/nyregion/property-tax-reform-nyc.html

Guest User | 1 year and 2 months ago

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That’s why we live in Brooklyn , not westchester

Guest User | 1 year and 2 months ago

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I’m sure taxes are cheaper in Alabama, but I wouldn’t want to live there either

justinromeu26 | 1 year and 2 months ago

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Taxes on a 3.9 million dollar house in alabama are 24k. The all around better deal is the house facing prospect park.

RobertGMarvin

in General Discussion 1 year and 2 months ago

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Steve: Are there many 3.9 million dollar houses in Alabama? 🙂

chemosphere | 1 year and 2 months ago

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problem is even parts of Brooklyn have worse tax to value ratios. Here’s a house in Carnasie that sold for $437k. Taxes are $5k. If the Park Slope houses above where taxed at this rate they would be paying close to $100k a year. https://www.zillow.com/homedetails/217-E-86th-St-Brooklyn-NY-11236/30766195_zpid/