Quote:
Originally Posted by jwasbury
$24k in property taxes in the NY metro zone isn't extraordinary. A quick look in Zillow shows that a modest home in Tuxedo Park at <25% of the "garage mahal" house's asking price and perhaps 1/2 the square footage will have a $10k+ property tax bill attached.
We have the highest property taxes in the country here. Its one of the reasons why people often flee the scene upon retirement. Its also the reason why a family living here with an income level that is considered "wealthy" or "rich" in much of the country isn't living high on the hog by local standards.
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It’s also why there are so many properties for sale. If you use Zillow, select Filter, select For Sale and Recently Sold, and you will the for sale properties in red and the sold in yellow. The for sale are just that. The recently sold are from the last three years. If you see more yellow than red, that’s a good sign that properties are moving, but real deals may be scarce. Where you see more red than yellow, beware but realize there may be some fantastic deals hidden in the area. A quick check of asking prices and time on the market (don’t use the “time on Zillow” shown at the top of the page, use the sales/tax history drop down) shows some houses have been for sale for years and have come down significantly in price. Buyer beware, but there are strong negotiations opportunities for someone who needs to be in the area and recognizes the true total cost of ownership vs. sales price is what matters.