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Oddly, NYC has very low property taxes: https://leavethekey.com/blog/property-tax-new-york-city-2021 https://leavethekey.com/blog/property-tax-new-york-city-202
by vanilla_nut 4y ago
Oddly, NYC has very low property taxes: https://leavethekey.com/blog/property-tax-new-york-city-2021 https://leavethekey.com/blog/property-tax-new-york-city-2021
About .88% of assessed value on average, something like half the rate of the rest of New York State and less than half the rate of most of the Northeast!
So it's actually a pretty cheap place to buy an investment property. Seems strange to me that NY puts so much of its tax burden on renters and so little on owners.
- ashwagary 4y ago>Seems strange to me that NY puts so much of its tax burden on renters and so little on owners. Well spotted, this would indeed solve a lot of affordability issues.
- xyzelement 4y agoI think it seems strange to you because you don't understand, but to be fair I didn't really understand this until I moved out of the city and bought a house on Long Island. My property tax here is almost the same as my city income tax was. In NYC as a renter - I pay my income tax. My landlord pays the same rate on his rental income (you probably forgot this part) AND the "low" real estate tax you are referring to. If I own my place, I am doubly fucked because I pay the high income tax and the RE tax. The only people who come out ahead under the NYC model are those who live in a place they own but don't have any income. I think it's a very small demographic.