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Consequences of high tax locations...
Old 01-14-2006, 02:48 PM   #1
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Consequences of high tax locations...

In another thread there was some discussion about the high property tax costs found in NY State. I'd like to second that notion. Last October my wife and I vacationed in Salem NY, about seventy miles due north of Albany. Very nice area and we were surprised by the low (compared to where we live on Cape Cod) land prices. We seriously considered buying a nice piece of property, until we heard of the property taxes we'd have to pay for a home there. Truly remarkable how shortsighted the political structure is in that state. How do they expect their economy to be vibrant if they tax the people to death.

As an aside, two years ago I spoke to a woman from Suffolk County NY. Don't know what kind of home she's in, but her deceased husband was a NYC firefighter (9/11). She told me she was paying $18,000 a year. I've got a buddy in Nassau County NY. He has a condo facing the Atlantic Ocean and is also paying $18,000 a year.

Oh boy....
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Re: Consequences of high tax locations...
Old 01-14-2006, 03:53 PM   #2
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Re: Consequences of high tax locations...

Looked at some cond's going up in Nassau County NY about a month ago.* Figured I sell my house of 30 years, empty nest. A* 2 bedroom 2 and 1/2 bath 1 car garage and no water view in the middle of the Island.* *1.2M for the condo and taxes of 21K and $750 a month maint.* and this is for 55 and over.*

Off to Fla.
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Re: Consequences of high tax locations...
Old 01-14-2006, 04:51 PM   #3
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Re: Consequences of high tax locations...

Quote:
1.2M for the condo and taxes of 21K and $750 a month maint. and this is for 55 and over.
I think they meant $55M and over(net worth)
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Re: Consequences of high tax locations...
Old 01-14-2006, 04:52 PM   #4
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Re: Consequences of high tax locations...

Quote:
Originally Posted by 73ss454
Looked at some cond's going up in Nassau County NY about a month ago. Figured I sell my house of 30 years, empty nest. A 2 bedroom 2 and 1/2 bath 1 car garage and no water view in the middle of the Island. 1.2M for the condo and taxes of 21K and $750 a month maint. and this is for 55 and over.

Off to Fla.
Last year I almost bought a condo in Lake Placid, as a get away place...... The taxes were less than Albany's, about $2,200. That's because they have mansions on the lake.... This was a lovely area, where the Olympic village was. I decided against it, because I wondered about the pesticides, not the taxes!

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Re: Consequences of high tax locations...
Old 01-16-2006, 11:21 AM   #5
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Re: Consequences of high tax locations...

Another data point:* $2350 property tax for a house valued in the mid $600K's.* State income tax is 5% (though my pension is exempt).* Sales tax is 5% with life's necessities--food, clothing, and booze--exempt.

Oops, edited for location: Boston.
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Re: Consequences of high tax locations...
Old 01-16-2006, 11:43 AM   #6
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Re: Consequences of high tax locations...

The only problem -- believe me, I've gone over it a thousand times! -- is my house here in eastern NY would sell for $175,000. An equivalent house in Boston would be about $575,000, if I was lucky. (It would take a few lifetimes for any lower tax rate to make up for that!) You likely won't ever hear me complaining about my NY taxes. Paid off my mortgage in four years. Socked a good amount away. All in all, it's worked out quite well. Pay $2850 in property taxes now. I can live with that. It was about $2500 twelve years ago.
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