Home Buying in New York>Question Details

rssraj, Home Buyer in 11375

Extra-High taxes on a good home

Asked by rssraj, 11375 Mon Dec 3, 2012

Folks

I'm contemplating a home which has been on the market for 2 years. It's a nice home, in a good condition but I believe it hasn't sold because of the high taxes. The house is well done which may be a reason attributing to this but know that NYC finance won't reduce taxes on this house as their assessed value for it is quite low

I still want to make an offer but want to deduct 10 years of difference in the taxes vs other properties of a similar lot size. Does that make sense? I know it's not fair to the seller but I'm the one who's taking on a larger liability than I'm comfortable with the taxes

What should be my other considerations? I guess it'll be as hard 10 years from now to sell the house as well if I have to

Thanks

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Answers

5
After two years the Seller may be ready to let it go, you won't know unless you make the offer.

I don't know the NY market but I do know property taxes and property taxes are done by assessment typically every 4-8 years (it varies from state to state) My guess is the last assessment was at the height of the market (06-07) and if your market has dropped since then then when the next assessment is done everyone's assessed valuation should come down, however unless the budget is reduced then the tax rate will simply go up and it's a net-zero change.

I think you're approach is interesting and for the most part logical so give it a try and good luck.
0 votes Thank Flag Link Tue Dec 4, 2012
the tax issue has to be reviewed carefully ...do you know why RE tax on this house is much higher than for similar homes in the area; Can the tax assessment be disputed ?
Even if you get a 10-year rebate from the seller now, when you decide to sell, would you be ok with your property being on the market for as long because of the high taxes...because taxes rarely go down
I would call a tax assessor's office and try to understand what is the reason for higher taxes...they can be very helpful
0 votes Thank Flag Link Mon Dec 3, 2012
The decor of the house has nothing to do with high taxes. Where's the house, we don't have enough details, is it in Long Island for example?
0 votes Thank Flag Link Mon Dec 3, 2012
What's fair is making your offer based on comps, recently sold similar properties in the immediate area. Since you state that "I'm the one who's taking on a larger liability than I'm comfortable with the taxes"--to consider--why not simply move on to a property where your financial comfort can be reached....
0 votes Thank Flag Link Mon Dec 3, 2012
First consideration is the "fair market value" of the home. Seems unusual that the taxes are that much higher for other equal type homes in the area. Does it have a STAR Deduction??
0 votes Thank Flag Link Mon Dec 3, 2012
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