CmC, Home Buyer in Williamsburg, Brooklyn...

hello - can any one give me the ball park property tax on a 350k condo in wiliamsburg? I am new to buying, and currently not living NYC. What?

Asked by CmC, Williamsburg, Brooklyn, NY Wed Mar 3, 2010

should I know before I buy a place (now THAT"S a million dollar question!)
thanks in advance.

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5
Joseph C. Hastings’ answer
Hi CmC. Property taxes are not state secrets. Regardless of this being a resale or new construction, just ask the listing broker.

Your question is that of someone who seems to not want to use a broker. I believe that would be a mistake as a broker would get all of your questions answered. If you want to go solo, good luck.
0 votes Thank Flag Link Wed Mar 10, 2010
BEST ANSWER
Dear CMC:

The property tax can vary greatly depending on if there is a tax abatement or not. It also depends on the size of the condo. If you were to provide more details I can give you a good estimate. I suggest you take a look at the web site http://www.PropertyShark.com. When you visit this web site you can enter the address of a property and it will show you the public records for said property including the annual taxes that are paid on the property.

The most important thing you should know before you purchase a property is how much you qualify for and what you want your monthly budget to be. In order to do this, assuming you will be getting a mortgage you need to speak to a mortgage banker and have them review your tax returns, W-2s, bank statements and credit report to figure out how much money you can borrow and what type of mortgage program is best for you.

With regard to creating a budget, ask yourself how much you can afford to spend monthly on your living expense also known as PITI (Principle & Interest, which is your mortgage payment plus real estate Taxes and homeowners Insurance. With a condo you also have to consider the common charges!). So lets say your monthly living expense budget is $3,000.00, first we subtract the insurance and real estate taxes, lets say that's $400.00 per month. Then we subtract the common charges, lets say $350.00 per month. So you would be left with $2250.00 which would represent your mortgage payment. If your a qualified buyer and your putting 20% down you can probably get a 30 year fixed loan right now with a rate of about 5%. With a 30 year loan at 5% you would be paying $5.37 per thousand you borrow. Hence, $2250.00 divided by $5.37 would be 418.99 meaning that you can borrow up to $418,990.00 to stay within your budget.

These numbers assume you are a qualified buyer and can vary depending on your qualifications. Also, if you are going less than 20% down you will most likely have to get private mortgage insurance which would add another $200.00 per month to your living expense.

Also, "PITI" as I mentioned above is the number that the banks look at when they qualify you. In order to qualify for such a loan, the banks would probably want you to have an income of about $80,000.00.

Oh, and before you buy a place you should also make sure you are familiar with and comfortable with the location, that's one of the most important factors. Also have an engineer inspect the property before you sign a legally binding contract. And make sure you review the financials of the condo to make sure that they are solvent. Usually your lawyer will help you out with that stuff once you get an accepted offer but prior to going to contract.

If you have further questions or if I can be of any assistance, please let me know!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Cellular: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Thu Mar 4, 2010
Yes you should know before buying. With that said the question asking about the taxes on a condo is unit specific For some more info on buying Brooklyn Condo go to Brooklyn Real Estate Blog the link below.
1 vote Thank Flag Link Thu Mar 4, 2010
You can email me and I'll send you a sample Schedule A from the Offering Plan which lists all carrying charges for the new condo building, both with and without Tax Abatement.

Michael.Afanasyev@remax.net
RE/MAX Metro (Brooklyn, NY)
0 votes Thank Flag Link Thu Mar 4, 2010
I found several new construction condos that had monthly taxes of $180 and common charges of $200 per month. Please contact me if you're interested in possibly seeing these or any other condos available in the area.

Ralph Windschuh
Certified Buyer Representative
Senior Real Estate Specialist
Associate Broker
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
0 votes Thank Flag Link Thu Mar 4, 2010
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