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Thread: Real Estate Crash thread
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06-18-2018, 03:55 PM #6551
I'm just now being educated about the present market after meeting a woman who is lives on Lake Mahopac in a million dollar 32000 tax a year home. God, is it sweet. But, it's ridiculous there, and most of Westchester, and, one can argue, NY state. Shes listing it and has to move because of the taxes. Taxes are much better just across the border in Ct.. Why, I don't know, but I just read a piece over the weekend how hedgies are moving to Florida to establish permanent residence because of the non deductibility of all this crap in the new tax law. Which, of course, otherwise, they are overjoyed about. Just a matter of living in Florida for more than six months, while still being a Master of the Universe, which is harder than it sounds. Anyway, that's really disrupting the high end market in Fairfield.
Last edited by Benny Profane; 06-18-2018 at 04:49 PM.
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06-18-2018, 06:02 PM #6552
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06-18-2018, 06:51 PM #6553
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06-18-2018, 07:17 PM #6554
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06-18-2018, 08:06 PM #6555
It's really not that high. It's bad in the NY burbs.
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06-18-2018, 08:29 PM #6556
Seems like 13k annually on a 350k property value is high even for LI. Even one of the finger lakes burbs with what I understand are notoriously high taxes pays less.
The average annual property tax for Nassau homes was $11,232 with an average market value $587,532 and a tax rate of 1.91 percent.
Westchester and Rockland counties in New York; Essex, Bergen, Union and Morris counties in New Jersey; Marin County in California; and Fairfield County in Connecticut all also had average annual property taxes over $10,000.
Average property taxes for Suffolk homes came in less at $9,333 with an average market value of $469,877 and a tax rate of 1.99 percent.
https://patch.com/new-york/plainview...sau-vs-suffolk
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06-19-2018, 11:59 AM #6557
I think a lot of these property taxes get whacked out by local voter approved bond issues. Looking at the below, it reflects CA property taxes at .79%, which may be the states portion, but then it goes up to 1.1% to 1.25% based on location due to voter approved taxes. With my property taxes so low because of Prop 13 it looks like a good retirement plan is to rent out the CA properties and move to a state with no state income tax and just rent a place. That said, where to live that is still by the water and close to skiing?
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06-19-2018, 12:10 PM #6558
Pretty funny to see how many deeply red states are below CA on that list.
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06-19-2018, 12:18 PM #6559"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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06-19-2018, 12:45 PM #6560
In WA, a tax on income is against the state constitution so I don't see that changing any time soon. Gotta life when a state relies on sales tax and is the home of Amazon, the largest state sales tax avoider in the country.
A few people feel the rain. Most people just get wet.
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06-19-2018, 02:46 PM #6561Banned
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06-19-2018, 03:57 PM #6562
There was a Chinese baby factory nearby but it closed. Money laundering is high on the list.
A few people feel the rain. Most people just get wet.
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06-19-2018, 04:01 PM #6563Registered User
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06-19-2018, 04:07 PM #6564
My Pops was just bitching on the Father's Day phone call about his NH taxes. About 7250 on a 280k valuation. This is in a high tax New Hampshire town.
He still loves New Hampshire, what I don't get is why he continues to live in the highest school taxed town in the state when my sisters and I moved out at least 5 years ago. But to each their own. Christ, move up to Harts Location or something, or just a few towns over and save like 3k a year. Probably get a better house out of the deal.Live Free or Die
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06-19-2018, 04:11 PM #6565Registered User
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06-19-2018, 04:49 PM #6566
imagine how bad it would suck to pay the same monetary value in rent and not own an asset? home value appreciation is the worsttttt
fuckin old people
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06-19-2018, 07:00 PM #6567
You lost me on the " home value appreciation is the worsttttt, fuckin old people" rant. Most everything goes up in price over time. I am always surprised that my hipster tenants need to live in my rentals, as if they moved to a little less desirable part of town, they could buy their own place for the rent they give me each month. Kids are not always taught how to manage money is a problem too.
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06-19-2018, 10:55 PM #6568Banned
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The neighborhood probably matches their iPhone case and has lots of plugs for their model 3 on order. Either that or it's a ridable neighborhood, in which case fixie heaven.
Sent from my XT1650 using TGR Forums mobile app
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06-19-2018, 11:18 PM #6569
i generalized pretty bad; i realize they’re super variable. just referencing the general bitchfest re prop tax raises that tend to lag RE inflation - more that it’s probably all relative.
https://www.federalreserve.gov/pubs/.../200848pap.pdf
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06-21-2018, 07:26 AM #6570Registered User
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06-21-2018, 09:47 AM #6571
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06-21-2018, 10:13 AM #6572
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06-21-2018, 10:56 AM #6573
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06-21-2018, 12:33 PM #6574Registered User
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06-21-2018, 04:36 PM #6575Registered User
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Yep, you have to look at the total tax burden.
I’m so glad I escaped Illinois.
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