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newlywedT
LIF Adolescent
Member since 9/11 793 total posts
Name:
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How do you handle the freaking taxes!
The wife and I have been looking at open houses for a few months now.
A lot of houses have been either:
1. Not so good neighborhood
2. priced too high
3. too small
4. bad school district
5. bad condition
finally found a house, we both liked (first time we both liked the same house), spacious, but not BIG, well maintained, good school district and good neighborhood, we even liked the house number.
But the property taxes were 14k.
To me, that is a lot!
When my parents bought their house their taxes were 2k, 25 years later its about 8k. (they are in queens)
So potentially this 14k could turn into 40k a year!
we decided to pass on the house...because property taxes will just keep going up, especially in this bad economy, the towns need money.
I don't see how people can afford these crazy taxes in LI.
ok, rant off (we decided to pass on the house this morning, so still POed)
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Posted 3/12/12 2:48 PM  |
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AScottWolf
I <3 our squish!
Member since 11/10 2237 total posts
Name:
Adriana
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Re: How do you handle the freaking taxes!
Taxes on LI are crazy. When DH and I were looking at houses we set the bar at 12k (1k p/month) and refused to go over that amount no matter what. We ended up finding a house that was 10k.
Keep in mind, the towns you're looking in may be the biggest factor with tax prices. For example, I love RVC but the taxes (village and state) are insane!!
Also, the current homeowner may have never grieved their taxes and as a result they are at the top of what they could be. And it seems that the star program takes off about 1100 a year off taxes so that's an option too.
HTH
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| Posted 3/12/12 3:07 PM |
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Maybe-baby
LIF Adolescent
Member since 12/07 774 total posts
Name:
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Re: How do you handle the freaking taxes!
Honestly, its a trade off. You get more house for less money on the Island than you do in Queens. So in order to afford the taxes you need to factor them into your budget. For example, if your budget allows you to afford a 500,000 mortgage beacuse you can afford to pay approximately $3,000 month in mortgage, pmi, taxes and insurance, then you should adjust your budget to factor in the higher taxes in LI. So if your taxes were $6,000 in the above example, then in order to afford to pay 12,000 in taxes you would have to reduce your budget to a $400,000 mortgage in order to have a monthly payment of $3,000 month in mortgage, pmi, taxes and insurance. In most cases, a 400,000 Long Island house will be better (yard, square footage, school district, etc.) than a $500,000 house in Queens.
As a side note, it seems you need narrow down your preferred neighborhood/town based on your prioritized criteria (neighborhood, taxes, school discrict, home condition, price, etc.).
HTH
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| Posted 3/12/12 3:11 PM |
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MrsPorkChop
Twinning!!
Member since 5/05 9941 total posts
Name:
Missy
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Re: How do you handle the freaking taxes!
that's why we moved to southern CT
taxes and traffic are KILLING LI.
more people move away every year.
its a shame.
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| Posted 3/12/12 3:18 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: How do you handle the freaking taxes!
Yup that is the case unfortunately. Let me ask, what towns are you looking in? Bc taxes can vary btw towns and also some town have an addition village tax as well.
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| Posted 3/12/12 3:24 PM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Re: How do you handle the freaking taxes!
the thought of taxes becoming 40k is daunting. 
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| Posted 3/12/12 3:39 PM |
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Re: How do you handle the freaking taxes!
Posted by AScottWolf
And it seems that the star program takes off about 1100 a year off taxes so that's an option too.
HTH
Just FYI - the basic STAR exemption amount will vary by school district. But each house in a school district, regardless of style, size, etc., will get the same STAR exemption. In N. Bellmore school district, it's currently $1350.92, in Seaford, it's $1277.92.
When you buy a house, price is less important than what your monthly payment will be (assuming you are not purchasing with all cash). And monthly payment is heavily influenced by property taxes. So when you are figuring out what you want to spend, I always recommend my buyers figure out (either with the help of their mortgage person, or on their own), their tax ceiling. And then that will guide you in deciding what areas in which you want to search.
In N. Bellmore, for example, I'd say the average taxes are around $11K, but you can get a small cape or a ranch for which the property taxes are under $10K. Likewise, huge houses on large lots, and new construction, will often have taxes upwards of $14K. Waterfront property in Merrick and Bellmore can have taxes in the range of $20K! Any buyer needs to do their homework on this issue and factor in taxes as part of their home buying criteria from the start.
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| Posted 3/12/12 4:36 PM |
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peanutbutter2
Carpe diem!
Member since 11/10 5287 total posts
Name:
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Re: How do you handle the freaking taxes!
Taxes are absolutely crazy in so many parts of LI! Sometimes it just has to come down compromising on some elements.
DH and I bought our house when I didn't even have a job, we were 23/24, and we were paying for half of our wedding at the same time...so we really had to compromise.
We bought a house in a town that people are constantly saying awful things about. However, we are literally a one minute walk from a town that people constantly rave about. We may have the title of the "undesirable" town, but we have the community of the "desirable" town and our taxes are under 5K per year. I don't really give a hoot about the title. The school district is fine. I actually did observations in the high school a couple of years ago and thought it was an excellent environment.
DH and I want to send our future kids to Catholic school because we personally believe in a Catholic education. However, if we weren't financially able to do so, I would have no hesitations or qualms about the local public school.
Anyway...long story short
 : sometimes some elements have to be compromised.
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| Posted 3/12/12 4:44 PM |
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MrsS1976
LIF Adolescent
Member since 5/11 534 total posts
Name:
M
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Re: How do you handle the freaking taxes!
I agree 110% that taxes are spiralling out of control here. Taxes are increasing more than wages!!! That is a problem - housing is not affordable for many. I know many friends in Queens and Brooklyn who wanted to move to Long Island and the taxes completely kept them out...
DH and I planned to buy a larger home but with the tax situation and current economy, thats out of the question. (and I am itching to sell the house, its a tiny 2 bedroom off a canal in south Nassau bordering Oceanside). We pay a little under $6K w/ STAR and an EMT discount (DH volunteers as an EMT for a local ambulance corps and gets a discount on property taxes) - but even if we bought a larger home, taxes would go up to 10-14K and we would start to feel the pinch.
Its smart of you to pass on that 14K home because taxes will surely increase to 15-20K in only a few years. And fgod forbid you need a major repair like roof, boiler, hot water heater repair/replacement, etc. We dont want to be house poor, even though DH and I are earning very good incomes, but we live way under our means and sleep peacefully at night knowing we can lose our jobs for 1 year and still have no trouble paying the mortgage and our bills. We see many neighbors around us getting in over their heads with 0-5% down with an 8-15K tax bill - all it takes is 1 job loss or medical emergency and foreclosure can be pretty imminent!!   Better to be safe than sorry.
Message edited 3/12/2012 5:08:24 PM.
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| Posted 3/12/12 4:51 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: How do you handle the freaking taxes!
don't forget there is income tax in NYC/Queens. They are still getting your money, just a different way.
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| Posted 3/12/12 8:00 PM |
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newlywedT
LIF Adolescent
Member since 9/11 793 total posts
Name:
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Re: How do you handle the freaking taxes!
Posted by Serendipity
Yup that is the case unfortunately. Let me ask, what towns are you looking in? Bc taxes can vary btw towns and also some town have an addition village tax as well.
We are looking at homes that are either in the Great Neck South or Herricks school districts.
Posted by Erica
don't forget there is income tax in NYC/Queens. They are still getting your money, just a different way.
Thats what I thought:
"we might pay more in property taxes in LI, but we save on NYC income tax."
But I heard you can deduct the NYC income tax anyway.
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| Posted 3/13/12 10:59 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: How do you handle the freaking taxes!
It's all about school taxes. LI is out of control with how many school districts there are.
eta: I'm in Bethpage. My taxes are $8300.
Message edited 3/13/2012 11:09:20 AM.
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| Posted 3/13/12 11:09 AM |
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summerBaby10
let's be nice
Member since 9/07 10208 total posts
Name:
Wifey
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Re: How do you handle the freaking taxes!
DH feels the same as you, op. He hates the thought of paying so much for taxes in nassau & the way they are increasing scares the crap out of me too. Currently, $8-10k a year we can do, double that in a few years & we'll be struggling a lot. We really are torn abot wht to do. Our second DC is on the way & want to buy a larger home but have no idea where to go. I currently live in queens & the yearly nyc tax that we pay doesn't equal to what nassau taxes would be.
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| Posted 3/13/12 1:18 PM |
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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Re: How do you handle the freaking taxes!
We looked at houses with tax bills of around $15k. I wonder how we will handle it when we are retired and are on a fixed income!
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| Posted 3/13/12 1:24 PM |
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newlywedT
LIF Adolescent
Member since 9/11 793 total posts
Name:
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Re: How do you handle the freaking taxes!
Posted by summerBaby10
Currently, $8-10k a year we can do, double that in a few years & we'll be struggling a lot.
Exactly.
Like I said, my parents paid 2k and now its up to 8k.
Yes, it took 25-30 years...but does that mean LI taxes could go from 14k to 50k in 25 years?
50k in taxes? I cannot even imagine.
In that case the tax will be like double the mortgage.
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| Posted 3/13/12 1:41 PM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: How do you handle the freaking taxes!
Posted by newlywedT
Posted by summerBaby10
Currently, $8-10k a year we can do, double that in a few years & we'll be struggling a lot.
Exactly.
Like I said, my parents paid 2k and now its up to 8k.
Yes, it took 25-30 years...but does that mean LI taxes could go from 14k to 50k in 25 years?
50k in taxes? I cannot even imagine.
In that case the tax will be like double the mortgage.
Yes I actually do believe that if you taxes are 15k now...and it looks like they go up anywhere from 500-1500 a year in 30 years when you mortgage is paid off, if u average on the low side of 500 increase a year, the taxes will be 30k
If you average 1000 increase per year for 30 years, your taxes will be 45k
by the time your mortgage is paid off
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| Posted 3/13/12 1:59 PM |
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summerBaby10
let's be nice
Member since 9/07 10208 total posts
Name:
Wifey
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Re: How do you handle the freaking taxes!
Posted by MrsM-6-7-08
..and it looks like they go up anywhere from 500-1500 a year
Is this really what everyone's taxes in nassau/suffolk increase on a yearly basis? I have no idea how they increase since in live in queens but if they really do go up 1K every single year, we'll need to rethink where we'll raise our family.
*edited my post to say nassau/suffolk.
Message edited 3/13/2012 2:29:10 PM.
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| Posted 3/13/12 2:26 PM |
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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Re: How do you handle the freaking taxes!
Posted by Erica
don't forget there is income tax in NYC/Queens. They are still getting your money, just a different way.
True but NYC income taxes go up or down with your income. So when you retire, you will pay less in NYC income taxes. Property taxes will continue to increase no matter what. I think senior citizens do get a break on property taxes in LI but it is very small.
Edited for spelling
Message edited 3/13/2012 2:44:05 PM.
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| Posted 3/13/12 2:42 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: How do you handle the freaking taxes!
Posted by newlywedT
Posted by Erica
don't forget there is income tax in NYC/Queens. They are still getting your money, just a different way.
Thats what I thought:
"we might pay more in property taxes in LI, but we save on NYC income tax."
But I heard you can deduct the NYC income tax anyway.
You can deduct your property taxes too.
Posted by marianne13
Posted by Erica
don't forget there is income tax in NYC/Queens. They are still getting your money, just a different way.
True but NYC income taxes go up or down with your income. So when you retire, you will pay less in NYC income taxes. Property taxes will continue to increase no matter what. I think senior citizens do get a break on property taxes in LI but it is very small.
Edited for spelling
true, but that's just part of living on a fixed income. Gas, groceries, heat, etc will all also go up. Don't forget the income taxes you will pay on your IRAs and 401Ks.
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| Posted 3/13/12 7:38 PM |
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MaeDe
LIF Adult
Member since 4/11 1169 total posts
Name:
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Re: How do you handle the freaking taxes!
look for towns that have a lot of industry the taxes tend to be lower .
Message edited 3/13/2012 9:12:40 PM.
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| Posted 3/13/12 9:12 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: How do you handle the freaking taxes!
Taxes was a big concern for us, so we bought a house under 6k taxes. This year they actually went down since we applied for star but I'm estimating them to go up roughly 3 percent a year maybe a little more. I don't think they will go up 1000 each year that's rough.
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| Posted 3/13/12 10:38 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: How do you handle the freaking taxes!
We bought a house in Suffolk that were under 7k w/ STAR. I really wanted to live in Nassau but the taxes were much more reasonable in Suffolk.
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| Posted 3/13/12 11:33 PM |
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piggy007
Mommy of 2!!
Member since 11/08 1742 total posts
Name:
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Re: How do you handle the freaking taxes!
i live in nassau and my taxes are only 8k, its doable but its true most towns have out of control taxes
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| Posted 3/14/12 9:43 AM |
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luvmyReese
Hello Kitty
Member since 1/08 7542 total posts
Name:
Catt
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Re: How do you handle the freaking taxes!
NUTS! my mom pays over 12k for her
home in Miller Place. I would move b4
having to pay $10 in taxes.
I was laid off last yr, dont know what wld
have happened if I had $1k a mnth in taxes
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| Posted 3/14/12 10:22 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: How do you handle the freaking taxes!
Posted by MaeDe
look for towns that have a lot of industry the taxes tend to be lower .
it depends. Northport is always desirable b/c of LIPA, but they re threatening to take away the tax break. (I don't know the specifics, but my sister was telling me something that they might have a huge increase)
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| Posted 3/14/12 11:09 AM |
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