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Status:
"Let this year be over..."
(set 20 days ago)
Location: Where my bills arrive
19,219 posts, read 17,088,442 times
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Quote:
Originally Posted by RocketSci
There are no $540k bungalows in the COB - this is a Buffalo thread.
- For residential the city of Buffalo tax rate is $24.34/1k NOT 33.45 (17.88 city + 6.46 county) (Homestead)
- COB assessments haven't changed in several years, so taxed value is generally 15%-50% less than resale
A comparably taxed primary residence in the COB ($10,200 + HOA fee) would have an assessed value of $435,500 - or a market value between $500,800 and $653,250.
The highest price listed for ANY home on sale today in the COB on realtor.com is $449.9k. (For reference, it is assessed at $235k with a COB tax bill of $4108)
Just to verify the higher valued homes, I looked at 19 Chapin Pkwy: assessed value of 540K and a city tax of $9646 - 3200sf, 2 story, 10br, 3ba, 9600 sf lot size.
Tax RATE is not relevant in a low cost, low assessed market. Buffalo residents are getting a much better deal than downstate. Congrats NY.
And, Buffalo has a revenue cap so any future assessments will result in a decrease of the tax rate which has been dropping for several years already.
The sample home is what you provided and as this distinction applies to the state significant portions of the state do experience home prices of this range. Tax burdens up through the $40's per $1k are not uncommon even in upstate communities.
How is this property receiving the Homestead tax rate because "Properties that are within designated Urban Renewal Areas are eligible for inclusion in the Urban Homestead Program", I would guess that your upper end example would not have met this criteria. And for those who don't live in a homestead eligible neighborhood they are paying the higher rate. Even the Buffalo News identifies the high tax burden WNY
Your housing costs are lower but you lose out should you choose/need to sell for relocation. Your appreciation is low and your buying power in another region could be severely diminished
The sample home is what the poster provided and as this distinction applies to the state significant portions of the state do experience home prices of this range. Tax burdens up through the $40's per $1k are not uncommon even in upstate communities.
How is this property receiving the Homestead tax rate because "Properties that are within designated Urban Renewal Areas are eligible for inclusion in the Urban Homestead Program", I would guess that your upper end example would not have met this criteria.
The homestead tax rate is the rate for residential properties, as opposed to commercial properties, which is taxed at a higher rate. It is not the urban homestead program.
Any place that is declining has a glut of properties and no demand for new ones. That's happening in the vast majority of upstate NY. Except for a few suburban areas. The statistics are just plain and simple. Upstate NY is declining, except the import-a-welfare-case rental market. Amsterdam, Yonkers, Jamestown, Dunkirk, Buffalo, Niagara Falls have been importing number-boosters for years now. That is why the optimists cite the numbers. "Population decline stopped!" Section 8, subsidized low-income imports fill the rental properties. Home-buying slowly goes down.
Any house that predates electrical, plumbing, etc. and didn't have it installed properly has to be maintained or rebuilt. In places with low housing costs, the cost to rebuild is literally cheaper than maintenance and retrofitting these old houses. $10k for a roof, $5k for windows, cracked foundations... that is why people build new homes in upstate NY. It isn't because there aren't any to buy. If a place that is declining is building, it means that somewhere in that area there is a house being disregarded.
Actually, this will depend on the area. For instance, the median home build Year is 1970 for the Plattsburgh area/Clinton County. It is 1969 for the Ithaca area/Tompkins County. It is 1979 for Saratoga County. This thread gets into this exact subject: https://www.city-data.com/forum/new-y...ing-stock.html
Who are these "number boosters"? Actually, there are cases where immigrants/refugees buy, fix and occupy some of these homes.
You mean to tell me that all of the homes are like the last segment of your post and that said homes are exclusive to Upstate NY? There aren't any older homes that are well built?
The homestead tax rate is the rate for residential properties, as opposed to commercial properties, which is taxed at a higher rate. It is not the urban homestead program.
I was on the page and saw the tax bill you spoke of but I was curious so I looked up the Homestead Program and found this https://www.ci.buffalo.ny.us/Home/Ci...mesteadProgram . As I stated I would not have thought this neighborhood was part of urban renewal to look at it, maybe they got on it early.
Any house that predates electrical, plumbing, etc. and didn't have it installed properly has to be maintained or rebuilt. In places with low housing costs, the cost to rebuild is literally cheaper than maintenance and retrofitting these old houses. $10k for a roof, $5k for windows, cracked foundations... that is why people build new homes in upstate NY. It isn't because there aren't any to buy. If a place that is declining is building, it means that somewhere in that area there is a house being disregarded.
New construction costs $125 to $150 per square foot. So an 1800 sf replacement home will cost $225,000 and up. Not sure how this is cheaper than than putting money in an older house.
Potential issue is that you couldn't sell your house for what you put into it. But, if you are in a neighborhood where this is true, then the neighborhood will likely not support new home sales price either.
FYI my insurance company estimated replacement cost for a Buffalo double as over $477,000. The neighborhood definitely would not support this as a sale price.
I was on the page and saw the tax bill you spoke of but I was curious so I looked up the Homestead Program and found this https://www.ci.buffalo.ny.us/Home/Ci...mesteadProgram . As I stated I would not have thought this neighborhood was part of urban renewal to look at it, maybe they got on it early.
It is not part of the urban renewal program. There are 2 different rates that properties are taxed in Buffalo - Homestead (residential) rate, and non-homestead (commercial) rate.
Status:
"Let this year be over..."
(set 20 days ago)
Location: Where my bills arrive
19,219 posts, read 17,088,442 times
Reputation: 15538
Quote:
Originally Posted by RocketSci
It is not part of the urban renewal program. There are 2 different rates that properties are taxed in Buffalo - Homestead (residential) rate, and non-homestead (commercial) rate.
To repeat: The Urban Homestead Program is NOT related to the homestead tax rate. The document link describes that municipalities may have separate residential and non residential rates.
I pay city taxes, and I do know what I am talking about.
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