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Originally Posted by n62alpha
I'm willing to take my budget up to 700-800k but what my worry is that some time in the future property taxes will go up and I will no longer be able to pay my bill. What do you think is this worry unfounded? As I understand it new york has a debt crisis so could property taxes go up?
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It would appear that you really need to take time and do some homework, as it seems you don't have a real comprehension of NYC and/or Queens.
There are no $400K houses worth purchasing, in low crime areas. If there were, everyone would move there, driving up the prices! There are coops and/or condos which you can find in various neighborhoods. Your revised budget is more realistic.
NYC has the least debt issue of any large municpality, and frankily due to Mayor Bloomberg's good financial stewardship, NYC's financial health exceeds that of virtually all municipalities in the country. That said, NYC is not totally immune to the recession, but fortunately is suffering the least, again, of all municipalities.
Upon the issue of property taxes, you need to do your homework, as it would appear that you are unaware that NYC has the lowest property taxes in the region, and likely, comparatively, the lowest property taxes in the country, particularly given the services provided. NYC, unlike virtually all other municipalities (and states), relies primarily upon Commercial/Business property taxes to fund government, while most municipalities rely almost solely upon *residential* property taxes. NYC can do this as a consequence of its overwhelmingly large business and commercial community.
NYC has virtually, if not literally, the lowest residential property taxes (comparatively) in the country. NYC also has a Sales tax and an Income tax. So, while there might in the future be some rise in residential property taxes, your *fears* of some devasting effect is unfounded!!
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Btw, there are no Walmarts within the five boroughs of NYC. You would have to travel into the suburban regions of LI, NJ, and/or Westchester County, in other words, outside of NYC.
Lastly, Queens is not the most convenient to public transportation, as at least half the borough is in a two fare zone, requiiring commuters to travel by bus to reach the subway.
Queens has a dual personality, with the Western half is primarily an urban area of high density and apartment buildings in and among smallish attached and semi attached homes.
Eastern Queens is a lower density semi suburban to very suburban area of detached homes with lawns and garages. Most of which exists in a two fare zone.
The entirety of Queens is a multicultural zone. Some neighborhoods contain a predomince of certain ethnicities and/or races.
I suggest you do your homework, then return with more substantive and relevant questions.