I'm 23 and brand new to real estate and was wondering if someone knew how much I would approximately have to pay for, lets say a duplex worth around $100,000 in upstate New York. What kind of taxes would I have to pay for this (state, fed, local???) how is it calculated, and what kind of insurance do I need? This would be a rental property that I would also be living in.
2007-08-26 09:37:25 · 5 answers · asked by none 1 in Business & Finance ➔ Personal Finance
Property Taxes - approx $2900 - $3500 per year. Insurance will cost you about $450 per year. The costs will vary from town to town - so you can check property taxes in the region - either check on a realtor website or contact the town clerk.
2007-08-27 10:51:57 · answer #1 · answered by Jason 2 · 0⤊ 0⤋
Upstate NY is awful for property taxes. They vary considerably by location, but don't be surprised if they are ~3-4% of the value every year. They are broken down into two components, county tax and school tax. In some locales, there is also a village tax that can run as high as another 1%. All of these taxes are based on the appraised value of the property. The town appraisal and what it is worth can be significantly different.
On a $100,000 property that you are likely to pay between $3000 and $4000 per year in property taxes. In New York there is a program called STAR (School Tax [something] relief) that allows homeowners who occupy their property to reduce their assessed value by $30k. This can be worth $1000/yr for you. It requires you to fill out a simple form ONE TIME!
Insurance for a multiple family dwelling that is $100k should run you about $700 per year. Flood insurance, if desired will be another $150 a year unless the place is in a flood plain at which point it will be more.
Good luck!
2007-08-27 11:07:40 · answer #2 · answered by Rush is a band 7 · 0⤊ 0⤋
Where in upstate New York? Westchester County's property tax rate is very high. Hamilton County's is relatively low.
In general, there is only one property tax bill, and you pay it to the county government, not to the state or the federal government.
As for insurance, go with homeowners insurance. Flood insurance might also be wise if there's a risk of flood in that area.
2007-08-26 21:32:27 · answer #3 · answered by Plea_of_insanity 5 · 0⤊ 0⤋
call for a home owner's insurance estimate
as for taxes you can find out what the tax rate is for that town/city and also what the tax credit is for living in rental property ($usually between 300-500 credit) by calling town hall or doing research online
2007-08-26 16:46:27 · answer #4 · answered by dmarie_333 2 · 0⤊ 0⤋
Property taxes are imposed by the county or city. Check there to get an idea what the rates are.
2007-08-26 16:43:42 · answer #5 · answered by bdancer222 7 · 0⤊ 0⤋