Mcg779 t1_ja3rhzb wrote on February 26, 2023 at 5:04 PM

It goes up but not annually or obviously stays the same. The only way it could go down is during a property tax assessment. Property assessments correlates wih property taxes. Housing prices assessed last year or two were super high but they are now coming down so I plan on asking for a reassessment in the next year or two to get a lower assessment but it could not work out too. Hope that helps

Fun-Concentrate2630 OP t1_ja3ry7i wrote on February 26, 2023 at 5:07 PM

Yep that's helpful thank you! What are the odds they would actually lower it for you? The other consideration when buying here is the low inventory - NYC has something for everyone. I have noticed that the amount I can afford according to a mortgage calculator is approx 100k more in Manhattan, and I'm trying to figure out what I'm missing.

SonOfMcGee t1_ja3zi21 wrote on February 26, 2023 at 5:56 PM

Keep in mind the city income tax you’d pay in NYC.

Fun-Concentrate2630 OP t1_ja3zma2 wrote on February 26, 2023 at 5:57 PM

Yeah I already work in NYC, but overall income tax would be 3% higher

Mcg779 t1_ja3tk2i wrote on February 26, 2023 at 5:18 PM

The odds depend upon comparable houses or condos being sold at prices that are lower than your property assessment. When you appeal it you attach evidence of comparable being sold at lower prices than the assessment could change.

Not sure of NYC but I would contact brokers there to find out