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Strategies & Market Trends : Value Investing

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To: Michael Burry who started this subject	11/25/2003 5:13:38 PM
From: not925	Read Replies (2) of 78748

Real Estate Taxes in New York City ... I am curious of the differences of real estate tax rates between different states. Could everyone share what the rates are in their state and what the rules are for re-assessments. I live in California, so I will quickly summarize my state below. We have something called Prop 13. So, if you purchased a home for $500,000 your yearly tax rate will be approximately 1.2% of $500,000, or $6,000 per year. After this initial amount is determined your tax will go up by 2% per year. So, the following year it will be $6,120. The 3rd year it will be $6,242. Etc... Your property will not be re-assessed until it's sold or if you put a new house up on your land. Please let me know the rules in your state. I am particularly interested in the rates & rules in New York City. Thank you in advance.

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