New York Residents Pay Shocking Amount in Property Tax Each Year
New York ranks near the top in the nation in terms of property tax.
New York State Residents Pay More Than Most In Taxes
A spokesperson from Wallet Hub reached out to Hudson Valley Post after analyzing property tax across the United States.
To determine who pays the most relative to their state, the personal finance website WalletHub released its 2022’s Property Taxes by State report.
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New Yorkers pay more in property tax than most in the nation.
The average American household spends $2,471 on real-estate property taxes plus each year, according to Wallethub.
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“The financial decision of whether or not to purchase real estate needs to consider the entire bundle of costs associated with the home purchase and ownership. Those that do not consider property taxes do so at their peril. Unfortunately, property taxes are all too often overlooked by homebuyers when considering whether or not to purchase real estate. Real estate taxes vary significantly from one town to another and from one state to another, sometimes by multiples. Lenders consider all major homeownership expenses including mortgage payments, mortgage insurance premiums, homeowners insurance, homeowner association fees, and property taxes amongst the most significant. Homebuyers would be well-advised to evaluate all of these expenses as well," Gary S. Forshner, Founder at Law Offices of Gary S. Forshner, stated.