I know that in California property taxes are essentially frozen at the time of purchase to protect long-time residents from being kicked out of their homes because of unsustainable property tax assessment increases due to gentrification. This means if you're new money, and you buy a home that's been owned and lived in for say 40 years, you're going to pay a heck of a lot more in property tax than the previous owner. That's because California will re-rate and re-assess the property once it trades.
Is there something similar in New York that we should be worried about? Obviously what's listed for monthly taxes is a big factor in our calculations. We don't want to buy a condo in NYC only to immediately face much higher property taxes. We just want to know what we're getting ourselves into.
Thanks!
Is there something similar in New York that we should be worried about? Obviously what's listed for monthly taxes is a big factor in our calculations. We don't want to buy a condo in NYC only to immediately face much higher property taxes. We just want to know what we're getting ourselves into.
Thanks!