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If You Live In New York And You Rent, You're Paying A Huge Tax You Don't Even Know About
Business Insider ^ | 07/01/2013 | Josh Barro

Posted on 07/01/2013 9:17:03 AM PDT by SeekAndFind

If you live in New York City, you probably know that your income taxes are high. A combined city and state tax rate of 10.4% kicks in at just $22,000 of taxable income for a single person. You probably don't know that New York City has some of the country's highest taxes on apartment buildings—and if you're not subject to rent control, much of that cost is flowing through to you as a renter.

Not all property taxes are high here: New York actually has very low taxes on owner-occupied homes. Our property tax system is a perverse cross-subsidy from relatively poor renters to relatively rich homeowners.

If we just taxed all property at the same rate, apartment building taxes would fall by $1,000 to $1,500 per unit.

Here are a few charts that show just how bizarre New York's tax system is, and how renters are getting screwed.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; US: New York
KEYWORDS: newyork; nyc; propertytax; propertytaxes; rent; tax; taxes

1 posted on 07/01/2013 9:17:03 AM PDT by SeekAndFind
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To: SeekAndFind

Except for all those leeches in subsidized housing and rent controlled properties...


2 posted on 07/01/2013 9:22:00 AM PDT by Kozak (The Republic is Dead. We now live in a Judicial Tyranny.)
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To: SeekAndFind

It would help to know what the sq ft of these apartments are.


3 posted on 07/01/2013 9:22:53 AM PDT by bgill (This reply was mined before it was posted.)
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To: bgill

Depends on where you live in NYC.

New York City has five boroughs. Manhattan (AKA NYC) is the most expensive. The outer boroughs are less expensive.

One bedroom apartments in NYC rent for as low at $700 per month for small, simple apartments in New York City’s outer boroughs.

Alternatively, high end bachelor pads with views of Central Park, a full slate of amenities and outdoor space rent for as much at $20,000 per month. The typical one bedroom will have a separate living/dining space, a full or alcove kitchen, a full bathroom and a single bedroom.

1 bed apartment rentals in NYC average about 750 square feet and cost 2700 per month. Most of the listings for one bedrooms are in Manhattan, where prices hover in the $3000 per month range.

If you are looking to pay less per month for one bedroom apartments NYC look to Brooklyn ($2000), the Bronx ($1250), Queens ($1350) or Statan Island ($900).


4 posted on 07/01/2013 9:28:12 AM PDT by SeekAndFind
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To: bgill

One bedroom apartments in NYC rent for as low at $700 per month for small, simple apartments in New York City’s outer boroughs. Alternatively, high end bachelor pads with views of Central Park, a full slate of amenities and outdoor space rent for as much at $20,000 per month. The typical one bedroom will have a separate living/dining space, a full or alcove kitchen, a full bathroom and a single bedroom.

1 bed apartment rentals in NYC average about 750 square feet and cost 2700 per month. Most of the listings for one bedrooms are in Manhattan, where prices hover in the $3000 per month range. If you are looking to pay less per month for one bedroom apartments NYC look to Brooklyn ($2000), the Bronx ($1250), Queens ($1350) or Statan Island ($900).


5 posted on 07/01/2013 9:28:52 AM PDT by Gen.Blather
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To: SeekAndFind
Not all property taxes are high here: New York actually has very low taxes on owner-occupied homes.

How many owner-occupied homes does NYC have?

6 posted on 07/01/2013 9:33:03 AM PDT by Alex Murphy
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To: SeekAndFind

My grandmother died in her own home in NYC >100 and since 65 she paid 50% property tax rate of those younger.

But 65 year olds dont birth babies and then send them to public school at taxpayers expense either.

Good point on rental tax.


7 posted on 07/01/2013 9:34:38 AM PDT by sickoflibs (To GOP : Any path to US citizenship IS putting them ahead in line. Stop lying about your position.)
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To: SeekAndFind

How is it a big mistake? We pay these rents, so the managers pay these taxes, and the city takes in money. The only downside is if people stopped coming here to work because of these rents. So far, no dice.


8 posted on 07/01/2013 9:35:27 AM PDT by ArGee (O'er the land of the watched (closely)...)
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To: SeekAndFind

A 1BR apartment in NYC for $700/mo in 2013? I can’t imagine such a thing exists unless it is in the far reaches of the lost Island of Staten.

You’re exceedingly lucky to rent a BR in an apartment where the LR is also rented out, in the Bronx, the lesser parts of Queens or the scarier parts of Brooklyn for $700/mo.


9 posted on 07/01/2013 9:36:03 AM PDT by 9YearLurker
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To: Gen.Blather
One thing I notice about Brooklyn and Queens is that they are very densely populated - just teeming with people. It seems like people just live right on top of each other. And just forget about trying to find a parking space after 8am.

Lots of great restaurants though. You can really eat well in the boroughs of NYC.

10 posted on 07/01/2013 9:36:19 AM PDT by SamAdams76
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To: SamAdams76
You can really eat well in the boroughs of NYC.

If you have any money left after paying your rent.

11 posted on 07/01/2013 9:39:30 AM PDT by ArGee (O'er the land of the watched (closely)...)
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To: ArGee

Yeah, sleeping well is a bigger challenge.


12 posted on 07/01/2013 9:53:04 AM PDT by 9YearLurker
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To: SeekAndFind

They are paying for those who don’t pay.

Everything about New York is a massive transfer of money from the producers to the slackers.


13 posted on 07/01/2013 9:53:59 AM PDT by I want the USA back (If I Pi$$ed off just one liberal today my mission has been accomplished.)
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To: SeekAndFind

How much for one of those cool, trendy 2- and 3-bedoroom apartments like they have on “Friends?” They seem to be able to afford it on PT waitressing, acting, and other non-six figure incomes.


14 posted on 07/01/2013 10:00:53 AM PDT by Lou L (Health "insurance" is NOT the same as health "care")
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To: SeekAndFind

There are people here at F.R. who advocate that only property owners should be allowed to vote, as if renters don’t pay property taxes.


15 posted on 07/01/2013 10:16:46 AM PDT by Graybeard58 (_.. ._. .. _. _._ __ ___ ._. . ___ ..._ ._ ._.. _ .. _. .)
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To: Graybeard58

I advocate that only taxpayers should be allowed to vote.


16 posted on 07/01/2013 10:18:24 AM PDT by SamAdams76
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To: Lou L
How much for one of those cool, trendy 2- and 3-bedoroom apartments like they have on “Friends?” They seem to be able to afford it on PT waitressing, acting, and other non-six figure incomes.

They don't.

These folks are subsidized by trust funds, usually endowed by their wealthy parents. In real life as well as on TV. And 99.2% of them vote liberal.

17 posted on 07/01/2013 10:20:31 AM PDT by SamAdams76
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To: Lou L

About $5000 or $6000 a month, easy.

You would need an income of $250K to have your rental application accepted for an apartment like that.

But everyone knows that what you see on TV is strictly for entertainment, right?


18 posted on 07/01/2013 10:21:40 AM PDT by proxy_user
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To: Alex Murphy

“How many owner-occupied homes does NYC have?”


Ballpark, for NY, Kings, Bronx, Queens and Richmond counties - 1,000,000 owner occupied housing units.

http://www.indexmundi.com/facts/united-states/quick-facts/new-york/homeownership-rate#table

Use the drop-down menu and do your own math


19 posted on 07/01/2013 10:24:00 AM PDT by Roccus
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To: 9YearLurker
You know, I was ready to dispute this until I checked myneighborhood and found only one listing under $1000. Makes sense though. Housing prices are up and many of the older houses are being ripped Dow.

You have to be lucky to find someone renting out their kids old room or something, friend of a friend sort of thing.

20 posted on 07/01/2013 10:36:56 AM PDT by Tanniker Smith (Rome didn't fall in a day, either.)
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To: Tanniker Smith

Or be a hipster whose mom and dad don’t mind subsidizing you.


21 posted on 07/01/2013 10:50:08 AM PDT by 9YearLurker
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To: SeekAndFind

Most government costs are “per capita”, not “per property” or “per income”. Any tax based on the value of a person’s property or on the amount they earn is intended to redistribute that person’s wealth. Any such tax is theft.


22 posted on 07/04/2013 8:10:58 AM PDT by Born to Conserve
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