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 ...
Except for all those leeches in subsidized housing and rent controlled properties...
It would help to know what the sq ft of these apartments are.
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).
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).
How many owner-occupied homes does NYC have?
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.
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.
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.
Lots of great restaurants though. You can really eat well in the boroughs of NYC.
If you have any money left after paying your rent.
Yeah, sleeping well is a bigger challenge.
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.
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.
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.
I advocate that only taxpayers should be allowed to vote.
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.
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?
“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
You have to be lucky to find someone renting out their kids old room or something, friend of a friend sort of thing.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.