I'm in a similar position as you. I am just a couple years old, and my wife and I bought our home "in the burbs" about 7 years ago with young kids, and after many years as escapees from the "big city." I live in NY State, so an average $200,000 house will cost at least $600 per month in property taxes, probably more. I could probably have afforded more house, but absolutely NO WAY I would consider or afford the taxes on a larger house, considering that these can easily reach $20,000 per year on a larger home. Conclusion - I think Gen Y'ers will revolt when they find out their ridiculously high property taxes are going to pay for their parents' generations' state-employee health and pension costs. Doesn't bode well for all those big McMansions on the market.
Man, you married young.
OK, seriously, your point is correct. Real estate taxes increase because if you've got a home it's difficult to avoid them. People can avoid sales and sin taxes by changing their purchasing habits, but unless you want your home repossessed, you WILL pay up on property taxes.
Urban environments tend to be less kid and pet friendly. When I was younger, I spent some time in NYC, and could have been very happy living there as a young single. A car was more an annoyance than a convenience there, but in the city there were a lot of restaurants, entertainment, other people, etc.
There are advantages to urban, suburban, and country living, but with each choice you give up something else.
People make their choices based on how they wish to live, and of course the availability of jobs, income and cost in their chosen environment. Yeah, I could get into having a corner office high up in a skyscraper, or a workshop out in the country. Making the choice of which you want, though, also affects many other choices. If woodworking is how you wish to spend your spare time, an urban apartment isn't a good choice. If restaurants, movies and plays are a high priority, Dime Box, Texas may not be on your top ten list.
I live in westchester county, trust me, i get it. I’m 35 and if these idiots boomers think for a moment we are going to pay what amounts to ttax slavery just to keep this ponzi scheme they supported going, FORGET IT!
HELL NO! I would prefer fed, state, minicipal, city, county, bankruptcy compared to this slavery we hve now wth property taxes in most areas.
What percentage of the NY property tax goes to the state?