A friend in upstate NY says many, many old, vacant, small family farms are for sale below dirt cheap, but no one is buying because the property and school taxes are astoundingly high.
He told me about places where the annual property and school taxes are 50% of the asking price.
NY is a state full of folks too willing to skate on the ice pond owned by others.
Especially when the others are converting the ice ponds into hot baths.
It’s the Devil’s owned, you see.
Very hot, those sulfurous hot baths.
i bought a few houses in california the last few years
1 for 49k that sold for 275 in 06.
Property taxes are 1.25%
big drop in the tax bill
I got them rented out for 800 a month pretty good return
“A friend in upstate NY says many, many old, vacant, small family farms are for sale below dirt cheap, but no one is buying because the property and school taxes are astoundingly high. He told me about places where the annual property and school taxes are 50% of the asking price.”
I’m shocked NJ isn’t on the list, for the exact same reason. The taxes are brutal, and nobody can be sure they’ll have a job 3 months down the road, never mind 30 years. The potential buyers know what’s been in the news for years now about our tax burden in NJ, and since many won’t be reproducing anyway, the idea of owning a home makes no sense to them. Condos are still being built here, which can accomodate either a “modern” family (2 cohabitating yuppies and a dog) or twenty illegal aliens, who seem to be the only growing population here.
Who would buy a new home in NJ when there are so many vacant ones on the market? The newest ones come with the highest appraisals (hence highest taxes), and only do well in areas where wealthy people see the high taxes as a way to keep minorities out of their towns/school districts.