Would you move if your home price doubled? Where?

[Displaced_Yankee]

A CPA chiming in here…

If you use your current home as a “primary residence” for 2 of the previous 5 years, you get an exclusion on your capital gain of $250,000 for single filers and $500,000 for MFJ for selling your “primary residence”.

If you can pull out your crystal ball…you may pay less in taxes if you stay there for 2 years…and the housing market stays hot.

(For most taxpayers: your gain = selling price - what you paid for it - “selling expenses”. The biggest selling expense is commissions paid to real estate agents, but can also include most closing costs that happen because you sold the property. Also, inherited and gift properties have different basis CYA, consult your tax preparer!)

[clanter]

@Displaced_Yankee

(For most taxpayers: your gain = selling price - what you paid for it - “selling expenses”.

also minus improvements , you know that $200,000 barn and fencing you added

[Displaced_Yankee]

@clanter

also minus improvements , you know that $200,000 barn and fencing you added

Well now you’re expecting those barn owners to have kept their receipts…

But yes! Improvements that cannot be considered repairs.

[Spudsmyguy]

Couldn’t be any more MAGA than the boarding barn I just left. Came complete with Trump 2024 flags on boarder’s vehicle - of course, pick up with giant mudder tires. We just didn’t talk politics. I can do that.

[Rel6]

I mean, I’d live here in a heartbeat: https://www.zillow.com/homedetails/14-Parks-Xing-Pittsford-NY-14534/30987415_zpid/

(But I’m fine with snow )

[BrendaJane]

what about property taxes?
Nice place. But who are the neighbors?!

[Rel6]

It’s a really nice suburb - amazing schools. Not sure if you have a specific concern about neighbors?

I mean, the property taxes for that town are not cheap for a Rochester suburb, but Upstate NY doesn’t tend to be that expensive compared to other areas (or maybe that’s perspective coming from Downstate…)

[trubandloki]

In that part of NY it is general to estimate that your taxes will equal your actual mortgage every month.

In other words, if your mortgage is $1500/month your taxes will be just about that number every month.

[PeteyPie]

@BrendaJane

what about property taxes?
Nice place. But who are the neighbors?!

Good question. Zillow lists the tax rate at $1,831 per month. Wowza.

[trubandloki]

@PeteyPie

@BrendaJane

what about property taxes?
Nice place. But who are the neighbors?!

Good question. Zillow lists the tax rate at $1,831 per month. Wowza.

That was less than I expected it to be.

[OnAMission]

Don’t trust Zillow

[Fiesta01]

@Rel6

I mean, I’d live here in a heartbeat: https://www.zillow.com/homedetails/14-Parks-Xing-Pittsford-NY-14534/30987415_zpid/

Would you be able to afford a maid (or 3) to clean it?

[Fiesta01]

@trubandloki

In other words, if your mortgage is $1500/month your taxes will be just about that number every month.

OMGosh. And I thought my $5000 per year was bad here in SoCal. Guess I won’t be moving to upstate NY anytime soon.

[anon40672407]

@OnAMission

Don’t trust Zillow

Zillow shows historical rates based on govt. records.

Which is useful some places and not at all others.

Example: In California, property tax rates are based on original purchase price.

So Zillow might show one house listed for 900K with tax rates of $250/month and another house listed for $900K with tax rates of $840/month. Same value house, very different tax rates.

Both figures would be “right” because the tax rate is based on the purchase price the last time the house was sold. (I.e., house one was last sold a couple decades back for around $240K, establishing its tax rate at about 1.25 percent, or about $250/month. House two was last sold 2 years back for around $820K, establishing its tax rate at 1.25% or about $840/mo.)

And, if both houses sold in overbids for $950K, the tax rates would go up to about $990/mo.

[Christa_P]

In my county everything is online. I can look at any parcel in the county and get ownership information, lot size, improvements, and all the tax information - current and previous amounts, Whether it’s a primary or secondary/vacation residence (primary has a lower rate and there are a lot of vacation homes and camps in the county), payment status etc.

[Rel6]

This is not accurate at all. On a house with a $1500 mortgage, you’re looking at taxes ranging from $5000 a year to $9000 a year - depending on the Rochester suburb. Pittsford is higher, others are lower. You are absolutely not paying $18,000 a year ANYWHERE in this area on a $1500 a month mortgage. I have no idea what you based your statement on?

[Rel6]

That poster’s numbers are not correct. I’ll be about fifteen minutes from the posted house with $5000 a year in taxes and a $1500 a month mortgage (ish).

Those numbers are probably more accurate for downstate NY.

[Rel6]

I might be able to afford the maid but definitely not the house

[trubandloki]

@Rel6

I have no idea what you based your statement on?

My mortgage/tax payments and those of some of my friends.

Note, I mean the actual mortgage, not the whole payment if it includes insurance and taxes. I mean the part that is the house.

I do agree that if taxes are important to deciding if you are buying a place or not, do call and find out what the actual taxes are.

[Rel6]

Are you in the Rochester area? I guess it’s conceivable that if you got a mortgage 20 years ago and are paying $500/$600 a month your taxes per month would be the same.

But having been house shopping for months and having numerous friends who have bought in the Rochester/Buffalo area over the past few years, their monthly taxes are not even half of their mortgage (yes, I understand you’re talking about just the actual mortgage excluding home insurance, PMI, etc).

Certainly not equal to a monthly mortgage.