New York's apartment building taxes are passed on to tenants
New York City has long been the center of cultural influence in the United States. With its towering buildings, bustling streets and appealing smells, people from all over the world move to the Big Apple and invest in real estate in New York, NY. Arguably, one of the reasons many people purchase property instead of rent, is due to the city's exceptionally high property taxes on apartment buildings.
Landlords may pass taxes onto tenants
It has been rumored that New York City tops every other major city in the country except Detroit in apartment building taxes. In fact, homeowners may find living in the city more affordable than those who rent, and now New York University's Furman Center for Real Estate and Urban Policy has provided the hard numbers.
According to the annual report of housing trends, apartment buildings are taxed at five times the rate of small homes in New York City, even though two-thirds of the metro area's residents rent and do not own property. Unfortunately, those taxes are distributed to each tenant in the form of annual rent hikes, so landlords are able to deflect the taxes while apartment dwellers pick up the slack.
Avoid rent hikes, buy now
Prospective homebuyers may want to avoid annual rent hikes due to rising apartment building taxes and purchase one of the homes for sale in New York, NY. The Big Apple offers residents a wide array of unique opportunities, from employment to entertainment to cultural experiences - people can have it all when they move to the city that never sleeps.
Currently, there are approximately 271 properties on the market in New York City as of May 6, 2012, ALTOSResearch reports. The median price per square foot for a home is nearly $1,400, but when compared to rising rents and taxes, it makes more sense to purchase property than submit monthly payments to landlords.
When planning to relocate, consider the Big Apple. The city's old-world neighborhoods and nightlife-filled streets make each day an adventure, and with the economy on the mend, prices won't remain low for long. According to a national real estate service, pending home purchases have risen 4.1 percent to the highest level since April 2010, so the time to buy property in the United States is now for many Americans.