Wednesday, February 27, 2008
Space comes at a premium
Buckingham Townhship has a reputation for taking a hard line with developers who want to build anything within its borders. And the township is evidently willing to put its money where its mouth is. The township wants residents to authorize a $20 million loan that would pay for purchasing and preserving more open space. That money is in addition to the township's share of an $87 million loan that was approved by county voters in November. That share is evidently running low, which is why voters in Buckingham will see this question on the ballot for the April 22 pirmary.
My guess is that it will pass easily. I will let you know how it goes after the primary.
My guess is that it will pass easily. I will let you know how it goes after the primary.
Sunday, February 10, 2008
These are high taxes!
And speaking of high property taxes, a recent article in the New York Times revealed the name of the man who pays the most in property taxes in New York City. He is David Martinez, a financier and art collector who was born in Mexico. He owns an apartment in the south tower of the Time Warner Center. Apartment doesn't really describe it, though. He paid $54.3 million for 16,3000 square feet in two penthouses, then combined them. He will pay the city $442,000 in property taxes this year.
Billionaire Ronald Perelman's townhouse on East 63rd street is valued at $37.5 million. It is the highest taxed single family home in the city. He is expected to pay $213,000 in property taxes this year. Ouch!
Billionaire Ronald Perelman's townhouse on East 63rd street is valued at $37.5 million. It is the highest taxed single family home in the city. He is expected to pay $213,000 in property taxes this year. Ouch!
Monday, February 04, 2008
Why so dang high?
Last weekend during an open house, a visitor asked me why the taxes on the house were so high.
I explained to her that a house listed at $675,000 with 4,900 squre feet on half and acre was going to have a pretty hefty tax bite wherever you lived. Expensive houses pay more in taxes because they are assessed at a higher value. The higher your property is assessed, the more you pay.
Montgomery County reassessed all of its properties about 8 years ago. Bucks County has not reassessed since 1972 and has no plans to do so unless forced by the courts. So if you live in Bucks, the newer your home, the higher your assessement. Newer homes are assessed at a 2008 value, while older homes get the lower rate, depending on how close to 1972 they were built.
I also explained that school taxes take the biggest bit of the tax pie. Their school district had the good fortune to have a huge regional mall within its borders, plus industrial properties and business parks. The district of the home they were visiting lacked the commercial and industrial base, and so depended more on homeowners to pay for the schools.
I explained to her that a house listed at $675,000 with 4,900 squre feet on half and acre was going to have a pretty hefty tax bite wherever you lived. Expensive houses pay more in taxes because they are assessed at a higher value. The higher your property is assessed, the more you pay.
Montgomery County reassessed all of its properties about 8 years ago. Bucks County has not reassessed since 1972 and has no plans to do so unless forced by the courts. So if you live in Bucks, the newer your home, the higher your assessement. Newer homes are assessed at a 2008 value, while older homes get the lower rate, depending on how close to 1972 they were built.
I also explained that school taxes take the biggest bit of the tax pie. Their school district had the good fortune to have a huge regional mall within its borders, plus industrial properties and business parks. The district of the home they were visiting lacked the commercial and industrial base, and so depended more on homeowners to pay for the schools.
