Tax vs Taxes
When crunching numbers to figure out if a deal is good or not, I find myself realizling that aside from property taxes, I have to factor in school & county/borugh taxes. This is probably why so many homes are still for sale for over 200 days. My father in law informed me that in the Philly area: the only tax you pay is property tax! I could't believe it. I'm now ditching my initial idea of buying & holding in the burbs to now looking into the city. Any thoughts on this?
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I hate paying tax on tacks, that I buy to tack up my tax notice, to terminate tenants on tacky properties that I take in tax sale.
Don't worry about what you pay in taxes. Focus on what the profit is. If rents are higher or prices are lower, it may overcome higher taxes.