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Benjamin S.
  • NYC, NY
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Question About High Property Tax/Low Value Home

Benjamin S.
  • NYC, NY
Posted Jul 30 2015, 07:40
Hi all: I came across a deal in my area that seemed ideal for a flip. The house in question needs a total rehab, but was priced significantly under comparable homes in the neighborhood. It was listed for around 200k and similar homes are 300-400k. It sits on half an acre, which is a pretty nice size given the area. But the property taxes on this home are enormous and approach 20k. Can anyone explain why or how the taxes can be 10% of the home's sale price? Anyone experience anything similar and have any advice? Thanks!

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