Updated over 7 years ago on .
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Tax increase after purchase
I am looking to buy a three family in Newburgh NY in the Hudson Valley. I am looking at one in particular in which the current taxes are about $4,000 (based on an assessment of ~$105,000). The home sold as a foreclosure in 2015 for $50,000 and i am about to make an offer at $275,000. My question is if anyone has any experience with buying this type of property, did you, after the sale, have a reassessment done which in turn double or even tripled your taxes? I called the assessors office and she said it likely could double or triple the taxes but could apply for historic exemption, but I don’t want to count on that and then be left holding the bill which would kill all cash flow. Does anyone have any experience or advice they could share?
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That’s a scary thought! I’ve looked at a ton of places in Newburgh and the taxes are so high I just couldn’t justify buying any buy and holds for myself. Especially when accounting for the increased assessment after my value add. To be honest between that and the NYC investors bidding up prices banking on Newburgh being the next Brooklyn I’m not sure how anyone is getting any cash flow really