​When purchasing a home, not only is the price of the home a factor but so are the yearly taxes. Taxes have become a big discussion in Westchester, as we rank very high compared to NJ and CT and now some municipalities are doing tax re-assessments to make sure everyone is being assessed fairly.
 
When choosing a location to live, you must also consider how paying your annual taxes will fit into your budget. If you decide to go with a mortgage to finance your home purchase, your taxes can be figured into the monthly amount of payment and put into escrow, so they can be easily paid on time. Depending on the city/town, taxes can be paid on bi-yearly or quarterly intervals,

What Do Taxes Cover?
 
Taxes are broken down into 3 Categories: School, City/Town and Westchester County- you are paying for services in all areas.
 
When looking at a school district and the amount of school taxes that are paid, you need to decide if the money is well spent. For example: How much is the ‘per pupil spending’? Are there adequate bussing services? Are there enough sport fields? After school programs? A community pool?  Adequate recreation programs? Are there limited enrichment programs for a select few or does everyone receive the same enrichment? Are the honors programs limited in size? Special Education needs- can they service the needs of your child or will you have to seek outside resources?
 
These are all factors to consider when weighing how much you will be paying in taxes.

​Can I Grieve My Taxes?
 
Absolutely!  You need to check with your Tax Assessor’s office to see when the grievance period is, to submit your application. If you feel your home, is assessed higher then the sale value, then speak with a lawyer who specializes in tax grievances.Compare your home with similar homes in your neighborhood and see what they are paying in yearly taxes. This information is sometimes readily available on line. 

STAR Refund
 
If the combined income of the homeowners is less than $500,000, then you are eligible for a STAR Tax refund on your school tax bill  This isn’t limited to Senior Citizens, as any age is eligible. For Seniors- if one owner is 65 or older, and the combined income is $84,550 or less, they are eligible for a STAR Enhanced refund. Check with your town/city for details and forms.

​The Spring Market is very busy in Westchester.  Low mortgage rates and low inventory for starter homes makes for a very aggressive playing field.  Check out these helpful tips!

Get Your Financing In Place
​In order to submit a bid on a home you need to show proof of funds.  If you don’t intend to use a mortgage you still need to show that you have money in your financial account to pay for the home.
 
If you need a mortgage, you must be Pre-approved to submit a bid for a home.  This is different from Pre-qualified.  Pre-approval takes some time so plan accordingly if you want to buy.  Shop around for the best rate.

Before and After
Have an open mind when looking at homes.  Walls can be painted to a color of your choice and outdated wallpaper can be removed.  Updating kitchen appliances and bathroom fixtures can be an easy fix versus gutting an entire room. The Before and After home television shows make renovating look easy, but envision the simple changes for your home.  Remember- you can knock down walls, renovate rooms but you can’t change the location. 

Home Inspections
A real estate agent is not a licensed home inspector.  Never sign a contract without having the home inspected first to avoid surprises when you take ownership.  A qualified inspector should let you know about the basics such as; electric, longevity of appliances, roof, and water issues.

Be Pro-Active
Westchester is having a busy Spring market.  Homes that are priced in the low end, needing very little work are moving fast.  Highest and Best offers are becoming the norm for these homes.  Don’t sit on the fence if you want to buy- make your offer.

Why Use a Real Estate Agent
Real estate listings are readily accessible on line.   But working with an agent guarantees that as the client, your best interests will be represented.
 
Going to Public Open Houses are a great way to explore the area but remember-   the Listing Agent for the home always has the seller’s best interest in mind first.  Find an agent you feel comfortable with, who is knowledgeable of the area you are seeking, and is committed to finding you the right home in your price range.