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You Think Your Property Taxes are High?

BenWPBenWP
in Off-Topic
The Times reports today that Billy Joel has listed his Oyster Bay, Long Island, mansion for the price of a mere $49.2M. The owner, who has other properties where he can rest his head, reports that the property taxes are not insignificant. At more than $567,00 per annum, one might have sympathy. Contrary to much that I read these days about the rich avoiding taxes, I have to conclude that some of our more fortunate brethren are in fact paying their share. Elsewhere this week the paper reported that property taxes around the country rose 33% from 2020 to 2023; that’s real money coming out of the average property owner’s pocket. In disaster-prone areas, no property insurance at any price may be available. Our car insurance just jumped about 17% for next year, a subject that was hashed over in another thread here recently.

Comments

  • MarkMark
    Just a quick back of the envelope calculation shows Billy paying a 1.15% real estate tax based on the $49.2M property value. Here in MN I pay 1.27%.So sure, $567,000 is a big number but is it out of line for where he lives?
  • BenWPBenWP
    @Mark: good point. I have never figured out my rate. In MI we pay the millages on 50% of the assessed value of the property.
  • MarkMark
    Reading today (free WaPo link) I can see why Mr. Joel might feel a little slighted.

    The Daniel Snyder $60M mansion in Fairfax County, Va shows the property taxes at $436,185 per year.
  • BenWPBenWP
    @Mark: Fairfax County is not Oistah Bay any way you slice it. Obviously I don’t have a stake in the billionaires peeing match.
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