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Real Estate

Thinking of Buying or Renting Near NYC? Consider the Tax Costs

  • Westchester homeowners pay on average $15K in property taxes
  • New England per capita property taxes among the highest
Yonkers, New York
Photographer: DenisTangneyJr/iStockphoto

Imagine setting aside 10 percent of your salary every year towards paying property taxes on your home. Well, that is a reality for some homeowners in the tri-state area.

Homeowners in New York City’s affluent Westchester suburb pay on average $15,000 in annual property taxes, which is comparable to about 10 percent of the average adjusted gross income of $148,775, according to Bloomberg’s analysis of 2015-2016 IRS filings, the most recent available.