How To Buy A Home: Westchester Taxes Or Bronx Taxes

July 13, 2020

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DESCRIPTION: In “How To Buy A Home: Westchester Taxes or Bronx Taxes,” we cover the difference that property taxes can have on your purchasing power. As a Bronx Real Estate Agent who has worked with clients mostly interested in the Westchester real estate market and the Bronx area, I know from experience that many people are surprised at the overall cost of some Westchester homes relative to Bronx homes, which is mainly due to the higher Westchester property taxes. They are further surprised that some Westchester houses are out of their buying range, even though the asking prices on these houses are a lot lower than comparable Bronx homes. By the end of this video, you should have a clear sense of the impact of property taxes when it comes to comparing Westchester NY to NYC.

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WEBSITE: If you are looking for a mortgage calculator and to see more of the impact that the Westchester county tax will have on your monthly costs vs. Bronx taxes, you can visit my website at You can also use this site to search for Bronx homes, Westchester homes, and beyond, find real estate professionals, and learn more home buying and selling tips. As the “Bronx Real Estate Agent,” I strive to ensure that you are kept up-to-date regarding important real estate news around our borough and surrounding areas.


Westchester taxes versus Bronx taxes. Today we’ll learn just how much taxes can impact your home purchase. Welcome home, my name is Justin. If you’re a first time viewer and you wanna receive weekly home selling and buying tips, be sure to slam that subscribe button and the bell next to it so you don’t miss anything. With that being said, we will compare purchasing a home in the Bronx versus one in Westchester with our mortgage calculator to see the effect that property taxes can have on our bottom line.

Here is our mortgage calculator. We’ll put in the information for our Bronx home first which we are assuming is a two family. Our home value will be 650,000 dollars. We are putting down 20 percent to avoid mortgage insurance. Here, you can see the total amount in principal we’ll be borrowing over the life of the loan. Interest rates are currently very low. We will drop this to three and a half percent although you may actually qualify for a lower rate right now. A loan term of 30 years is completely fine. Now the New York City property tax rate is actually very low for the State. In this instance, we’ll say our taxes are 5,000 dollars a year. Again, we don’t have any mortgage insurance to worry about. And, let us know what you think about the difference in property taxes between Westchester and the Bronx down in the comments below. And if it’s justified, in your opinion. I’ll raise our home owners insurance just a bit, to 1,500. And we can see our monthly payment here. 2,876 dollars, 70 cents. One of the main reasons I use this calculator on my website, is that it provides a lot of detail including this great percentages based breakdown of our expenses. Here we can see our monthly total in taxes is 416 dollars, 67 cents. And that taxes are making up about 13 perfect of our monthly expenses. Now as a bonus, if you want to break down how your loan will be repaid over the 30 years, you can click show amortization table and scroll through the numbers. If you like what you’re hearing so far please be sure to slam that like button for us.

Onto our Westchester home. This is another two family, a Westchester county tax rate is on the high, high end of New York State which translates into Westchester property taxes being a lot higher than Bronx taxes. Our taxes for this example will be 17,000 dollars, or 12,000 dollars more per year than for our Bronx home. Let’s change the price now to 450,000 dollars. That’s a 200,000 dollar price difference and we’ll see what we come up with. Even with the 200,000 dollar drop in price, our Westchester home still is going to cost us more on a monthly basis than our Bronx home. And this is because of property taxes. If you’re trying to figure out how do property taxes work when you buy a house, the key thing to know is that they have a huge affect on how much house you can actually afford. If you are considering buying a house and looking between the Bronx and Westchester, be sure that your lender gives you a pre-approval for each area. That is key. For a few ideas on how to get more money for our purchase to make the property tax bill a bit more palpable, especially if you’re looking at those Westchester taxes, you can check out my video here for unique down payment ideas and programs. Also, if you know someone that would benefit from this video on property taxes, please be sure to share it with them. Thanks again and I’ll see you next week.