Posted by LJD on December 10, 2012 at 08:51:43 from (75.251.45.22):
The question of buying a rural or semi-rural home and land in the east was brought up. Also some allusions to taxes being very high in New York. They probably are.
I just checked my records where we have our primary residence. Otsego County, NY. 80 acres. Mostly mature hardwoods and some hay and corn fields. Two wells, three septic systems, solar and grid electric system, several barns and workshops. Great mountain-top views, trout stream, two ponds, apple orchard, etc. 20 miles to the nearest hospital or Tractor Supply store. I just added up all our taxes (we get 8 tax bills since we have 8 deeds). Total taxes for one year, including school tax (the highest) are $2500.
If I was fool enough to knock down our house an build a brand new one the same size my taxes would go up by 4X.
I also checked my annual taxes for a small farm we have in northern Michigan (Presgue Isle County). 15 miles from Lake Huron and Rogers City. 50 miles from a hosiptal and the city of Alpena. 24 acres, a pond, woods, 5 acre field, new pole barn and a three bedroom ranch house built around 1965. Total taxes are $1300 and we are paying double since we are not full-time residents.
A friend of mine has been looking to leave NY and buy rural land in one of the Carolinas. Taxes are low as I hear but all the land he's found so far is $10,000 to $20,000 per acre. Seems unless you've got cash to buy outright - interest payments would outweigh the taxes.
One thing I'll say for central to northern NY and nothern MI. You can afford to buy land outright and have no debts. I haven't had a mortgage in 25 years, nor a car payment.
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