There's a place in NJ near NYC where you get a 2-bedroom cottage for only $600,000. It's one bathroom, no shower but there's a coin shower nearby. It's so expensive because its a hole in the wall but in a great location. It's small, about the size of a california closet.
However, after you pay the house in full, the property tax is 15% of $600,000. $90,000/year
If you don't pay the property tax the home is confiscated by the state. How much money should you have saved up in liquidity before you would buy this cottage?
However, after you pay the house in full, the property tax is 15% of $600,000. $90,000/year
If you don't pay the property tax the home is confiscated by the state. How much money should you have saved up in liquidity before you would buy this cottage?
In a state where property tax is 15% of home value, when to buy?
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