Originally posted by @Patrice Penda:
Hey @Lance Yang
Properties tax are not a function of the usage of the property.
They vary from one town to another and they can vary significantly. My impression is that relative to house prices, property tax in Hoboken are not too high compared to other towns. But it is just an impression, I never really looked at the data for property tax for Hoboken in detail.
Are the properties you are looking at for rental in Hoboken? Properties don't cash flow in Hoboken. So it doesn't surprise me that you have rented apartments rented for 2k when it doesn't seem to be enough to cover all the expenses.
People have been investing in Hoboken for price appreciation which in the past years have, by far, exceeded cash-flows returns investors made in other places.
Thanks Patrice, for the information that the usage of property is not a driver for property tax. I visited the city of hoboken tax collection website and checked out some records, and it appears that if I rent out my existing property it will still have the same property tax, which is a relief. Yes, I am considering Hoboken for rental property investment because it will be easier for me to keep an eye on in the near future. I am not planning to move out in the next five years. I have never rented in Hoboken but it is difficult to ignore all the "for rent" signs on every single block lol. My goal is to buy and hold so price appreciation is icing on the cake.
