ZFM

Welcome to my Blog

Please feel free to post comment on this blog if you own or would like to own properties in Western New York. Ask any questions you need answers to. I have a couple of years experience of owning in WNY, am a qualified Construction professional and have learnt a lot about the Real Estate system through the 10 properties I own with my family in Western New York.

Monday, 15 February 2010

Taxes

The landlord is responsible for paying all local property taxes. This includes the City tax and the County tax including school fees, user fees, registration, sewer and water charges. These are all payable whether the property is occupied or not!

Then there is the GST of 8% now added to all bills which were exempt until 1/1/10.
Then there is federal tax to be paid on profits. This is a major issue and will be the subject of at least a further blog post.

Payment of these bills is easier with some authorities than others.

With Rochester it is possible to set up a direct payment facility similar to a direct debit, so their bills are not a problem. Both Erie and Monroe County's insist on payment by check. Buffalo City will accept payment either electronically or by card but charge extra in both instances.Also the City of Buffalo computer cannot deal with addresses outside the US there fore we are left to pay by check.

The check remains the single most important means of payment in the US - even one of the insurance companies will only accept payment by check.

No comments:

Post a Comment