Nassau-Suffolk Counties, New York is a major transportation hub for New York City, renowned for its high property taxes and expensive real estate. Home to the Hamptons, a popular summer destination for the wealthy and famous, New York State stands out among US states with the highest property taxes. Among New York's many counties, Suffolk and Nassau counties on Long Island have some of the highest property tax rates (both above 2%). So why does Long Island have one of the highest property tax rates in one of the highest US states? To answer this question, it is important to understand the main factors that contribute to this.
In Suffolk County, single-family detached homes make up more than 81% of the housing stock - higher than any other county in the New York metropolitan area except for Pike County in eastern Pennsylvania. Housing appreciation over the past decade has skyrocketed in Suffolk County cities such as Centereach (+49.2%), Coram (+53.6%), Farmingville (+51.5%), Holtsville (+47.3%) and Lake Grove (+42.5%). As fewer buyers enter the market, demand decreases and Suffolk County's housing market becomes less competitive and expensive. The Nassau Inter-County Express system has buses that reach Nassau and Suffolk counties and parts of eastern New York City and Queens. Each of these can increase home prices and reduce potential housing supply, creating a more competitive housing market in Suffolk County. What isn't getting enough attention is the need to build more housing in the suburbs, especially in Nassau and Suffolk counties. Even if Suffolk County's housing inventory doubled or tripled overnight, the market would still favor sellers. As an expert in real estate and taxation, I can confidently say that there are several factors that contribute to why Suffolk County is so expensive.
High property taxes, a booming housing market, and limited housing supply are all contributing factors to why this area is so expensive. It is important to understand these factors in order to make informed decisions when it comes to buying or selling a home in this area.