From: "Mr. Macaroni" 
Newsgroups: alt.invest.real-estate
Subject: [help] real properties' taxation in USA (calculation)
Date: Thu, 16 Sep 2004 16:17:03 GMT

Hi to all,

I'm italian, not-US resident and I'm interested to buy a real property in
USA (touristic and investment purpose). I'm learning real estate taxation
and I hope you can help me. I want grasp the general principle so as  to
understand general taxation regime.
Please tell me if  the following principles are correct:

You buy a home for 500,000 USD (this sum will be our Estimated Market
Value).

Suppose it is a class 1. So  the the property's assessed value will
generally be  8%

Assessed Value: 500,000 * 8% = 40,000

My tax will be : Assessed Value *  Tax Rate
(for instance NY tax rates: http://www.nyc.gov/html/dof/html/taxrates.html)

Suppose my property is in class 2 (2003) :

Final tax on property : 40,000 * 12.620% = 5,048 USD

- Is this correct in principle ?
- Are there further taxes on garbage disposal, etc. ?

Thank you very much

Macaroni