Daily Archives: December 9, 2010

Bedford NY Increases Real Estate Taxes With New Budget | Bedford NY Real Estate

Barring unlikely last-minute changes, Bedford property taxes will climb 2½ percent next year despite across-the-board cuts in the town’s discretionary spending.

At a public hearing Tuesday, the town board formally unveiled its tentative 2011 budget, which calls for $25.1 million in spending, largely financed by a property-tax rate of $29.38 and higher fees for town services.

The budget presented Tuesday night would automatically take effect Jan. 1 if the town board does not act on it by Dec. 20.

It cuts all departments’ spending, as it has for the past three years. In 2011, however, the departmental funding reductions, averaging about 10 percent, will extend to the town’s three libraries, which had been spared in the earlier economies.

Saying he spoke for all the libraries, Ed Baum, president of the Katonah Village Library board of trustees, told the board, “We are living in an atmosphere of great uncertainty.”

Besides Baum, only Fiona Mitchell of Bedford Hills, who urged the town to stop leaf pickups, and another audience member who agreed, were the only speakers at the hearing

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Chappaqua NY Buy of the Week | Chappaqua NY Real Estate

Prudential Holmes and Kennedy buy of the week in Chappaqua NY.

Asking $659,000.  Will sell in the $500s because it needs updates. Over 1 acre of land. 

Neighbors are Million dollar homes.  I have heard buying the cheapest home in the neighborood is a good thing.

This is it.

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Home Mortgage Rates Climb in Bedford NY | Bedford NY Real Estate

Home-mortgage rates climbed this week, with the average rate on the 30-year fixed-rate mortgage at its highest since the end of June, according to Freddie Mac’s weekly survey of conforming mortgages, released on Thursday.

Rates on the 30-year mortgage averaged 4.61% for the week ended Dec. 9, up from 4.46% last week. It is the fourth week in a row that the mortgage rate rose; it averaged 4.81% a year ago.

“Interest rates for 30-year fixed mortgages are now almost a half percentage point higher than the record low set in mid-October, which for a $200,000 conventional loan amounts to $50 more in monthly payments,” said Frank Nothaft, chief economist, Freddie Mac, in a news release.

Fifteen-year fixed-rate mortgages also rose this week, averaging 3.96%, up from last week’s 3.81%, according to the survey. The mortgage averaged 4.32% a year ago.

Meanwhile, adjustable-rate mortgages also moved higher, with the five-year Treasury-indexed hybrid adjustable-rate mortgage averaging 3.6% this week, up from 3.49% last week. The ARM averaged 4.26% a year ago. And one-year Treasury-indexed ARMs averaged 3.27%, up from 3.25% last week. The ARM averaged 4.24% a year ago.

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