People looking at properties in Syracuse often ask, "If home prices are this low, what's the catch?" While the sale prices may seem significantly lower compared to New York City or Long Island, the property tax rates tell a different story.

Onondaga County, where Syracuse is located, has one of the higher property tax rates in New York State, with the effective tax rate in Syracuse city hovering around 2.5% to 2.6%. This is well above the New York State median effective tax rate (about 1.9%) and the national average (about 1%).

According to Zillow, the average home value in Syracuse is around $175,000 to $180,000. Based on a median value of $177,000, the annual property tax would be approximately $4,500, which is not a small amount considering the low home prices. The effective tax rates vary by zip code, ranging from 2.35% to 3.85%, so it's advisable to carefully consider neighborhoods within Syracuse.

Insurance costs are reasonable due to the lack of hurricane or earthquake risks, but the area is prone to lake-effect snow from the Great Lakes, which can lead to roof load and ice damage. Expect to budget around $1,100 to $1,400 annually for insurance.

Maintenance costs should be realistically estimated at about 1.8% of the home price, or around $3,100 to $3,300 annually, considering that many homes in Syracuse are older. Pay special attention to the condition of old boilers and insulation, as these directly impact winter heating costs, so be sure to have a thorough inspection before purchasing.

To summarize the total annual ownership costs:

• Property Tax: Approximately $4,500
• Home Insurance: Approximately $1,100 to $1,400
• Maintenance Costs: Approximately $3,100 to $3,300

Combining these three items results in an annual cost of about $8,700 to $9,200, which breaks down to around $730 to $770 per month to cover taxes, insurance, and maintenance. Compared to other major cities, this is still a relatively light burden.

The New York State STAR program applies in Syracuse as well, so if you're a first-time homebuyer, be sure to submit your application after closing. Those nearing retirement should also consider the Enhanced STAR and local senior citizen exemptions to further reduce their financial burden.