Buying a home in Yorktown Heights can feel like learning a new language. Between taxes, permits, inspections, and closing terms, it is easy to miss details that matter to your budget and timeline. This glossary breaks down the most important Westchester-specific terms so you know what to ask, where to verify, and how to plan. You will find plain-English definitions, local context, and official links to help you move forward with confidence. Let’s dive in.
Taxes and transfer fees
Assessed value vs market value
Assessed value is what the town uses to calculate property taxes, while market value is what a buyer is willing to pay. In Yorktown Heights, you should review the most recent tax bill rather than relying only on assessed value. Ask if any exemptions are in place for the seller. Verify tax details with the Town of Yorktown Assessor and the Westchester County Department of Finance.
Property tax components
Your annual bill often includes school district taxes, town taxes, county taxes, and special district charges for services like water, sewer, library, lighting, or fire. School taxes are usually the largest share in Yorktown Heights. Confirm the school district, any exemptions, and whether reassessments or rate changes are pending. Review the last two years of tax bills for a full picture of trends.
STAR exemption/credit
New York’s School Tax Relief (STAR) provides a property tax break for eligible primary residences. Some benefits may transfer automatically, and some require a new application after closing. Confirm eligibility and how to enroll through the New York State Department of Taxation and Finance STAR program.
Real estate transfer tax and mansion tax
New York State imposes a 1% “mansion tax” on most residential purchases of 1,000,000 dollars or more. Westchester County or local municipalities may also have additional transfer or conveyance charges. Who pays can vary by contract, so your attorney will clarify allocation. Confirm current local rules and recording requirements with the Westchester County Clerk.
County/municipal transfer tax
Some sales include county or municipal transfer fees in addition to state taxes. Your contract can allocate these costs to buyer, seller, or both. Ask your attorney to verify any local charges for Yorktown Heights and how they apply to your closing.
Mortgage recording tax and recording fees
When you finance your purchase, New York assesses a mortgage recording tax, and the county charges recording fees. Lenders typically estimate these in your Loan Estimate. Confirm line items and the latest recording practices with your lender and the Westchester County Clerk.
Special district assessment
Yorktown properties may lie in special districts for water, sewer, lighting, or stormwater. These charges can appear on your tax bill as recurring costs or as separate assessments. Ask your attorney and title company to confirm district status and any pending assessments before you sign.
Ownership, title, and closing
Fee simple, condominium, and cooperative
- Fee simple: You own the land and the home. This is common for single-family homes in Yorktown Heights.
- Condominium: You own the unit and share common areas through an association. Review budgets, reserves, rules, and any special assessments.
- Cooperative (co-op): You own shares in a corporation and receive a proprietary lease. Co-ops are less common in suburban Westchester, and they involve board approval and specific financing guidelines.
Title search and title insurance
A title company or attorney searches public records for liens, easements, and restrictions. An owner’s title insurance policy protects you against covered past defects. In Westchester, older subdivision filings can reveal covenants or easements, so review the title commitment carefully. Ask your attorney to explain any exceptions.
Deed types
Common deeds include warranty deed, bargain and sale deed, and quitclaim deed. In most residential resales, a warranty deed is typical, which provides strong seller warranties about title. Ask your attorney which deed will convey the property and what protections it includes.
Liens, easements, and covenants
- Lien: A creditor’s legal claim against the property until a debt is paid.
- Easement: A right to use part of the property for a specific purpose, such as utilities or drainage.
- Covenant or restriction: A recorded rule that limits property use. These can impact additions, accessory structures, or land use.
Closing costs and prorations
Buyer closing costs usually include lender fees, title insurance and search, escrow and recording fees, attorney fees, and prepaid items like property taxes and homeowner’s insurance. Transfer taxes may apply depending on the contract. Taxes, common charges, and utilities are typically prorated so each party pays their share for the time they own the property.
Permits, utilities, and inspections
Building permits and zoning
Yorktown zoning determines what you can build, where you can build it, and whether accessory structures are allowed. Before planning renovations or an accessory dwelling unit, speak with the Town of Yorktown Building and Zoning Departments to learn what permits or variances you may need. Ask for copies of existing permits and certificates before you close.
Certificate of Occupancy (CO)
A CO or certificate of compliance confirms that the structure and its use meet local codes. Some towns require CO updates at resale, or proof that additions and finished spaces were permitted. Ask the seller for the CO and any closed permits, and have your attorney confirm with the town.
Septic system and percolation test
Many Yorktown homes use private septic systems. A septic inspection evaluates tank condition, capacity, and leach field function, while a perc test may be relevant for new or expanded systems. Confirm system permits and records with the Westchester County Department of Health. Obtain a septic inspection during your contingency period if the home is not on municipal sewer.
Well water testing
If the property has a private well, test for bacteria and nitrates, and consider additional tests for metals like lead or arsenic. Review well depth, flow rate, and maintenance history. Your inspector or lab can coordinate testing, and county health records may provide background.
Radon testing
Radon levels vary across New York, so a radon test is recommended, especially for homes with basements. If results are elevated, a mitigation system can often address the issue. Ask your inspector about testing options and timelines.
Lead-based paint disclosure
For homes built before 1978, federal law requires a seller disclosure and an EPA pamphlet. You may also negotiate a lead inspection. Learn more from the EPA’s guidance on lead disclosure in real estate transactions.
Flood zone and FEMA FIRM
Use the FEMA Flood Map Service Center to see if a property lies in a flood zone, which can affect insurance costs and lender requirements. Yorktown has areas with mapped floodplains, so always check. Check FEMA flood maps using the FEMA Flood Map Service Center and ask your lender for a flood determination.
Wetlands and watershed rules
Some Westchester properties are subject to wetlands, stream corridor, or watershed protections that regulate tree removal, grading, and additions. Before planning site work, verify if restrictions apply. See the New York State Department of Environmental Conservation’s wetlands resources and confirm with the town.
Financing and buyer protections
Mortgage contingency
A mortgage contingency in your contract gives you time to secure financing and, if you cannot, a way to cancel without penalty as defined in the contract. The time frame is negotiable. Ask your attorney to explain milestones and notice requirements so you stay protected.
Appraisal contingency and local nuances
Appraisal gaps can occur due to high taxes, unique features, or limited comparable sales. An appraisal contingency can give you options if the value comes in low. Talk with your agent and lender about appeal paths and strategies to bridge gaps if needed.
FHA, VA, and conventional loans
All three are commonly used in Westchester. Property condition and systems like septic can influence approval, especially for FHA or VA. Discuss property type and inspection findings with your lender early to avoid surprises.
First-time buyer and local assistance programs
Programs from Westchester County and New York State can help with down payment, closing costs, or favorable loan terms, subject to income and purchase caps. Start by reviewing county offerings and then compare state options. Explore county programs at the Westchester County Housing site and consider energy-efficiency incentives from NYSERDA.
Quick verification checklist
- Obtain the last two years of property tax bills, and confirm exemptions and school district.
- Get a full home inspection; add septic inspection and well testing if applicable.
- Request the seller disclosure and review it with your attorney.
- Check FEMA flood maps and ask your lender for a flood determination.
- Request the title commitment and review all exceptions, easements, and restrictions.
- Confirm any special districts or pending assessments with the town and title company.
- Ask your lender to itemize mortgage recording tax and all closing costs.
- Verify permit history, CO status, and any finished areas with the town.
Make your Yorktown Heights purchase smoother
When you understand the local terms and where to verify details, you can plan your budget, protect your timelines, and negotiate with confidence. If you want a team that explains each step and coordinates inspections, permits, title, and closing tasks, we are here to help. Reach out to The Price Team to get local guidance and a clear plan from offer to keys.
FAQs
What property taxes should I expect on a Yorktown Heights home?
- Review the last two years of bills, confirm exemptions like STAR, and verify components with the Town Assessor and Westchester County Real Property.
How do I know if a home is on sewer or septic in Yorktown?
- Ask the seller and your inspector, then confirm with town water/sewer district maps and the Westchester County Department of Health for septic records.
Do I have to pay the New York mansion tax in Westchester?
- The 1% state tax applies to most residential purchases at 1,000,000 dollars or more, and your attorney will confirm if any local transfer fees also apply.
What inspections are essential for Yorktown Heights properties?
- Plan for a general home inspection, plus a septic inspection and well water testing if private systems are present; consider radon and lead-based paint checks.
How can I check if a property is in a flood zone?
- Use the FEMA Flood Map Service Center to look up the address and ask your lender for a formal flood determination.
Are there down payment assistance programs in Westchester County?
- Yes, county and state programs may offer help based on income and price limits; start with the Westchester County Housing site and compare statewide options.
