508 South Main Street

508 South Main Street has been categorized by the local assessors in Newark, NY as a commercial type of property. The building on the property was first built in 1960 and is 64 years old. This is a single story building so stairs are not necessary to access other parts of the home. The linear feet between the front and back of the lot is 790 ft and across the front of the lot is 830 ft. The area measurement of the land has been determined as 6,534 square feet.

Want to learn more? We've sourced additional information from the local assessor's office that we've shared on this page with you. Moving on to the building itself. The condition of the building has been evaluated as average. From what we've gathered, the quality of these control joints have been graded with a letter grade of C by the local assessor. In terms of heating, the home is utilizing oil. Finally, the property is currently sourcing its water from a municipal system. It is connected to a municipal sewage system. Which is great for homeowners who don't want to worry about the responsibilities of handling a septic tank. Though, you may accrue additional fees to have your wastewater disposed. The property was last sold in Jan 12, 1996 for $50,000. That's $37.88 per sqft. Prior to that sales transaction, the property was also sold in Oct 13, 1994 for $55,000. 508 South Main Street was last assessed in 2023. The total value of the property was assessed at $120,000. Specifically, the land the property is located on was valued at $22,500. While improvements on the property were assessed at a total of $97,500. The total assessed value for this property is less than the total market value as of this moment. Which is great for tax purposes. The total amount of taxes due from a property owner is $3,875. If possible, try to put down at least 20% towards the down payment during your home purchasing process. While you may be able to buy a home with less than a 20% down payment, your lender may then require you to pay for a private mortgage insurance (PMI). PMI protects the lenders and lowers their financial risk in case the borrower defaults. Generally, you'll need to pay more PMI when your total loan amount is higher. However, certain factor such as your credit score, loan type, loan term, and loan-to-value ratio can all impact your PMI as well.