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Sorry I'm a bit of a newbie on this stuff in the state of NY. It didn't appear this complicated when I learned about real estate in Florida....
1. When I look at the tax information for properties the property tax seems to be levied on a number (i.e. 4000) and then multiplied by the tax rates (i.e. 200) this makes $11,800??? Can someone help me understand this? Here's an example...
Also, what living space is included in calculations? Does it include full-sqft of the basement?
CURRENT YEAR (2009-2010)
Land Value 200.00
Total Value 4000.00
Tax Rate 287.538
True Taxes $11,870.80
Total Taxes $11,870.80
2. I am not familiar with the STAR program other than what I read on NYS' website. I am looking at houses and I notice that some of their tax records have the STAR exemption and some do not. Why would this be? If I bought a home that doesn't currently have it can I get it added on?
2. I am not familiar with the STAR program other than what I read on NYS' website. I am looking at houses and I notice that some of their tax records have the STAR exemption and some do not. Why would this be? If I bought a home that doesn't currently have it can I get it added on?
There could be two reasons why a house does not have the STAR exemption:
1. it is not the owners' primary residence
2. the owners haven't applied for it, either because of choice or ignorance...
If you buy a home, you have to apply for it - it does not transfer automatically. It's not a difficult process.
In what Town (or County) are you looking?
Last edited by Elke Mariotti; 11-27-2010 at 10:51 PM..
Sorry I'm a bit of a newbie on this stuff in the state of NY. It didn't appear this complicated when I learned about real estate in Florida....
1. When I look at the tax information for properties the property tax seems to be levied on a number (i.e. 4000) and then multiplied by the tax rates (i.e. 200) this makes $11,800??? Can someone help me understand this? Here's an example...
Also, what living space is included in calculations? Does it include full-sqft of the basement?
CURRENT YEAR (2009-2010)
Land Value 200.00
Total Value 4000.00
Tax Rate 287.538
True Taxes $11,870.80
Total Taxes $11,870.80
It can certainly be confusing . Especially since different taxing authorities might use different methods...
In your example, the land is assessed at 200 and the improvements (i.e. house, maybe detached garage and/or pool, etc.) are assessed at 3800, making it a total assessment of 4000.
The assessment remains the same unless you grieve your taxes successfully and it is lowered, or you further improve your property, i.e. adding a bathroom, an in-ground pool, expanding the footprint of the premises, etc., etc.
The tax rate can (and usually does) vary from year to year, depending on how much money the taxing authority estimates it needs to raise to operate and provide all services.
Generally, the basement is not taxed the same as "living space", because under current zoning (in the Town of Huntington), a basement can not be official living space, i.e. can not be a legal rental by itself (with the possible exception of one that is grandfathered). However, if a permit is obtained to add a bathroom in the basement, that counts!
Sorry I'm a bit of a newbie on this stuff in the state of NY. It didn't appear this complicated when I learned about real estate in Florida....
1. When I look at the tax information for properties the property tax seems to be levied on a number (i.e. 4000) and then multiplied by the tax rates (i.e. 200) this makes $11,800??? Can someone help me understand this? Here's an example...
Also, what living space is included in calculations? Does it include full-sqft of the basement?
CURRENT YEAR (2009-2010)
Land Value 200.00
Total Value 4000.00
Tax Rate 287.538
True Taxes $11,870.80
Total Taxes $11,870.80
2. I am not familiar with the STAR program other than what I read on NYS' website. I am looking at houses and I notice that some of their tax records have the STAR exemption and some do not. Why would this be? If I bought a home that doesn't currently have it can I get it added on?
Good Morning and Welcome to Long Island.
The 4000 is your total assessed value. This is what your towns assessment is for your property for taxes. This figure can be converted to market value. You need to look at your Property SnapShot. You can google this for the company name that provides them, its free. This will help you understand assessed value and market value for your property.
Yes, you can get STAR. If you don't have a STAR exemption listed on your tax bill or if you just purchased your home you can file for it with your Town, its easy to do. This tax reduction won't be effective until the next tax year. Be sure to keep your filing receipt.
[quote=jadidonato;16801032]
CURRENT YEAR (2009-2010)
Land Value 200.00
Total Value 4000.00
Tax Rate 287.538
True Taxes $11,870.80
Total Taxes $11,870.80
Where do you find this information? I would like to look this up on a few houses that I am looking to buy.
Say you close on a home right before the new year. Will the buyer still get the STAR for that year? What if you close after the deadline for submitting the STAR application?
Say you close on a home right before the new year. Will the buyer still get the STAR for that year? What if you close after the deadline for submitting the STAR application?
This leads into my next question. I looked at a house today and the assessed value is over $500k!!! INSANE! Listing price is in the upper 200's! The realtor indicated that I would not be able to grieve taxes until May for starting Jan 2012. Is that true? Doesn't the county adjust taxes based on a new assessment when a purchase is made?
I think the house would be a great deal for me to invest and live in but the taxes are a deal breaker. The taxes for the neighboring (similar sizes) houses are around 8500 not the 12000 currently being assessed.
On top of this...applying the STAR tax break question as well...??
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. Especially since different taxing authorities might use different methods...
