Quote:
Originally Posted by Hysterium
We are in the process of purchasing a house in Sayville. One of our conditions was that all CO's be in place. We just found out they went to the town and require a variance because the floor to area ratio is now 37.7% (Islip's limit is 25%). What kind of impact might this have on the property taxes?
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If they receive the variance, then it depends on how this affects the property's assessed value.
In case you were not aware, property taxes are the sum of the property tax levied by up to 20 or so taxing districts in which the property is located. These taxing districts are the county, town, village, if in a village, school district, library district, fire district, water district, sewer district, police district, police headquarters district, park district, parking district, highway district, lighting district, etc., etc., etc.
Each of these taxing districts passes a budget, some by a vote of the residents of the taxing district and others by the governing board of the taxing district.
The budget is then divided by the sum of the assessed value within the taxing district to arrive at the property tax rate, which is then applied to each individual property within the taxing district to calculate that property's tax bill for that specific property.
Do this for all the 20 or so taxing districts that a property is located in and sum these 20 or so property tax bills to arrive at the total property tax bill for that property.
Repeat the next year to calculate the next year's property tax bill, and so on and so on ...