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hi folks i`m a new homeowner here i am trying to figure out what and how to read my tax receipts so i can figure out what changes up or down my taxes are going. for 11/12 my assessed value is 839 i see also 12/13 is 792 as well as 13/14..thanks for your help in advance ..lou
thank you for your help yes i forgot to mention i am in nassau..
i have done that just trying to learn how to read it correctly and understand everything
Can you explain that 2% cap, because I just look at the home I sold a few years back and the school taxes just went up 9% in one year to 6,858 after the star rebate. It was 5,263 in 2008 Some of my old friends went up 10 even 12% for 2013. I thought 2% was the max
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Originally Posted by Goodnight
That doesn't sound right, the school district voters can override with a 60% vote but I don't know if there was a single case. There are exceptions to exceeing the 2% cap, capital costs, lawsuits but 12% sounds more like an assessment issue than a school budget increase. Seems like the assessments of properties in certain cataegories are hit harder than others.
The attached goves a good overview of the regulation:
I just read a couple of articles on the subject. The issue is the assessment system and redistribution of the tax burden. Most school districts have stuck to the 2% cap. However, Nassau County has been offering good deals to homeowners who have grieved their taxes. In addition, commercial taxes have been decreased. This burden is being shifted to everyone else. So the budget has been capped but it does not help those who have not grieved their taxes, as we are stuck picking up the tab.
Very scary indeed. I wonder how many more people will now need to foreclose on their homes.
I don't think this will impact foreclosure, because LI is one of those areas where there are so many people, there's always a last chance buyer. What it will do is increase short sales, especially for those who bought between '06 and '08. As the taxes become unaffordable for more and more homeowners, the stock of homes for sale will go up and prices will, inevitably go down.
As the property taxes sky rocket, do the arithmetic. Roughly double the tax bill and that's what you need to earn in order to pay the bill. So, if your property taxes are $12k, you'll need to earn $20,000 - $24,000 just to keep up. Yes, property taxes are tax deductible, but watch out for tax 'reform' efforts to limit deductions in the future and AMT, which already dilutes your deductions.
Property taxes are really a problem here, and obviously local politicians are showing they'll continue to raise the bar. I really don't see any economic upside to living on LI or in NYS for that matter.
I just read a couple of articles on the subject. The issue is the assessment system and redistribution of the tax burden. Most school districts have stuck to the 2% cap. However, Nassau County has been offering good deals to homeowners who have grieved their taxes. In addition, commercial taxes have been decreased. This burden is being shifted to everyone else. So the budget has been capped but it does not help those who have not grieved their taxes, as we are stuck picking up the tab.
As that article that BigMike linked to explains, even if you grieve your taxes and win, they will just raise your assessment rate to bring in the same amount of money that was coming in before.
There is no way around it - your taxes are going to go up no matter what you do. The system is rigged against the property owner because the county has the right and the ability to collect whatever it needs.
Our school taxes are up 11.3% for 2013! No change in assessment.
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