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There is no set percentage like there is in other areas of the country.
Probably looking at around 1 - 1.25%.
Very true, no set percentage on Long Island. The total taxes depend partly on the School District in which a particular property is located.
1 - 1.25%? That would mean a $400,000 house having RE taxes of $4,000-$5,000 in taxes--not!!!
More like $7,000-$10,000 (or even $11,000), depending on the location.
Very true, no set percentage on Long Island. The total taxes depend partly on the School District in which a particular property is located.
1 - 1.25%? That would mean a $400,000 house having RE taxes of $4,000-$5,000 in taxes--not!!!
More like $7,000-$10,000 (or even $11,000), depending on the location.
I know it didn't seem right, but I've seen those percentages bandied about. See, you can't trust everything you read on the internet!
Life is easy here - the tax rate is .0895! Even I can calculate that!
While in many other states the property tax rate is "fixed" and voters only vote, when they do, for the net-increase in the property tax rate, the variation in a property's property tax bill is proportional to the variation in the assessed value of the property, unless there has been an increase in the property tax rate.
In New York State, taxing districts figure out how much they meed to collect from property taxes after first subtracting intergovernmental transfers and other sources of revenue from their budget. The amount needed to be collected from property taxes is then divided by the total assessed value within that taxing district to calculate the property tax rate, which is then, along with the property tax rate for all other taxing districts in which that property is located, applied to an individual property's assessed value to determine the property tax on that property.
Property taxes are a hyperbolic function, where AB = C.
A = tax rate per $1,000 assessed value.
B = assessed value.
C = property tax.
The several taxing jurisdictions that a property is located in each figure out how much they need to collect from property taxes, after subtracting any other funds, including inter-governmental transfers, from their budget, and then divide this amount by the sum of assessed value within the taxing district to calculate the tax rate per $1,000 of assessed value.
Taxing districts that have a large commercial property tax base have a lower property tax rate than does a taxing district that does not have a large commercial property tax base, even if the two districts have the same budgetary expenses.
Also, and this is where many folks get confused, if much of the property in a taxing district receives a lower assessment, and if the budgetary expenses remained the same, if not larger, the tax rate would, by definition, rise to compensate for the decrease in assessments.
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See, you can't trust everything you read on the internet!
