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Old 01-03-2008, 03:29 PM
 
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Default Property Tax Question?

We saw a house we absolutely love... the only thing stopping us is the property tax. Is there any way to get it lowered if we do decide to go for it? the taxes are almost $15,000 and the property isn't even that big! we've seen similar houses in the area about the same size with taxes that were much lower and more reasonable. how are they determined?
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Old 01-03-2008, 05:24 PM
 
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You need to know what the assessed value of the house is and how this assessed value compares to similar houses, and why it's assessed value is higher than houses that appear to be "similar" in value.

Property taxes are the product of the tax rate X the assessed value.
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Old 01-03-2008, 07:06 PM
 
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so, hypothetically, if i were to purchase the house for less than the assessed value, the taxes would go down? it seems that the house was assessed during the peak of the market so i am assuming that's the reason why the taxes are so high and the reason why the taxes for neighboring houses are lower. i just want to be certain that it won't be a problem trying to get the taxes lowered. thanks for the info.
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Old 01-03-2008, 07:25 PM
 
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Quote:
Originally Posted by snforstuff View Post
so, hypothetically, if i were to purchase the house for less than the assessed value, the taxes would go down? it seems that the house was assessed during the peak of the market so i am assuming that's the reason why the taxes are so high and the reason why the taxes for neighboring houses are lower. i just want to be certain that it won't be a problem trying to get the taxes lowered. thanks for the info.

In most of the 10 towns in Suffolk County, as well as in Nassau County where the county does the assessing, property is assessed as a fraction of its appraised market value. If, because, of falling market values, not just the property that you wish to buy but all properties get lower assessments while the various taxing districts budgets remain unchanged or higher, then the property tax rate (budget divided by the total of the property values in the taxing district) would increase, leading to a situation where property taxes (higher property tax rate X lower assessed value) increase even though the assessed values decreased.
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Old 01-04-2008, 10:15 AM
 
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Here is a link to one of the larger tax grievance firms on Long Island. You may want to check with them about your chances for a reduction. Mark Lewis Tax Grievance
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Old 01-04-2008, 11:49 AM
 
Location: Island of long
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Property taxes coming down? Now thats a good one. lol.
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Old 01-05-2008, 02:59 PM
 
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Default Possiblility, not probability

Quote:
Originally Posted by Walter Greenspan View Post
In most of the 10 towns in Suffolk County, as well as in Nassau County where the county does the assessing, property is assessed as a fraction of its appraised market value. If, because, of falling market values, not just the property that you wish to buy but all properties get lower assessments while the various taxing districts budgets remain unchanged or higher, then the property tax rate (budget divided by the total of the property values in the taxing district) would increase, leading to a situation where property taxes (higher property tax rate X lower assessed value) increase even though the assessed values decreased.
There is no mechanism that necessitates such a change. It could go up if government hiked the rates. But, if markets slide and property values drop it would be political suicide to start hiking rates - especially on middle class types who need the relief.
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Old 01-05-2008, 03:06 PM
 
Location: Palm Coast, FL & Floral Park, NY
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I would say Property taxes in general never go down no matter where you live in the country, LOL. On LI, school budgets make up a bulk of the property taxes so unless schools cut costs or the budgets get more efficient, taxes won't go down, or the decrease won' t reflect what people want to see. I do not know much about the person who oversees the Long Island Index, but this was a monthly post back in october 2007 regarding LI property taxes. Take it for what its worth.

http://www.longislandindex.org/filea...ax_Cutting.pdf
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Old 01-05-2008, 06:00 PM
 
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Originally Posted by NYNewbie View Post
There is no mechanism that necessitates such a change. It could go up if government hiked the rates. But, if markets slide and property values drop it would be political suicide to start hiking rates - especially on middle class types who need the relief.


Whether it is the local property owner voting on the school, library, fire or water district budget, or the town board, village trustee, city council or county legislature voting on their budget(s), they all vote for the amount of money needed from property taxes to pay for expenditures after netting-out state and federal monies.

This total of dollars to be raised from property taxes is then divided by the assessed value in each of the taxing districts that have approved a budget, and this calculation (total dollars needed for the budget divided by the assessed value) results in the property tax rate to be applied to property in that taxing district.

Thus, if the assessed value drops, by definition the tax rate must rise if the approved budget less other sources of revenue (state and federal monies) is equal to or greater than the previous year's budget less other revenues.

The various taxing districts generally approve a budget BEFORE they know the latest assessed value of all property in their respective taxing districts.
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Old 01-06-2008, 01:40 AM
 
Location: Long Island (chief in S Farmingdale)
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Quote:
Originally Posted by Walter Greenspan View Post
Whether it is the local property owner voting on the school, library, fire or water district budget, or the town board, village trustee, city council or county legislature voting on their budget(s), they all vote for the amount of money needed from property taxes to pay for expenditures after netting-out state and federal monies.

This total of dollars to be raised from property taxes is then divided by the assessed value in each of the taxing districts that have approved a budget, and this calculation (total dollars needed for the budget divided by the assessed value) results in the property tax rate to be applied to property in that taxing district.

Thus, if the assessed value drops, by definition the tax rate must rise if the approved budget less other sources of revenue (state and federal monies) is equal to or greater than the previous year's budget less other revenues.

The various taxing districts generally approve a budget BEFORE they know the latest assessed value of all property in their respective taxing districts.
Actually thats not entirely correct. While the budgets are voted for before the assessed value for that particular year is in, the assessed value which is used for that years taxes is the value from two years prior. For example the 2008 budgets and then the subsequent taxes for that budget is based off the 2006 value and assessments. Therefore when the voting for the budgets were done for 2008 (which was anywhere from last spring to fall depending on the particular district), the assessments that were to be used for the 2008 tax year were already known as they came from the 2006 assessed values.
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