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Forgive me if this is a basic question. We kind of rushed into contract to buy a home recently (I know I know, shame on us) and I haven't been really happy with our realtor. Anyways, would someone please briefly explain how property tax reassessment works after the property changes owners? We are in the Town of Oyster Bay, and was wondering how it works.
Will TOB send someone to reassess the property in-person after we close, and we then get our new property tax rate? On average (roughly), how much will property taxes go up after we purchase the home? The home we are closing on seems to have pretty low taxes compared to the houses around it (considering the number of bedrooms and baths as well as the total SQ Ft) so we're worried that our property tax will get jacked up $2k - $3k.
The Town and county won't send any one to reasses. The lower taxes are probably due to the prior owner grieving every year and winning or the owners doong the kitchen and baths w/o permits.
Unlike other parts of the US where the assessment - and therefore the RE taxes - are based on the purchase price of the property, here, the County/Town establishes an assessed value (often not a true reflection of current market value) which transfers with ownership.
The Town and county won't send any one to reasses. The lower taxes are probably due to the prior owner grieving every year and winning or the owners doong the kitchen and baths w/o permits.
Yes, I think they grieved in 2012, looking at the LandRecord Lookup tax history.
Quote:
Originally Posted by Elke Mariotti
Unlike other parts of the US where the assessment - and therefore the RE taxes - are based on the purchase price of the property, here, the County/Town establishes an assessed value (often not a true reflection of current market value) which transfers with ownership.
Thank you for the confirmation. That would be great if this is true. So if the assessed value will be the same for us after the home changes owners, will the taxes stay around the same? My co-worker recently purchased a home in April and he said his property tax went up almost $1,000.
Quote:
Originally Posted by babysladkaya
You may also grieve your property tax-either do it yourself, or hire a firm which fee would be anywhere from 30 to 50 % off the achieved reduction.
I was thinking about grieving to lower the property tax even more, but I'm worried that this house has kind of "fallen under the radar" and has a lower assess value and tax that similar homes around the area. Then, if I grieve, it will kind of "focus the eyes of Nassau County reps" on my property, so the property tax may go down for this coming year...but the subsequent year they will jack the assessed value and taxes up significantly. Maybe I'm just paranoid, but I'm trying to decide to just ride out the current assessed value (kind of low compared to other similar properties) since its been at the same value since 2012, or try and grieve to lower it more.
Your assessment may not change when ownership changes, but your taxes can. For instance, if the prior homeowners had a senior STAR exemption - and you're not eligible for that exemption - your taxes will increase. Same with a Veteran's exemption. If you're not a veteran or if you don't meet the veteran's exemption criteria, expect your taxes to increase.
Also know that when you grieve your property's assessment, it can go down - but not up. You will not be penalized for grieving your taxes, nor will they "focus" on your property.
Best to get all the details on the property so that you'll have some idea of what to expect.
Your assessment may not change when ownership changes, but your taxes can. .
Exactly - your friend's taxes could have gone up for ANY reason, it wasn't the house changing hands. Nassau has an archaic taxing system, but the bottom line is they are going to collect the money they need every year no matter what. They will change the tax rate on everyone if they aren't getting what they need to pay the bills.
You are aware that the school taxes, which make up the biggest portion of your bill, goes up every year? It's not going to take long for your taxes to rise a few thousand dollars.
Also lets say school taxes rise 2% in your town you would think your school tax portion would rise 2%.
But Nassau has different rates for different types of properties, like commerical vs residential for instance. The average would be 2% your class or property could be more or less.
And if you did not grieve your school taxes will go up greater than 2% as they have to offset the folks who just got a lower assessed valuation.
I have three identical houses on my block and between exemptions and grieving they range from 6k to 13k a year in taxes.
The 6k house is a person with enhanced star and a VA exemption who greives every year and 13k house is a person with just basic star who never grieves
Thank you all for the responses. I looked up the property on LandRecord Lookup and it appears that the current owners just have Basic STAR applied, no other special exemptions. Therefore, we should "inherit" the same property assessment from Nassau County, and assuming we apply for Basic STAR as well (of course we will), we should theoretically get the same property tax rate (for this year anyways)? That is good to hear.
And regarding Grieving, it seems like there is no down-side to doing so, besides the 30% - 50% (of the total tax savings) fee? If this is the case, we will likely Grieve every year . Thanks again all.
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. Thanks again all.
