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I was doing some house shopping recently and came across a house that didn't make any sense to me.
The house is 12 Whaling Ave, Cold Spring Harbor, NY. It was listed at $649k with property taxes of $2725!
Thinking there was some mistake (maybe a missing "1" in front), I went to the assessor page and found the house, where it said true taxes are 3758 and total taxes after STAR exemption are 2725.
Does anybody know:
1) how the true taxes can be calculated, Its not obvious how a land value of 100, a total value of 1100, and a tax rate of 306.234 translate to 3758 in true taxes.
2) will the buyer of the house see the same taxes, or are they going to get a nasty shock of 12k (or whatever) when the tax bill arrives?
Just trying to understand what is going on and how things work.
I was doing some house shopping recently and came across a house that didn't make any sense to me.
The house is 12 Whaling Ave, Cold Spring Harbor, NY. It was listed at $649k with property taxes of $2725!
Thinking there was some mistake (maybe a missing "1" in front), I went to the assessor page and found the house, where it said true taxes are 3758 and total taxes after STAR exemption are 2725.
Does anybody know:
1) how the true taxes can be calculated, Its not obvious how a land value of 100, a total value of 1100, and a tax rate of 306.234 translate to 3758 in true taxes.
2) will the buyer of the house see the same taxes, or are they going to get a nasty shock of 12k (or whatever) when the tax bill arrives?
Just trying to understand what is going on and how things work.
Generally and officially speaking, there is supposed to be rhyme and reason to property taxes. Realistically speaking, there isn't. Typically, old/historic homes get taxed lower. But that house was built in 1930, so that's not historic. If the sq. Footage hasn't been changed, the taxes will be the same for next buyer. If the next buyer is a vet, they could be even lower! It's a really cute cottage.
I was doing some house shopping recently and came across a house that didn't make any sense to me.
The house is 12 Whaling Ave, Cold Spring Harbor, NY. It was listed at $649k with property taxes of $2725!
Thinking there was some mistake (maybe a missing "1" in front), I went to the assessor page and found the house, where it said true taxes are 3758 and total taxes after STAR exemption are 2725.
Does anybody know:
1) how the true taxes can be calculated, Its not obvious how a land value of 100, a total value of 1100, and a tax rate of 306.234 translate to 3758 in true taxes.
2) will the buyer of the house see the same taxes, or are they going to get a nasty shock of 12k (or whatever) when the tax bill arrives?
Just trying to understand what is going on and how things work.
1) You're on the right track!
Multiply the total value of 1100 by the tax rate and then add the charge for the "refuse district" (Trash pick-ups) in the amount of $389.34 (same cost for all properties in the Town of Huntington--not based on assessment) and you'll get the true taxes. The amount of the STAR exemption depends on the School District.
2) Yes, the buyer will see the same taxes until the next tax year (effective Dec. 1st), when the new tax bill will be somewhat higher--mostly because of school tax increases. No step up because of a sale!
It's a sweet house if you don't need too much space and the taxes are incredibly low (an aberration for sure!). The current owner bought it in 2011 (our company had the listing) and recently had the property on the market until late October. At this point it's off the market.
Tiny cottage in the Grove Street area for a whopper price (relative to size) - savings on property taxes v other homes in the school district can't overcome the price (relative to tiny home). Can't see family with school age kids spending 649K for that. No wonder it didn't sell.
Really a cute little house........a perfect condo alternative for a young couple, singleton or retirees. Not a lot of yard to take care of. Garage is a big bonus. Rarely do you see such a small house......with a garage.
Obviously, list price was/is the issue. Hopefully, they took it off the market for the winter. I just hate to see cared for homes pop back up as shortsales.
Can't beat those taxes though.......I had to stop and look twice when I saw the listing on MLS.
1) You're on the right track!
Multiply the total value of 1100 by the tax rate and then add the charge for the "refuse district" (Trash pick-ups) in the amount of $389.34 (same cost for all properties in the Town of Huntington--not based on assessment) and you'll get the true taxes. The amount of the STAR exemption depends on the School District.
2) Yes, the buyer will see the same taxes until the next tax year (effective Dec. 1st), when the new tax bill will be somewhat higher--mostly because of school tax increases. No step up because of a sale!
It's a sweet house if you don't need too much space and the taxes are incredibly low (an aberration for sure!). The current owner bought it in 2011 (our company had the listing) and recently had the property on the market until late October. At this point it's off the market.
Zillow shows it still for sale. Maybe it's not updated by agent.
It's $125k overpriced. Unless the current homeowner did the renovations, how do they expect to buy it for 525 and make 125k on it?
It's $125k overpriced. Unless the current homeowner did the renovations, how do they expect to buy it in the low 5's and make over 125k on it after 4 years?
It is not for sale. It HAS been withdrawn from the market. NEVER trust Zillow.
Mortgages get paid off.........or someone pays cash. Taxes always remain.
Show me where you can get into a desirable school district with such low taxes on LI.. and a house that despite its diminutive size......and slightly awkward layout.......is move-in ready. WITH a garage!
It is not for sale. It HAS been withdrawn from the market. NEVER trust Zillow.
Mortgages get paid off.........or someone pays cash. Taxes always remain.
Show me where you can get into a desirable school district with such low taxes on LI.. and a house that despite its diminutive size......and slightly awkward layout.......is move-in ready. WITH a garage!
Say what you want, but it sold for $525 four years ago. It didn't go up $125k in value.
Have you done the math on that extra 125k over the course of a 30 year loan?
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OP I also can't understand why the listed property is assessed so low for taxes in comparing the property to 19 Whaling ave the home is slightly larger but the true taxes are almost double (6k +) the biggest difference is the school tax which is being calculated at a much higher rate . Is it possible that this town/village is one who reassesses a properties value every time it is sold so a home with higher turnover is getting taxed at a higher appraisal? When I lived in Norfolk my neighbors house and mine were the same but his taxes were more than double because his home sold 5 times and mine only once before we bought it, every time it sold the base value was adjusted and annual tax increases were calculated from the new baseline.
It is not for sale. It HAS been withdrawn from the market. NEVER trust Zillow.
Mortgages get paid off.........or someone pays cash. Taxes always remain.
Show me where you can get into a desirable school district with such low taxes on LI.. and a house that despite its diminutive size......and slightly awkward layout.......is move-in ready. WITH a garage!
You said it yourself: diminutive and awkward. That means pay $650,000 for the taxes? The homeowner sat on it for 4 years and thinks he deserves to pocket $125,000 for the sake of it? That's not how RE works in a buyer's market. And the fact that it didn't sell says it all.
What family is moving into that awkward bungalow to reap the benefits of the good SD? They'd have to store the kids in that oh-so-precious garage.
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