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I know this has been discussed before but I'm still unsure how sale price affects taxes. I find listing after listing of homes with high prices and low taxes, and listings with low prices and high taxes, all in the same neighborhood! We all know that taxes in Nassau do not reflect true property value.
But how will taxes change on a property if I purchase it for a low value while the taxes are super high? I can contest the taxes, but the first year, I'm going to have to pay them? Is this correct? And will I have a good case to lower them afterwards? Will sale price have a big effect on the taxes afterwards? How much afterwards will that take effect? The following year or years later?
Taxes have nothing to do with the value of your home. They're supposed to, but nassau's system is insanely broken. You'll need to grieve your taxes but you won't see the benefit for up to 2 years.
I know this has been discussed before but I'm still unsure how sale price affects taxes. I find listing after listing of homes with high prices and low taxes, and listings with low prices and high taxes, all in the same neighborhood! We all know that taxes in Nassau do not reflect true property value.
But how will taxes change on a property if I purchase it for a low value while the taxes are super high? I can contest the taxes, but the first year, I'm going to have to pay them? Is this correct? And will I have a good case to lower them afterwards? Will sale price have a big effect on the taxes afterwards? How much afterwards will that take effect? The following year or years later?
Any info is appreciated.
You get stuck with the high taxes in your first year but then you have the worlds easiest tax appeal. This is exactly the position I was in. My assessment was subsequently reduced 24% followed by another 6% in the following year.
Low purchase price will make for and easy tax reduction. You can totally do it yourself, there are helpful groups on Facebook for it. Many do and say it takes all of 10 min. Sometimes longer first year. I used a service bc I'm lazy. Funny though bc I used to work for a company that grieved commercial property taxes! It'll take time and you always have to pay first, grieve later. Just no matter what, KEEP GRIEVING! It's been shown those who always grieve keep their taxes low and those who don't have even more uneven assessments. Fyi, Nassau is talking about a revaluation in 2018 so all our taxes can change. And another FYI, they can't increase your taxes if you buy a house for higher than their assessed value . That's illegal in N.Y. so you can't lose but can certainly win. Good luck!
To piggyback off of this topic -- I found a home in the town of Huntington with property taxes FAR FAR lower than surrounding properties -- we're talking sub-$5,000 true taxes before exemptions. Am I to understand that purchasing this home at fair market price wouldn't result in the taxes essentially doubling? A quick call to the assessors office resulted in them saying they only reassess when a grievance is filed or when square footage is added. Just don't want to find myself in a situation where a sudden large tax increase would stretch the budget too thin
To piggyback off of this topic -- I found a home in the town of Huntington with property taxes FAR FAR lower than surrounding properties -- we're talking sub-$5,000 true taxes before exemptions. Am I to understand that purchasing this home at fair market price wouldn't result in the taxes essentially doubling? A quick call to the assessors office resulted in them saying they only reassess when a grievance is filed or when square footage is added. Just don't want to find myself in a situation where a sudden large tax increase would stretch the budget too thin
In the Town of Huntington, they will not reassess when property changes hands.
So, Elke, in cases like that, the best thing is to NOT grieve, right? IF you grieve, they re-asses and they could raise your taxes.... OR if the grievance would lead to a raise in taxes there's a protection for the home-owner so that they would not do it?
So, Elke, in cases like that, the best thing is to NOT grieve, right? IF you grieve, they re-asses and they could raise your taxes.... OR if the grievance would lead to a raise in taxes there's a protection for the home-owner so that they would not do it?
Thanks,
Hipo
It's interesting but true - if you grieve and it turns out you're "under-assessed", they will not re-asses and raise your taxes because of it. Those departments don't seem to talk to each other
If you're in the Town of Huntington, it's easy to find out what you're assessed at and you can use that as a determinant whether or not to bother.
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