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The house im about to sign contract on has 20k taxes this year, but with the new 2020-2021 proposed tax plan, they are set to be 14k. they havent been greived in forever, and a clearly 5k too high.
so if the new tax plan does go in effect, how many months will i be stuck with the high 20k tax bill?
September of 2020? is 20 months away, so 20 months?
if the doesnt go in effect and but i successfully greive the first chance i get, when would i be able to lower the taxes? and get them down to the right number?
just want to know for how many months will i have to pay the extra 500 bucks a month or so.
The house im about to sign contract on has 20k taxes this year, but with the new 2020-2021 proposed tax plan, they are set to be 14k. they havent been greived in forever, and a clearly 5k too high.
so if the new tax plan does go in effect, how many months will i be stuck with the high 20k tax bill?
September of 2020? is 20 months away, so 20 months?
if the doesnt go in effect and but i successfully greive the first chance i get, when would i be able to lower the taxes? and get them down to the right number?
just want to know for how many months will i have to pay the extra 500 bucks a month or so.
Town/County Tax Bills are sent out January 1 and July 1, whereas school tax is sent Oct 1 and April 1. Current tax assessments will be in effect for all of this year and next year for town tax, and for the remainder of this year and all of next for school tax. If you close on the home closer to April, you will basically only pay half of the current year's school tax, and all of next. The new school rate will take effect October of 2020, and the new Town Rate will take effect January of 2021.
I'm not sure how the new grievance process works, but I believe all remaining assessments under the old system are final.
Last edited by The Big Kahuna; 01-07-2019 at 10:05 AM..
Once you sign the contract, you can grieve on that home. Just attach the contract as an attachment and put it on the note that you will be the new home owner effective xxx (closing date). I believe the deadline is March 1 but I think it will be extended to April 1.
20-21 tax will be in affect Sept 2020.
If you grieve this year, it'll go in affect Sept 2020. You'll have to pay the full 20k this year. It could go lower than 14k if they accept your new assessment. However, there are two possibilities that hasn't been determined. One is instant tax change which will be 14k for 2020. Second is change in lowering your taxes over 5 years with the 6% cap.
For an example,
2020 - $19,000
2021 - $18,000
2022 - $17,000
2023 - $16,000
2024 - $15,000
For those who grieved every year, the 2nd option is what they want. Those who never grieved, the 1st option is the best.
The escrow may still ask for the full payment since they usually have a delay processing the new tax amount.
Once you sign the contract, you can grieve on that home. Just attach the contract as an attachment and put it on the note that you will be the new home owner effective xxx (closing date). I believe the deadline is March 1 but I think it will be extended to April 1.
20-21 tax will be in affect Sept 2020.
If you grieve this year, it'll go in affect Sept 2020. You'll have to pay the full 20k this year. It could go lower than 14k if they accept your new assessment. However, there are two possibilities that hasn't been determined. One is instant tax change which will be 14k for 2020. Second is change in lowering your taxes over 5 years with the 6% cap.
For an example,
2020 - $19,000
2021 - $18,000
2022 - $17,000
2023 - $16,000
2024 - $15,000
For those who grieved every year, the 2nd option is what they want. Those who never grieved, the 1st option is the best.
The escrow may still ask for the full payment since they usually have a delay processing the new tax amount.
I'm confused...Why would anyone want to only reduce their taxes gradually when they can realize the full $6K reduction immediately starting in 2020? I can understand favoring a gradual increase, but why a gradual decrease?
Once you sign the contract, you can grieve on that home. Just attach the contract as an attachment and put it on the note that you will be the new home owner effective xxx (closing date). I believe the deadline is March 1 but I think it will be extended to April 1.
20-21 tax will be in affect Sept 2020.
If you grieve this year, it'll go in affect Sept 2020. You'll have to pay the full 20k this year. It could go lower than 14k if they accept your new assessment. However, there are two possibilities that hasn't been determined. One is instant tax change which will be 14k for 2020. Second is change in lowering your taxes over 5 years with the 6% cap.
For an example,
2020 - $19,000
2021 - $18,000
2022 - $17,000
2023 - $16,000
2024 - $15,000
For those who grieved every year, the 2nd option is what they want. Those who never grieved, the 1st option is the best.
The escrow may still ask for the full payment since they usually have a delay processing the new tax amount.
that is very good to know thank you, i thought i had to wait to close.
Once you sign the contract, you can grieve on that home. Just attach the contract as an attachment and put it on the note that you will be the new home owner effective xxx (closing date). I believe the deadline is March 1 but I think it will be extended to April 1.
20-21 tax will be in affect Sept 2020.
If you grieve this year, it'll go in affect Sept 2020. You'll have to pay the full 20k this year. It could go lower than 14k if they accept your new assessment. However, there are two possibilities that hasn't been determined. One is instant tax change which will be 14k for 2020. Second is change in lowering your taxes over 5 years with the 6% cap.
For an example,
2020 - $19,000
2021 - $18,000
2022 - $17,000
2023 - $16,000
2024 - $15,000
For those who grieved every year, the 2nd option is what they want. Those who never grieved, the 1st option is the best.
The escrow may still ask for the full payment since they usually have a delay processing the new tax amount.
is the new tax assessment 100% going into place, and they are just determining wither its instant or 5 year plan?
my father in law said they are still debating whether to even use the new proposed assessment system.
Depends on where the house you are buying is located. Nassau or Suffolk?
For example, many (all? not sure, only having lived in two) Towns in Suffolk use March 1st as the cutoff date for any exemptions that will affect the tax bill that is mailed out in December of that year. Don't know if Nassau works the same way.
So for instance let's say I buy a house in Suffolk on January 15, 2019. The seller of that house has only been getting Basic STAR but I qualify for Enhanced STAR. As long as I file the paperwork for Enhanced STAR before March 1, 2019, the bill I'd get in December 2019 will reflect lower taxes due to the Enhanced STAR.
But supposed my closing doesn't take place until April 15 2019. The March deadline has passed and so even if I file the Enhanced STAR paperwork on April 16th, that December tax bill won't reflect it. It will be reduced only by the former owner's Basic STAR decause my paperwork was filed after the deadline. Timing is everything, as the saying goes.
The cutoff date for filing a tax grievance is May 22, 2019 for properties located in the Townships of East Hampton, South Hampton, Brookhaven, Riverhead, Babylon, Huntington, Shelter Island, Southold, Islip, and Smithtown. Don't what the cutoff dates are for Nassau towns but it's always sometme in May or June. That's because most Towns set their Valuation Date as July 1st. Deadlines for exemption filings are always earlier than deadlines for valuations/grievances.
If you are planning to use a tax grievance service they should be able to answer all your questions about filing dates and effective dates, though.
ETA: Most (all?) Towns in Suffolk only send one tax bill out, in mid-December, and it includes everything: school, town, county, special districts, the works. The first half of the total bill is due no later than January 10th. The second half can be paid any time before May 31st. Or you can pay the entire thing in either December or before Jan 10th. Depending on the amount of your tax bill and your income tax situation (and also whether or not you have a mortgage that escrows for taxes or you pay it separately yourself) it may be advantageous (or not) to split that total bill between two calendar years. That's a very individual-situation thing. Plus we now need to take into account the $10K/yr cap on SALT deductions. (don't get me started)
Last edited by BBCjunkie; 01-07-2019 at 10:18 AM..
Depends on where the house you are buying is located.
For example, many (all? not sure, only having lived in two) Towns in Suffolk use March 1st as the cutoff date for any exemptions that will affect the tax bill that is mailed out in December of that year.
So for instance let's say I buy a house on January 15, 2019. The seller of that house has only been getting Basic STAR but I qualify for Enhanced STAR. As long as I file the paperwork for Enhanced STAR before March 1, 2019, the bill I'd get in December 2019 will reflect lower taxes due to the Enhanced STAR.
But supposed my closing doesn't take place until April 15 2019. The March deadline has passed and so even if I file the Enhanced STAR paperwork on April 16th, that December tax bill won't reflect it. It will be reduced only by the former owner's Basic STAR.
The cutoff date for filing a tax grievance is May 22, 2019 for properties located in the Townships of East Hampton, South Hampton, Brookhaven, Riverhead, Babylon, Huntington, Shelter Island, Southold, Islip, and Smithtown. Don't what the cutoff dates are for Nassau towns but it's always sometme in May or June. That's because most Towns set their Valuation Date as July 1st. Deadlines for exemption filings are always earlier than deadlines for valuations/grievances.
If you are planning to use a tax grievance service they should be able to answer all your questions about filing dates and effective dates, though.
I was under the impression this was clearly Nassau County, as it has been re-assessed under the new program...which by the way, I don't think the new plan is "proposed"....the numbers online seem to be official (subject to grievance, of course)...
I'm confused...Why would anyone want to only reduce their taxes gradually when they can realize the full $6K reduction immediately starting in 2020? I can understand favoring a gradual increase, but why a gradual decrease?
Some owners are getting a 6k increase and prefer the gradual increase.
I don't think anyone who are getting their taxes reduced asking for the 5 year plan.
I was under the impression this was clearly Nassau County, as it has been re-assessed under the new program...which by the way, I don't think the new plan is "proposed"....the numbers online seem to be official (subject to grievance, of course)...
Aha, thanks, I wasn't sure because for some reason I was under the impression that the OP currently lives in Suffolk, from his previous threads; could easily be wrong about that though. :-) And so I was befuddled as to why anyone would want to move from Suffolk to the tax-assessment hell that is Nassau, LOL
People do grieve in Suffolk though I know the rules are different here. Most towns make you wait at least 2 years to grieve again if you are successful, whereas in Nassau I think people have been/still are allowed to do it every year whether successful or not?
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