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Old 05-24-2010, 12:21 PM
 
80 posts, read 116,743 times
Reputation: 24

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Hi,

I'm looking at a home which is listed way below it's assessed value and is the MOST cheap home on the marker in that particular village.

The taxes however are KILLER and they are not taxes that are the correct ratio usually found on homes within that price range.

Again the home is WAY below it's market assessed value. It's being sold for very cheap.

The town is also affluent but the taxes are not fair in my completely objective & unbiased opinion for that particular property.

My question is this: If a home is sold way below what the assessed value is and it is the CHEAPEST home that was ever sold in that village...

Will the property taxes automatically down?

Could I file an appeal? What does an appeal cost? What is the process? How do you do it?

The county is nassau.

Please answer my questions, I would appreciate it.
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Old 05-24-2010, 12:27 PM
 
Location: Nassau, Long Island, NY
15,856 posts, read 17,083,126 times
Reputation: 6522
Quote:
Originally Posted by mcmsinger View Post
Hi,

I'm looking at a home which is listed way below it's assessed value and is the MOST cheap home on the marker in that particular village.

The taxes however are KILLER and they are not taxes that are the correct ratio usually found on homes within that price range.

Again the home is WAY below it's market assessed value. It's being sold for very cheap.

The town is also affluent but the taxes are not fair in my completely objective & unbiased opinion for that particular property.

My question is this: If a home is sold way below what the assessed value is and it is the CHEAPEST home that was ever sold in that village...

Will the property taxes automatically down?

Could I file an appeal? What does an appeal cost? What is the process? How do you do it?

The county is nassau.

Please answer my questions, I would appreciate it.
No, they will not automatically come down.

Real estate taxes usually go up or stay the same for the new buyer, almost never down.

Just because you got a bargain and bought the house at "less than it is worth" does not mean the assessor will lower the taxes to match the price you got it at.

There are also countless cases of LI homeowners whose home value actually went down (as in NOT that the house was sold for less than the assessed value but it actually assessed at less than what it used to be) and their property taxes went up. Reason: along with the lowered assessment value, the tax assessor simply raised the tax rates. I know a few people this happened to in Nassau very recently.

If you buy a home on LI, count on the real estate taxes you pay to continue to go up each and every year and the longer you stay in it, they will double, triple, quadruple, etc.

The reason for this is that the unions who represent public school teachers and administrators of public schools have run amok in their demands for ever increasing wages, pensions and health insurance benefits (for former employees and dependents after retirement too) and the vast majority of every single home on LI's property taxes goes to pay for that ever-increasing nut.

Real estate taxes on LI have nothing to do with the "value" of the home. You can find mansions that cost over $1M on multiple acres out in the summer towns of LI with property taxes as low as $1500 a year. Now if property taxes are based on "what a home is worth" how in the world does THAT happen when it comes to a seven figure pricetag home with acreage? Reason: not much of a school district with expensive unionized employees to support for their entire lives.
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Old 05-24-2010, 12:29 PM
 
340 posts, read 901,088 times
Reputation: 233
will they go down automatically? Not likely... no.

Can you grieve them? Yes... you could argue that the house is assessed far above the actual value- as in what you just bought it for. You can do it yourself, or hire a lawyer who will work on commission.

Keep in mind, the house may be cheaper than the assessed value, but property values have gone down across the board. The BUDGET has not gone down.. so, if your house has gone down 10% from the assessed value... and so has everybody else's... your SHARE of the tax burden (your bill) will be the same, or go up, along with everybody else's.

Every realtor who showed me a house with a high tax bil would say "oh, but you can grieve them" like it was no big deal. I asked why the current owner didn't grieve them and they never had a good answer.
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Old 05-24-2010, 12:31 PM
 
Location: Northport
448 posts, read 823,265 times
Reputation: 153
As stated above the taxes will not go down automatically based on purchase price.
However, you can try to grieve the taxes and use the contract of sale as an exhibit to demonstrate current home value. The purchase price will be one of many factors in determining the reassessed property taxes by the town assessor.
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Old 05-24-2010, 12:35 PM
 
Location: Nassau, Long Island, NY
15,856 posts, read 17,083,126 times
Reputation: 6522
For those recommending grievance ...

what is the average percentage property taxes actually go down after grieving?

Anyone I knew who did it successfully barely saved anything (1-5%) and if they used a grievance service had to give half of what they saved the first year to the service.

Then the County reassessed them and raised their property taxes to a higher level than what they grieved.
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Old 05-24-2010, 12:40 PM
 
80 posts, read 116,743 times
Reputation: 24
haha. real estate agents & their stupidity...

ROSLYN is the school district I have to pay taxes for...

scums... The criminals in the school district who stole taxpayer money still get to keep 100% of their pension and benefits!

They get paid a generous salary for doing nothing and they get to keep it. I hope Roslyn School District Board has a war of taxpayers complaining for justice of it's taxes.
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Old 05-24-2010, 12:44 PM
 
80 posts, read 116,743 times
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$10,000 a year for school..

$3,000 a year for general.

Total? Approx $13,000 a year for a modest home.
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Old 05-24-2010, 12:58 PM
 
1,837 posts, read 1,462,136 times
Reputation: 657
No, home taxes are done for what the home "could" bring in. If its in poor condition its assessment is as if it was in perfect condition.
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Old 05-24-2010, 01:06 PM
 
Location: Nassau, Long Island, NY
15,856 posts, read 17,083,126 times
Reputation: 6522
Quote:
Originally Posted by mcmsinger View Post
haha. real estate agents & their stupidity...

ROSLYN is the school district I have to pay taxes for...

scums... The criminals in the school district who stole taxpayer money still get to keep 100% of their pension and benefits!

They get paid a generous salary for doing nothing and they get to keep it. I hope Roslyn School District Board has a war of taxpayers complaining for justice of it's taxes.
The game is stacked over in Roslyn by its school board to "heads unions and administrators win; tails taxpayers lose" and this has been a tradition over there for decades and decades. Don't expect any complaints about property taxes to be addressed seriously.

Did you know that it is in the UNION teacher contracts of Roslyn that "Roslyn teachers must always be among the TOP 3 HIGHEST PAID SCHOOL DISTRICTS on Long Island?"

There are houses I absolutely LOVE in Roslyn, but I don't know if I would move there due to the property tax burden.
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Old 05-24-2010, 01:17 PM
 
80 posts, read 116,743 times
Reputation: 24
Quote:
Originally Posted by I_Love_LI_but View Post
Did you know that it is in the UNION teacher contracts of Roslyn that "Roslyn teachers must always be among the TOP 3 HIGHEST PAID SCHOOL DISTRICTS on Long Island?"
Talk about corruption and greed.

Something really needs to be done.
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