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Challenging (“grieving”) property taxes seems to be successful on Long Island but not so common in NYC. The NYC Notice of Property Value says this:
In my case, the “effective market value” of my home is over $100,000 less than the “market value” per the Notice of Property Value. The effective market value is probably correct based on recent home sales on my block. It would be hard to prove that the market value is lower than the effective market value because the effective market value is probably what the home is worth.
I Feel like mine is probably pretty close, My realtor seems to think I could get 700k right now but I don't see it, either way, I doubt the assessed value would be much less if any than the prop tax assessment,
People forget water rates. Water rates have basically been another way to raise property taxes without officially raising property taxes.
Add your annual water rate to your property tax bill and there's your real proper tax bill.
The game in NYC has been clear for some time now. They'll rob those who are required to pay taxes to maintain and expand the welfare state in order to buy votes and stay in power.
Speaking of water rates - the water bill is broken into water consumption charge and wastewater charge.
It is my understanding that water consumption charge is how much water I've consumed, but what is wastewater charge?
Speaking of water rates - the water bill is broken into water consumption charge and wastewater charge.
It is my understanding that water consumption charge is how much water I've consumed, but what is wastewater charge?
Its the sewer charge, since there is no sewer meter on your house, its based off your water consumption. They assume most the water coming into your home, is eventually coming out.
Its the sewer charge, since there is no sewer meter on your house, its based off your water consumption. They assume most the water coming into your home, is eventually coming out.
Thanks I see.
My water bill almost doubled compared to last year, and I am trying to figure out if there might be a leak somewhere. (This is a multifamily house, so its not that straight forward).
Thanks I see.
My water bill almost doubled compared to last year, and I am trying to figure out if there might be a leak somewhere. (This is a multifamily house, so its not that straight forward).
That’s a lot, it’s likely a leak. Check for running toilets that’s a pretty common culprit with a cheap easy fix. Dripping faucets etc.
Turn off all water consuming devices in the house and watch the meter
Damn, Just checked I went from 621 to 688k. Real world value, I would maybe get 650k
My house was assessed at something ridiculous like more than 200K than what it sold for when it was purchased.
Quote:
Originally Posted by martinjsxx
Challenging (“grieving”) property taxes seems to be successful on Long Island but not so common in NYC. The NYC Notice of Property Value says this:
In my case, the “effective market value” of my home is over $100,000 less than the “market value” per the Notice of Property Value. The effective market value is probably correct based on recent home sales on my block. It would be hard to prove that the market value is lower than the effective market value because the effective market value is probably what the home is worth.
Yeah, it doesn't really work that well. I thought about trying but when I did the math it wouldn't really help.
Thanks I see.
My water bill almost doubled compared to last year, and I am trying to figure out if there might be a leak somewhere. (This is a multifamily house, so its not that straight forward).
Multifamily........................RED FLAG.
Go online to get an idea of the actual hours of water usage.
Look for time of unusual consumption. If so,
be at the house when this happens.
Access all apartments and check bathtubs,toilets and sinks for leaks.
Check your radiators for broken valves.
Look for any hookups possible portable washing machine being used.
Do tenants have access to basement slop sink,outside garden hoses,
etc.....
Confide in one of your tenants.Ask if they hear any
sounds of constantly running water running during any time of day.
If nothing is out of the ordinary and this consumption is eating into your budget
you have been undercharging and it is time to raise the rent.
It really isn't worth it for a little guy (1-3 family property) to challenge tax assessment. You can try, but city usually is so within the mark that things are right on button, and thus you won't get a reduction.
The authority is limited to clerical errors pursuant to Administrative Code § 11–206. ‘Clerical error’ is limited to transcription errors and errors in arithmetic and mathematics. The [DOF] is not authorized to act when the property owner maintains that the property is overvalued. Such issues are resolved upon review by the Tax Commissioner and/or the courts.
Perfect example of how too many cooks spoil the broth.
or is that crooks?
I suggest :
One simple flat rate on all square footage of livable space.
Example:
2,000 sq ft. of livable space X 2 = $ 4,000 in property taxes.
3,000 sq ft. of livable space X 3 = $ 6,000 in property taxes.
Simple. Effective. Done.
But Noooooooooo!
I have been around long enough to watch this entire process play out.
Purchased,rented sold, counted every penny and in the end you worked
for your half and the city steps in with their hands out to take the other half.
Welcome to N.Y.C.
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