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Old 04-07-2009, 03:04 PM
 
7 posts, read 20,453 times
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I've made an offer to buy a house in Westchester that is currently "the ugliest on the block", but I love it. We're not planning to flip it or anything; it will be our first home. Considering it's condition and in comparison with surrounding houses and the taxes, I was wondering how to go about a grievance.

What do I need to know, generally?
What works in my favor?

Any thoughts are appreciated.
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Old 04-07-2009, 05:09 PM
 
701 posts, read 2,924,126 times
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Each town typically has a meeting once per year, where you can grieve your taxes. Your taxes are based on the "assessment" of your home, which is typically a formulaic manipulation of the fair market value. The town assessors office can tell you the current assessment on the property, and the fair market value it reflects.

To grieve your taxes, you need to show it is assessed over the market value. Since you are now buying the property, you have strong evidence of the current market value ---- the sales price. You can use the sales contract as evidence.
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Old 04-07-2009, 09:43 PM
 
7 posts, read 20,453 times
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Thank you very much for sharing. I will give a call tomorrow to get the current assessment. I appreciate your help!

Kimberly
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Old 04-09-2009, 11:04 PM
 
2,328 posts, read 5,048,344 times
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Not only do you need the current assessment but you need something called the residential ratio. So for example, if the assessment is $40,000 and the residential ratio is 10%, the assessor is saying your house is worth $400,000 ($40,000 divided by 10%).
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Old 04-15-2009, 10:17 AM
 
205 posts, read 473,108 times
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I bought a house a year ago, and the realtor that I used also files tax greivances. I didn't need to do this myslef, but we spoke about it. It sounded quite reasonable...he seemed familiar with the rules, ratios, and procedures for the various municipalities; would do all the work in challanging the assessment; and would charge something like 50% of the first year's savings as his fee. I could see how you might think this is something that you could do yourself, and view this as a waste of money, so I guess this approach is more for the type of person that uses an accountant instead of filling themselves. Any way, just letting you know that this option exists.
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