Why property taxes never go down along with property values (New York: sales, transfer)

[formyblog]

Because property taxes in New York are not like income tax or sales tax. Here is a detailed explanation.

Long Island Property Taxes, New York's skyrocketing debt

[Walter Greenspan]

Originally Posted by Carla Hailey

The ways to determine the tax bill of a particular property are through it's taxable assessment and the taxing rate of certain county or place where the property is located.

Unlike many other states where the property tax rate is a legislated amount, in New York State the property tax rate is calculated each year as the taxing district's budget (less any inter-governmental transfers) divided by the sum of the assessed value in that taxing district.

So, if all of the property in a taxing district sees their assessed values decline and if the budget even remains unchanged, let alone increases, the property tax rate will increase with each property's property tax bill, even with a reduced assessment, staying the same or increasing.

[ClarkStreetKid]

Jeeze that's not a tax, that's robbery!

[qlty]

Quote:So, if all of the property in a taxing district sees their assessed values decline and if the budget even remains unchanged, let alone increases, the property tax rate will increase with each property's property tax bill, even with a reduced assessment, staying the same or increasing.

So if this is so what will it take to change this outrageous system?Or how can it be changed to a more equitable system?Many including my self has had to lower our standard of living just to afford living on over taxed long Island it's crazy.

[Walter Greenspan]

Originally Posted by qlty

So if this is so what will it take to change this outrageous system?

Reduce the various taxing districts' budgets.

[BigMike50]

Originally Posted by qlty

So if this is so what will it take to change this outrageous system?

It could be said in one word...........move