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Old 10-17-2011, 08:43 PM
 
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So I'm looking at a house with pretty high taxes. House is pretty cheap though. What are the chances I can get the taxes reassessed and lowered ? Aren't the property taxes based on home values as a whole ?
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Old 10-17-2011, 10:17 PM
 
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Property taxes are the sum of the property tax levied by up to 20 or so taxing districts in which the property is located. These taxing districts are the county, town, village, if in a village, school district, library district, fire district, water district, sewer district, police district, police headquarters district, park district, parking district, highway district, lighting district, etc., etc., etc.

Each of these taxing districts passes a budget, some by a vote of the residents of the taxing district and others by the governing board of the taxing district.

The budget is then divided by the sum of the assessed value within the taxing district to arrive at the property tax rate, which is then applied to each individual property within the taxing district to calculate that property's tax bill for that specific property.

Do this for all the 20 or so taxing districts that a property is located in and sum these 20 or so property tax bills to arrive at the total property tax bill for that property.

Repeat the next year to calculate the next year's property tax bill, and so on and so on ...
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Old 10-17-2011, 10:32 PM
 
Location: Wallens Ridge
3,122 posts, read 4,932,898 times
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In case you don't understand Walter's master thesis
I'll simplify it for you.. no it doesn't
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Old 10-17-2011, 11:29 PM
 
Location: Long Island
9,918 posts, read 23,024,907 times
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Actually, I dare say "it depends"

Of course you didn't give us any numbers or neighborhoods; what you think are "high taxes" may just be the norm for that size house in that particular neighborhood/Town/School District.

Then again, it may indeed be overassessed, in which case you'd have a good case to grieve. We just don't have enough information...
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Old 10-17-2011, 11:32 PM
GPC
 
1,308 posts, read 3,396,617 times
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Quote:
Originally Posted by BigMike50 View Post
In case you don't understand Walter's master thesis
I'll simplify it for you.. no it doesn't
Short and straight to the point - I like your answer!

To the OP - I wouldn't count on getting the taxes decreased. If that's a major factor in you being able to afford the house, I wouldn't buy it if I were you.
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Old 10-18-2011, 06:36 AM
 
Location: under the beautiful Carolina blue
22,614 posts, read 36,516,975 times
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You might get them decreased a bit, but I wouldn't count on a 20% or more reduction in most cases. If it's in a village, forget it - Village taxes can be very high and not likely to go down.
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Old 10-18-2011, 07:56 AM
 
2,851 posts, read 3,459,584 times
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Quote:
Originally Posted by bmg97 View Post
So I'm looking at a house with pretty high taxes. House is pretty cheap though. What are the chances I can get the taxes reassessed and lowered ? Aren't the property taxes based on home values as a whole ?
Check around houses in the area. Give a pretty good idea on whether they can be reassessed or not.
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Old 10-18-2011, 08:17 AM
 
4,288 posts, read 2,040,425 times
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In the Town of Brookhaven getting taxes lower was very easy. You go to the town offices, look up comparables to your home, fill out a form with some helpful clerks there to help , etc.

I would recommend go to the taxing agency, they probably have a database to use like in Brookhaven, compare the value of the home you are buying to other homes in the area. If they are similar to the price of the one you are buying and their taxes are lower you will probably win.
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Old 10-18-2011, 08:43 AM
 
Location: Former LI'er Now Rehoboth Beach, DE
13,034 posts, read 17,909,398 times
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As previous posters have stated, we have little info to go on. Where is this house? Incorporated Village, unincorporated village. What are the taxes.? We all think our taxes are too high but are you looking in a "higher" tax area? We don't know how much you would hope to lower the taxes by to make you happy with the potential purchase price and of course, if you were able to get a reduction and the hosueing market pulls out of its' slump eventually you would be back or close to where you are currently. I would say as a general rule of thumb, if you were able to grieve your taxes and receive a reducation, I would doubt it would be appreciable enough to make a difference. FWIW The last figures I ahve seen stated the median taxes in Nassau County were a little less than $9200 in 2009.
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Old 10-18-2011, 08:51 AM
 
9,341 posts, read 29,557,715 times
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Quote:
Originally Posted by nuts2uiam View Post
Incorporated Village, unincorporated village.
There is no such geographic entity as an unincorporated village.

In New York State, village means a municipal corporation and thus an unincorporated village would be an unincorporated corporation, which is an oxymoron.

NYS Geographic Glossary may be of some help to you in understanding the geography of "Lawn Guyland".
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