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I have been doing some research into a possible move to Central/Eastern LI. Looking at school district tax rates...I am confused. I see many districts listing rates of $150 to $200 per $100 assessed amount. Is that the assessed amount of your home?
Can I get an idea of what some assessed values and subsequent school taxes are for central and eastern LI (say Brookhaven to Riverhead)...or are thay just too variable for a good estimate??
It is confusing.. okay.. well I know about Nassau county but im' sure Suffolk is not very different. Thsi si teh definition of assessed value from the Nassau property tax website www.mynassauproperty.com
Assessed value is a uniform percentage of the market value of the property as of January 2 of any given year. (Market Value x Level of Assessment = Assessed Value)
So.. if your assessed value is say 800 and the tax rate is 100 per assessed value than your taxes are $8,000 .
if you go to the link that I put in above you can look up any address in Nassau County and find out what the taxes are and what the star is AND also how the tax for each property is broken down wit hte terms explained. I do nto know if Suffolk County has a similar website, but I don't think they do. But, this should help you understand the taxes, as Suffolk taxes in a similar fashion.
Taxes here ARE INSANE.. here's a breakdown...sort of
Quote:
Originally Posted by alexei27
Oh ok...that does clear it up. So...are property taxes AND school taxes both one lump sum then...and caculated that way??
We are moving to LI from Utah in Nov (just in time for a Nor'Easter no doubt!) and taxes are the biggest sting.
Thanks for the help!!
Hi..
Your tax bill is broken down into General and School Taxes. School taxes are the largest chunk of your taxes. My School Taxes are $4592.19. My general taxes are $2.246.22. Now. Everyone is entitled to a star exemption as long as you file for it when you move into the house (and you only have to file it once) so my star exemption is 1072.77.
Taxes on LI are KILLER.. About $600 a month of my mortgage goes to my escrow account (a very small portion goes for homeowners insurance.. mine is about $1000. a year.. but it will be giong up because, according to the insurance companies "We're due for a hurricane"..which is the BIGGEST load of .. well you know!). Taxes do increase every year too.
Again.. this is Nassau County. I own a 4 Bed, 2 Bath home with no basement .. market value a little over $400K.. Suffolk County is slightly different.
Find an address in Nassau county then look it up on that website and it will tell you EXACTLY how the taxes are broken down, paid etc. It's too bad that Suffolk doesn't have a similar site because it really is so helpful.
Oh ok...that does clear it up. So...are property taxes AND school taxes both one lump sum then...and caculated that way??
We are moving to LI from Utah in Nov (just in time for a Nor'Easter no doubt!) and taxes are the biggest sting.
Thanks for the help!!
Woops.. the answer is no. they are seperate and are taxed on a different amount per assessed value. .. it's a little lower per 100 on general than on school
Yup...after my little tax bill of $1200 per year in Utah there will be some sticker shock.
I am planning a house hunting trip in early October...hopefully those late season hurricanes stay away!
I should probably throw this is in...I am a meteorologist! Let the tomatoes fly :-)
Hi.. wow.. meteoroligst.. pretty neat.. let me ask you this.. is there ANY scientific data to back up the retarded "we're do for a hurricane" excuse that insurance companies are using to drop and/or raise insurance rates on LI. Because it sounds extremely ridiculous to me. We haven't had a hurricane reach here in a long time and in my lifetime the ONLY hurricane we had was Gloria back in the 80's.
I jsut wonder if there is any scientific data to support it..like weather patterns or SOMETHING.. because as far as I'm concerned they are VERY rare up here..not like further down south on the coast..
And.. just a little warning .. not only are your taxes going to be higher but so are a lot of other things.. like car insurance and so on and so forth. My electric bill on my small house is $170/month and it cost me probably about $250/month in oil to heat my house last winter. Cost of living is high here..
Yeah it is a rare occurrence...however in my opinion, there is an increased risk. Some of the reasons are that the tropical cyclone patter in general is getting near the high end of its cycle...so for the next decade or two there will simply be more storms out there. That's not a global warming argument...its just that hurricane frequency is cyclical...and we are in the busy part of the cycle.
Another reason isn't as much the chance of a hurricane hitting Long Island...it's that now no matter where it hits there is a better chance of their being a lot of people there. With the amount of development along the south shore since the last hurricane...the chances for significant property damage and loss of life is greater.
So...while there may not be a specific pattern in place to support the doomsday scenario...there is an increase in the number of storms...and the amount of damage one can do. Its what futures are all about. There is actually a HUGE amount of money in weather futures being traded on the stock markets. Its big business.
Unfortunately I cannot partake because of conflict of interest
...I would use 330% per $1000 as my total property tax....or $6633 (Shoreham is the closest to Sound Beach where I live).
Does anyone know if that makes sense...330% per $1000???
Thanks!!
Its a little more complex than that. Sound Beach is not a village, Shoreham is. As a result you do not pay a separate village tax in Sound Beach as you do in Shoreham. However, you will pay a higher town tax in Sound Beach than you will in Shoreham. I don't know Suffolk as well as I know Nassau, but under Shoreham you would pay a village tax of $330 per amount of assessed value (whatever it is out there) and a town tax of $83.72. In Sound Beach you don't have that $330 amount, but the $83.72 climbs to $202.49. Their could also be other factors missing since Sound Beach is not a village (such as Water, fire district) though I'm not sure how that works in Suffolk. so its hard to say if the $6,633 figure you came up with would be accurate as well in Sound Beach, however that figure does seem high on a home for $300,000. As even with the high taxes on Long Island you don't really see homes whose taxes are more than 2% of their total value, for example my in East Massapequa (although in the Mass PK postal code & Massapequa School district) 2007 taxes were 1.91% of the 2005 value, and thats without the basic star exemption, with the basic star exemption its 1.69%. Also as I said the 05 value, I'm not sure how it works in Suffolk, but in Nassau your taxes are based on the value of two years prior. As a result despite the recent drop in prices the assessed value on next years taxes is going to be higher than the past year because prices between Jan 05 & Jan 06 rose. However that does not mean the corresponding taxes will rise if the jurisdiction doesn't raise taxes themselves, as long as the change in value is in line with the average change in value in the jurisdiction. This is done to protect against people paying higher taxes than others in properties worth more than their own. For example if your home is worth $450,000 lets say the exact average of the county, it jumps to $475,000 which is the exact same jump of the county, your taxes won't increase at all if the county doesn't raise taxes. Now if your home raises to $480,000 and you see that same $475,000 county average jump you will see a slight increase in county taxes (if the county taxes don't change) though it will be very slight. Likewise if your value actually goes to $470,000 you will see a slight drop. Its school taxes which have BY FAR the biggest impact on taxes.
Anyway I know it doesn't exactly answer your question, but their is often confusement over how reassessment works so thought this would be a good thread to clear that up in since it was about property taxes.
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Taxes here ARE INSANE.. here's a breakdown...sort of
