U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 08-12-2014, 11:00 AM
 
22 posts, read 72,423 times
Reputation: 12

Advertisements

We're looking at a house in the Town of Islip that was last assessed at $100k lower than the current market value. The house had a lot of work done to it, and is much nicer inside (and out). If we purchase at the new higher price, and the town re-assesses at some point -- will the taxes go up significantly? Currently, the taxes are around $7300/year...
Rate this post positively Reply With Quote Quick reply to this message

 
Old 08-12-2014, 11:12 AM
 
Location: Planet Earth
1,474 posts, read 2,815,927 times
Reputation: 1490
Yes, a higher assessment will result in higher taxes
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-12-2014, 11:18 AM
 
22 posts, read 72,423 times
Reputation: 12
Quote:
Originally Posted by MrBitterness View Post
Yes, a higher assessment will result in higher taxes
I know you're not the assessor's office but if the house was $100k more in a new assessment, and taxes were about $7300 before... any ROUGH idea where they mind end up around?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-12-2014, 11:27 AM
 
Location: Planet Earth
1,474 posts, read 2,815,927 times
Reputation: 1490
No idea
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-12-2014, 12:43 PM
 
Location: Long Island
9,630 posts, read 21,128,886 times
Reputation: 5405
Quote:
Originally Posted by The Shaman View Post
I know you're not the assessor's office but if the house was $100k more in a new assessment, and taxes were about $7300 before... any ROUGH idea where they mind end up around?

find out your local RAR rate (call the Town) and do the calculations.
In Town of Huntington it's currently .77
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-12-2014, 05:56 PM
 
Location: Long Island
9,440 posts, read 14,160,738 times
Reputation: 5809
Quote:
Originally Posted by The Shaman View Post
I know you're not the assessor's office but if the house was $100k more in a new assessment, and taxes were about $7300 before... any ROUGH idea where they mind end up around?
The assessor's office told me if the value goes up 50%, your taxes go up 50%. It ended up being pretty true. So use percentages to get an approximate figure.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-13-2014, 07:07 AM
 
4,539 posts, read 5,692,625 times
Reputation: 3481
NYS had a tax rate cap so taxes in general rise at most 2-3 percent year year.

You may have a double whammy the assessed value rising and tax rate rising.

BTW your sales price has extremely little to do with assessed value. Assessed value is normally based on comps of similar houses. Also you can greive your taxes.

In Suffolk, you just need to

Download and print 'Form RP-524' the official tax grievance form used for Suffolk County.
and fill out the grievance form and submit your completed grievance form to your Town before the deadline in May 2015.

If you are lucky current owner grieved by May 2014 deadline and maybe they won.

Either way your current purchase price has little to do with actual value, you could have overpaid or underpaid
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-13-2014, 09:18 AM
 
Location: Long Island
9,440 posts, read 14,160,738 times
Reputation: 5809
^ one thing though: his sales price, if lower than others' assessed values can help others to grieve their taxes. So anyone who bought for lower than his assessed value can at least help his grievance every year. When it comes time, don't ignore others' sales prices.

Last edited by ovi8; 08-13-2014 at 09:31 AM..
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Long Island
View detailed profiles of:

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top