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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...
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?
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
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.
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
^ 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..
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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?
