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I am thinking of buying a house in Nassau County. Per mynassauproperty.com, the property's assessed value for 2015 is $802k with total taxes of $28k. Then, for 2016 and 2017, the assessed value drops to $684k, which means taxes should fall slightly to $23k.
Now, if I buy this house now FOR MORE THAN $802k, will that affect the property's assessed value and actually increase future taxes?
In general, when a house is sold, does the property's assessed value get adjusted to the actual sale price?
Just because an assessment drops........doesn't mean taxes will drop.
Budgets have to be met............so.........if a rate of $XX.XX times assessment doesn't fulfill the operating budget requirements......$XX.XX will go up to $ZZ.ZZ.
If I buy a house that's assess for 500, but I pay 450 for it, will my tax grievance only bring the assessed value down to 450? The taxes have never been grieved. Ever. A home three blocks away has 600 sq ft less, same style house, and the taxes are 10,900 vs 17k on the one we may purchase. Any opinions?
If I buy a house that's assess for 500, but I pay 450 for it, will my tax grievance only bring the assessed value down to 450? The taxes have never been grieved. Ever. A home three blocks away has 600 sq ft less, same style house, and the taxes are 10,900 vs 17k on the one we may purchase. Any opinions?
Think of it as when you got a crappy job and you started off with a very low salary, but then found out your co worker who does the same job makes 15k more than you and started a year later. You only get a 2% raise per year. Since you came in low you will forever stay low until you get a new job.
If you buy a house with low taxes and you keep them artificially low by doing renovations w/o permits and so forth. If you buy a home with high taxes good luck ever getting them reduced more than a small amount. Most likely the high tax house had work down with permits c/o etc and the county/town has adjusted accordingly. Had a neighbor that filled in his 20x40 in ground pool his taxes went down like $200 a year but he was defiantly paying more than that for the pool.
Think of it as when you got a crappy job and you started off with a very low salary, but then found out your co worker who does the same job makes 15k more than you and started a year later. You only get a 2% raise per year. Since you came in low you will forever stay low until you get a new job.
If you buy a house with low taxes and you keep them artificially low by doing renovations w/o permits and so forth. If you buy a home with high taxes good luck ever getting them reduced more than a small amount. Most likely the high tax house had work down with permits c/o etc and the county/town has adjusted accordingly. Had a neighbor that filled in his 20x40 in ground pool his taxes went down like $200 a year but he was defiantly paying more than that for the pool.
From experience, no it won't go up or down based on what you paid.
And we added a 2nd floor, raising our assessed value (FMV) over $150k. We grieved, and are now back to almost as low as when we didn't build up (+$20k). So it CAN go back down A LOT ($4k in tax dollars) even after it is assessed high at one point. Again, from experience.
But keep in mind, taxes will always increase over time regardless. You can check zillow for a complete tax history of every home and you can see how it trends up and how long it took to do so. From what I've seen here, +$5k over the last 10 years.
From experience, no it won't go up or down based on what you paid.
And we added a 2nd floor, raising our assessed value (FMV) over $150k. We grieved, and are now back to almost as low as when we didn't build up (+$20k). So it CAN go back down A LOT ($4k in tax dollars) even after it is assessed high at one point. Again, from experience.
But keep in mind, taxes will always increase over time regardless. You can check zillow for a complete tax history of every home and you can see how it trends up and how long it took to do so. From what I've seen here, +$5k over the last 10 years.
May I ask are you in Nassau? Town of Hempstead?
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