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Hi everyone,
My wife and I are very close to purchasing a home in Wantagh and Im still extremely nervous about what to expect with the property taxes. We are from Brooklyn, and everyone is instilling this fear in me with all their property tax stories. I understand that the taxes in Nassau are high and im willing to bite the bullet, but here is the one thing that is almost preventing me from signing the contract....... The house we found is being sold for $600K. When I checked the property taxes online, the Fair Market Value for the home is only $340K so the taxes are approx $12K. I know the current owners have successfully grieved the taxes on the home. I heard that Nassau County is going to reassess every home in 2018. I guess my question is when they complete the reassessment, will they use the purchase price? The last thing I want to do is have the taxes jump to around $18K or $19K. Its so unfortunate to be able to afford a house of your dreams, and have taxes that are more than your mortgage payment. Any help would be appreciated!!!
Is the FMV for the home itself or home + property? $340K seems very low if it's both.
Nobody can tell exactly what will happen following the re-assessment, but $12K for a $600K home doesn't seem extreme either way, assuming it's not brand new. I would be surprised if it jumped 50%. The only thing you CAN count on for LI is that taxes will go up year after year.
Isn't the reassessment done on an annual basis? We have been able to successfully grieve our taxes although our purchase price was more than the assessed value by good 30%-many people have opposite question, that is, did they overpay for the house because the purchase price is more than the assessed value, but this is not correct way of looking at it because the purchase price is determined by supply and demand.
Taxes on LI are high in the absolute terms, but here are a few things to make you feel a bit better:
1. Moving out of Brooklyn means no longer paying NYC tax which is 4% of your income, I am going to make an assumption that you are making at least 150K to be able to afford 600K house, therefore, you are currently paying 6K in NYC taxes, ka-ching, savings here when you move to Long Island.
2. If you have kids, the money that you are going to spend on private school in Brooklyn, or on tutors to get them into good public middle or high school will be a more than property taxes.
They're not going to jump to 18k. They won't assess it for 600k based on purchase. I have family in Wantagh. They bought in '99. Taxes were $5,900 back then. They're now close to 13k before STAR. The big bulk of those taxes are school taxes. FYI, Wantagh has high taxes and the parents are usually always voting to approve whatever increase is proposed. Welcome to Nassau County. And be prepared to pay for tutors no matter where you live.
Fair Market Value on Land Record viewer should equal 80% of actual fair market value.
So a one million dollar home fair market value it 800K and assessed value is 800.
So the $1,075,000 house assessed at $656,000 has good taxes. But in 2018 reassessment it would only jump to 80 percent of $1,075,000 not the full $1,075,000
Fair Market Value on Land Record viewer should equal 80% of actual fair market value.
So a one million dollar home fair market value it 800K and assessed value is 800.
So the $1,075,000 house assessed at $656,000 has good taxes. But in 2018 reassessment it would only jump to 80 percent of $1,075,000 not the full $1,075,000
They are very coy about that 80% factoid, which is why i was scared away from grieving on my own.
It's all a game, you should be paying your part but the grievance system allows owners to shift the burden to those who don't make the effort. I will say a $600k value house should be paying upwards of $16k so if it goes to $18k in a few years, it's not completely out of the question. It's anyone's guess as to whether you can get a FMV ruling of $400k when they do the reassessment. Welcome to the neighborhood. It could be worse, you could be in Westchester.
when they do a county wide assessment it should be at 100% FMV but since they dont assess every year and folks grieve every years FMV starts to fall.
Starting Jan 2018 it will be back to 100 percent FMV and then as we all start grieving it will keep falling.
Super easy to greive on your own just say your house is worth 20% less than market value.
The FMV listed for my house on MyNassauProperty is less than I paid for the house and less than any reasonable comp. However, my tax reduction guy insists with certainty that it's assessed way too high. How are they arriving at this? An uninformed person looking at the property viewer would think I'm stuck at my assessment.
Let's do this with real numbers: FMV is $358,000. I paid $391,000. Tax agency says the county is really valuing the house at over $500k. How do they get at this?
How does an individual do their own appeal in this situation?
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It could be worse, you could be in Westchester.
