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Old 02-06-2016, 10:38 PM
 
Location: Nassau County
29 posts, read 29,094 times
Reputation: 30

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It's so complicated how we are taxed. You have absolutely nothing to lose if you retain one of those tax consultants who will do the research for you regarding the amount of taxes you are assessed. You only pay a percentage of the savings one time if the consultant is successful usually 30-50%, and if they are not you do not pay anything at all.


Let a professional help determine if you are paying too much. You $10K in taxes maybe be right on this year, but high next year so you should have it reviewed every single year. You can do it yourself but I think it's best to hire a professional who knows how to navigate the process and maximize any potential reduction. Hope that helps.
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Old 02-07-2016, 11:34 AM
 
1,039 posts, read 1,148,002 times
Reputation: 817
Quote:
Originally Posted by janetnation View Post
It's so complicated how we are taxed. You have absolutely nothing to lose if you retain one of those tax consultants who will do the research for you regarding the amount of taxes you are assessed. You only pay a percentage of the savings one time if the consultant is successful usually 30-50%, and if they are not you do not pay anything at all.


Let a professional help determine if you are paying too much. You $10K in taxes maybe be right on this year, but high next year so you should have it reviewed every single year. You can do it yourself but I think it's best to hire a professional who knows how to navigate the process and maximize any potential reduction. Hope that helps.
The process is written on an 8th grade reading level and takes ten minutes to do. How stupid would someone have to be to hire someone on a single family house?
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Old 02-07-2016, 12:10 PM
 
Location: Nassau County
5,263 posts, read 4,701,467 times
Reputation: 3967
Quote:
Originally Posted by DelightfulNYC View Post
The process is written on an 8th grade reading level and takes ten minutes to do. How stupid would someone have to be to hire someone on a single family house?
Yeah whatever. One less thing I have to do myself. I'd rather pay someone thanks. Same reason i pay someone to clean my house.
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Old 02-07-2016, 12:30 PM
 
1,039 posts, read 1,148,002 times
Reputation: 817
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Originally Posted by peconic117 View Post
Yeah whatever. One less thing I have to do myself. I'd rather pay someone thanks. Same reason i pay someone to clean my house.
Except the time spent to do it in Nassau is under 5 minutes, last year I saved 2k on my grievance so you have to make more than $12,000 an hour at work to justify doing it yourself.

A maid you just have to make more than hour than a maid and not have a wife to justify
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Old 02-07-2016, 01:31 PM
 
1,143 posts, read 1,523,437 times
Reputation: 742
Quote:
Originally Posted by DelightfulNYC View Post
Except the time spent to do it in Nassau is under 5 minutes, last year I saved 2k on my grievance so you have to make more than $12,000 an hour at work to justify doing it yourself.

A maid you just have to make more than hour than a maid and not have a wife to justify
OK, if its so easy to do this yourself, please explain to me EXACTLY where on the county website it explains why even though the county gave my house a fair market value of $358,000 and I paid $391,000 for it this past year, that I was in fact valued by the county in the low $500s and was at least 25% over-assessed and had a terrific grievance case?

I get the assessment math. For example, my assessed value was $895. My level of assessment is .25. I understand you divide $895 by .0025, and thats how you get the FMV of $358,000.

The county website strongly implies that if your FMV is equal to or lower than the actual value of your house, then you do not have a case. All the tax grievance companies tell me that the county is valuing my house in the 500s.

And, indeed, I got my assessed value lowered by 24%, to $680, by one of these companies (and they've said they think next year they can reduce it by another 6%).

I get that it's fast to do the grievance yourself, I just want to make sure it's done right. For example, I'd be hard pressed to find a house comparable to mine selling for less than $358,000. I want to understand how this works before I take it into my own hands.

Unless someone can tell me what I'm missing, and unless it's totally straightforward I'm going to happily hand my grievance firm 33% of my savlngs every year.
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Old 02-07-2016, 07:07 PM
 
Location: Nassau County
5,263 posts, read 4,701,467 times
Reputation: 3967
Quote:
Originally Posted by DelightfulNYC View Post
Except the time spent to do it in Nassau is under 5 minutes, last year I saved 2k on my grievance so you have to make more than $12,000 an hour at work to justify doing it yourself.

A maid you just have to make more than hour than a maid and not have a wife to justify
I got thousands off my taxes last 3 years and didn't lift a finger. Worth every penny. I'll do it again.
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Old 02-08-2016, 08:03 AM
 
1,039 posts, read 1,148,002 times
Reputation: 817
Quote:
Originally Posted by gibson station View Post
OK, if its so easy to do this yourself, please explain to me EXACTLY where on the county website it explains why even though the county gave my house a fair market value of $358,000 and I paid $391,000 for it this past year, that I was in fact valued by the county in the low $500s and was at least 25% over-assessed and had a terrific grievance case?

I get the assessment math. For example, my assessed value was $895. My level of assessment is .25. I understand you divide $895 by .0025, and thats how you get the FMV of $358,000.

The county website strongly implies that if your FMV is equal to or lower than the actual value of your house, then you do not have a case. All the tax grievance companies tell me that the county is valuing my house in the 500s.

And, indeed, I got my assessed value lowered by 24%, to $680, by one of these companies (and they've said they think next year they can reduce it by another 6%).

I get that it's fast to do the grievance yourself, I just want to make sure it's done right. For example, I'd be hard pressed to find a house comparable to mine selling for less than $358,000. I want to understand how this works before I take it into my own hands.

Unless someone can tell me what I'm missing, and unless it's totally straightforward I'm going to happily hand my grievance firm 33% of my savlngs every year.


Were you sleeping during your MBA program where they discussed K.I.S.S.


Your fair market value for assessment purposes is the ACTUAL fair market value multiplied by .75. In my case I picked three comps, Nassau came up with an average which you subtract 25%, enter number and go get a Budweiser like Payton Manning.


if you paid 391K you house is worth $293,200 and you are assessed at $358,000. There done. That is all the tax firm will do and charge you 50%.
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Old 02-08-2016, 09:37 AM
 
1,143 posts, read 1,523,437 times
Reputation: 742
Quote:
Originally Posted by DelightfulNYC View Post
Were you sleeping during your MBA program where they discussed K.I.S.S.


Your fair market value for assessment purposes is the ACTUAL fair market value multiplied by .75. In my case I picked three comps, Nassau came up with an average which you subtract 25%, enter number and go get a Budweiser like Payton Manning.


if you paid 391K you house is worth $293,200 and you are assessed at $358,000. There done. That is all the tax firm will do and charge you 50%.
Fine. I'll be the first to admit I've wasted the 33%. And I do believe you're correct. But where is this 25% coming from?
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Old 02-08-2016, 10:01 AM
 
1,039 posts, read 1,148,002 times
Reputation: 817
Quote:
Originally Posted by gibson station View Post
Fine. I'll be the first to admit I've wasted the 33%. And I do believe you're correct. But where is this 25% coming from?
ARC it is the average settlement amount on a tax grievance in ARC/SCAR last year. The year before was 20% and by next year should be at 30%.

Which is many reason in Jan 2018 they are doing the reassessment.

We are in year six of a property tax freeze. Each year ARC gives folks who grieve around 4-6% off. We keep moving more and more away from FMV each year.
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Old 02-08-2016, 11:01 AM
 
1,143 posts, read 1,523,437 times
Reputation: 742
Quote:
Originally Posted by DelightfulNYC View Post
ARC it is the average settlement amount on a tax grievance in ARC/SCAR last year. The year before was 20% and by next year should be at 30%.

Which is many reason in Jan 2018 they are doing the reassessment.

We are in year six of a property tax freeze. Each year ARC gives folks who grieve around 4-6% off. We keep moving more and more away from FMV each year.
Again, this all makes sense. But you act as if this is common knowledge. How did you figure it out? It's not posted anywhere I can find, nor in the instructions to AR-1 or AR-3 and I'm usually pretty good at digging up this sort of information.
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