Questions about property tax in Nassau (2015, houses, purchase)
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New in Nassau, want to learn more about the property tax here.
We closed a house in May 2015 in Nassau County (purchase price $656,000), the assessed value at the time of closing was $437,200. The previous owner passed away in 2010 and a contractor bought the house to flip it in 2014. No one ever grieved the assessment since 2010.
When we signed the contract in December 2014, the house has already been renovated, but the assessed value in January 2015 stayed the same as before ($437,200).
Recently we got a letter regarding the new assessment value and it went up to $527,200, but it is very close to the formula: 80% of the fair market value. The level of the assessment stays 0.25% and the tentative assessed value becomes 1318 from 1093.
Below are our questions:
1. Is it true that as the house was renovated by the contractor, we are not protected under the 6%/20% rules?
2. What should we expect the total tax in 2017? The current school tax rate per $100 is 768.227, can we expect this tax rate stays the same in 2017 and do our calculation? The general tax also contains many tax rates, do they change every year? (We do not use escrow and need to plan ahead to pay for tax)
3. We filed grievance by picking up some houses that were sold cheaper than ours as comps in January 2016. The status is received, but no decision yet. Do we have any chance to get the assessed value go down?
Thanks all for reading and will appreciate any inputs.
1. Is it true that as the house was renovated by the contractor, we are not protected under the 6%/20% rules? Depends on the work done.
2. What should we expect the total tax in 2017? The current school tax rate per $100 is 768.227, can we expect this tax rate stays the same in 2017 and do our calculation? The general tax also contains many tax rates, do they change every year? (We do not use escrow and need to plan ahead to pay for tax) They change every year.
3. We filed grievance by picking up some houses that were sold cheaper than ours as comps in January 2016. The status is received, but no decision yet. Do we have any chance to get the assessed value go down? Yes.
1. Is it true that as the house was renovated by the contractor, we are not protected under the 6%/20% rules? Depends on the work done.
2. What should we expect the total tax in 2017? The current school tax rate per $100 is 768.227, can we expect this tax rate stays the same in 2017 and do our calculation? The general tax also contains many tax rates, do they change every year? (We do not use escrow and need to plan ahead to pay for tax) They change every year.
3. We filed grievance by picking up some houses that were sold cheaper than ours as comps in January 2016. The status is received, but no decision yet. Do we have any chance to get the assessed value go down? Yes.
TEPLimey,
Thank you very much for your input. The entire house is basically redone, new roof, new wall, new windows, new wires, new floors, etc. Under this situation, are we protected under the 6%20% rule? Thanks.
Do you know usually how long does it take for the assessment review board to provide the result of the grievance? Thank you!
Thank you very much for your input. The entire house is basically redone, new roof, new wall, new windows, new wires, new floors, etc. Under this situation, are we protected under the 6%20% rule? Thanks.
Do you know usually how long does it take for the assessment review board to provide the result of the grievance? Thank you!
New roof, wall, windows, wires, floor all examples of non-taxable improvement unless you mean you changed the exterior wall to brick, stucco or stone from siding or they were done while converting non-livable space to livable space.
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