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Old 08-26-2008, 01:27 PM
 
5 posts, read 14,015 times
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Hey,

I am looking to purchase a home in Nassau county. THe property taxes on the house are $8,200. The value for the house that the tax is based on is $502,xxx, but I am only purchasing the house for $290,000.
My question is can I get the taxes reduced because the price I am purchasing the house for and expect from the Star program what the other exception for taxes are available?

Thanks for your help.
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Old 08-26-2008, 01:38 PM
 
Location: Long Island (chief in S Farmingdale)
21,339 posts, read 18,192,593 times
Reputation: 4873
The property values that generally get used are from two years prior. For example the assessed value as of Jan 06 is what is used for the 08 taxes. The value of Jan 07 is what is used for the 08/09 school taxes and the 09 county & town taxes.

As far as your home purchase is concerned, any recent purchases is usually taken into consideration in the assessment. However, because you are purchasing the home at so much lower than the actual value of the home I don't know it the purchase price will be used as part of the assessment calculation for next year.
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Old 08-26-2008, 04:15 PM
 
Location: Kings Park & Jamesport
3,180 posts, read 10,062,453 times
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The purchase price will not be used in the calulation so you must grieve your taxes next spring with the towns tax assessors office. Sounds like you have a good case.
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Old 08-26-2008, 04:18 PM
 
Location: Sound Beach
2,160 posts, read 7,258,680 times
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Quote:
Originally Posted by sammy123 View Post
Hey,

I am looking to purchase a home in Nassau county. THe property taxes on the house are $8,200. The value for the house that the tax is based on is $502,xxx, but I am only purchasing the house for $290,000.
My question is can I get the taxes reduced because the price I am purchasing the house for and expect from the Star program what the other exception for taxes are available?

Thanks for your help.
You'll likely have to grieve your taxes, but the grievance period is in March (I believe in Nassau County). You can do it next spring. I am going through this now...and have had to suck up the taxes on an overassessed home.

You tax assessor's office can help you with the procedure...or there are some law firms who will do it for you for a fee (Mark Lewis is very reputable in Suffolk...but not sure if he handles Nassau).

Good luck!
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Old 08-26-2008, 04:25 PM
 
Location: Long Island (chief in S Farmingdale)
21,339 posts, read 18,192,593 times
Reputation: 4873
Quote:
Originally Posted by Kbinspections View Post
The purchase price will not be used in the calulation so you must grieve your taxes next spring with the towns tax assessors office. Sounds like you have a good case.
If its being purchased at that much lower than the property value chances are its some type of special sale (family, friend, etc) and therefore any tax grieve will likely turn up empty.
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Old 08-26-2008, 04:44 PM
 
Location: Sound Beach
2,160 posts, read 7,258,680 times
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Quote:
Originally Posted by Smash255 View Post
If its being purchased at that much lower than the property value chances are its some type of special sale (family, friend, etc) and therefore any tax grieve will likely turn up empty.
I was thinking that as well. However my house is assessed at 420K and was purchased at arms length for 274,500 and appraised at 300K. could just be a gross over-assessment.
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Old 08-26-2008, 07:20 PM
 
5 posts, read 14,015 times
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Quote:
Originally Posted by Smash255 View Post
If its being purchased at that much lower than the property value chances are its some type of special sale (family, friend, etc) and therefore any tax grieve will likely turn up empty.
It's acually a foreclosure house.
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Old 08-27-2008, 09:58 AM
 
Location: Long Island
30,817 posts, read 17,711,935 times
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What you are PURCHASING it for is not the same thing as what it will APPRAISE for

you are getting a SUPER DEAL on the PURCHASE PRICE.... the VALUE of the property is nearly DOUBLE that, and you will be taxed on the VALUE, not the purchase price

an example: I f someone sells me a house (maybe it had a fire) for 50,000....yet all the other houses in the area are valued at 500,000...do you HONESTLY think you will only be taxed at 50k????????
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Old 08-27-2008, 12:22 PM
 
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I agree, but I don't think this house is worth 512,000 and for that fact the houses on that block are going for much less then that.
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Old 08-27-2008, 01:02 PM
 
Location: Kings Park & Jamesport
3,180 posts, read 10,062,453 times
Reputation: 1087
Quote:
Originally Posted by workingclasshero View Post
What you are PURCHASING it for is not the same thing as what it will APPRAISE for

you are getting a SUPER DEAL on the PURCHASE PRICE.... the VALUE of the property is nearly DOUBLE that, and you will be taxed on the VALUE, not the purchase price

an example: I f someone sells me a house (maybe it had a fire) for 50,000....yet all the other houses in the area are valued at 500,000...do you HONESTLY think you will only be taxed at 50k????????
Ture but this will give him some good ammo when greiving even if the town won't come down to the selling price.
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