City-Data Forum How to calculate property taxes (Islip, Bay Shore: houses, new construction, school)
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12-03-2008, 05:10 PM
 Location: bay shore 518 posts, read 1,792,377 times Reputation: 107

im trying to figure out how to calculate property taxes, and i think im almost there but its not quite adding up i think. so heres what ive got...

property is in bay shore

MLS listed property tax is 5400

property assessed value is 26,300

school tax rate is 157.49 per 1000 of AV, which = 4142
municipal tax rate is 9.40 per 1000 of AV, which = 247
county tax rate is 2.19 per 1000 of AV, which = 58

4142+247+58= 4447

now these rates were for 2006 roll year, so i guess it might have went up a little, but its still \$1000 off from what its listed at.. am i missing something here or is the listing wrong?

reason why im wondering how to figure this, is because by the 26,300 assessed value, that means it was assessed on a market value of about 270k, and the house is being sold for 208,500

12-03-2008, 05:33 PM
 Location: NY 1,416 posts, read 5,524,817 times Reputation: 601
A couple of things come to mind. First is that the taxes shown on the listing may be reflecting the Basic STAR deduction which in the Town of Islip (which Bay Shore is part of) is just about \$1000. Listing are SUPPOSED to show the 'true' taxes (no STAR deductions at all) but we've often seen them 'accidentally' shown the other way.

Another possibility is that in your calculations you haven't included the taxes that are imposed by any or all of the following entities: Library District, County Police, Highway, NYS Real Property Tax Law, Fire District, Street Lighting District, Town Water, and Garbage District. If the house is part of the Southwest Sewer District, there is a tax for that too.

A third possibility, if neither of the above apply, is that in the past two years the taxes have increased by \$1000, either through renovations to the home or from two years of school tax and other increases (quite possible), or a combination of those two factors. The easiest thing is to just go to the Islip Town Assessor's office and find out the current taxes yourself. Do keep in mind that the new tax bills will be going out any day now, so make sure you ask whether the amount they tell you is for the 2007-2008 tax levy (which is expiring) or for the new 2008-2009 one that takes effect in three weeks.

12-03-2008, 06:04 PM
 9,341 posts, read 29,132,903 times Reputation: 4564
Good post, totallyfrazzled.

12-03-2008, 10:56 PM
 Location: Long Island 9,859 posts, read 22,630,090 times Reputation: 5798
Quote:
 Originally Posted by TeamExit im trying to figure out how to calculate property taxes, and i think im almost there but its not quite adding up i think. so heres what ive got... MLS listed property tax is 5400 reason why im wondering how to figure this, is because by the 26,300 assessed value, that means it was assessed on a market value of about 270k, and the house is being sold for 208,500
Based on my years of experience as a Realtor, the property tax amount of \$5,400 is incorrect. If it were new construction, it would be an estimate and therefore rounded to the nearest, expected hundred. This is obviously not new; without having seen the listing, I'm guessing the RE agent didn't bother to get the exact amount, with or w/o STAR... I suggest you call the town.

With regard to the price, in this environment, with values in many areas drastically declining, it's not uncommon for houses to be substantially over-assessed based on current market values. With a closing document (HUD-1) you'd have a very good case for grieving the taxes.

12-04-2008, 07:51 AM
 Location: home...finally, home . 8,733 posts, read 20,902,166 times Reputation: 19737
Wow! Team Exit. That is wonderful that you know that much . I would have had no idea that was how to calculate property taxes. I just pay whatever the bill says every December . I should probably look it over more carefully.
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12-04-2008, 07:56 AM
 Location: bay shore 518 posts, read 1,792,377 times Reputation: 107
Quote:
 Originally Posted by nancy thereader Wow! Team Exit. That is wonderful that you know that much . I would have had no idea that was how to calculate property taxes. I just pay whatever the bill says every December . I should probably look it over more carefully.
haha thanks, its just what i was able to come up with after an hour or so of searching online
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