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I think what Walter is saying is that in LI, taxes depend on both the budget and property values. So, if the school budget goes up, but your property values go down, your taxes could still go up because the budget went up.
It looks like in your VA example, the taxes depend ONLY on home values.
Quote:
Originally Posted by BigMike50
Thanks Walter, I didn't realize it was that simple Now if you could just figure out tonight's lotto #'s . P.S I just got a headache reading paragraph 2
Lived in Point Lookout on Long Island and watched my taxes escalate from $4200/yr to $14,000/year in 10 years. Point Lookout has no mail service, sewers or bus service, but it is 45 min from Manhattan and is right on the Atlantic and Reynolds Channel. Beautiful, but much too expensive. Taxes on Long Island are out of hand, literally
Since a lot of people complain about taxes on the Island(including myself before I moved) I've try to figure out the formula Nassau County,Li uses compared to the new County I live in now Chesterfield County,Va
Last year while in the process of selling my home in Baldwin, the hardest part was justifying the 11,000 a year tax bill. Due to the economic slow down, the houses, as we all know were going down. I know it would take sometime for the County to re-asset the values ( the famous lag) and my point( selling point) was that at the new buyers price (60,000) less then the assessed price the taxes should be going down and might substantially( you would think and hope) As I learned that's not the case, it seems to me( my thoughts and comments) that there is a secret formula they use in Nassau to come up with a tax rate that would fit "there" needs regardless of any possible scenario. Sad to see, sadder it doesn't seem like anything could be done about it.
Every year you get that Tax bill statement, the one with all the nice colored pie charts and % and so forth and then BAM on the bottom you see that outrageous final number. Try to see how they get there is my question? I know from year to year things change but the changes on these tax bills are criminal. Tax classification determines what percentage of the town's tax levy on homes, commercial, industrial must pay.For example in 2005 my "general tax part" assessed value was 2,671 but my rate was 104.516 for a total 2,791.62 this is general and does not included the famous LI School and Library tax. Add in the school tax 6,137 and you have a total tax bill of 8,928.62
Ok let me try and simplifly this the best I could: General Roll School Roll
G.R. 2005 2006 2007 2008 2009
Ass Value 2,671 1,665 1001 1061 1080
Tax Rate 105 1734 304 289 298
S.R.
Ass Value 2,671 1,665 1001 1061 1080
Tax Rate 229 369 667 677 689
On LI as your home values decrease the tax rate increases. How can they get away with this???????
Ok where I live now: It's a very very very simple formula to figure out your taxes (all taxes, School, general, all) Its no secret it's .95 per every 1000 of your assesset home value. A 350,000 home in Baldwin Taxes= 10,000+
a 350,000 here taxes= 3,325. Two years ago in Baldwin my home assessed for 485,000 taxes= 10,800 now it's assessed for 365,000 taxes = 10,700 the same. In my current County if your home apprised for 485,000 taxes would be 4,600 but if your home went down in value( in which almost all have no matter where you live) and say it's worth 395,000 now. The taxes would be 3,750 and you would pay less almost a 1,000 less. Imagine that, easy and actual savings. NO SURPRISES
Nassau County is going to take that chunk out of you no matter what. Really not much you could do about it. Unless there is the second coming of the Boston Tea Party not much is going to change, so sit back and relax, no reason to come do these boards to complian. It only falls on deaf ears! If this was a black jack game, the County is holding the ace, king. You might tie but in the long run you will never win. Stay thirsty my friends.........
Walter pretty much explained it fairly well. The particular jurisdiction decides how much they need to collect in property taxes, they set the rate based on that/ total assessed values. If they decided to keep the budget the same (which for example Nassau County did from 2003-2008) you are unlikely to see much of a change in that particular jurisdictions taxes regardless if the values are increasing or decreasing. When values are increasing, the tax rates will decline, when values are decreasing the tax rates will increase, however they basically cancel each other out and you wind up paying pretty much the same. However, if the jurisdiction decided they needed more money this obviously changes. Also as I love LI but pointed out the majority of the taxes (65-70%) come from the schools. In fact the county makes up approx 1/6 of the overall property taxes.
As far as your explanation on how your county does the taxes (Chesterfield County IIRC) I see one problem with that. How do they handle the decreased revenues? If it is directly tied to the property values during the years the values are declining such as the last couple, the revenues from property taxes decline. How is that offset? Where do they make up from the drop in revenue?
How does the county handle antique or collector vehicles?
I see watercraft, registered and unregistered, are also subject to this (except windsurfers) Would this mean I would be paying PPT on my ocean kayak if I lived there?
While the property taxes might be low, it appears the county makes up for some of that on the PPT.
How does the county handle antique or collector vehicles?
I see watercraft, registered and unregistered, are also subject to this (except windsurfers) Would this mean I would be paying PPT on my ocean kayak if I lived there?
While the property taxes might be low, it appears the county makes up for some of that on the PPT.
This is correct. Some states Va. included have what some call a "road tax" which is actually a personal property tax. But this kind of off sets due to fact car insurance is so much lower here. I use to pay 240 a month in NY for auto insurance. Here I pay 90 a month same company same cars. So the 1800 I saved on auto insurance minus the 800 I paid in "road tax" I still made a net profit of 1,000. That's how I justify paying that tax
As far as how the County makes up for the lost revenue due to the down turn in the economy, one must take in the many variables that are involved. I'm not Walter so I could only go by what I'm reading in the local rag, local news stations, town meetings,etc. I know they recently raise the tax rate on cigarettes (tobacco is still king down here) I don't smoke but a pack of Marlboro goes for 3.79 a pack. I also know they raised the tax rate on certain businesses .02. Also there is tremendous growth here in Chesterfield.... commercial, industrial, retail as well population growth. I could only assume that this might help. There are Banks, car dealerships, movie theaters huge shopping centers opening up all over the county. The unemployment rate is low here 6%. And if all that fails they want to raise the tax rate from .95 per 1,000 to 1.00 per 1,000 but that has been voted down and avoided the last couple of years. But again I look at it this way if they do raise the tax rate it would be offset by the decrease value of your home. Anyway could some send me down a Sicilian pie form Umbertos please
As far as your explanation on how your county does the taxes (Chesterfield County IIRC) I see one problem with that. How do they handle the decreased revenues? If it is directly tied to the property values during the years the values are declining such as the last couple, the revenues from property taxes decline. How is that offset? Where do they make up from the drop in revenue?
Call me crazy, but perhaps their politicians actually are capable of cutting spending and adjusting their budgets. That's one option. Another is to find revenue elsewhere. The fact that business is doing well and expanding down there helps generate revenue as well.
Call me crazy, but perhaps their politicians actually are capable of cutting spending and adjusting their budgets. That's one option. Another is to find revenue elsewhere. The fact that business is doing well and expanding down there helps generate revenue as well.
I asked this question earlier in the thread.
BigMike how is your county dealing with less revenue? Service cuts, school cuts? Something has to give.
This whole property tax issue is literally making me sick. That and our lovely Nassau County government. I'm thinking of filing a lawsuit against the county for my pain and suffering. My quality of life is in the crapper. I don't know what the answer is, but something has to be done, this whole issue is sickening.
I am ready to lead a public takeover of the Nassau government.
Who's with me?
*insert sound of crickets here*
This whole property tax issue is literally making me sick. That and our lovely Nassau County government. I'm thinking of filing a lawsuit against the county for my pain and suffering. My quality of life is in the crapper. I don't know what the answer is, but something has to be done, this whole issue is sickening. I am ready to lead a public takeover of the Nassau government.
Who's with me?
*insert sound of crickets here*
I will bring the torches.
We can borrow some pitchforks from crooks, since he is a country boy.
We can borrow some pitchforks from crooks, since he is a country boy.
I'm actually kinda serious. All everyone does is ***** and moan, but nobody does anything. Our government craps all over us and we just continue to let them have their way with us. It's ridiculous.
Nobody has the you-know-whats to stand up to these goofballs.
Unless people rally together and really make an issue, nothing is ever going to change. EVER. Don't rely on the false hope that some political messiah is going to come along and make everything nicey-nice.
Aint gonna happen. We have to pressure these bastids, and break their balls endlessly, make their lives a living hell until they do something.
Whatever. I'm wasting my breath. It's just easier to move.
Let the rich people stay here and pay through the ass.
Pathetic.
The people of Nassau are like jellyfish-
Spineless and they go where ever the tide takes them.
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Now if you could just figure out tonight's lotto #'s . P.S I just got a headache reading paragraph 2 
