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If you buy a house at a price that is considerabley lower (15%) than the assessed valued on the nassau property website, does this mean that you stand a good chance at getting your taxes reduced?
Not unless a boatload of same/similar homes sell for the same round about price. Even then you will still have to grieve for short term relief. A few years down the road you may benefit if the prices drop and maintain lower sale prices. Even with that, that may possibly only help out on your general taxes as the school taxes have their own little thing going with levy's and rates and such. So your assessment and county taxes could possibly drop while your school taxes may increase ultimately leaving you at the same or probabally higher total tax bill. Nice scheme they got going right?
Nassau assessment is based on "average" home sale prices. They add up the numbers and average it out to come up with the assessment rates. The system SUCKS!
If you buy a house at a price that is considerabley lower (15%) than the assessed valued on the nassau property website, does this mean that you stand a good chance at getting your taxes reduced?
I suggest you go on the Nassau site www.mynassauproperty.com
Type in the address and click on taxes; you will see current and future assessments. Nassau has aggressively lowered assessments (values) on most properties; I've seen as much as 25%. So if next year's assessment is close(r) to what you believe the value should be, they've already anticipated that.
As was already pointed out though, the tax rate varies from year to year and often makes up for what we think is a reduction
If everybody's homes have dropped since the last assessment, it won't help you much if at all. The budget is what it is, the tax burden is what it is. Your SHARE of it is determined by the assessed value of your home. So, if your home drops 15%... but your neighbor's does too... then your SHARE remains the same. It's the value of your home RELATIVE to the others in your tax area that dictates your bill.
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