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just wondering if the taxes can be reduced on a property if it sells for lower than assessed value in new york. I'm considering a house but it seems to have higher taxes than my appetite allows. The seller realizes this and is offering to sell it for about 5% lower than it probably will sell for if taxes weren't that high.
If I buy and settle in, can I call the finance dept and ask to lower based solely on the sale price? Neighboring houses haven't sold in a long time so there's no comparison data for that
Assessments and property taxes in NYC are ridiculously low as it is.Outside the city is another matter.It all depends on the municipality and it's assessment and taxing rules.
If someone who owns a property in NYC is willing to sell it to you at below assessed value he needs to have his head examined because the assessed value is already below the market value. Why would anyone do that ?
I know in my neighborhood houses that actually sell for say $500,000 are usually assessed at around 350. Have you actually looked up the official assessed value of this property on ACRIS or something similar ?
I should have been more clear. This house has a effective market value of 900k for the period 7/1/12 - 6/30/13. If he sells it for 850k, would I be able to immediately call NYC FINANCE and change all the numbers given it's sold lesser than effective market value. Since the assessed value is based on effective market value, that number would also change finally resulting in lower taxes. Right?
Or can they simply debate that one sale in insufficient and they have to see more sales in the area?
I basically am also confused about the whole calculation thing. If you look at the NYC notice of property value at webapps.nyc.gov:8084/CICS/fin1/find001i, know where the market value number comes from. I don't understand if the effective market value if derived from Assessed value or vice versa
In nyc the tax valuations and the resale value are not really connected. Its been a while since i owned a home here but for tax purposes the calculations were off some formula with a very very low valuation.
You couldnt even get a bank to loan you money for the home based on its tax valuation it was so much lower then actual value.
I think my house was 169k back in 1987 buts tax basis value was only 39k
I should have been more clear. This house has a effective market value of 900k for the period 7/1/12 - 6/30/13. If he sells it for 850k, would I be able to immediately call NYC FINANCE and change all the numbers given it's sold lesser than effective market value. Since the assessed value is based on effective market value, that number would also change finally resulting in lower taxes. Right?
Or can they simply debate that one sale in insufficient and they have to see more sales in the area?
I basically am also confused about the whole calculation thing. If you look at the NYC notice of property value at webapps.nyc.gov:8084/CICS/fin1/find001i, know where the market value number comes from. I don't understand if the effective market value if derived from Assessed value or vice versa
Thx
Sounds like what you are really asking is if a house sells for below market value will the taxes get reduced and the answer is no.
If you go on ACRIS or Property Shark you can put in the address and get the assessed value.It will likely be considerably lower than the market value and asking price of the property.
You can also find out exactly how much the seller you are dealing with paid for the property.
Do you think the taxes should double if he only paid 1/2 of what you might pay ? Because the house is now selling for twice what it did the last time ?
If a house you are looking at has "higher taxes than your appetite allows" it would be far better to find a house that already has taxes that your appetite will allow than to think you will get the taxes reduced.
I should have been more clear. This house has a effective market value of 900k for the period 7/1/12 - 6/30/13. If he sells it for 850k, would I be able to immediately call NYC FINANCE and change all the numbers given it's sold lesser than effective market value. Since the assessed value is based on effective market value, that number would also change finally resulting in lower taxes. Right?.................
LOL,you are just being crazy.Even if the house were assessed for 900,000 and you managed somehow to get the assessment lowered to 850,000 (a what,5% drop ?) how much do you think you would save in taxes every year? A couple of hundred bucks ?
The taxes are more than your appetite can bear because they are a couple of hundred bucks higher than where your appetite could bear it ?
You are posting on here and spinning wheels because there is a house you want to buy where the taxes are 7,000/yr and you only want to pay 6,800/yr? And where the next leaking toilet will cost you more than that tax money you are trying to save ? That's ludicrous.You are either a bit crazy or you have no business buying a house because you don't understand the fundamentals.
Try to get the house for 840 instead of 850 and you will immediately bank 50 years worth of 200/yr tax savings.
Your home is appraised at what the apprasier says it is worth. Your assessment is a percentage of that valuation. Getting a bargain price will likely not change how a City tax appraiser judges the valuation.
Take an example where a mother sells a home for half price to her son. Would that change the tax valuation...not likely?
bluedog - focus on the question and NOT your stupid opinion. I don't need you on this thread
Kefir - thanks for the objective response. You are right - an appraiser would probably not give much value to a recent sale price for the very house in question and I like your mother son example
NYC assays property much differently than other localities where I've looked. As Mathjak stated, the taxed value is very strange unless you know what you are looking at. My home appraised recently for slightly over 300k, but the tax asessment is on something like 50k if I remember correctly. I have a Star veterans credit though which lowers my asessed value.
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