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Old 09-24-2009, 03:16 PM
 
375 posts, read 1,415,117 times
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I would appreciate hearing especially from a Blind Brook resident or someone familiar with the town and how they assess property tax. But general repsonses would also be appreciated.

I did some reading on this and I understand that property tax is some rate multiplied by the assessed value.

So I called up Rye and I asked them how they come up with the assessed value and they said they use the market value, as in what they feel the house can be sold for. Now this is contradictory to what I read, but let's go with that, unless someone can correct me on this.

Now, the rate is something like $20 per $1000, or 2%, as I was informed by the person I spoke with from the town office. There is a particular house that has a property tax of about $14K resulting from an assessed value of $700K. The last time it was assessed was 3 yrs ago, and if market value is what the town used for the assessed value, then it would be much less now. So now, let's say someone buys this house for $550K (for example), then does this new buyer have a good case to grieve the tax, with the arguement that the assessed value is not $700K anymore, but that it is $550K since it was recently bought for that amount?

The agent for this house said this is what is happening in Blind Brook, but if I were being doubtful, it could be that she was saying this to attract a buyer. So I am hoping a resident or anyone else familiar with the topic can shed some light.
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Old 04-27-2010, 10:09 PM
 
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I talked to Blind Brook assessor's office and was told that they re-assess house value EVERY YEAR. This is the opposite from the other towns which don't re-assess for a long time. All Blind Brook houses have a much lower assessed value in 2010 vs. 2009. So it is hard to buy a house that's below assessed value now because they lowered the assessment by a lot. Currently the house has $16000 tax but the asking price is $200,000 higher than assessment value. It means my tax bill will bump up to $20,000 in 2012 as they re-assess it every year. Am I right? If not, can anybody correct me? My biggest concern is: if the town reassesses a house after I buy it every year, will the tax bill may eventually grow beyond my affordability?
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Old 04-27-2010, 10:27 PM
 
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Yes, the sale price should impact next year's assessment. But after the first year you should have nothing to worry about. Here is a hypothetical example after th first year:

Let's assume that the Village/School/County budgets do not increase. And let's say your property assessment is increased by 3%, but everyone else's is increased by 5%. Your taxes will actually go DOWN, even though your assessment went up.

Or, if your assesment is decreased by 3%, but everyone else's is decreased by 5%, your taxes will go UP.

Essentially, you have nothing to worry about if your assessment goes up every year because chances are so will everyone else's. What you do have to worry about is ever-increasing school, county and village budgets.

And you can always challenge your assessment if you think it's not fair.

The Town of Rye/Village of Rye Brook, Pelham and Bronxville are the only communities that reassess every year. It is the fairest system.
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Old 04-27-2010, 10:41 PM
 
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thanks Rubygreta! That makes total sense to me. We are also concerned about the house we look at which asks for $200,000 more than assessed value. Do you think the purchase price will cause the tax go up at much greater level than other houses who don't have recent sales data.
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Old 04-28-2010, 06:59 AM
 
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Quote:
Originally Posted by PEmom View Post
thanks Rubygreta! That makes total sense to me. We are also concerned about the house we look at which asks for $200,000 more than assessed value. Do you think the purchase price will cause the tax go up at much greater level than other houses who don't have recent sales data.
Yes, you should be concerned.

The other issue - would you be overpaying for this house? The purpose of 100% assessment is to bring equity to the system. Of course one would expect errors of 5%+/- because assessment is an art, not a science. But 20%? Something is wrong.
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Old 04-28-2010, 07:01 AM
 
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Quote:
Originally Posted by PEmom View Post
thanks Rubygreta! That makes total sense to me. We are also concerned about the house we look at which asks for $200,000 more than assessed value. Do you think the purchase price will cause the tax go up at much greater level than other houses who don't have recent sales data.
Also - visit the Town of Rye assessor's office and ask them flat out what happens if you were to pay 20% more than the assessed value.
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Old 04-28-2010, 01:09 PM
 
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Rubygretta, I asked the town but as you can guess they would not give certain answer but just saying yes the sale price would be taken into consideration. Assume a 20% increase in assess value based on sales price will increase the tax by 20%, it will actually bring the tax in line or a little higher with the rest of the houses ($21K +). And you are right in your prior posting, the fundamental concern is on the ever-growing town and village and school budget. Also our another question is the school district is tiny, is it able to offer some programs like other bigger school districts?
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